Short seller, jim chanos tears into crypto, takes aim at tesla and warns rate hikes will hit stocks. This is the guy who a lot of us kind of know about because he was publicly short amc. Well, he is a short seller and right now he's feeling pretty good about himself. I want to share some of his interview.

Quotes that just came out a lot of the concepts behind crypto's early adoption have proven to basically not be there or wanting it's going to be a replacement for currency. Well, no, it's not it's going to be a diversifying asset. Well, no, it hasn't been and we can check down the list. So he's basically saying everything that crypto has promised to us has proven false.

At least as of now, it's ponzi nomics. I, like this word ponzinomics when you boil down a lot of these structures. That's what they are. I call it predatory, junkyard and i stand by that - and this was referring to the hefty fees and invite users to stake their coins, so basically calling out celsius without saying it, but calling them out as ponzinomics and probably a bunch of those dows and related things.

And finally, all the ecosystem built around crypto is clearly just rent seeking and that's been, my criticism of the whole space. This vast ecosystem sprung up overnight around it, so basically extract fees from unsuspecting, primarily retail investors. I still like crypto and there's some things. I think he says that have merit, but then there's other things do i think crypto it's in its entirety is ponzinomics or a scam.

No, but there are obviously scams within it and some of these high yield accounts. It's not sustainable, there's a reason. Banks that have survived for hundreds of hundreds of years only do so with offering low interest because they need to be able to withstand events such as we're living right now. Yes, on the surface level, when crypto was ripping all that stuff was great and no one wanted to ask the hard questions, but now that the situation's turned bad, we start to see that as warren buffett would say, people when there's tide goes out.

You see who's been swimming without their swim trunks. That's the situation we're in. Do i think it's all going to bounce back. Yeah.

Do i think crypto in general is a ponzi? Absolutely not, but there are ponzis within it. There are people taking advantage of other people and whether they're, intentional or unintentional. There are scams going on and if you believe in the longevity of a lot of this stuff, is it really worth the yearly apy like if you think it's gon na rip? Thousands of percent is giving up your keys and your ownership of something worth it if you're gon na get a 10 return, he's a little bit more bearish than i think is appropriate, but i just wanted to share some of the quotes from his recent interview.