Matt Levine on ‘Yield Farming’

Speaking of cryptocurrencies as Ponzi schemes (powered by energy-intensive computing), here’s Matt Levine, in a podcast interview with FTX CEO Sam Bankman-Fried, responding to Bankman-Fried’s description of “yield farming”:

I think of myself as like a fairly cynical person. And that was so much more cynical than how I would’ve described farming. You’re just like, well, I’m in the Ponzi business and it’s pretty good.

Tuesday, 17 May 2022