Tuesday, August 16

‘Crypto critic’: Hollywood insider has a message for celebrities poking fun at token projects

Ben McKenzie, the actor known for his roles on television shows that include Gotham and The oc, is speaking out against public figures backing projects in the crypto space without seemingly disparaging the technology itself.

Working with The New Republic writer Jacob Silverman, McKenzie made a splash in early October after confinement an article by Slate with his partner titled “Celebrity Crypto Shilling Is a Moral Disaster.” The duo drew attention to Kim Kardashian’s Instagram account promoting the EthereumMax (EMAX) token in early June, a project whose price gained 116,000% in just one week before losing more than 99% of its value, leaving many in the red.

“Celebrities are lending their names and promotional talents to everything from NFT to crypto exchanges and their own custom coin offerings,” said Silverman and McKenzie. Together they are communicating something clear but terribly misleading: that cryptocurrencies and the many shady areas of this gray market economy offer a path to sustainable wealth. The truth is almost always the opposite ”.

They added:

These rich and famous entertainers could well be promoting payday loans or seating their audience at a rigged blackjack table. While the wild swings of crypto can be exciting for some, the rewards for many are illusory. “

While much of the criticism from Silverman and McKenzie is directed at actors and influencers who do not necessarily know the types of projects in which they are apparently encouraging their followers to invest, they have also criticized lawmakers. When New York City Mayor-elect Eric Adams announced that he would accept his first three paychecks in Bitcoin (BTC), the duo referred Considering it as “an embarrassingly stupid move,” in addition to trying to get publicity, it may set the bar higher for other political candidates.

“Pledging allegiance to the cult of Bitcoin, promising to become a low-tax crypto playground, preparing the red carpet for venture capitalists investing in this industry, are quickly becoming a stakes for tech-advanced mayors. “Silverman and McKenzie said. “[It’s not] a good idea for a public servant to promote full paycheck gambling in what is essentially an unlicensed and unregulated casino. “

Related: Celebrities are embracing NFTs in a big way

CNN published an interview with McKenzie on Nov. 23, referring to the actor as someone who “is virtually alone as a celebrity willing to publicly oppose the crypto trend.” Unlike some figures like gold bug Peter Schiff, who regularly calls BTC investments lower than traditional assets, McKenzie seemed more concerned with trends around pump-and-dump projects and their famous backers. that they are “unintentionally involved in something that is harmful to others.” According to the actor, crypto and blockchain technology may still play an important role in the future of finance, but “the rich and famous people who power these products” have not. won Investor confidence to make seemingly false claims.

Related: Celebrities and Crypto in 2020: Blockchain Cities, Bitcoin Newbies, and Twitter Trolling

McKenzie has had no shortage of figures to aim for, as many professional athletes, including Tom Brady and Aaron Rodgers, have attached their names to crypto exchanges through endorsement deals. In Hollywood, Matt Damon recently became one of the biggest celebrities to promote a crypto company after appearing in a TV commercial for Crypto.com.

In their Slate article of October 7, the pair ‘Cryptocritical’ additional:

“Whether it’s Lindsay Lohan selling five-figure NFTs, laser-eyed Tom Brady backing the FTX exchange, or Akon promising to build a $ 6 billion crypto-inspired city in Senegal, there’s a lot of capital revolving around this industry, and a lot of cause. Worry Celebrities are encouraging their fans to gamble on unproven, speculative investments that may soon see a major regulatory crackdown, if not a total market implosion. “