"Where Are the Customers' Yachts?: or A Good Hard Look at Wall Street" is a book from 2006 that examined some of the most controversial issues surrounding Wall Street.
I am not sure when Bitcoin or Cryptocurrencies became so associated with lamborghinis, but it has. When did the photos of lambos parked outside of conferences because a standard part of any digital money conference? I don't know when this started, but if you don't believe me, then just go on to twitter and search for lambos and bitcoin. If nothing else, you will find yourself exposed to an interesting series of tweets and conversations on the subject. For those not on twitter, Google Search has Lambo Bitcoin as a common enough search it appears high on the list of pre-filled searches.
Whose lambos are these?
I suspect that very few, if any, belong to the customers.
Maybe we need an updated version of the 2006 book that examined the relationship between Wall Street and its clients? It seems to me that "Where are the Customers' Lambos: A Good Hard Look at Crypo" would be an interesting and revealing read. The irony, is that crypto, at least to some degree, has been pitched as the antithesis to the establishment, yet here we are where the signs that what is good for large owners and operators in the space and what is good for the average person looking at Bitcoin, or other digital currencies, or Initial Coin Offerings, etc., may not be the same thing. We may be coming full circle, where cryptocurrency is, to some extent, morphing into what it fought to replace. While not quite to the level of total hypocrisy, portrayed so well in "Animal Farm" (one of my favorite books), I think all potential investors need to be aware of how much the product has morphed and be well aware of the old poker adage - if you don't know who the sucker at the table is, then it is likely you.
I have been bullish on crypocurrencies in the past, and will be again. So I don't consider myself in the "haters" camp, but I do think having a healthy respect for the motivations of those who want Bitcoin to go higher, is important. I do believe that there are more direct and immediate incentives available to those who are looking to push crypto than to those who are against it, but that is a topic for another day.
Disclaimer: Any opinions expressed are those of Peter Tchir. This info is for educational and/or entertainment purposes only, so use at your own risk. He's not a broker-dealer or advisor of any kind.