Short Seller Andrew Left Says The Idea Of Decentralization Is The ‘Stupidest Thing Ever’

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Andrew Left, founder of Cit­ron Research says the idea of decen­tral­iza­tion, where pow­er is shift­ed from the hands of cen­tral­ized enti­ties is the “stu­pid­est thing ever” and point­ed out that the only util­i­ty Bit­coin has is that it is a col­lec­tive con­scious­ness of peo­ple, with peo­ple buy­ing because oth­ers are.

Web3 a big illusion

Left, one of the world’s best-known short-sell­ers, in an exclu­sive inter­view with Ben­zin­ga, said that Web3 is a big illu­sion, and it is only aimed at tak­ing pow­er away from big tech­nol­o­gy companies.

“I do not see any val­ue in cryp­tocur­ren­cies, espe­cial­ly alt­coins. They do not have any util­i­ty. And Web3 is a big illu­sion aimed at tak­ing pow­er away from big tech com­pa­nies… In a world where the Inter­net needs more gov­er­nance, it is the most stu­pid­est thing ever that nobody con­trols any­thing, while bil­lions of dol­lars are being thrown towards it,” Left said.

BTC at $10,000 and ETH at $200

He added that he would not be sur­prised to see Bit­coin (CRYPTO: BTC) at the $10,000 lev­el and Ethereum (CRYPTO: ETH) and $200 and that they nei­ther have any util­i­ty nor are accept­ed as a means of payment.

“BTC and ETH are dif­fer­ent.  BTC is per­ceived val­ue, so that can stay up as long as peo­ple want to buy it. It seems like it has a future as it is already part of our col­lec­tive con­scious­ness. ETH on the oth­er hand is sup­posed to have util­i­ty, and it has none. I expect that price to go right back to $200,” he said.

“The only peo­ple involved in buy­ing Bit­coin are of the same com­mu­ni­ty, as they see it as an asset. But it has no util­i­ty. On the oth­er hand, there are com­pa­nies that have real util­i­ty,” he added.

Asked to explain what real util­i­ty means to him, Left said there are com­pa­nies that do things in the real world and gen­er­ate profits.

Digital assets are solutions in search of problems

“Assets like NFTs on the oth­er hand are only col­lectibles, solu­tions in search of prob­lems,” he said.

He added that peo­ple are expect­ing that Ethereum will have real util­i­ty once it gets an upgrade. “But once they real­ize there is noth­ing to it, they will be like – Oh Gosh!”

Left fur­ther said that the usage of blockchain tech­nol­o­gy is mar­gin­al com­pared to the “hype” being gen­er­at­ed around it, and the tech­nol­o­gy has issues that still need to be addressed. “I know com­pa­nies like Ora­cle and IBM are using blockchain tech­nol­o­gy. How­ev­er, there are sev­er­al prob­lems with it, and it is being exper­i­ment­ed upon.”

Pho­to: Cour­tesy of citronresearch.com

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