He also addressed these digital assets as “shitcoins”, equating them to zero. The tweet referred to an article that mentioned a total of 4,800 pump and dump schemes involving cryptocurrencies. The original post read:
“4800 Pump & Dump schemes! Crypto is THE most manipulated financial market in ALL human history & manipulation of “assets” that are all shitcoins & worth ZERO. It makes the Wolf of Wall Street look like a naive amateur. And in spite of this sleaze shitcoins lost 95% this year!”
In the same article that Roubini referenced to, research by Toulouse School of Economics was mentioned. It stated that the research found a total of around 4,800 pump and dump schemes in the cryptocurrency space, signaling the sources to Telegram and Discord.
The distribution of the schemes was also mentioned allocating 3,767 to Telegram and 1,051 to Discord in the span of six months from mid-January to early July of this year. The article also pointed out, through the research, that the rank of a coin that is assigned on the basis of market cap and trade volume is the most significant aspect in determining the scale of profit from a pump and dump scheme.
ssv1978, a cryptocurrency and blockchain space follower and enthusiast wrote:
“The stock market is overheated, the debt burden of corporations, especially in the medium-sized US business sector, exceeds their capitalization tenfold, that’s where the bubble is and scam. Lol”
A., another Twitter user and a cryptocurrency enthusiast also commented:
“All this may be true but I still believe that the people who invented the negative interest rate scheme take the prize.”