Some cryptocurrency heroes sound like some of the EV entrepreneurs...

Too Good to be true is too good to be true...


Too Good to be True: there's a lesson in Cryptocurrency's Disaster


I am not going to pretend that I understand at all what cryptocurrency is.But now the financial world has a villain to point at-- Sam Bankman Fried founder and CEO of FTX .who whhile a very yong man made 32. billion dollars by starting a cryptocurrency firm. And yet he was "playing poor" by wearing t-shirts and shorts even when meeting with the President of the US (he was the Democratic party's 2nd biggest contributor after George Soros)
No Rolexes, custom made suits, Lambos or Rolls, no this guy;s pitch was that he eschewed the usual signs of Instant Riches, that he would donate money as fast as he could make it--be a model of altruism.
And it sucked in the left, who liked the fact the cryptocurrency was largely unregulated. So they could make money on the side, and feel good about it because the money was going to a good cause.
And then it collapsed big time. 32 billion to zero.
So why am I writing about this on with a website on cars? Because I see, from afar, a certain identical zealousness in those supporting electric cars; those pushing/predicting the changeover of America to electrics. Their zealousness is similar in promoting new heroes as it is in cryptocurrency. .
But among all the rising superstars of the electric car world only one --Elon Musk--has proof of success that can be checked out with conventional ways--how many cars made each quarter, how many delivered. I can't recover from seeing President Biden praising GM's Mary Barra for being America's leader in electric cars when they had managed to sell 26 cars in one quarter when Tesla sold hundreds of thousands.
All the others talk a good game but the numbers of what they produce and sell are nothing, numerically insignificant compared to Tesla.
So what I'm saying is the old rule of investment: "If it's too good to be true, it's not true." It's a scam. A lot of the developers of electrics are, when compared to Elon Musk, just scam artists like SBF.
And yet US government taxpayer's money went to some of them to fuel their electric dreams, particularly GM. But GM has not delivered--yet.
So out here in the Boonies, it is with a good bit of skepticism I view each new cowboy that rides into town saying he's got something that will benefit the populace.
When the smoke clears, I think the comparisons between SBF and some of the electric car billionaires will become more evident.
All I'm saying is: let the buyer beware.

 

With GM it was no doubt a scam at the moment they got awarded plaudits for leading America into0 EVs when they only sold 26 (yes twenty six) EVs that quarter while Tesla sold thousands. Either then or soon after they recalled the Bolt--their economy EV, Not just one but every one they had ever built. Eventually they may come to the table with a decent amount of EVs but meanwhile there's Tesla, in China, making maybe 600K cars a year, Fremont, 500,000, Texas 500,000 Germany 500,000. The fakers promising great things will stumble soon, caught in their own lies, like Fisker, Rivian. Lucid and others who have attractive products to be sure but lack the world vision of Musk needed to Get Things Done. My main argument initially was that these "saviors" come along not only in the car field but computer field, etc, and the media gets so entranced with making a hero that they don't ask the right questions. i just bought an old issue of Fortune with the fallen Crypto king on the cover--I haven't read it yet but I am sure if they put him on the cover it's all gonna be praise. For a guy that more recently lost $ 32 billion of his investor's money

 

Saw only one sour letter in initial coverage of Tesla's semi intro in Vegas

ONE OBSERVER SAID THAT IT ONLY GOT TO 51 MPH. I THOUGHT THE MINIMUM SPEED ON INTERSTATES WAS 55 MPH?

ON THE OTHER HAND EVEN WITH 81,000 LBS.CARGO IT WAS ACCELERATING UP 5% GRADES. How much farther will the range be when they get the new batteries?.
Another article said it qualifies for the $40,000 tax write off on electric vehicle which makes its $180,000 version more reachable (Buys of Diesel tractors do not get this) . Before the preview, Tesla was saying it will save trucking firms $200,000 over running a diesel in two years. Did they say that at the preview? How many seats in the cab? Three? I couldn't see in the over-the =shoulder angle of the inside-the-cab camera