Former Head of Enron Considers the Blockchain
March 25 2019 - 12:30PM
ADVFN Crypto NewsWire
Bitcoin Global News (BGN)
March 25, 2019 -- ADVFN Crypto NewsWire -- The Blockchain industry
has yet to fully escape its’ association with a wide variety
of scams. This does not mean that progress has not been made, but
that investor and overall market manipulation is still
possible.
For perhaps two of the top examples
of why this is true, check out Bitwise’s recent report that
indicated that the wide majority of global Bitcoin trading volume
is being faked. Secondly, check out today’s headline from CoinDesk
about Enron and the Blockchain.
If you remember anything about
Enron, then you’ll remember that its’ executives were involved in
one of the biggest instances of fraud and insider trading in United
States history. Their former CEO, Jeffrey Skilling, was just
recently released from a 12-year prison sentence.
What is most notable about this is
two-fold. First, Skilling and one or more of his compatriots seem
to have learned nothing from what happened in the past. Second,
Skilling is thinking of starting what CoinDesk has termed “a
blockchain platform.”
Normally, this still would not be
exactly newsworthy since fraudsters often circle back to what they
know best, but according to the Wall Street Journal article that
broke the news, Skilling has received the attention of blockchain
professionals of some sort. In other words, some group of people
who have some knowledge of how to build such a venture have taken
his idea seriously.
If the Blockchain industry wants to
shed the label of being an early-stage sector with a high
concentration of scams and similar activities, then perhaps more
should be done to discourage this sort of collusion.
One way to do so would be to
encourage transparency across the space. All projects might begin
to have names attached to them and not pseudonyms, but this would
likely not work, simply due to how Bitcoin began. However matters
turn out related to this new Enron project, which is also
reportedly related to the energy sector, expect some sort of wider
backlash to follow that might hit the crypto markets. The only way
to stop this in its’ tracks is to make sure it never gets off the
ground.
By: BGN Editorial Staff
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