Watch Elon Musk and Mark Cuban discuss potential real-world applications for Dogecoinīelfort told The Sun Online he was a fan of the blockchain – the technology which underpins many cryptocurrencies like Bitcoin and makes them almost impossible to hack.īut he cautioned people against putting large sums of cash into “meme coins” – meme coins being digital currencies created as jokes or self-aware (or in some people’s cases not self-aware) pyramid schemes and which have made some people very rich, and lost other people a lot of money. This comes somewhat in contradiction to claims Elon Musk and Mark Cuban have made regarding Dogecoin’s potential uses.

Unfortunately for many meme coin advocates, they also sound quite accurate and sensible.īelfort recently spoke to The Sun Online and told them cryptocurrencies like Dogecoin and Shiba Inu “have no value and no use.” In any case, Belfort’s recent comments about crypto pump and dumps certainly sound a bit ironic, if not hypocritical. Though you could argue he has now turned over a new leaf and so it is not hypocritical at all, it could also be said: “you can’t bullshit a bullshitter” (or someone that used to be a bullshitter). This brings us to his (in some people’s view) recent, hypocritical claim.

He is also a proponent of shining light on dark places, and regulating them, which he says eventually makes them better and bigger markets. Jordan Belfort, the man who pleaded guilty to fraud for the pump and dump schemes which may have cost his investors as much as $200 million back in his heydays on Wall Street (and served 22 months in prison for his troubles), reckons “shitcoin” creators should be jailed.īelfort, who is known as The Wolf Of Wall Street, and who was played by Leonardo DiCaprio in the 2014 movie Wolf Of Wall Street, is now a motivational speaker and author, who talks openly about the mistakes he made in that time of his life.

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