World Bank Chief Says Cryptocurrencies Are "Ponzi Schemes"
From ZeroHedge
In the latest swipe at bitcoin's credibility from a prominent member of the global financial and economic establishment, World Bank Group President Jim Yong Kim said Wednesday at a dinner in Washington that "the vast majority of cryptocurrencies" are essentially "Ponzi schemes", Bloomberg reported.
“In terms of using Bitcoin or some of the cryptocurrencies, we are also looking at it, but I’m told the vast majority of cryptocurrencies are basically Ponzi schemes,” World Bank Group President Jim Yong Kim said Wednesday at an event in Washington. “It’s still not really clear how it’s going to work.”
The development lender is “looking really carefully” at blockchain technology, a platform that uses so-called distributed ledgers to allow digital assets to be traded securely. There’s hope the technology could be used in developing countries to “follow the money more effectively” and reduce corruption, Kim said.
For clarification, I offer the following posts:
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In similar news, Harvey Weinstein says, "I am told the vast majority of Hollywood actresses are basically whores."
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Wait a sec... did I read this right? A banker talking about Ponzi schemes and he didn't mention his own?
And my two cents 
Legacy banking is following the path Gandi outlined:
First they ignore you, then they laugh at you, then they fight you, then you win. Mahatma Gandhi
Certainly some coins are obvious ponzy scheme or an easy way to make million of dollars quick. That hurts the whole sector. Let's see how people react when in the near future an exchange goes bankrupcy or there is a major hack with billions of dolars stolen.
"World Bank Chief doesn't know shit about cryto" is better.
They are everywhere
BIS (the Central bank of Central Banks), Augustin Carstens, speaking about cryptos:
“Novel technology is not the same as better technology or better economics,” he said. “That is clearly the case with Bitcoin: while perhaps intended as an alternative payment system with no government involvement, it has become a combination of a bubble, a Ponzi scheme and an environmental disaster.”
“Private digital tokens masquerading as currencies must not subvert this trust [in central banks],” he said, before proceeding to layout a “strong case” for banking regulators to place the squeeze on the cryptoasset ecosystem.”
This shows how they really feel. Legacy money does not accept competition.