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# Crypto assets are predatory investments
Crypto assets are a form of predatory financial product. Crypto asset [market making](../concepts/market-maker.md) is subject to extreme forms of [market manipulation](../concepts/market-manipulation.md) not found in other regulated markets. The [price formation](../concepts/price-formation.md) of crypto assets is untethered to any [fundamental value](../concepts/fundamental-value.md) and instead depends purely on the [greater fool theory](../concepts/greater-fool-theory.md).
# Are crypto assets predatory investments?
Crypto assets are a form of predatory financial product.
Crypto asset [market making](../concepts/market-maker.md) is subject to extreme forms of [market manipulation](../concepts/market-manipulation.md) not found in other regulated markets. The [price formation](../concepts/price-formation.md) of crypto assets is untethered to any [fundamental value](../concepts/fundamental-value.md) and instead depends purely on the [greater fool theory](../concepts/greater-fool-theory.md).
The price setting by crypto exchanges and [order book](../concepts/order-book.md) design admits extreme forms of [asymmetric information](../concepts/asymmetric-information.md) which privileges an [economic cartel](../concepts/cartel.md) who can manipulate crypto assets to extract wealth from public from unfair market making.
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———. 2018b. ‘Transaction Costs and Tethers: Why I’m a Crypto Skeptic’. The New York Times 21.
1. ———. 2021a. ‘Technobabble, Libertarian Derp and Bitcoin’. The New York Times 21.
1. ———. 2021b. ‘The Brutal Truth About Bitcoin’. The New York Times 21.
1. Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204.
1. Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204.