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Yes, it does matter, nobody is going to trust the one honest guy when the 99 others are looking to rip you off for as much as they can carry. Distrust and inab
by throwaway2048 10y ago
Yes, it does matter, nobody is going to trust the one honest guy when the 99 others are looking to rip you off for as much as they can carry.
Distrust and inability to ascertain quality before purchase drives out all the honest players from the market.
https://en.wikipedia.org/wiki/Market_for_lemons https://en.wikipedia.org/wiki/Market_for_lemons
- Analemma_ 10y agoI don't know if the "market for lemons" argument applies when a market is purely fraudulent. In that case, normal dynamics do not apply and the key question is whether you can always find new suckers. I argued in another comment a few days ago that the answer is yes: https://news.ycombinator.com/item?id=14220491 https://news.ycombinator.com/item?id=14220491
- kolinko 10y agoWhile I agree that 95% of ICOs are not so good, so are 95% of e-mails in my Inbox. With ICOs, there are quite a few ways to ascertain the quality - regular due diligence applies, even more so when there are so many eyes watching every proposal.