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Cryptocurrency exchanges seem to be full of fraud and deception.
by ronsor 8y ago
Cryptocurrency exchanges seem to be full of fraud and deception.
- hendzen 8y agoSpeaking as someone who was deeply interested in bitcoin in ~2013, cryptocurrency today is a wretched hive of scum and villainy. When someone tells me today that they are working on something related to crypto I make a mental note to never work with them or take anything they do seriously.
- kilroy123 8y agoI feel exactly the same way.
- asenna 8y agoThis quite an ignorant comment. I've been working with Blockchain tech (Crypto by extension) for a while now and there's a lot of experimenting, genuine projects being built right now. A lot of smart people are in this space building solutions. Major companies like Samsung / Facebook have teams working on PoCs. Unfair to imply that everyone in Crypto is selling snake oil.
- lalaland1125 8y ago> Unfair to imply that everyone in Crypto is selling snake oil. So, who isn't? Look throughout the blockchain ecosystem and all you will see are scams, illegal activity and get rich quick fools. I have personally yet to see a use of blockchain tech for useful legal purposes. Yes, you will see some companies "announce" that they are "investigating" blockchain or whatnot to get some free PR, but you don't ever see them actually release anything useful. (I fully accept that blockchain has revitalized criminal enterprises such as child pornography, extortion, and Ponzi schemes, but I don't see any reason to celebrate that).
- tim333 8y agoThere seems to be a real project afoot with the Depository Trust & Clearing Corp but I'll give you that a) it hasn't released and b) they could probably do the same with MySQL https://www.forbes.com/sites/michaeldelcastillo/2019/04/16/blockchain-goes-to-work/#470a6e552a40 https://www.forbes.com/sites/michaeldelcastillo/2019/04/16/b... It is hard finding legal and useful. There's a lot of legal but not that great like gambling.
- deveac 8y agoSo, who isn't? Look throughout the blockchain ecosystem and all you will see are scams, illegal activity and get rich quick fools. A tiny fraction of companies in the blockchain ecosystem: Pfizer, Fidelity, Microsoft, Rutgers University, T-Mobile, National Bank of Canada, John Hancock Life Insurance, J.P. Morgan Chase Bank, Ernst and Young. If all you are able to see when you look at blockchain engineers are scammers, lawbreakers, and "get rich quick" fools, I'll humbly suggest that you haven't really been looking.
- hocuspocus 8y ago> Major companies like Samsung / Facebook have teams working on PoCs. Samsung has entire teams working on PoCs for just about anything. Including a lot of terrible ideas that end up in the trash (I personally worked on some of them :) Facebook wanting to enter payments and money transfers through Whatsapp makes a lot of sense. But the fact it might be backed by some internal and centralized stablecoin is completely irrelevant to end-users.
- avinium 8y agoI feel the same about 99% of crypto participants - but you can't deny there are a handful of legitimate areas. IPFS and Golem come to mind.
- tim333 8y agoI'm not sure IPFS uses blockchain? It seems to work like bittorent. Golem I'll give you might be a legit use.
- avinium 8y agoSorry, should have been clearer. Filecoin (from the same company) sits atop IPFS, acting as a cryptocurrency for distributed file storage. IIRC, their ICO was massively oversubscribed a year or two ago, so they're sitting on a great big pile of cash. I don't think it's a viable business model yet, but it's definitely not a scam.
- magnamerc 8y agoI can say the same about people making sweeping generalizations. Maybe you're not as intelligent as you think you are, and you're in fact missing something due to your clouded judgement.
- tim333 8y agoIt must be tempting to transfer the assets to some account you control as there's almost no way to prove who did it or catch you.
- wmf 8y agoJust ask Trendon Shavers, Charlie Shrem, or Ross Ulbricht.
- woah 8y agoDon’t ask Ross Ulbricht. You’ll have to ask the DEA agents who embezzled money while making unsubstantiated accusations of murder for hire. https://arstechnica.com/tech-policy/2016/08/stealing-bitcoins-with-badges-how-silk-roads-dirty-cops-got-caught/ https://arstechnica.com/tech-policy/2016/08/stealing-bitcoin...
- wmf 8y agoAnd those DEA agents are also in prison.
- vkou 8y agoThe accusations were quite substantiated, his defense was about as laughable as 'my baby brother did it'.
- jamoes 8y agoUlbricht never presented a defense for the murder-for-hire charge because the charge was dropped and never went to trial. Ulbricht has been sentenced to double-life in prison for all non-violent charges.
- mikeyouse 8y agoThis isn't right - his attempted hits directly led to a longer prison sentence and he could have refuted the factual allegations if he had a defense for them. See page 3/4 and then page 27: https://s3.amazonaws.com/s3.documentcloud.org/documents/1391926/gov-uscourts-nysd-422824-142-0.pdf
- MadSudaca 8y agoSome say that this is what the world will become.
- keithtom 8y agojust the centralized ones...
- ahallock 8y agoHow is the a helpful or enlightening statement? You're just spreading FUD.
- LandoCalrissian 8y agoThe books are all seriously cooked. There are few honest actors and it's shocking to me how many people are still willing to play the game.