4 ms·

What are the consequences that you’re talking about?

by RexetBlell 6y ago

albntomat0 6y ago
Rampant swings in price, fueled by exchanges getting hacked/falling apart, weird ICOs, or the sketchiness of tether.
- RexetBlell 6y ago
  There were no ICOs in the last 2 years. The community moved on from that. Decentralized non custodial exchange usage is growing, like https://loopring.org/ https://loopring.org/ that’s based on zero knowledge proofs cryptography and allows 2000 trades per second, and the people who built it can’t steal your money even if they wanted to. There are also decentralized options to protect you from volatility https://opyn.co/ https://opyn.co/ or https://www.hegic.co/ https://www.hegic.co/ There are many alternatives to Tether, for example USDc or a decentralized stable coin like DAI.
  - spottybanana 6y ago
    There are still ICO's, they are just rebranded usually to something else like IEOs or STOs.
  - Nursie 6y ago
    No ICOs? None at all? Since mid 2018? Having trouble believing that, especially as I can see evidence of hundreds of the damn things after a simple search - https://ico.tokens-economy.com/statistics/country.html?country=2019&year=2019 https://ico.tokens-economy.com/statistics/country.html?count... Sure, many of those won't be using ethereum, but they still happened. And that's before you dive into the IEOs and STOs, which appear to be more of the same.
  - albntomat0 6y ago
    Loopring is interesting, thanks for passing that along. Even with the options on ethereum, Tether alternatives, etc. involvement with cryptocurrencies has high risk for someone who doesn't have a strong understanding of how it all works at a technical level, which is what the parent comment stated.
throwaw4y-plate 6y ago
Mostly losing money, I'd suspect
dehrmann 6y ago
It's specifically trading and speculating in cryptocurrencies that's incredibly risky. There's a playbook of scams people used to pull with stocks were made illegal, but are suddenly viable again in the crypto space. There's also the risk of loss because of lax security on your part or the part of your wallet.
swagonomixxx 6y ago
Ever heard of the DAO? [1] Seriously, crypto is one of the shadiest things you can get into. Avoid it, and any exchanges, like the plague. It's interesting tech, but nothing more than that. Hugely speculative and not worth wasting hard earned money over. [1] https://www.coindesk.com/understanding-dao-hack-journalists https://www.coindesk.com/understanding-dao-hack-journalists
- quibbler 6y ago
  Except the DAO wasn't shady, it was just buggy and got hacked. If having bugs is shady, we live in a dark world indeed.

What are the consequences that you’re talking about?

albntomat0 6y ago

Rampant swings in price, fueled by exchanges getting hacked/falling apart, weird ICOs, or the sketchiness of tether.

RexetBlell 6y ago
There were no ICOs in the last 2 years. The community moved on from that. Decentralized non custodial exchange usage is growing, like https://loopring.org/ https://loopring.org/ that’s based on zero knowledge proofs cryptography and allows 2000 trades per second, and the people who built it can’t steal your money even if they wanted to. There are also decentralized options to protect you from volatility https://opyn.co/ https://opyn.co/ or https://www.hegic.co/ https://www.hegic.co/ There are many alternatives to Tether, for example USDc or a decentralized stable coin like DAI.
- spottybanana 6y ago
  There are still ICO's, they are just rebranded usually to something else like IEOs or STOs.
- Nursie 6y ago
  No ICOs? None at all? Since mid 2018? Having trouble believing that, especially as I can see evidence of hundreds of the damn things after a simple search - https://ico.tokens-economy.com/statistics/country.html?country=2019&year=2019 https://ico.tokens-economy.com/statistics/country.html?count... Sure, many of those won't be using ethereum, but they still happened. And that's before you dive into the IEOs and STOs, which appear to be more of the same.
- albntomat0 6y ago
  Loopring is interesting, thanks for passing that along. Even with the options on ethereum, Tether alternatives, etc. involvement with cryptocurrencies has high risk for someone who doesn't have a strong understanding of how it all works at a technical level, which is what the parent comment stated.

throwaw4y-plate 6y ago

Mostly losing money, I'd suspect

dehrmann 6y ago

It's specifically trading and speculating in cryptocurrencies that's incredibly risky. There's a playbook of scams people used to pull with stocks were made illegal, but are suddenly viable again in the crypto space. There's also the risk of loss because of lax security on your part or the part of your wallet.

swagonomixxx 6y ago

Ever heard of the DAO? [1] Seriously, crypto is one of the shadiest things you can get into. Avoid it, and any exchanges, like the plague. It's interesting tech, but nothing more than that. Hugely speculative and not worth wasting hard earned money over. [1] https://www.coindesk.com/understanding-dao-hack-journalists https://www.coindesk.com/understanding-dao-hack-journalists

quibbler 6y ago
Except the DAO wasn't shady, it was just buggy and got hacked. If having bugs is shady, we live in a dark world indeed.