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Comments like this are really all anyone needs to look at to understand what a scam it all is. Nothing personal, what I mean is the list of semi-technical nonse

Comments like this are really all anyone needs to look at to understand what a scam it all is. Nothing personal, what I mean is the list of semi-technical nonsense promising how something worthwhile is just around the corner. It's the same pattern across confidence scams, just a little more and it will all pay off. The same is true in the bigger recent discussion, all you have to do is look at what the proponents are talking about to see what a scam it all is. But I think that's the point of the original article. People who are confident in their technical understanding can easily dismiss this nonsense out of hand, but a layperson sees a list of acronyms and smart sounding absurdities like the above comment and assumes they must be missing something and gets taken in.

t0mbstone 5y ago
Yes, I agree that people should definitely educate themselves and watch out for scams. While it is true that there are certainly a ton of pump and dump schemes and outright scams in the crypto space, I don't think it's fair to just dismiss all of crypto as a scam. There is a HUGE demand for an electronic currency that can be freely transacted globally. Because the currency needs to be globally usable, this currency can't be controlled by any particular government. It needs to be owned and controlled democratically by the people actually using it. It needs to have low (or zero fees). It needs to be extremely simple to perform transactions. It should be a safe place to store your money. It should be difficult or impossible to steal. It should be stable. I could keep going and list a hundred other things, but my point is simply that we aren't there yet. This magical currency does not yet exist, but cryptocurrency is absolutely the closest we have ever gotten to it, and I'm confident that if we keep iterating and trying out different ideas, a winner will eventually arise from the mix. Or maybe the winning solution will be some combination of different cryptocurrencies? Maybe an inflationary one, a deflationary one, and a stable one? Who knows?

t0mbstone 5y ago

Yes, I agree that people should definitely educate themselves and watch out for scams. While it is true that there are certainly a ton of pump and dump schemes and outright scams in the crypto space, I don't think it's fair to just dismiss all of crypto as a scam. There is a HUGE demand for an electronic currency that can be freely transacted globally. Because the currency needs to be globally usable, this currency can't be controlled by any particular government. It needs to be owned and controlled democratically by the people actually using it. It needs to have low (or zero fees). It needs to be extremely simple to perform transactions. It should be a safe place to store your money. It should be difficult or impossible to steal. It should be stable. I could keep going and list a hundred other things, but my point is simply that we aren't there yet. This magical currency does not yet exist, but cryptocurrency is absolutely the closest we have ever gotten to it, and I'm confident that if we keep iterating and trying out different ideas, a winner will eventually arise from the mix. Or maybe the winning solution will be some combination of different cryptocurrencies? Maybe an inflationary one, a deflationary one, and a stable one? Who knows?