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Also, sometimes the different between a scam and a bad product is hard to tell - the founders may not even know. I do know that being a big or famous name in t
by etaioinshrdlu 5y ago
Also, sometimes the different between a scam and a bad product is hard to tell - the founders may not even know.
I do know that being a big or famous name in tech made it very easy to capitalize on that name value by selling coins with your backing. Some of you are on this site reading this right now!
It ends up not mattering if the project is a complete dud. You become a multi-millionarie anyways. And it was all legal. But not a lot of value was produced.
- davidgerard 5y agoCrypto: never assume competent malice when you can assume incompetent malice.
- errantmind 5y agoYes, much of the valuations are purely speculative and, as a result, some people end up gaining wealth that doesn't appear 'earned', but this is true of any very early investor. There will always be people who say "there was no way you could have known this would become as big as it did" Cryptocurrency is teaching a lot of people about finance, who wouldn't otherwise know nor be allowed to participate. I believe that is overall a net positive, even if some people lose money in the process.