3 ms·

Cryptocurrency schemes are public but their technology is complex enough (vs their typical participant) that it is not at all necessary to present false informa

by czl 5y ago

Cryptocurrency schemes are public but their technology is complex enough (vs their typical participant) that it is not at all necessary to present false information. If anything it is this fact alone makes cryptocurrencies innovative over traditional fraud schemes. No overt deceit required - only average ignorance and gullibility. Being open, decentralized and harder to stop will likely allow them to scale at least a couple orders of magnitude larger before they collapse.

lostmsu 5y ago
That's the thing. If there's no fraud involved, it is not a Ponzi scheme. Merely something we do not fully understand. People might have arguments for or against the collapse of cryptocurrencies, but as with any other poorly understood thing your guess is as good as mine.
- czl 5y ago
  Any scheme that pays early “investors” with money from new investors will eventually collapse leaving masses who feel they were cheated. When no lies are told yet relevant education or information is held back or obfuscated or buried in pages of legalese or complex computer code - some consider that fraud others not. How will the poor masses that feel about this question? How will they vote?
  - lostmsu 5y ago
    > Any scheme that pays early “investors” with money from new investors will eventually collapse leaving masses who feel they were cheated. This statement is obviously false, as there are people born daily. > information .. buried in code .. some consider that fraud It doesn't matter that people consider it fraud. It is not fraud neither by definition, nor it is fraud "in spirit of law" (burying it in code does not have the necessary intention to deceive). You can twist the definition of fraud as much as you want in your mind, but if you do that - you are just a part of ignorant mob with pitchforks.

3 ms·

Cryptocurrency schemes are public but their technology is complex enough (vs their typical participant) that it is not at all necessary to present false informa

by czl 5y ago

lostmsu 5y ago
That's the thing. If there's no fraud involved, it is not a Ponzi scheme. Merely something we do not fully understand. People might have arguments for or against the collapse of cryptocurrencies, but as with any other poorly understood thing your guess is as good as mine.
- czl 5y ago
  Any scheme that pays early “investors” with money from new investors will eventually collapse leaving masses who feel they were cheated. When no lies are told yet relevant education or information is held back or obfuscated or buried in pages of legalese or complex computer code - some consider that fraud others not. How will the poor masses that feel about this question? How will they vote?
  - lostmsu 5y ago
    > Any scheme that pays early “investors” with money from new investors will eventually collapse leaving masses who feel they were cheated. This statement is obviously false, as there are people born daily. > information .. buried in code .. some consider that fraud It doesn't matter that people consider it fraud. It is not fraud neither by definition, nor it is fraud "in spirit of law" (burying it in code does not have the necessary intention to deceive). You can twist the definition of fraud as much as you want in your mind, but if you do that - you are just a part of ignorant mob with pitchforks.