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The early "wild west" days of new concepts/ideas tend to attract scammer types like this. For the most part, it tends to level out over time and the fraudulent
by KoftaBob 5y ago
The early "wild west" days of new concepts/ideas tend to attract scammer types like this. For the most part, it tends to level out over time and the fraudulent parties are dealt with.
- toyg 5y ago... once legislation is brought in. The market itself has no way to curb excessive behaviour. The problem is that cryptocurrency users exist precisely because they oppose all legislation on currency markets. So they will continue to be scammed over and over again, and be happy with it. It's just the cost of doing business, like drug dealers losing a few shipments to the feds.
- KoftaBob 5y agoMy understanding is that the original motivation behind BTC and crypto was avoiding the centralized authority behind the USD and other fiat currencies. Early adopters didn't like that the USD was influenced/controlled by one central entity, especially in the days of the 2008 financial crisis, when BTC was created. I can't speak for all of crypto, but BTC's motivations didn't seem to revolve around "opposing all legislation", in some pursuit of anarcho-capitalism, but rather opposing currencies that are controlled/influenced by one central entity. But to your original point, yes the most likely way that the scammers will be flushed out of the system is through regulation, just like all the other wild west phases of industries/concepts.
- daoismyname 5y agoYeah! How can we forget new concepts and ideas such as "the Indian Removal Act"?