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> people looking to acquire life-changing wealth for themselves by hyping things that they have a vested financial interest in What's wrong with hyping things

> people looking to acquire life-changing wealth for themselves by hyping things that they have a vested financial interest in What's wrong with hyping things you've invested in, or seeking life-changing wealth for yourself?

AlexandrB 5y ago
In a vacuum, nothing. But it's generally good to disclose to others when the investment advice you're offering will also materially benefit you. It's funny that cryptocurrency proponents will often lambast the traditional banking system for being corrupt and self-serving but then ask a question like this. Is cryptocurrency supposed to be a more fair way to invest/bank/move money or not?
- orange8 5y ago
  > In a vacuum, nothing. But it's generally good to disclose to others when the investment advice you're offering will also materially benefit you. This should be obvious. When was the last time you saw a coca-cola add? Did it say "please buy this because we are vested in it" or did it say "coca-cola tastes great". > Is cryptocurrency supposed to be a more fair way to invest/bank/move money or not? I honestly don't think so. It's great for some use cases though, like cheap, instant cross border payments.
  - Aicy 5y ago
    There is obviously a difference between an ad which doesn't pretend to be anything else and financial "advice" which is pretending to be advice. Pretending otherwise is disingenuous. The thing that is wrong with it is that you are intentionally deceiving people.
    - orange8 5y ago
      So someone enticing you to BUY "sugar water" is not financial advice, but being enticed to buy fake internet money somehow is? How exactly did you reach that conclusion?
adam_arthur 5y ago
Well, if you create a project where the primary motivation is to enrich yourself, and you recognize that money shuffling in crypto is zero sum, it's pretty apparent that these "founders" are borderline scamming people. In most other spaces the idea has real world utility. Not like, invent virtual land and sell it to people. Oh but no use for it for now. It could be worth lots later!
- orange8 5y ago
  You do realize there are almost 100 000 coins out there. How many of those have you actually researched about and come to the conclusion that they lacked "real world utility". Does a casino provide "real world utility"? What about a boxing match.. is there any "real world utility" in that?
  - adam_arthur 5y ago
    100,000 coins is a perfect example of why it's all a scam. These things are created out of thin air and sold as if they have any real value. You fork a project, put up a webpage with aspirational talking points, and dump your premined coins onto the rubes that buy in. Gambling has real value, and that's about all the value crypto provides. Which is the hot pyramid scheme of the month so I can make money off less intelligent people who don't understand it's all a scam veiled by perfectly valid technology? It will all inevitably implode the next time any risk off sentiment takes hold.

AlexandrB 5y ago

In a vacuum, nothing. But it's generally good to disclose to others when the investment advice you're offering will also materially benefit you. It's funny that cryptocurrency proponents will often lambast the traditional banking system for being corrupt and self-serving but then ask a question like this. Is cryptocurrency supposed to be a more fair way to invest/bank/move money or not?

orange8 5y ago
> In a vacuum, nothing. But it's generally good to disclose to others when the investment advice you're offering will also materially benefit you. This should be obvious. When was the last time you saw a coca-cola add? Did it say "please buy this because we are vested in it" or did it say "coca-cola tastes great". > Is cryptocurrency supposed to be a more fair way to invest/bank/move money or not? I honestly don't think so. It's great for some use cases though, like cheap, instant cross border payments.
- Aicy 5y ago
  There is obviously a difference between an ad which doesn't pretend to be anything else and financial "advice" which is pretending to be advice. Pretending otherwise is disingenuous. The thing that is wrong with it is that you are intentionally deceiving people.
  - orange8 5y ago
    So someone enticing you to BUY "sugar water" is not financial advice, but being enticed to buy fake internet money somehow is? How exactly did you reach that conclusion?

adam_arthur 5y ago

Well, if you create a project where the primary motivation is to enrich yourself, and you recognize that money shuffling in crypto is zero sum, it's pretty apparent that these "founders" are borderline scamming people. In most other spaces the idea has real world utility. Not like, invent virtual land and sell it to people. Oh but no use for it for now. It could be worth lots later!

orange8 5y ago
You do realize there are almost 100 000 coins out there. How many of those have you actually researched about and come to the conclusion that they lacked "real world utility". Does a casino provide "real world utility"? What about a boxing match.. is there any "real world utility" in that?
- adam_arthur 5y ago
  100,000 coins is a perfect example of why it's all a scam. These things are created out of thin air and sold as if they have any real value. You fork a project, put up a webpage with aspirational talking points, and dump your premined coins onto the rubes that buy in. Gambling has real value, and that's about all the value crypto provides. Which is the hot pyramid scheme of the month so I can make money off less intelligent people who don't understand it's all a scam veiled by perfectly valid technology? It will all inevitably implode the next time any risk off sentiment takes hold.