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>How can crypto users protect themselves without recreating traditional banking? They could just invest in well-established projects with proven technology ins
by cheeseomlit 5y ago
>How can crypto users protect themselves without recreating traditional banking?
They could just invest in well-established projects with proven technology instead of obvious scams in hopes of a "moon shot". This has very little to do with Bitcoin and other legitimate projects, which are a far cry from useless fly-by-night ERC-20 tokens with stupid animal names
- BoppreH 5y agoBitcoin/Ethereum is what allowed these scams to be executed, not be reverted, and to go unpunished. If you want to push for those technologies, you have to explain how to give consumers a minimum level of protection.
- surfingdino 5y agoThere are plenty of ways and tools for the scammers to be tracked on a public blockchain. Tokens are not worth much until they are exchanged for fiat currency. The authorities do not want to chase after them, yet, but anyone engaging in such fraud is leaving plenty of evidence on public, cryptographically protected blockchains to provide evidence that's difficult to repudiate. Sooner of later those responsible will be brought to justice. I am working with people in the banking industry to add a layer of protection without compromising core values of crypto (permissionless, trustless), but funnily enough they do not want to do anything against the regulators. Retail banks have become very cautious after 2008 and won't do anything unless they are told to do it by the regulators. And the regulators are a bit clueless, tbh.