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Any time i see anything on BSC my immediate reaction is "scam". It's actually hard to find legitimate projects there, so hard i'm surprised anyone continues to

by verelo 5y ago

Any time i see anything on BSC my immediate reaction is "scam". It's actually hard to find legitimate projects there, so hard i'm surprised anyone continues to launch when there are alternatives like Fantom, Avalanche or Polygon they could be using.

spinny 5y ago
Unfortunately you are right on that. Scammers probably find it easy to trick people if the gas fees are low. Many scammers are moving to Fantom, Avalanche, Polygon and other evm based chains. Also been looking into those. Been working on a project that consumes quite a bit of gas per call and the cheaper chains look like a better alternative that Ethereum.
dmead 5y ago
My immediate reaction to almost all crypto stuff is "scam".
- rfd4sgmk8u 5y ago
  Same. But then you look deeper and you see.. more scams.. and then a little deeper, and you see.. big things. BIG things. https://defillama.com/ https://defillama.com/ tracks how much money is floating around in the defi and token space. 2 years ago it was ~600 Megadollars USD. Today it is over 200 Gigadollars USD. Something that grew that fast in 2 years might be worth investigating.
  - hactually 5y ago
    Doesn't it work you that the fundamentals simply don't make sense? Estimates of the entire planets GDP is around $85 trillion USD. Can you shed some light on it?
    - rfd4sgmk8u 5y ago
      Rehypothecation, Leverage, Derivatives and Debt. Absolute Numbers are meaningless, kind of a fantasy really, and only impact most economic players locally and within the respective market. Occasionally the thing falls apart because there was too much of those 4 things at play. Hmmm.. We can put point in time estimates of how much everything on the planet costs -- what are the desirable assets, that people will want to store wealth in, I think the three main ones in the 21st century are: * Real Estate -- every place you can live or work, provide shelter and a place to store other physical stuff. * Equities, Financial Derivatives, Securities, Funds, weird financial instruments that someone convinced someone else to list on a market * Cryptocurrencies -- distributed ledgers run by computers around the world Everything else is stuff, and is bound by the real estate. Most stuff can be made to a limit bound to the other stuff (resources, minerals). The important stuff like rocks and minerals are tracked by the financial instruments section. We do need to factor in the cost of the stuff, but often this is contingent on the labor that can harness it. Supply chain disruptions in the last 2 years have their cause from people getting sick and unable to work, or transport the stuff. These things need to be bought with 'money', and most people earn money through employment or receive an allowance from the State.
- verelo 5y ago
  So, i consider myself very conservative when it comes to this stuff. I'd honestly say 90% is a scam, 10% is legit innovation and valuable. It's hard to tell the difference sometimes.
Fnoord 5y ago
And in the context of a pirate bay, I find it very funny due to the descriptive name (not for the people getting scammed).

by verelo 5y ago

spinny 5y ago

Unfortunately you are right on that. Scammers probably find it easy to trick people if the gas fees are low. Many scammers are moving to Fantom, Avalanche, Polygon and other evm based chains. Also been looking into those. Been working on a project that consumes quite a bit of gas per call and the cheaper chains look like a better alternative that Ethereum.

dmead 5y ago

My immediate reaction to almost all crypto stuff is "scam".

rfd4sgmk8u 5y ago
Same. But then you look deeper and you see.. more scams.. and then a little deeper, and you see.. big things. BIG things. https://defillama.com/ https://defillama.com/ tracks how much money is floating around in the defi and token space. 2 years ago it was ~600 Megadollars USD. Today it is over 200 Gigadollars USD. Something that grew that fast in 2 years might be worth investigating.
- hactually 5y ago
  Doesn't it work you that the fundamentals simply don't make sense? Estimates of the entire planets GDP is around $85 trillion USD. Can you shed some light on it?
  - rfd4sgmk8u 5y ago
    Rehypothecation, Leverage, Derivatives and Debt. Absolute Numbers are meaningless, kind of a fantasy really, and only impact most economic players locally and within the respective market. Occasionally the thing falls apart because there was too much of those 4 things at play. Hmmm.. We can put point in time estimates of how much everything on the planet costs -- what are the desirable assets, that people will want to store wealth in, I think the three main ones in the 21st century are: * Real Estate -- every place you can live or work, provide shelter and a place to store other physical stuff. * Equities, Financial Derivatives, Securities, Funds, weird financial instruments that someone convinced someone else to list on a market * Cryptocurrencies -- distributed ledgers run by computers around the world Everything else is stuff, and is bound by the real estate. Most stuff can be made to a limit bound to the other stuff (resources, minerals). The important stuff like rocks and minerals are tracked by the financial instruments section. We do need to factor in the cost of the stuff, but often this is contingent on the labor that can harness it. Supply chain disruptions in the last 2 years have their cause from people getting sick and unable to work, or transport the stuff. These things need to be bought with 'money', and most people earn money through employment or receive an allowance from the State.
verelo 5y ago
So, i consider myself very conservative when it comes to this stuff. I'd honestly say 90% is a scam, 10% is legit innovation and valuable. It's hard to tell the difference sometimes.

Fnoord 5y ago

And in the context of a pirate bay, I find it very funny due to the descriptive name (not for the people getting scammed).