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Plausible deniability is one of ways the cryptocurrency schemes have continued for so long without collapsing - members can convince themselves that Bitcoin/Eth
by astoor 5y ago
Plausible deniability is one of ways the cryptocurrency schemes have continued for so long without collapsing - members can convince themselves that Bitcoin/Ethereum/etc. aren't ponzi/pyramid schemes because they "do something". Furthermore, that "something" can keep changing over time (e.g. for Ethereum it was first ICOs and DApps, currently it is NFTs and DeFi, and in future likely to be something else), which keeps the schemes self-sustaining. It is the plausible deniability and evolving self-sustainability which are the main advantages Bitcoin/Ethereum/etc. have over simpler schemes like BitConnect.
- TheFreim 5y ago> Furthermore, that "something" can keep changing over time I don't follow. DApps didn't change to nfts, did they? I'm pretty sure they still are used and developed.
- astoor 5y agoNo, DApps didn't change into NFTs, and yes, DApps and ICOs still exist. But DApps and ICOs are not the current "revolutionary" "game changing" drivers for "line goes up" in the Ethereum world. Similarly I'd expect NFTs and DeFi to continue to exist after whatever supersedes them as the main attraction to draw in new members. Just like there are still people who talk about Bitcoin as "electronic cash" even though most have moved on to other narratives like "digital gold". That is the evolving self-sustainability aspect of plausible deniability. The schemes are flexible enough for existing scheme members to claim they are whatever they need to be to continue drawing in those all-important new scheme members, although most likely only for a finite period of time.