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It's because the assumption is that regular markets work the same way and we just don't talk about it. Your can mention regulation until you're blue in the fac

It's because the assumption is that regular markets work the same way and we just don't talk about it. Your can mention regulation until you're blue in the face but it won't matter because for many crypto is the antedote to a conspiracy theory they've been literally sold. And the worst part is: as with all conspiracy theories, there's a grain of truth in there--fraud and insider trading absolutely does happen in tradfi!--which makes it that much harder to convince these folks they're wrong.

ineedasername 4y ago
Yes, I think for some folks the appeal of crypto is that it seems possible to get in on the con and themselves. Try to find some shitcoin or get tight with a group that's going to launch something to buy it an pre-public rates. It's not "crypto is more open so it can't happen" it's "they're all scams and here's my chance to fleece some other sucker." I wouldn't paint all of crypto with that brush, but certainly a large proportion.
- danaris 4y ago
  Frankly, from what I've seen, I suspect that more than 50% of the valuation of most cryptocurrencies comes from people with that mindset.
  - deleted 4y ago
    [deleted]
- arcticbull 4y ago
  > I wouldn't paint all of crypto with that brush, but certainly a large proportion. I would.
  - MomoXenosaga 4y ago
    All the crypto shills and influencers who never declare their personal holdings really annoy me.
  - cryptobonanza 4y ago
    90%+
    - arcticbull 4y ago
      90% + 10% :) I'm sorry but its been almost fourteen years and not a single mainstream product has come out of this so-called revolutionary technology. Zero. For the entirety of the last 10 years I've been hearing how blockchain is the "internet of the early 90s" - well by now it should be the internet of the early 2000s, but it's still the "internet of the early 90s" according to proponents. It's time to stop and ask yourself: what if it's just not that revolutionary after all? What if a really slow database isn't a solution to all our problems?
- tialaramex 4y ago
  > it seems possible to get in on the con and themselves Most confidence tricks involve this. I actually find the rare tricks which rely on the mark's honesty to be more interesting because you need a strategy more complicated than just "Don't be dishonest" to avoid losing.
credit_guy 4y ago
> the assumption is that regular markets work the same way and we just don't talk about it I'm not sure who holds that assumption. The clear, explicit assumption is that regular market does not have insider trading, and the SEC is watching like a hawk to make sure this stays that way. You can always believe in some alternate conspiracy theory that the markets are rigged, but I assure you, you are in a minority. The vast majority of the people (including yours truly) assume that the SEC is doing a fairly good job. Could there be exceptions? Of course. Is insider trading the rule? Absolutely not.

ineedasername 4y ago

Yes, I think for some folks the appeal of crypto is that it seems possible to get in on the con and themselves. Try to find some shitcoin or get tight with a group that's going to launch something to buy it an pre-public rates. It's not "crypto is more open so it can't happen" it's "they're all scams and here's my chance to fleece some other sucker." I wouldn't paint all of crypto with that brush, but certainly a large proportion.

danaris 4y ago
Frankly, from what I've seen, I suspect that more than 50% of the valuation of most cryptocurrencies comes from people with that mindset.
- deleted 4y ago
  [deleted]
arcticbull 4y ago
> I wouldn't paint all of crypto with that brush, but certainly a large proportion. I would.
- MomoXenosaga 4y ago
  All the crypto shills and influencers who never declare their personal holdings really annoy me.
- cryptobonanza 4y ago
  90%+
  - arcticbull 4y ago
    90% + 10% :) I'm sorry but its been almost fourteen years and not a single mainstream product has come out of this so-called revolutionary technology. Zero. For the entirety of the last 10 years I've been hearing how blockchain is the "internet of the early 90s" - well by now it should be the internet of the early 2000s, but it's still the "internet of the early 90s" according to proponents. It's time to stop and ask yourself: what if it's just not that revolutionary after all? What if a really slow database isn't a solution to all our problems?
tialaramex 4y ago
> it seems possible to get in on the con and themselves Most confidence tricks involve this. I actually find the rare tricks which rely on the mark's honesty to be more interesting because you need a strategy more complicated than just "Don't be dishonest" to avoid losing.

credit_guy 4y ago

> the assumption is that regular markets work the same way and we just don't talk about it I'm not sure who holds that assumption. The clear, explicit assumption is that regular market does not have insider trading, and the SEC is watching like a hawk to make sure this stays that way. You can always believe in some alternate conspiracy theory that the markets are rigged, but I assure you, you are in a minority. The vast majority of the people (including yours truly) assume that the SEC is doing a fairly good job. Could there be exceptions? Of course. Is insider trading the rule? Absolutely not.