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Ponzi's rely on deception, but crypto projects are the complete opposite- they are entirely public. Literally every transaction is public. So the entire premise
by ypeterholmes 4y ago
Ponzi's rely on deception, but crypto projects are the complete opposite- they are entirely public. Literally every transaction is public. So the entire premise/title of this article is nonsense.
Also the shade thrown at Cardano is ridiculous. They write "Their focus on convincing YouTube influencers to promote Cardano.." But the truth is the opposite. Cardano relies on thousands of validators to secure the network, who in turn are incentivized to market themselves. So it's not that YouTube influencers were convinced to do anything- it's highly technical people that were convinced to market the network. Big difference, and actually quite smart.
- deleted 4y ago[deleted]
- ATsch 4y ago> they are entirely public Yes, you're just not clever enough to understand all of the jargon I just invented and refuse to explain, audit every line of code, audit the organization that actually controls the project, spend a month brainstorming all of the possible failure modes and get a PhD in multiple disciplines to discover if any of my claims are deceptive.
- ccvannorman 4y agodisinformation is the new secrecy.
- ypeterholmes 4y agoTokenomics are generally aggregated and published by third party organizations for almost every project. Blockchain analytics are also big business. My point stands- it's hard to hide things on an open source, decentralized blockchain.
- JackFr 4y ago> it's hard to hide things on an open source, decentralized blockchain. And yet, why do ransomware attackers only accept crypto?
- ypeterholmes 4y agoBecause the legacy banking system will just take their money. Decentralized systems are not only more transparent, they are also more inclusive. But note- dollars are far and away the largest medium of exchange for criminals. So if you want to get into that comparison, feel free.
- usrn 4y agoToken contracts have to be short to keep them cheap. If you get scammed with a token because you didn't read the contract you kind of deserve it IMO. No one reads them though, I've been surprised by the things I've found in some.
- dubswithus 4y agoSome people read them but hackers exploit them long after they are published. Doesn't that suggest that they are not easily understood?
- cuteboy19 4y agoEven simple questions like "did Do Kwon actually spend the $10 billion btc to protect the UST peg" cannot be answered. The """transparency""" is just marketing. It is very easy to hide stuff with crypto