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Not very much, as I work in a high position in traditional finance now and would rather not go into detail, but your perspective seems to match mine very closel

by Mo3 4y ago

Not very much, as I work in a high position in traditional finance now and would rather not go into detail, but your perspective seems to match mine very closely. It's not even casinos, that'd be 100x better still. I've seen extreme cases of market manipulation, money laundering, insider trading and fraud. As in, life-long federal prison extreme. And, to be honest, "I've seen" is a major understatement, because essentially it has become a reasonable, generalised expectation to apply to anything you see now. A notable example here are the "pre-sale investment groups", which essentially consists of morally corrupt criminals buying tokens pre-release e.g. for 2 cents, which will then be listed on major exchanges for 50 cents initial price. You can probably imagine what happens to everyone buying the token for 50 cents on release. This has gone so far that these "investment" groups had to come up with "vesting schedules", which are essentially designed to keep them from dumping on *each other*, in addition to keeping them from selling too much too fast and dumping the price and "painting bad charts". This is also not a niche venture that only happens with a few select tokens, it's become a completely normal procedure that happens with almost every single new token, and insanely enough even the people further down the food chain have accepted this procedure as a reasonable fact and don't even question it any more. "Of course bro, whales provide liquidity" I totally agree that protocols like Aave, Curve and some others are extremely cool and useful technology, however, I've come to the preliminary conclusion that the degenerate disgrace that makes up 99% of the space now is permanently and irreversibly damaging reputation to a point where this technology might be ignored despite being useful and solid.

puranjay 4y ago
In crypto, they just call insider trading "Alpha" and get away with it.
iskander 4y ago
>I totally agree that protocols like Aave, Curve and some others are extremely cool and useful technology, however, I've come to the preliminary conclusion that the degenerate disgrace that makes up 99% of the space now is permanently and irreversibly damaging reputation to a point where this technology might be ignored despite being useful and solid. It's interesting because I've come to the opposite conclusion from very similar experiences. I think the regulatory and legal enforcement haze allows the infinite scams to multiply but I found it refreshing/surprising to find there is a serious and useful core technology that all the scams are imitating in style (but not substance)
- Mo3 4y ago
  > It's interesting because I've come to the opposite conclusion from very similar experiences. I think the regulatory and legal enforcement haze allows the infinite scams to multiply but I found it refreshing/surprising to find there is a serious and useful core technology that all the scams are imitating in style (but not substance) Well, why wouldn't there be? Cryptocurrency didn't start out the way it's being used now, and evangelists and nerds have been hard at work for over a decade in furthering the technology. I can understand your perspective too, however, while we obviously appreciate and care for the underlying technology, almost no one else will. Most people have problems operating Metamask already, so there's no possible reality in which I can see cryptocurrency succeeding because of some awesome underlying technology that almost no one really understands. If cryptocurrency ever succeeds, it's because regulation has cracked down extremely hard, a lot of people are in jail, a lot of time has passed, the sentiment has recovered and real utility is commonplace. The point at which APY rates for farming/staking are equal or almost equal to traditional treasury basis points, and the decision between investing in stocks or crypto is taken on the basis of fundamentals and utility, will be the time cryptocurrency has grown up and put on big boy pants.
  - puranjay 4y ago
    > and real utility is commonplace I'm not trolling, but I really don't know what this real utility is. I've been extremely active in crypto for two years (as a user, not a trader) and I still don't know if there is any real utility, outside of gated access to communities and/or voting on DAO proposals. Whatever utility there is either very minor or refers to something in the future. In two years, everything in crypto has largely been the same. Transactions on Metamask run the same way. Mobile experience is uniformly awful. Buying shitcoins is still using the same old crummy Uniswap interface. The only difference is that there are a bunch of new chains VCs can pump and dump on. Most projects in crypto are deeply involved in navel gazing. All these bridge projects are a good example - they all hail it as "revolutionary" if you can transfer funds from Sol to ETH. Outside of crypto, people ask "but why?"
    - Mo3 4y ago

by Mo3 4y ago

puranjay 4y ago

In crypto, they just call insider trading "Alpha" and get away with it.

iskander 4y ago

>I totally agree that protocols like Aave, Curve and some others are extremely cool and useful technology, however, I've come to the preliminary conclusion that the degenerate disgrace that makes up 99% of the space now is permanently and irreversibly damaging reputation to a point where this technology might be ignored despite being useful and solid. It's interesting because I've come to the opposite conclusion from very similar experiences. I think the regulatory and legal enforcement haze allows the infinite scams to multiply but I found it refreshing/surprising to find there is a serious and useful core technology that all the scams are imitating in style (but not substance)

Mo3 4y ago
> It's interesting because I've come to the opposite conclusion from very similar experiences. I think the regulatory and legal enforcement haze allows the infinite scams to multiply but I found it refreshing/surprising to find there is a serious and useful core technology that all the scams are imitating in style (but not substance) Well, why wouldn't there be? Cryptocurrency didn't start out the way it's being used now, and evangelists and nerds have been hard at work for over a decade in furthering the technology. I can understand your perspective too, however, while we obviously appreciate and care for the underlying technology, almost no one else will. Most people have problems operating Metamask already, so there's no possible reality in which I can see cryptocurrency succeeding because of some awesome underlying technology that almost no one really understands. If cryptocurrency ever succeeds, it's because regulation has cracked down extremely hard, a lot of people are in jail, a lot of time has passed, the sentiment has recovered and real utility is commonplace. The point at which APY rates for farming/staking are equal or almost equal to traditional treasury basis points, and the decision between investing in stocks or crypto is taken on the basis of fundamentals and utility, will be the time cryptocurrency has grown up and put on big boy pants.
- puranjay 4y ago
  > and real utility is commonplace I'm not trolling, but I really don't know what this real utility is. I've been extremely active in crypto for two years (as a user, not a trader) and I still don't know if there is any real utility, outside of gated access to communities and/or voting on DAO proposals. Whatever utility there is either very minor or refers to something in the future. In two years, everything in crypto has largely been the same. Transactions on Metamask run the same way. Mobile experience is uniformly awful. Buying shitcoins is still using the same old crummy Uniswap interface. The only difference is that there are a bunch of new chains VCs can pump and dump on. Most projects in crypto are deeply involved in navel gazing. All these bridge projects are a good example - they all hail it as "revolutionary" if you can transfer funds from Sol to ETH. Outside of crypto, people ask "but why?"
  - Mo3 4y ago