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Here, let me save you some time. When a new technology comes along, a lot of people want to invest in it. That’s a big opportunity for scammers. People who are
by dqpb 4y ago
Here, let me save you some time.
When a new technology comes along, a lot of people want to invest in it. That’s a big opportunity for scammers. People who are unable to discern scam from not scam get scammed.
- yunohn 4y ago> People who are unable to discern scam from not scam get scammed. So it’s just these people that have ever lost money in crypto? Honestly, every crypto-successful person I know has ALSO invested in shitcoins and scams.
- dropnerd 4y agosimilar problems exist in vc-land and even public equities. if you owned a s&p 500 fund in 2000, then you owned a piece of enron.
- yunohn 4y agoOwning a piece of Enron through the S&P500, and actively buying shitcoins is quite a big difference.
- dropnerd 4y agothere's no widely adopted index fund in the crypto world. to get exposure to a variety of ideas, one inevitably buys some that don't work and yes, some where the project runners commit fraud.
- yunohn 4y agoThe problem being discussed is not the difficulty of asset diversification. Lest you forget: > People who are unable to discern scam from not scam get scammed. This is a common refrain, along with Do Your Own Research (DYOR). As if scams are that obvious. However, my additional point was that I have successful crypto friends, that actively and knowingly invest in shitcoins and justify it as “money they can afford to lose”. Also, just to be clear - are cryptocoins an investment, a store of value, a currency, or equity-equivalent in a company? Because the goal always seems to be buying enough of every coin to maximise speculative windfalls. That is /strictly/ not the goal of a traditional index fund.
- dropnerd 4y agodifferent tokens have different purposes, but you could describe vc investing as maximizing speculative windfalls, and that's how many traders view their tokens. i can't speak to your friends' behavior, but you can buy tokens and do well without putting money behind the do kwons of the world.
- yunohn 4y agoAgain, how are you comparing VC investors with Retail traders? There’s a clear difference between the two demographics. I’d go one step further to posit that most crypto traders are not even day traders, so much less experienced.
- sbierwagen 4y agoExcept in blockchain, the "not scam" doesn't exist. It's all scam.
- moralestapia 4y ago>That’s a big opportunity for scammers. People who are unable to discern scam from not scam get scammed. Queue ESG in the current time. I own a startup in that space, we are not scammers (source: trust me, bro) but the amount of charlatans I see everyday is staggering! Btw, Adam Neumann just jumped into this as well, just so you know ¯\_(ツ)_/¯.
- dqpb 4y agoIn my view, the worst part is not that people are getting scammed (if you don’t do your research, it’s at least half your fault). The worst part is that it: - deprives non-scammers of the investment they “deserve” - mis-represents the viability of the whole industry - requires that non-scammers dedicate time and money to counter mis-information, at the cost of focus on the core problems to be solved