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IMHO crypto space is good because the banking sector finally sees they have some competition. And crypto space is global, not tied to country banking sector lob

by dig1 4y ago

IMHO crypto space is good because the banking sector finally sees they have some competition. And crypto space is global, not tied to country banking sector lobbying (pardon, regulation :P). So, for example, in my country (and I believe many others as well), we have many banks. Still, you can't see competition between them - they usually charge the same/similar fees and give you a similar package. None of them will provide you with some specific derivatives (e.g., currency rate hedging) unless you are a multi-million player, etc. Is there a scam in the crypto market? Sure, just like it was rampant in the Forex market many years ago. But, you still can find fair players and need to know where to look for them. PS: I believe this backslash mostly comes from people competing against the crypto market in some way. I could see on Twitter that the loudest are those who are heavily invested in (or will try to sell you at some point) gold, oil, stock market, etc.

cuteboy19 4y ago
The fair players like Celsius or maybe Terra Luna? I am almost genuine in this question because those two might probably have been in your "fair crypto" list a few months ago. Crypto practically incentivses scams. Why create something honest when you can rip off thousands of idiots and they will defend you for doing so? Crypto offers almost none of the services that normal banks offer. Crypto loans are overcollateralized meaning you need to have $4 in your account to borrow $1. Banks don't feel threatened by crypto, they just see a new class of idiots to exploit.
- dig1 4y ago
  I don't find your examples convincing. Like in banking and finance, everyone is fair until they are proven to be not. For example, Knight Capital, Bernie Madoff, SAC, The Galleon Group, or banks like Merrill, HSBC, Standard Chartered, and Deutsche, not to mention banks that went bust in recent years [1]... and yet, no one suggests that finance and banking world are scams. As I mentioned, you need to know where to look, do your own research, and read numbers. Just like the above examples, they had some pretty unrealistic traces before they went down, but people wanted to believe otherwise. [1] https://en.wikipedia.org/wiki/List_of_bank_failures_in_the_United_States_(2008%E2%80%93present) https://en.wikipedia.org/wiki/List_of_bank_failures_in_the_U...
  - cuteboy19 4y ago
    In most of your examples the customers were not harmed and in some of them even the investors were made whole. A lot of people faced criminal investigation for their actions. This is what I mean when I say scams are incentivised. When a project you hold gets rugpulled, you have two choices: either hunt down the people who scammed you and get your money back (unlikely), OR shill your coin to as many people you can with the hope that some other greater fool will agree to hold your bags. Most crypto communities chose option B. Some even go as far as to defend the rugpullers so as to restore some legitimacy to the coin. The celcius people are a good example of this, but any bsc shitcoin will have the same process.

by dig1 4y ago

cuteboy19 4y ago

The fair players like Celsius or maybe Terra Luna? I am almost genuine in this question because those two might probably have been in your "fair crypto" list a few months ago. Crypto practically incentivses scams. Why create something honest when you can rip off thousands of idiots and they will defend you for doing so? Crypto offers almost none of the services that normal banks offer. Crypto loans are overcollateralized meaning you need to have $4 in your account to borrow $1. Banks don't feel threatened by crypto, they just see a new class of idiots to exploit.

dig1 4y ago
I don't find your examples convincing. Like in banking and finance, everyone is fair until they are proven to be not. For example, Knight Capital, Bernie Madoff, SAC, The Galleon Group, or banks like Merrill, HSBC, Standard Chartered, and Deutsche, not to mention banks that went bust in recent years [1]... and yet, no one suggests that finance and banking world are scams. As I mentioned, you need to know where to look, do your own research, and read numbers. Just like the above examples, they had some pretty unrealistic traces before they went down, but people wanted to believe otherwise. [1] https://en.wikipedia.org/wiki/List_of_bank_failures_in_the_United_States_(2008%E2%80%93present) https://en.wikipedia.org/wiki/List_of_bank_failures_in_the_U...
- cuteboy19 4y ago
  In most of your examples the customers were not harmed and in some of them even the investors were made whole. A lot of people faced criminal investigation for their actions. This is what I mean when I say scams are incentivised. When a project you hold gets rugpulled, you have two choices: either hunt down the people who scammed you and get your money back (unlikely), OR shill your coin to as many people you can with the hope that some other greater fool will agree to hold your bags. Most crypto communities chose option B. Some even go as far as to defend the rugpullers so as to restore some legitimacy to the coin. The celcius people are a good example of this, but any bsc shitcoin will have the same process.