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It's like crypto enthusiasts honestly believe that the problem with the financial system is that the buildings have the word "Bank" on them. Then they turn arou
by phailhaus 4y ago
It's like crypto enthusiasts honestly believe that the problem with the financial system is that the buildings have the word "Bank" on them. Then they turn around and offer to take your money promising absurdly high interest rates. Surprise! The only way to do that is to invest in risky assets, except this time there is no FDIC insurance, no capital requirements, no regulations whatsoever to protect your money.
- sacrosancty 4y agoCrypto enthusiasts will be doing fine having bought in many years ago. The trouble is for the randos who just jumped on the bandwagon and use all the weird risky add-on services.
- Tesl 4y agoI'm pretty sure at this point the majority of crypto "investors" are underwater. https://debthammer.org/cryptocurrency-survey/ https://debthammer.org/cryptocurrency-survey/
- int_19h 4y agoThe majority of crypto "investors" aren't crypto enthusiasts. They're make-me-rich-quick investment enthusiasts.
- kbenson 4y agoOr, it's like they're incentizied to believe and promote what they're doing and new and different because it's a way to short circuit the current financial system and make money without having to have all the same connections and rules required to make that work in the current system. Some are lying about it being different, some are willfully ignorant, and some are just clueless, but they were all excited to start something up in this new and exciting industry where people were literally throwing money at them.
- irusensei 4y agoWrong. What “crypto enthusiasts” refer as the problem is the trust on a third party, banking or watherver. Therefore people who got burned trusting centralized lending castle of cards cannot be referred as crypto enthusiasts.
- tpxl 4y agoClassic no true scottsman.
- vkou 4y agoIf that's the definition we want to use, 'crypto enthusiasts' are practically extinct. There's a tiny handful of them, and they don't have any pull, political, economic, or otherwise in this space.
- phailhaus 4y ago"Enthusiast" just means someone excited about crypto. Whether we like it or not, they far outnumber the small group that still preaches the original philosophy of decentralization and trustless finance. The reason is because that original philosophy failed: crypto did not really invent anything new, so they have been recreating the same structures that have existed in the finance industry for decades.