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It's not clear that due diligence is even possible in the crypto community right now. Crypto companies are very opaque about their operations. Here's a quick c
by jimmar 4y ago
It's not clear that due diligence is even possible in the crypto community right now. Crypto companies are very opaque about their operations.
Here's a quick clip of Mark Cuban saying that Voyager was virtually risk free: https://www.youtube.com/watch?v=uZYMtVBXUrE&t=119s https://www.youtube.com/watch?v=uZYMtVBXUrE&t=119s.
I'll give Mark Cuban the benefit of the doubt that he thought his words were true, but even being that closely tied to Voyager, he didn't really know what was going on.
I pulled my little bit of cryptocurrency out of BlockFi because I have no way of really knowing if they'll be another Voyager. There are few players I trust on the cryptocurrency space.
- semicolon_storm 4y agoYes, that's one of the systemic failures. Despite proponents saying blockchain tech brings a new level of transparency, it's now very clear there was near zero transparency for companies built around the blockchain. For the layperson, there is no way you could have done proper DD for these investments because the regulations to force disclosures that could have helped you did not exist. However, the inability to do proper DD on their claims due to the information not existing probably should have served as a form of DD.
- Ekaros 4y agoDue diligence in case of opaqueness is to not even try. If you can't understand how the money is made and how the whole thing can even operate it is better to skip the whole thing. You might lose, but it is not like crypto is only opportunity around.