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Can you point me to any well-broadcast government or expert warnings that it was a scam or that some of them in particular would fall apart much more quickly th
by majormajor 4y ago
Can you point me to any well-broadcast government or expert warnings that it was a scam or that some of them in particular would fall apart much more quickly than others?
Cause on the other hands, here's all the competing information you're wanting people to filter out:
* government officials were getting on board with "pay me in crypto!" bullshit and similar
* millions were spent on advertising campaigns about how actually, these days, you don't have to think about it
* millions were spent on advertising campaigns trying to get people afraid of being left behind
* government policy in the US, due to conservative politics, has made investing for your future an increasingly individual responsibility rat-race for several decades now
* new computer technology, in the past five decades, has created something from nothing wealth-wise MANY times, often (but not always) in sustainable ways
Even a relatively skeptical investor, who hadn't heard of it in 2012, and who sat on the sidelines in 2017, at this point may have looked at a ten-year chart of BTC, said "ok, there's some solid history now, maybe the chicken-littles are actually the same sort who say that the whole stock market is a scam, even the government is starting to get on board with crypto"... and then you want them to be able to dig deep enough to understand why they're all castles in the sky to some extent, but some are more or less guaranteed to fall apart more quickly than others?
- fiprofessor 4y agoEven the two articles that the essay cites from the NYT and New York Post, once you get past the headlines, go on at length about how these things were risky and volatile, or even downright scams. Almost every article about cryptocurrency in these traditional venues tends to have at least one paragraph where they will describe cryptocurrency skepticism. Now it could be that people started to treat these as a kind of pro forma disclaimer, like the small text about "past results are not guarantees of future returns" that you see with traditional investments. But the warning was there.