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Your other points were good, but > And as with cocaine, blockchain will be forever slimed by association with this ponzi scheme fad and its devastating impact
by hailwren 4y ago
Your other points were good, but
> And as with cocaine, blockchain will be forever slimed by association with this ponzi scheme fad and its devastating impact on millions and millions of families and fortunes.
Maybe you missed the irony of using a term that was coined and invented in traditional markets, but they seem to be fine and not very "slimed".
Crypto is certainly going through pre/early regulation gesticulation but ... most of the crypto scams were already done in traditional financial markets in their early days.
- AlexandrB 4y ago> Crypto is certainly going through pre/early regulation gesticulation but ... most of the crypto scams were already done in traditional financial markets in their early days. The question is: what would the market cap of crypto be if a bunch of novice investors weren't lured in by scams and promises of 20% APY? I suspect it would be a lot lower than what we see today. Indeed, how many crypto ecosystem participants would care about BTC if they weren't expecting to get outsized returns on their investments? Without the scams to pump up the value, I don't think cryptocurrency would have legs. Not many people care about Bitcoin's ideological goals (breaking free from fiat, etc.), and the genuine use cases that work today (mostly remittances and cheap wire transfers) have a limited audience.
- hailwren 4y ago> The question is: what would the market cap of crypto be if a bunch of novice investors weren't lured in by .. Umm ... what? Why is that the question? Because you have an agenda? Sure ok, but you haven't provided any information to the context of the topic of conversation -- that crypto scams are more-or-less rehashes of scams in traditional finance.