4 ms·
When there are daily ponzi schemes full of fraudsters who take people's money and run in an industry segment, it's worthy of distrust - (latest was today's stor
by rnk 4y ago
When there are daily ponzi schemes full of fraudsters who take people's money and run in an industry segment, it's worthy of distrust - (latest was today's story that the celsius leaders cached out $40 mil worth from celsius before they stopped other people's withdrawals, allegedly - https://news.ycombinator.com/item?id=33109070 https://news.ycombinator.com/item?id=33109070). At least once a week there is a "someone drained $100 million plus out of xyz crypto trading system". There's a significant issue where there is a combination of too much funding, too much fraud, too much hype.
Centralization can be a problem, but if someone steals my credit card number and buys things, the financial system can also help me address that.
- zeroclip 4y ago> When there are daily ponzi schemes full of fraudsters who take people's money and run in an industry segment, it's worthy of distrust At some point you have to untangle the ponzi and scams from the technology. We did this with the web and email already, and even Tor and the “spooky privacy web.” Most of these scams are variations on “send us your tokens and we will do X.” This isn’t the case with Jack’s proposed protocol, so where is the scam? https://twitter.com/brockm/status/1535328599200477184?s=20&t=Pkgj4l1-3N_xdhVtcE5V8A https://twitter.com/brockm/status/1535328599200477184?s=20&t...