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Part of the reason crypto's history maps to tradFi's history so precisely is because there aren't that many unique ways to make more money out of an existing pi
by rchaud 4y ago
Part of the reason crypto's history maps to tradFi's history so precisely is because there aren't that many unique ways to make more money out of an existing pile of money.
The debate about whether these tokens meet economic definitions of currency is besides the point; the goal, like tradFi, is to accumulate as many of them as possible and do whatever it takes to protect their price (pump) until you're ready to shift the risk to someone else (dump).
- deebosong 4y agowell said. very simple, clear, and observable in reality. i feel like i've said this in a more roundabout way to friends, fam, and myself (when trying to wrap my head around all of this to explore it or steer clear).
- lottin 4y agoTradFi is built around providing financial services. It's not built around issuing virtual assets and then pumping & dumping them, I don't know where you get this notion from.
- oblio 4y agoHe said history :-) Traditional finance also had plenty of those, but they're super heavily regulated, so now they're a lot rarer.