4 ms·

I sort of like these kind of markets though, they definitely reward traders who take the time to understand what they're trading. Crypto is a swamp of projects

I sort of like these kind of markets though, they definitely reward traders who take the time to understand what they're trading. Crypto is a swamp of projects that will take your money and spin you a story about getting rich and inevitably rugpull you. It's full of centralized exchanges that are shady and exploitative in the best case and downright scams in the worst case. It's also full of people who fundamentally believe that permissionless programmable money is something that could fundamentally change the world and passionately chase the goal of making it better every day. Those projects are still risky because technology is never perfect and that's a big deal when it's moving large amounts of value from place to place but if you can tolerate the risk the potential for long-term benefit is there.

pipodeclown 4y ago
there is a small subset of people that indeed believe in the programmable money future in that world, the vast majority of people were just sold a get rich quick scheme and are now losing their money.
stouset 4y ago
> It's also full of people who fundamentally believe that permissionless programmable money is something that could fundamentally change the world and passionately chase the goal of making it better every day. It's also full of people who have no idea what "permissionless programmable money" is or what the consequences of it are, but line goes up so they convince themselves they understand and "fundamentally believe" in it because they have a direct financial incentive for line to keep going up. I would wager the ratio of these people to those who actually understand the fundamental economics of cryptocurrencies is significantly greater than 1,000:1.