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No, that's not the issue. The problem with crypto is the grift -- and the inability to see what's a grift and what's not. I believe the term "rug pull" is the
by bb88 4y ago
No, that's not the issue. The problem with crypto is the grift -- and the inability to see what's a grift and what's not. I believe the term "rug pull" is the vernacular in the crypto community you may be familiar with.
- monero-xmr 4y agoNikola (US public company) was a grift and thousands of retail traders lost money despite all the protections of the SEC and other regulators. The CEO is going to jail but most people will get very little in compensation, if anything. If the current system is so flawless, why does this keep happening? Clearly the system is not flawless. I myself am extremely technical and able to understand the crypto industry. I can separate scams from not-scams. Similarly, the Machine Learning / AI industry is chock full of charlatans and scammers who have stolen billions from investors. For example, Watson from IBM is a hyped technology and product that has now been shuttered. The unique element of crypto is a retail investor can put their life savings into a scam. This is unfortunate but not a reason to ban the tech. Nothing stops a lower-class person from entering a casino or using a sports betting app and losing their house. The pearl clutching on HN is legendary.