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I was reading with an open mind until I got to the section header > Big Crypto Projects Are Very Rarely Scams I mean, seriously? This is a month after the fal

I was reading with an open mind until I got to the section header > Big Crypto Projects Are Very Rarely Scams I mean, seriously? This is a month after the fallout of FTX, we have seen crypto projects in their net worths in Billions to get revealed as ponzi schemes in their purest meaning, and that's the best SA can offer up? > If you split $1000 and invested it equally in all the top crypto projects of 2015, you would now have $25,400. If you invested it in the biggest cryptocurrencies by market cap of 2020, you would have $2,700. Stablecoins aren’t really an investment, but if you put it in the top stablecoins of 2020 anyway, you would have $964.30. Exchanges definitely aren’t an investment, but if you put your $1000 in the best crypto exchanges of 2020, I think it would all still be there (FTX wasn’t on the list; maybe it’s too new). This is tired shill-speak (consider what happened if you "invested" in 2021 instead), to the point where I doubt if Scott Alexander himself wrote this or if someone offered him a large but undisclosed sum to write it for him. Probably as a damage control to the EA circles, who have undoubtedly lost a lot of faith in crypto as a follow up to the FTX fallout.

habitue 4y ago
> I mean, seriously? From the article: > If you split $1000 and invested it equally in all the top crypto projects of 2015, you would now have $25,400. If you invested it in the biggest cryptocurrencies by market cap of 2020, you would have $2,700. Stablecoins aren’t really an investment, but if you put it in the top stablecoins of 2020 anyway, you would have $964.30. Exchanges definitely aren’t an investment, but if you put your $1000 in the best crypto exchanges of 2020, I think it would all still be there (FTX wasn’t on the list; maybe it’s too new). Footnote 4: > The one big exception was FTX - I think people did think of it as one of the good ones, and would have included it in lists like these if it had been around a little earlier. But this is why I disagree with people who said it should have been “obvious” it was a scam - it was in a reference class where scams are actually very rare!
- polygamous_bat 4y ago
  Your point being? If you search for the same query in 2021 as he does in 2020, you come up with FTX and Binance, both of which were decried to be sketchy at that time by skeptics. [1] My point is, you can always pick your time frames arbitrarily to make any case that you want, and I can make the opposite case by picking my favorite time frame. Seems really sketchy that ACX is committing to this level of fallacy. [1] https://finance.yahoo.com/news/robinhood-coinbase-ftx-heres-whos-winning-the-crypto-trading-game-145331322.html https://finance.yahoo.com/news/robinhood-coinbase-ftx-heres-...
- captn3m0 4y ago
  I’ve seen FTX being retroactively removed from review articles (Top exchange lists) and similarly for stuff like Luna. Crypto isn’t a space where you can afford to assume good faith.

habitue 4y ago

> I mean, seriously? From the article: > If you split $1000 and invested it equally in all the top crypto projects of 2015, you would now have $25,400. If you invested it in the biggest cryptocurrencies by market cap of 2020, you would have $2,700. Stablecoins aren’t really an investment, but if you put it in the top stablecoins of 2020 anyway, you would have $964.30. Exchanges definitely aren’t an investment, but if you put your $1000 in the best crypto exchanges of 2020, I think it would all still be there (FTX wasn’t on the list; maybe it’s too new). Footnote 4: > The one big exception was FTX - I think people did think of it as one of the good ones, and would have included it in lists like these if it had been around a little earlier. But this is why I disagree with people who said it should have been “obvious” it was a scam - it was in a reference class where scams are actually very rare!

polygamous_bat 4y ago
Your point being? If you search for the same query in 2021 as he does in 2020, you come up with FTX and Binance, both of which were decried to be sketchy at that time by skeptics. [1] My point is, you can always pick your time frames arbitrarily to make any case that you want, and I can make the opposite case by picking my favorite time frame. Seems really sketchy that ACX is committing to this level of fallacy. [1] https://finance.yahoo.com/news/robinhood-coinbase-ftx-heres-whos-winning-the-crypto-trading-game-145331322.html https://finance.yahoo.com/news/robinhood-coinbase-ftx-heres-...
captn3m0 4y ago
I’ve seen FTX being retroactively removed from review articles (Top exchange lists) and similarly for stuff like Luna. Crypto isn’t a space where you can afford to assume good faith.