3 ms·
Maybe I'm naive and brainwashed and so on. But one of the big selling point of crypto was that you don't get "under the opressive control of banks and the state
by tetha 2y ago
Maybe I'm naive and brainwashed and so on. But one of the big selling point of crypto was that you don't get "under the opressive control of banks and the state" and such. And, I can get the merit of that idea. Banks can have a massive amount of control over some peoples life.
But at some point, a bunch of financial sharks got involved into the crypto pond. These guys have decades of experience at exploiting financial markets, and a bunch of the regulations and rules we have through banks and the state is to protect naive people like me from sharks like those. And it doesn't work beyond a certain state, sure. If you can pay millions to dudes finding loopholes to make billions, alright. But at my level of money I can trust the system to some degree. At least more than an unregulated market full of people with decades of experience at exploiting companies and people financially.
And while I like the idea behind crypto, that thought has shaken my confidence into the idea beyond repair, to be honest.
- etrautmann 2y agoHas there existed a time since 2011 when the crypto pond wasn’t filled with sharks?
- Analemma_ 2y ago> But at some point, a bunch of financial sharks got involved into the crypto pond. It’s not like things were any better before the sharks arrived. In the old days you had Mt. Gox where they lost your money through rank incompetence. Now you have FTX/Terraform/etc. where they lose your money through evil (and also rank incompetence). At no point was there a golden age when crypto wasn’t a shitshow.
- anonzzzies 2y agoThere was a very little gap of time after bitcoin was created. It indeed didn’t last long.
- anon291 2y agoBanks are simply basic human nature exploded into large corporate entities. In reality, everyone would behave the same way if they were similarly scaled. The idea that crypto lets you avoid banks is akin to the idea of thinking you can have an economy without humans.
- butterlesstoast 2y agoVery well said