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Yep. I worked in the space for 3 years and basically became a conspiracy theorist in some sense because of how messed up it is. It looks as though only scam co

Yep. I worked in the space for 3 years and basically became a conspiracy theorist in some sense because of how messed up it is. It looks as though only scam coins are allowed to succeed in the space and well-intentioned people are forced to become scammers or else they'll become a target of the SEC or some other gov entity. I've had some REALLY f*ed up interactions with major figures which are almost impossible to explain otherwise. Also in terms of funding, you will see government entities funding projects that are obvious scams over and over. These are not government entities from 'banana republics' BTW, these are western governments. It's not just the founders themselves who are corrupt, it's literally the government apparatus around it. When you have various government entities actively supporting fraud, it creates an environment which is worse than lawlessness. Being an honest person in the space is untenable; you just wouldn't last.

pavlov 2y ago
> “well-intentioned people are forced to become scammers” “Look what you made me do. You left me no choice but to hurt you.”
- cryptica 2y ago
  It's not like that. I worked with some pioneers in the space who collected millions from the very early days and were within their rights to use those funds as they saw fit but they were coerced/forced into creating non-profit entities to hold the funds (the fact that they were forced was common knowledge at the time it happened) and then they started pouring money down the drain, actively preventing development of the tech and slandering/defaming anyone who tried to improve things. It culminated in them essentially redirecting all raised development funds towards their biggest competitor! This is all public info BTW and could easily be proved in court... Great, if you aren't worried about 'hidden' ramifications! Anyway, all this was done with the explicit approval of government entities. I saw all this happen in real time. Also, one telltale sign is that they were allowed to get away with stuff which I later learned would have been in violation of regulations. This was a very high profile project that reached 3 billion+ market cap. It didn't fall under the radar. The government knew the whole time and was involved in all decisions. I also saw some scam projects receive repeat funding from EU government entities in spite of having failed to deliver anything. Then they raised more funds for later projects.

pavlov 2y ago

> “well-intentioned people are forced to become scammers” “Look what you made me do. You left me no choice but to hurt you.”

cryptica 2y ago
It's not like that. I worked with some pioneers in the space who collected millions from the very early days and were within their rights to use those funds as they saw fit but they were coerced/forced into creating non-profit entities to hold the funds (the fact that they were forced was common knowledge at the time it happened) and then they started pouring money down the drain, actively preventing development of the tech and slandering/defaming anyone who tried to improve things. It culminated in them essentially redirecting all raised development funds towards their biggest competitor! This is all public info BTW and could easily be proved in court... Great, if you aren't worried about 'hidden' ramifications! Anyway, all this was done with the explicit approval of government entities. I saw all this happen in real time. Also, one telltale sign is that they were allowed to get away with stuff which I later learned would have been in violation of regulations. This was a very high profile project that reached 3 billion+ market cap. It didn't fall under the radar. The government knew the whole time and was involved in all decisions. I also saw some scam projects receive repeat funding from EU government entities in spite of having failed to deliver anything. Then they raised more funds for later projects.