3 ms·
The unfortunate thing is that, while their academic position sounds plausible on paper, just like with most crypto things it's just a money grab. How many cryp
by awongh 6mo ago
The unfortunate thing is that, while their academic position sounds plausible on paper, just like with most crypto things it's just a money grab.
How many crypto people (with legitimate backgrounds just like the founders of Polymarket and Kalshi) stood up and said big things about freedom and the unbanked etc., turns out they were literally just scamming people- there are so many examples besides FTX.
Letting people bet on any random thing is not at all related to this "price everything" theory. If that was their real goal they wouldn't behave so much like a normal sports betting company. I have yet to actually hear anyone defend their actual actions in a plausible way.
- drewstiff 6mo agoDid you ever consider that the crypto scammers might not be the same people as the crypto freedom folks? It wasn't one grand trick by a collective of genius con artists... Much like the cashier at the store isn't to blame for that guy calling your grandma and trying to trick her into sending money from her bank account.
- hilariously 6mo agoCrypto is a speculative investment vehicle, its basically a lottery machine - why would people who are so invested in a lottery machine that you can avoid taxes or buy drugs with be surprised they are considered part of the con artists doing the pump and dumps?
- daveguy 6mo agoDon't forget about regimes like Iran and North Korea using crypto to receive bribes, ransomware payments, and launder money. Crypto is a cesspool. Just wait for the bank runs when everyone tries to bail out. There's a reason we have banking regulations.
- acejam 6mo ago> Crypto is a cesspool. Wait until you hear about the US Dollar.
- daveguy 6mo ago[flagged]
- alistairSH 6mo agoDon't forget about regimes like the USA a using crypto to receive bribes, ransomware payments, and launder money. Crypto is a cesspool. Sadly, it's not limited to "evil dictatorships" on the other side of the world.
- sudodudeo 6mo agoCrypto is... a currency? The people yoloing into crypto in the hopes it will go up are not the same people advocating for a global currency revolution.
- hilariously 6mo agoAnd why exactly are we "hoping for a global currency revolution" - hint, its all the bad stuff that's hard to do with current currency regulations.
- Ferret7446 6mo ago> And why exactly are we "hoping for a global currency revolution" So that Visa and MasterCard can't censor things they don't like. So that PayPal can't block creators from withdrawing money because they made a Japanese style game
- bulbar 6mo agoWhen institutional investors and yolo 'get rich' people sell their coins it will drop to (in case of Bitcoin) 2,000 USD again, it would be closer to a currency then. However people would go crazy, because it's only very, very rarely used as a currency. Most just use it as a speculative asset.
- dpoloncsak 6mo agoWith all due respect, so is cash
- awongh 6mo agoI think it's clear that crypto has real market-based utility as an exchange of value. It's just that much of that utility is illegal, for a spectrum of meanings of that word. Paying crypto to murder people is not the same as wanting to get out from under your shitty government's currency into another more stable one. The whole Epstein thing (the money, I mean) just shows that money has always wanted to be moved around, and a certain class of people don't care how it gets done- I mean the arms dealers, but also the billionaires hiding money in their charities. A libertarian would say that crypto democratizes that for everyone. I don't think it can last forever though.
- awongh 6mo agoThe real problem is that when it matters there's no way to tell them apart. Because one wants to look like the other for very obvious reasons.
- DoctorOetker 5mo agocould LLM's help the casual user differentiate between legit crypto technologies and scams?