Frances Coppola Dec 25, 2022
My new piece at @themintmag discusses the #Crypto industry's abject failure to live up to its promises, and considers what might become of it. Will it die out - or will it live on in the DNA of the financial institutions of the future? https://www.themintmagazine.com/from-bank-vaults-to-the-crypt/
From bank vaults to the crypt - The Mint Magazine

Crypto currencies are dead. Long live the crypto currency? Frances Coppola explains.

The Mint Magazine
Show threadbillheywood
@Frances_Coppola
Crypto will continue to exist and be reinvented because it is a pyramid scheme and the con artists are always finding new ways to market pyramid schemes
Dec 27, 2022 at 6:07pmWeb
Show threadAdrian J. ChungJan 3, 2023

@billheywood @Frances_Coppola
More technically correct term is #ponzi scheme or "robbing Peter to pay Paul" scam

A nice complement to that article is James Jani's video that dropped yesterday which covers the history of #cryptocurrency #scams up to 2022 but excludes the collapses in exchanges

https://youtu.be/ORdWE_ffirg

Crypto: The World’s Greatest Scam.

YouTube
Show threadbillheywoodJan 3, 2023
@ajc418 @Frances_Coppola
I think some crypto schemes are a Ponzi - those promising to pay interest , but I always think of the currencies as a pyramid scheme - the only way to "make" money is for more suckers to put money in and you sell to them
Show threadAdrian J. ChungJan 3, 2023

@billheywood @Frances_Coppola

The pyramid MLM aspect was certainly true of certain crypto token based games

"But to make money off of Axie’s in-game token, players needed new gamers to join because new gamers had to buy Axie characters, a non-fungible token. When the gamer flow slowed, the token's price collapsed, and so did a player’s earnings"

You couldn't even sell the token back to an exchange before it became insolvent

https://www.forbes.com/sites/kenrapoza/2022/11/02/blockchain-play-to-earn-games-like-axie-infinity-have-failed-investors-now-what/

Blockchain Play-To-Earn Games Like Axie Infinity Have Failed Investors. Now What?

Axie may have been a victim of its own popularity, but that won't explain the bloodbath in other GameFi tokens. Still, GameFi's not dead. It's changing.

Forbes