BridgetHas anyone got any examples of #crypto bros being cured?
Like finally figuring out that their whole web 3.0 thing is a scam that's directly contradictory in terms of practice vs principles?
Mr Tomato1/2 Would you actually care to have a real discussion about cryptocurrencies? If the entire space is decentralized token based networks is a scam who's doing the scamming? I think there are actually plenty of tokens which are in fact scams. But the Internet is full of websites that are scams. My email inbox is full of emails that are scams. That doesn't mean the web or email itself is a scam. There's also my phone with scam phone calls and text messages...
2/2 I feel like the same is true of the crypto ecosystem. There are scams but the technology itself is not a scam.
@MrTomato it kind of is. It isn't scalable, and it enables untraceable illicit activity if it is done properly.
They're all tied to crypto currencies which are a Ponzi.
There's no legitimate redeeming features.
Post 1 - I disagree that these networks aren't scalable. The latest generation blockchain networks are capable of 10k-100k transactions per second. It seems to me the Internet was the same story - you would never be able to do what we currently do with the Internet because it's bandwidth restrictions. The Internet itself has been a story of a technology that is never scaled, yet always scaling.
Post 2 - The Internet also allows all kinds of untraceable illicit activity. Child porn, software and music piracy, etc. But just because a technology can be used for these kinds of things does not, in my opinion, mean the technology are these things.
Post 3 - I also disagree that cryptocurrencies are, themselves, a ponzi scheme. Although you can create a ponzi scheme with cryptocurrencies. A ponzi scheme is when someone accepts money from people, tells them they'll get a return on their investments, then repays them with money from new investors.
Post 4 - There are companies in the crypto space that have behaved a bit like ponzi schemes in my mind. But these are just examples of companies running what are effectively ponzi schemes, not the technology actually being a ponzi scheme. For example I don't see anything with networks like Bitcoin, Ethereum, Solana, Polygon, Compound, Uniswap, etc that resemble any kind of ponzi scheme.
Post 5 -You say there are no legitimate redeeming features. I see many. For example there are now financial protocols. Not financial firms or companies but protocols. So now I can borrow and lend, effectively having my own personal access to the money market, instead of having to go through a bank or broker to have access to money markets.
Post 6 - With decentralized exchanges financial assets can now be exchanged without having to trust or rely on a combination of government agencies and corporations to make sure an exchange functions properly and fairly.