I have no idea why this comment is no longer endorsed by its author because it’s entirely correct. Not only is crypto a great way to scam people because transactions can’t be reversed & there’s virtually no regulation for most of the space, the fact that it’s so hard to make money in crypto across an entire cycle means that entities have a huge incentive to resort to scamming.
False, it works just fine. It’s a token that can’t be duplicated and people can send to each other without any centralized authority.
and only is there for scams and fraud.
There are indeed a lot of those, but scams and fraud were very clearly not the intention of its creators. Realistically they were cryptography nerds who wanted to make something cool, or libertarians with overly-idealistic visions of the future.
Not surprising that FTX collapsed.
Clear hindsight bias. This person should have made some money betting against FTX before it collapsed and then I’d take them more seriously.
Basically, the comment is just your standard “cryptocurrency bad” take, without any attempt at justifying their claims or even saying much of anything other than expressing in an inflammatory way that they don’t like cryptocurrency.
“This person should have made some money betting against FTX before it collapsed and then I’d take them more seriously.”
this is naive EMH fundamentalism
not everything can be shorted, not everything can be shorted easily, not everything should be shorted, markets can be manipulated. Especially the crypto market. It both can be the case that people 100% think X is a fraud, and X collapses, and shorting X would have been a losing trade over most timeframes. “Never short” is an oversimplification but honestly not a bad one.
I have no idea why this comment is no longer endorsed by its author because it’s entirely correct. Not only is crypto a great way to scam people because transactions can’t be reversed & there’s virtually no regulation for most of the space, the fact that it’s so hard to make money in crypto across an entire cycle means that entities have a huge incentive to resort to scamming.
I can tell you why I downvoted it.
False, it works just fine. It’s a token that can’t be duplicated and people can send to each other without any centralized authority.
There are indeed a lot of those, but scams and fraud were very clearly not the intention of its creators. Realistically they were cryptography nerds who wanted to make something cool, or libertarians with overly-idealistic visions of the future.
Clear hindsight bias. This person should have made some money betting against FTX before it collapsed and then I’d take them more seriously.
Basically, the comment is just your standard “cryptocurrency bad” take, without any attempt at justifying their claims or even saying much of anything other than expressing in an inflammatory way that they don’t like cryptocurrency.
“This person should have made some money betting against FTX before it collapsed and then I’d take them more seriously.”
this is naive EMH fundamentalism
not everything can be shorted, not everything can be shorted easily, not everything should be shorted, markets can be manipulated. Especially the crypto market. It both can be the case that people 100% think X is a fraud, and X collapses, and shorting X would have been a losing trade over most timeframes. “Never short” is an oversimplification but honestly not a bad one.