Re:The blockchain/cryptocurrency space is mostly fraudulent
by pavlov on Monday November 09, 2020 @02:43PM
(#25038968)
The same goes for all the other blockchains. Ethereum, EOS — all of them made fabulous promises of applications just around the corner, but nothing has materialized except shitty gambling and Ponzi schemes.
EOS alone raised over $1 billion in its year-long ICO. A startup that spent this much money and delivered so little actual utility would be out of business long ago. But these coins just keep going because end-user value was never the point, they're all about siphoning money from new suckers whenever there's a "crypto boom". The endless refrain of "maybe it's like the early Internet, you never know!" is an important part of this scam.
EOS alone raised over $1 billion in its year-long ICO. A startup that spent this much money and delivered so little actual utility would be out of business long ago. But these coins just keep going because end-user value was never the point, they're all about siphoning money from new suckers whenever there's a "crypto boom". The endless refrain of "maybe it's like the early Internet, you never know!" is an important part of this scam.