Noone's lying to them, noone's defrauding them, noone's stealing anything or embezzling from them.
It's just greed, plain and simple. If you pile into a get-rich-quick scheme but end up holding the bag in, then more fool you.
I still think it should probably be regulated to prevent idiots from losing their life savings. But I won't pretend the losers are ethically any different from the winners. No matter whether you're early or late to the party, you're all just hucksters looking for a quick buck from a pump-and-dump.
That implies cryptocurrencies provide no value by themselves and is simply false. Ethereum is essentially a distributed virtual machine that anyone can pay to use. Monero offers complete financial privacy.
...that is unbelievably slow, limited, difficult to use, and makes it impossible to fix bugs.
It's absolutely fascinating in principle, yes. But in practice it's a solution in search of a problem.
I don't dispute that. The real innovation lies in the decentralization. Unfortunately, decentralization is threatened by centralized mining operations who resist changes to the network such as migration to proof of stake. Bitcoin also suffers from the same problem with miners effectively controlling the protocol and as a result the coin has remained static for a long time.
Monero seems to be having success avoiding the influence of miners. They adopted ASIC and GPU resistant algorithms which makes it viable to mine XMR on normal CPUs, allowing more people to participate and as a result making the coin more decentralized.
My country experienced runaway inflation in the 1990s. In a desperate attempt to stop it, the president just froze everyone's bank accounts. The government took away everyone's money out of nowhere. So I don't really care how much energy cryptocurrency consumes. If it puts an end to government stupidity it's worth it. The more they hate cryptocurrency the better -- it means they can't control it.
Although I am generally against cryptocurrencies, I cannot be against the idea of building a decentralized banking system (cryptocurrencies are merely cash). I mean, if we get to do it with fiat, they surely deserve to do it with their cryptocurrencies.
People created Chainlink to bring real world data inputs to Ethereum software. Data such as "package has arrived to its destination". It hasn't delivered on its promise yet unfortunately. If it ever does, all bets will be off.
This is what happens when inflation is low, yet people consider inflation the devil. If the Fed could actually hit inflation goals this whole farce would be over. We'd be at the end of the long term debt cycle and a whole lot of fake value would disappear into thin air and after all the bad debt and bad companies have been cleaned up, there would be enough room for productive companies.
Seeing someone pay off their student loans or their credit cards on an income similar or lower than yours by “investing” in a ICO at the right time and trying to find the next opportunity is greed to you?
I’d say the little guy is desperate to get out underneath whatever has them in dire straights to reasonably think a “gamble” as rational.
I get that position, but it is a lot more than greed...or maybe a lot less.
It is uneducated investors that see something they don't understand that is unregulated, easily accessible and being marketed to them in ways they should be considered lying and defrauding.
Again the fact that you have a CEO of a publicly traded company constantly Tweeting Doge to the Moon...its easy to say well you bought in thats just greed, fine, but its dystopian as hell.
Any analysis that does not start with this is either complicit, intentionally or merely because the author has enoyed incidental residual benefit; or ignorant.
There is no mystery why there is an aura of mingled desperation, FOMO, and nihilism; to focus on the "greed" is to ignore what is animating Hail Mary attempts to finding a short path to stability, is that every traditional long path has been quietly consistently dismantled.
Better crypto than Q. But it won't stop what's coming.
What's coming is dramatically increased domestic unrest driven by the attempt to use the technologies so many here are helping build, to keep a pressure lid on and further the devolution into a two-class society.
Enjoying the dregs of the 1%? Set the autopilot for Mars, just don't take your hands off the wheel.
Sometimes the gambling is aggressively dumb but the marks still walk away pretty much okay, like someone who had a fun time losing money on rigged carnival games.
As usual, the greediest have to ruin it all for the rest of us.
imho, NFTs have lots of potential to facilitate purchase and sell of real world items (buy a car with a USDC transaction to a smart contract). This is the NFT "killer app" to me
The city of Miami is putting together a investigating committee/task force to see how public services can incorporate blockchain.
I think it will be implemented, not at the City but the County level, for recording property Deeds. Though 1 year, 5 years, 10 years, its anyone's guess.
The NFT killer app, the writing is on the wall and it will be stocks/stock exchange.
It is one giant fraud bankrolled by unlimited capital that can artificially increase prices at which point there becomes demand from people in fear of missing out, once the early capital has the suckers locked in the prices plateau at first as the capital stops buying and driving the price up, and then begins a steep crash as they cash out and lock in the gains, this only causes fear and panic among the late entries that made investments at the peak which they couldn't afford to lose...rinse and repeat.
The NFTs may be even more blatant and egregious than the ERC20 coins in terms of fake sales driving up interest, media and demand for shit no regular investor will ever flip. A lot of it is just transparent fraud and money laundering, with the people involved not even shying away from it but openly justifying it on the basis they feel the stock market and art collectors have always engaged in the same misconduct.
Take Elon Musk, openly pumping Doge...I'm not judging, I get the humor in it, but a lot of people have been crushed over the years in the crypto bubbles, yesterday was a prime example where Elon was likely the sole cause of Doge exploding in value (maybe 5x in a few days and 100x over a month) and as the big money way slowly cashing out these massive media campaigns were behind a marketing scam of "DogeDay" essentially making their killing on the backs of the poor uneducated late investors. One would hope his Tweets shined a bright light on the dystopia of it all, but it seems everyone is either so greedy or in such bad positions financially they would rather take part.
My guess is now that they have reaped their profits at the expense of the little guy, they will buy back in with the profits and we should see another pump following the -25% DogeDay scam.