Re:It's time for us in the tech world to speak out about cry...
by mattgreenrocks on Sunday May 30, 2021 @06:55PM
(#27337747)
Yeah. And I think some people see that and think, “okay I can get in on that too!” while others think, “this whole thing smells and can’t be sustainable.”
I fall into the latter camp. I don’t begrudge the former. I just don’t think it’ll last and have little taste for speculating.
I think everyone is talking past each other, because no one's exactly defining what the "scam" is, so you're talking about different things.
I don't think anyone's suggesting that, say, deep in the BitCoin code there is some algorithm giving Satoshi Nakamoto a dollar for evert transaction.
On the other hand, I believe that the vast majority of buyers are buying simply because they hope that someone else will buy at a higher price tomorrow, or next year.
This causes everyone to cheer-lead about how everyone else needs to buy or HODL, because they simply want to drive the price up.
For me, personally, I'd say this is what I'd call a "scam," in the sense that a MLM company is a "scam": that the motivation of the majority of people extolling the virtues of buying crypto tends to be simply personal enrichment.