Re:Why I have zero faith in crypto venture capitalists
by specialist on Sunday June 13, 2021 @12:31PM
(#27493941)
> need a new term than ponzi scheme
"Fraud" works for me.
All nascent markets are wildcat melees. https://en.wikipedia.org/wiki/Wildcatter
Useful markets are eventually regulated. To save the market from itself, to calm down the townsfolk brandishing pitchforks and torches, to assert central control over a proven grift.
Time will tell if all these crypto kittens prove useful for more than fraud.
Re:Why I have zero faith in crypto venture capitalists
by vmception on Sunday June 13, 2021 @12:42PM
(#27494043)
It doesn’t work for me because it has a legal meaning applied retroactively
Your proposal of using it would at best case simply dilute that word until it was no longer useful, and worst case open its users up to libel due to being a legal term
The state (us government) has made it clear that there is no distinction it can stand behind anymore
sometimes earlier investors get paid out by newer investors
whether it’s a high yield investment program, a poorly run hedge fund, or the entire corporate bond market, or social security, or herbalife, or defi
The debate over the name of the payout system is no longer productive, as ponzi scheme - as a pejorative term - doesn’t tell you anything