Re:Why I have zero faith in crypto venture capitalists
by throwaaskjdfh on Sunday June 13, 2021 @12:48PM
(#27494082)
I agree; cryptocurrencies are a scam. But in general they're not Ponzis, with some exceptions e.g. the situation the parent poster describes where VC investors get "early coins" which are sold to later buyers.
Re:Why I have zero faith in crypto venture capitalists
by xur17 on Sunday June 13, 2021 @03:16PM
(#27495405)
To be clear, you're saying that you believe that every last cryptocurrency is a scam with no exclusions? To me it seems absurd that none are non-scams, and makes me think you're just making baseless claims.
Re:Why I have zero faith in crypto venture capitalists
by arcticbull on Sunday June 13, 2021 @06:00PM
(#27496948)
It's been 14 years and if the whole space disappeared overnight what would change? The news cycle would be less entertaining I guess. So much so China was able to nuke the whole space from orbit and what? Crickets.
But retail traders can use the markets to make bets on overall economic growth. Buying a stake in hundreds or thousands of public companies is a clear bet, and you actually do own something in a legal sense.
With crypto trading, it's unclear what your bet is -- other than the continuation of the Ponzi scheme. You don't own anything, and the coin has no value as soon as people stop believing in it.
If retail investors understood that nature of crypto, I'd be fine with them gambling on it. But most of them are tricked into believing there is underlying value in the coin when there actually isn't (see also: NFTs).