News for hackers. Stuff that matters.

A comment on Big Crypto’s struggles with basic accounting and economics.

Re:Big Crypto’s struggles with basic accounting and economics by jqpabc123 on Saturday January 28, 2023 @08:41AM (#34557491)
Bottom line --- The closest analogy for crypto is religion.

In the beginning, the Spirit of Satoshi moved across the internet and Satoshi said, "Let there be money" and there was money formed from the electrons. And the money was trustless yet valuable and rare --- even though anyone could easily just form their own --- no special powers of creation required.

Anyone can be a billionaire --- all you really have to do is become a preacher of the "faith" and convince others to "believe".

[ Parent | on HN ]
Re:Big Crypto’s struggles with basic accounting and economics by senttoschool on Saturday January 28, 2023 @09:00AM (#34557598)
Bitcoin is like a pyramid scheme. You get in, you now do marketing for it. The more people you recruit, the higher chance your profit will be when you sell.

Mot other tokens are just rug pulls, ponzis, outright scams, or a security.

[ Parent | on HN ]
Re:Big Crypto’s struggles with basic accounting and economics by jqpabc123 on Saturday January 28, 2023 @09:17AM (#34557701)
It's the ultimate pyramid scheme --- the only thing you're really selling is the scheme itself.

Just like religion.

[ Parent | on HN ]