Ethereum’s problem isn’t a legal one, it’s a market one: Ethereum has still not found product/market fit.
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bitcoin's early use case was drug purchases (and probably way worse)
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so? that's a legitimate, non-scam use-case that, if anything, reduced violence on the streets.
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"and probably way worse." Or, you could interpret my tweet as saying that use cases change over time as a platform evolves, and you shouldn't judge it by its early days. Either argument works.
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Maybe Ethereum’s use cases will evolve from cac > eltv to cac < eltv. My tweet was stating that it’s still very much in the former. Early days are quickly slipping away
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You can’t just point at eth scams and not acknowledge they raised tons of money for completely legitimate projects.
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The tokens don’t accrue value so investors were tricked. 99% of these projects don’t need own token. Fundraising scams preying on ICO scam boom
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Why do currencies accrue value wrt to other currencies? Increased demand. Same idea applies here. If demand for decentralized compute increases 10 fold doesn’t that imply price of token will increase? I’m not sure tokens do or don’t accrue value. Jury is still out.
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At the very least a lot of these tokens can be used on their platform for the product they build. Similar to how Kickstarter raises money to build a product and gives early access to early funders.
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https://medium.com/john-pfeffer/doubts-about-the-long-term-viability-of-utility-cryptoassets-db04350b1f55 … Why HODL billions of utility coin? everyone will go BTC—>token, receiver will go token—>BTC, very high velocity, no value accrual.
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