Because Bitcoin especially (through the Tether fraud) and cryptocurrency more generally is a pyramid scheme, of course Wall Street and venture capital need it to go mass market. It's the only road to getting out of their current investment at a profithttps://www.politico.com/news/2021/05/30/bitcoin-investment-wall-street-lobbying-491399 …
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I think it's time for us in the tech world to speak out and make it clear the emperor has no clothes here. Cryptocurrency is sustained by a mix of money laundering, vaporware, fraud, ransomware, gambling, and delusion. It has no social benefit except helping end first dates fast
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What we especially need to stress to regulators is that there's no relationship between the technical claims of cryptocurrency and our now over 13 years of experience. It's not decentralized, it's not a currency, it's not a store of value, and it's not a promising technology
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Pinboard Retweeted Trammell Hudson ✪
Cryptocurrency solves no problems that it didn't first create, and most of those it doesn't solve. Smart contracts are neither of those things—at worst they're an API for fraud, or as
@qrs put it, self-funding bug bounties at besthttps://twitter.com/qrs/status/1395784294451265536 …Pinboard added,
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I think most of us in the industry gave cryptocurrency a long leash because it's full of technical cleverness and seemed innovative just on those terms. But it's time we recognize that cleverness is being used as bait to defraud more people and perpetuate a con. Enough is enoughpic.twitter.com/Arnrqjtfvo
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The two things people need to know about cryptocurrency are completely non-technical: 1. If it doesn't work, it's just an easy to lose casino chip 2. If it works, it creates an end run around all financial regulation, and will be dominated by uses those regulations try to stop
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Some of those financial regulations are unjust. People can send remittances in crypto to relatives in repressive countries, and you hear their stories from boosters. But people also want to move billions in untraceable crime money around. Guess which traffic predominates
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Replying to @Pinboard
> cryptocurrency solves no problems > cryptocurrency solves problems but bad guys can also use it which is it? can’t be both
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You are right, I should have worded that better. Cryptocurrency solves no problems for civilians, but solves a huge number of problems for criminals
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Replying to @Pinboard
except you said it solves problems of remittances and avoiding unjust regulations, particularly in repressive regimes. those seem like civilian problems to me.
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Replying to @meatbody
I don't think it solves those problems, though, because it does not work. Like I said two tweets upthread, if it works it will attract all the crime, and if it doesn't then there's no point to it.
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