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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A lot of young, idealistic people are getting caught up in cryptocurrency because they want to build a better world. Their talent and optimism deserve a better outlet than this scam money, and we all need a better alternative than the status quo
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A lot of intelligent observers look at cryptocurrency, see that it makes no sense, and reasonably infer that they must be missing something profound on the technical level. Tech culture has a nice tradition of not deriding new ideas, but we need to break it here and speak out
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From the outside (like from Congress's point of view) people see a trillion-dollar new tech industry, a lot of proponents who of course argue this is the next big thing, and some critics. They don't see the huge silent majority of tech people who know it's a scam. That's on us
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This thread about cryptocurrency made it to the top of Hacker News and then got flagged off in about seven minutes, start to finish. Just to give you an idea of the polarization on this issue among nerds, and why people with doubts stay quietpic.twitter.com/kI0I2hAyBy
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Many people in replies are saying "bullshit, there's no billions in laundered money moving over the blockchain!" Right-because it can't handle the volume! The big money laundering is crypto-adjacent and done through projects like Tether. Only ransomware *has* to use blockchain
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How do you address the root reason?
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Yes. The public does not see it yet. Jan 6th was a sample of how they operate. So many states have casinos now.
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This is the same reason that MLMs work
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It seems really unfair to shut down the one fair system happening without first addressing fairness in the legacy. I actually used to feel similar to you wrt to the casino aspects until starting to work with DeFi more.
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I highly recommend this episode of uncommon core https://anchor.fm/uncommoncore/episodes/23-Where-do-the-Yields-come-from-in-Crypto-eu9827 … . Plenty of companies are making 30% yields on our investments, and there are 0 ways to fight back
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