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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Replying to @Pinboard
Option 3: It's semi-efficient to hold, but inefficient to transfer, and gains its value only from convertability into currencies in stable liberal democracies This makes it a partial end run around unstable or repressive countries' regulations, but a fairly limited one otherwise
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That option is already covered by things like gold or Swiss francs or real estate
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Replying to @Pinboard
Except the foreign demand is driven most intensely by Chinese ppl who want to transfer wealth outside of China beyond what their govt allows. They can't get Swiss francs or foreign real estate or gold stored outside China without paying for money laundering services anyway.
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