“Who is the other side of these trades?” is one of the most interesting and least covered stories in a mania.https://twitter.com/nathanielpopper/status/1031574913511915520 …
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It is kind of amazing that you can create a codebase which births a memeplex which convinces uninvolved humans “I should advocate for this memeplex to the SEC.” That’s the core innovation of the Satoshi scam. We’ll be dealing with variants of it for a thousand years.
The scam rides on the same rails blazed by startups, having optimized out all value creation in favor of virulency. It learned the right words. It whispered them in the ears of the right people. It found its converts, some for love and some for money and some for the lulz.
It co-opted our networks, literal and metaphorical. It sifted through our skillsets and applied them, ruthlessly, to the problem of separating people from their money. It asked us to build it the instrumentalities of rapacious avarice and, God help us, we said yes.
There used to be a line in Silicon Valley "I have watched the smartest minds of my generation whisked off into the borg to optimize ad clicks." That line was intended (unfairly) to be blisteringly critical of Google and Facebook.
When people say "All the smartest developers in Silicon Valley right now are in crypto", they mean that *as praise.* (They're wrong about that, thank God, but they're far righter about crypto than any other scam vehicle, of which the world has many.)
And it wasn't just the one scam! No, it was iterated scams, onions of scams where you peeled back a layer and found another scam, scam generating factories, a cottage scam industry, an Internet-born memetic scamception. But it was scams.
There is an actual dollar (or yen, or won, or whatever) underlying all of the "money" in the below statement: The ICO industry (using that term lightly) has raised ~$15 billion dollars. Zero. *Zero.* That is how many actual, usable products have shipped.
Remember Cryptokitties? Cryptokitties is not just a joke; Cryptokitties got a lot of press coverage because it was the only thing running on the Ethereum network which was not either an explicit Ponzi scheme or an ICO. ICOs—investment scams—are Ethereum's killer app.
Was that accidental? No. Platforms don't accidental the top use case on their home page. (Ctrl-F for "Kickstart a project with a trustless crowdsale", which is the barest possible fig leaf over the Howey test.)
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