“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 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.)
For someone as smart and independently minded as you, I'm pretty surprised you're blind to the fundamental value decentralized currency brings to the world. BTC is like the internet in the 90's -- full of scams and shadiness. But, tremendous upside for humanity.
Where is the value?!? The first email ever sent other than to test email created value. I had a hobby blog as a middle schooler in 1996 that created value. I downloaded the Warcraft 2 demo because there was no CD for it in my state and that created value. It’s been ~10 years!
Every new asset class since the dawn of time has been plagued by bubbles and scams. There's nothing new under the sun dude. And fwiw an SEC approved ETF would probably reduce the number of investors looking for exposure to the space and finding an awful way to access it.
other asset classes at least have some use-value. bitcoin has none. nobody's been genuinely trying to build distributed payments since ripple threw away its original plan and jumped on the crypto bandwagon
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