Who still thinks crypto is a scam?
Crypto exploded in 2021, it attracted more money than all previous years combined.
Billions of dollars have gone into funding crypto startups.
Does anybody still think of it as a scam? What’s your take?
#crypto #web3 #cryptostartups #startups
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Me
Do you feel the entire crypto space, broad as it is, is a scam? If so, care to elaborate on the why?
Just to clarify, I have no interest into turning this into a discussion. Just being curious.
Yep, and so does the CEO from Chase,(Jamie Dimon, JPMorgan Chase)
.... Charlie Munger, Buffett’s longtime partner and vice chairman of Berkshire Hathaway, has also hardly been one to shy away from voicing his strong opinions on cryptocurrency. Munger recently stated that he wished cryptocurrency had “never been invented,” and he has even indicated that he would not want any crypto trader marrying into his family.
True. And both Munger and Buffet never invested in tech stock because they "did not get it" (by their own admission). Anyhow, that is all not really relevant.
That is your "why"? Because Munger and Buffet do not like crypto? Surely you have some personal opinions on the matter?
Don't focus on two people. You see Crypto caving in as known by smart people. Virtual assets have never been real assets.
Actually, I went from not caring to being 100% behind it to now being afraid of it.
The technical aspects of crypto are great, and have very interesting implications about the future of governance and finance. I love following Vitalik's blog and building my own prototypes using web3 tools.
The community though - holy shit. People are trading useless non-fungible tokens, for hundreds of thousands of dollars, and proclaiming how amazing crypto is. Those people are dunces and are dangerous. Then you have the Bitcoin priests with their slicked-back hair, black t-shirt, and khakis talking about how whoever doesn't get on board is going to die horribly - and everything other than Bitcoin is a shitcoin.
Then you have the old guard trying to take it all down and trying to smear crypto as useless and evil. Meanwhile, all the central banks are furiously trying to develop their own "crypto" coins to enslave everyone as soon as possible.
It's a huge mess right now.
Kind of reminds me of the early days of the commercial internet in the 90's.
I definitely hear what you are saying and feel, mostly, the same way. Some crypto communities can be extremely toxic places. There is a simple remedy though; opt out.
Fortunately, there are healthy, happy and friendly communities as well within the industry (often found around serious projects).
I am sure that people still believe that cryptocurrency is a way to manage your money. And trying to explain to such people that this is not so is very difficult. Now, during the sanctions in Russia, some people avoid bans with cryptocurrencies' help. And most are afraid to undertake such risky movements for fear that access to cryptocurrencies will soon be restricted in Russia. In general, it's stupid to think that this is possible because cryptocurrency is decentralized. This means that no one controls it, and it develops independently. I don't know what should affect it... In addition, it is now easy to find the best cryptocurrency signals in the public domain and only promote and develop the cryptocurrency.
I don't understand why I should build a "web3" app, as a web developer.
I don't understand why crypto deserves the label "web3" -- what does it give developers or end users that is a comparable step-change to web 2.0 (which gave us a philosophy of interoperability, user generated content, read-write access to every service, etc...)
I'm totally open to being convinced -- the same way a programming language might convince me. But I'm not sure what the technology actually offers to developers (is it just financialization?)
Actually, I am seeing increasing skepticism and backlash on crypto :
https://pluralistic.net/2022/02/14/externalities/#dshr
This comment was deleted 3 months ago.