Most things in the cryptocurrency space are scammy. Bitcoin is not.
Bitcoin is just as much as a scam as CDO or other financial derivatives. Dog shit wrapped is cat shit is still shit.
Ask HN: Does Anyone else working in a crypto company feel this is all a scam?
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Re: Ask HN: Does Anyone else working in a crypto company feel this is all a scam?
#12The ting is, money is all a scam. This is just new money. So what else do your work friends / bosses do? Are they into hookers and crack? Or do they help out in the soup kitchen on weekends and read to their grandmothers?
It's a serious question. Many people question whether their industry is 'good'. People such as accountants and some lawyers. But that doesn't make them 'bad people'. I am saying that how they spend their money is important.
Re: Ask HN: Does Anyone else working in a crypto company feel this is all a scam?
#13I'm working in the same environment, I'm with you bro, it's all a scam. I'm coasting until the whole thing collapse cashing in my paycheck. The math behind is fun though.
I don't get how you can work with something that you perceive as a scam? So when you tell your friends or your parents you say "yeah, I rip people off for a living. Haha"?
Re: Ask HN: Does Anyone else working in a crypto company feel this is all a scam?
#14Nassim Taleb argues that Bitcoin is not a currency but rather a fundamentally volatile security: https://arxiv.org/abs/2106.14204
Re: Ask HN: Does Anyone else working in a crypto company feel this is all a scam?
#15I think "all a scam" is probably the wrong phrase, but I her
Re: Ask HN: Does Anyone else working in a crypto company feel this is all a scam?
#16I'm working in the same environment, I'm with you bro, it's all a scam. I'm coasting until the whole thing collapse cashing in my paycheck. The math behind is fun though.
Have you taken a moment to consider not doing that, and just leaving?
Re: Ask HN: Does Anyone else working in a crypto company feel this is all a scam?
#17Genuine question, have you worked for any other startup over the last decade? The entire last decade was filled with the same questions, without the adjectives cryptocurrency or blockchain involved. It's all about excess liquidity, and of course it does laser focus on some industries. Good luck calling the top.
Re: Ask HN: Does Anyone else working in a crypto company feel this is all a scam?
#18Yes it’s a scam but so is most of tech. A lot of billion dollar companies with business models that don’t work.
Some scams will be profitable and some may even emerge to be viable product but it’s scammy.
Re: Ask HN: Does Anyone else working in a crypto company feel this is all a scam?
#19The ting is, money is all a scam. This is just new money. So what else do your work friends / bosses do? Are they into hookers and crack? Or do they help out in the soup kitchen on weekends and read to their grandmothers?
That's the elephant in the room that everyone is ignoring - the entire financial system is a scam. It's rigged in favor of the ruling class, which is why cryptocurrency originally became popular. The difference is that most cryptocurrency schemes are a different kind of scam - one of trickery rather than abject domination, and something you can avoid if you understand enough about how it works. Something that can't be said for traditional financial systems.
Re: Ask HN: Does Anyone else working in a crypto company feel this is all a scam?
#20Would you let your parents or grandparents invest their life savings in whatever you’re doing? Or in any crypto “asset?” If the answer is no it’s probably a scam. I wouldn’t try to sell junk bonds or penny stocks or Beanie Baby futures to my parents either, but the obvious fact that scams exist independent of crypto doesn’t make crypto any more credible.