41–50 of 364 posts
I often wonder to what extent scams like this have positive externalities, insofar as the people who get scammed were perhaps unlikely to allocate capital in socially efficient ways.
This is my biggest complaint against cryptocurrencies in general. I'm happy with my bank's fraud protection. How can crypto users protect themselves without recreating traditional banking? Bitcoin was released ~13 years ago, and wallet/transaction security has been one of the most important requirements since then (along with scalability, but let's not go there). If trillion dollar market caps and god-knows-how-many…
This is my biggest complaint against cryptocurrencies in general. I'm happy with my bank's fraud protection. How can crypto users protect themselves without recreating traditional banking? Bitcoin was released ~13 years ago, and wallet/transaction security has been one of the most important requirements since then (along with scalability, but let's not go there). If trillion dollar market caps and god-knows-how-many…
I think the way you protect yourself is the same way people protected themselves before credit cards were widely used. By not spending your cash on things that are scams. Somehow people managed to survive before banks offered their rent seeking / fraud protection and I think they'd be OK without them if push came to shove.
So, the question is, what's the scalability of this like? - is there exponential growth still to go, so that we might expect $70bn lost in 2022? - or is there a finite amount of victims to be scammed, after they've lost all their money the rate of scam will decline? - or is it more likely that there will be some kind of intervention?
We’re also looking at theft-of-stake instead of theft-of-work to reduce energy usage, allowing scammers to be much more efficient and green.
To the moon!
I also wrote a blog post about the safety crisis in smart contract development: https://timdaub.github.io/2021/12/08/illuminating-the-dark-f...
"A fool and his money are lucky enough to get together in the first place.” -Gordon Gekko I have zero sympathy for the victims. Stealing from cryptocurrency weenies is almost a public service, like confiscating booze and car keys from teenagers.
Hey, so is stealing from the elderly alzheimer's patients right? They're not going to remember anyway! Dick.
This is my biggest complaint against cryptocurrencies in general. I'm happy with my bank's fraud protection. How can crypto users protect themselves without recreating traditional banking? Bitcoin was released ~13 years ago, and wallet/transaction security has been one of the most important requirements since then (along with scalability, but let's not go there). If trillion dollar market caps and god-knows-how-many…
I think the way you protect yourself is the same way people protected themselves before credit cards were widely used. By not spending your cash on things that are scams. Somehow people managed to survive before banks offered their rent seeking / fraud protection and I think they'd be OK without them if push came to shove.
The DotCom Bubble/scam led to investor losses in excess of $5 trillion.
So, the question is, what's the scalability of this like? - is there exponential growth still to go, so that we might expect $70bn lost in 2022? - or is there a finite amount of victims to be scammed, after they've lost all their money the rate of scam will decline? - or is it more likely that there will be some kind of intervention?
There is always a finite amount of victims to be scammed, that is the fallacy of ponzi schemes over genuine investment strategies