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There is no end game. You use it in your daily life to obtain or achieve things then you die.
Then the end game would be to be something useful that people use in their daily lives. I think that's what was meant when calling it digital currency. But now it's heading down a different path.
For what it's worth, all reasonable people in the crypto space want regulation to make sure these types of poor lending practices don't continue. Regulators have been slow and ineffective when it comes to crypto, which has lent itself to the crypto v SEC narrative, but all the adults in the room known there is a need for some regulation.
With direct regulation can come normalization and a misplaced trust on something that ignores (but doesn't replace) trust.
Perhaps rather than regulate crypto itself, instead we should regulate the regular economy's exposure to it.
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I agree. I held Bitcoin Cash since it forked, because it is superior technically. But I am disappointed with its limited adoption. BCH allows more transactions. BTC would take 18 years for 4B people to perform a single transaction each. And it costs ridiculous amounts of resources for a ridiculous amount of constant security.
BCH is just kicking the can down the road a bit further. If it were to gain massive adoption rapidly, the only way it could scale if they follow their current ideology is by hosting the nodes on bigger and bigger server racks, eventually reaching the point where there is only one or two real nodes hosted in a cloud provider datacenter somewhere. I don't know what the perfect block size is, but quadrupling down on on…
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> Unbelievable the amount of destruction of value here Destruction of value or destruction of paper wealth? I'm pretty cynical of the whole crypto* space, mainly because I think the people making any money in it are themselves cynical and predatory. I suppose that billion dollars of investment was actual cash lost. * Using the new definition, not cryptography, which is what the term really means and will again soon.
Both. If you take 900 reasonably skilled people and direct them towards nonsense for a few years, that is definite value lost to society. It sounds like $1 billion in actual cash was lost this way. And the buildings they were in could have housed useful activity, the computers they bought could have done useful things, etc. Those people could have been doing useful things. And it sounds like their activities were wor…
Is there any hope of individual creditors getting any of their money back? I'm unfamiliar with how bankruptcy works.
For what it's worth, all reasonable people in the crypto space want regulation to make sure these types of poor lending practices don't continue. Regulators have been slow and ineffective when it comes to crypto, which has lent itself to the crypto v SEC narrative, but all the adults in the room known there is a need for some regulation.
The market is punishing bad actors with insolvency. Yet somehow the conclusion is that markets are not effective in self-regulation.
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I talked to an employee that left last spring. She said they had literally no idea what they were doing. The founders are just ivy educated 30 year olds. So they decided to just start hiring everyone they could from paypal, to move into "blockchain payments". They paid huge sums. The directors there had no experience ever managing huge teams of people. It was a giant mess of unqualified people funded by cheap capital…
So, Theranos for the blockchain, roughly?
BlockFi is just incompetence without the SBF-like malice.
My wife and I had about 10% of our life savings in BlockFi. This is a pretty big blow for us, especially while gearing up to start a family. It's easily in the top 5 worst things to happen to me in my life. Is there any hope of individual creditors getting any of their money back? I'm unfamiliar with how bankruptcy works.
My wife and I had about 10% of our life savings in BlockFi. This is a pretty big blow for us, especially while gearing up to start a family. It's easily in the top 5 worst things to happen to me in my life. Is there any hope of individual creditors getting any of their money back? I'm unfamiliar with how bankruptcy works.
I say this without an ounce of judgement, explicit or implied: can you speak to some of your motivations for putting your life savings into these kinds of vehicles?