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A crypto founder faked his death. We found him alive at his dad's house

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Re: A crypto founder faked his death. We found him alive at his dad's house

#111

Post by gip »

rapind wrote: post #53
gip wrote: post #33

I believe in crypto, I think it will even protect people online when done right. And not everything is scam, there are good projects. That being said the behavior of people and organizations in crypto is poor and will slow adoption. I still regularly see major crypto ecosystems rug pull their own developers. They simply can’t help themselves.

> And not everything is scam, there are good projects. I don't disagree, but at this point it has to be like 90% of crypto products are scams, and that number is still increasing. They're simply running out of people to scam. The 18-40 year old male demo can only lose so much on crypto and sports betting before they run out of money and credit. It's a giant ponzi that's losing it's legs. I'm sure it doesn't help that…

We need to stop telling people they will make money with crypto. It is akin telling people they will make money with PostgreSQL. In both cases, if they build a great business, they may become successful and make some money. But looking at crypto through the lens of becoming rich quick is flowed.

Re: A crypto founder faked his death. We found him alive at his dad's house

#113

Post by DrScientist »

hbbio wrote: post #14
jackcosgrove wrote: post #3

[flagged]

Somehow yes, and it's quite sad. The blockchain technology itself is a marvel and the safety/security properties of properly decentralized systems are unmatched. The whole financial world would be better written using blockchain/smart contracts, same goes for voting/governance, etc. But these scammers. So many of them... Easy to smell though, but the problem we need to fix is these scammers get most of the online tra…

> The whole financial world would be better written using blockchain/smart contracts, same goes for voting/governance, etc.

Eh? I thought blockchain didn't scale? As far as I can see blockchain swaps trust in banking institutions ( not to simply make up numbers in their banking systems ) - to trust in a majority based voting system where you don't know the people involved and you just hope the bad guys don't have a majority.

And the computational cost of running the distributed voting system - is many of orders magnitude higher than the computational costs of transactions in the we-trust-the-bank-model.

As for smart contracts - a quick google suggests that the cost of deploying a smart contract on Ethereum is 500 dollars - that's quite an overhead for the vast majority of financial transactions.

Re: A crypto founder faked his death. We found him alive at his dad's house

#114

Post by gip »

pavel_lishin wrote: post #101
gip wrote: post #33

I believe in crypto, I think it will even protect people online when done right. And not everything is scam, there are good projects. That being said the behavior of people and organizations in crypto is poor and will slow adoption. I still regularly see major crypto ecosystems rug pull their own developers. They simply can’t help themselves.

> when done right. Let me know when you see it done right.

Stellar and the United Nation joining forces to advance financial inclusion as a quick example. People can downvote me all they want due to biases, these projects do exist.

Re: A crypto founder faked his death. We found him alive at his dad's house

#115

Post by lern_too_spel »

fullstop wrote: post #70
ggandv wrote: post #64

Earlier quoted context omitted.

Ditto baseball cards.

You can't send baseball cards instantly across the world and you have no guarantee of their authenticity.

You can sell ownership across the world instantly, and you can use a centralized authority for authenticity and grading. Done. All for less cost than crypto and without enabling DPRK to steal your card with no recourse.

This is exactly what happened with gold, and then people realized that basing money on gold was stupid, so now we have the system we have today. Cryptofools are two financial revolutions behind modernity.

Re: A crypto founder faked his death. We found him alive at his dad's house

#116

Post by ceejayoz »

HideousKojima wrote: post #98
ceejayoz wrote: post #57

Earlier quoted context omitted.

> I just think currency should be backed by some sort of real good that's durable and relatively rare. It is! It's backed by F-35s and B-2s and big aircraft carriers.

So I can exchange a fixed amount of dollars for an F-35C and a Ford class carrier?

"Backed by" and "freely exchangeable for" aren't the same thing.

Re: A crypto founder faked his death. We found him alive at his dad's house

#117

Post by rapind »

gip wrote: post #111
rapind wrote: post #53

Earlier quoted context omitted.

> And not everything is scam, there are good projects. I don't disagree, but at this point it has to be like 90% of crypto products are scams, and that number is still increasing. They're simply running out of people to scam. The 18-40 year old male demo can only lose so much on crypto and sports betting before they run out of money and credit. It's a giant ponzi that's losing it's legs. I'm sure it doesn't help that…

We need to stop telling people they will make money with crypto. It is akin telling people they will make money with PostgreSQL. In both cases, if they build a great business, they may become successful and make some money. But looking at crypto through the lens of becoming rich quick is flowed.

Most investment in crypto is just gambling. It's all FOMO and snake oil. There are some stocks for which I'd say the same though (TSLA).

Re: A crypto founder faked his death. We found him alive at his dad's house

#118

Post by pavel_lishin »

gip wrote: post #114
pavel_lishin wrote: post #101

Earlier quoted context omitted.

> when done right. Let me know when you see it done right.

Stellar and the United Nation joining forces to advance financial inclusion as a quick example. People can downvote me all they want due to biases, these projects do exist.

Has there been any results from it? The only online results I see are from January, when it was announced, and frankly I'm not even sure I understand what the methodology or goals are.

Re: A crypto founder faked his death. We found him alive at his dad's house

#119

Post by Arainach »

hbbio wrote: post #40
Arainach wrote: post #22

Earlier quoted context omitted.

>The whole financial world would be better written using blockchain/smart contracts, same goes for voting/governance, etc. Citation needed. Governance and finance absolutely need human judgment recovery edge cases such as "My house burnt down containing my ID (keys) and I need access to my bank account to rebuild it"

Social recovery for smart accounts covers your use case

Unlikely in practice.

"My house burned down and inside was my spouse, who was my reco ery contact"

"My recovery contact died / isn't speaking to me / is backpacking in the Himalayas"

The problem isn't technical. It isn't a formal mathematical problem. It's that the real world is messy.

There are plenty of other classes of problems too. "This person committed a crime and their assets need to be seized", etc.

Re: A crypto founder faked his death. We found him alive at his dad's house

#120

Post by kordlessagain »

soared wrote: post #4

How do these scammers generate such big market caps for their coins? Offloading $1.4MM is a huge sum of money, more than 99.9% of people in the world would ever see at once.

> How do these scammers generate such big market caps for their coins?

Faking one's own death, evidently.

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