131–140 of 188 posts
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So companies like Checkout.com, Stripe, etc using a cryptocurrency in their crypto product means that they are also part of the so called 'Ponzi scheme' and they are currently out there scamming?
Yes. Or at least they're exploiting the situation.
They want that sweet Ponzi-adjacent money.
All the receipts, none of the liability*.
(*they hope).
Two years ago: https://decrypt.co/43168/whistleblowers-level-accusations-ag... > Anonymous sources who claim to have inside knowledge allege that Babel Finance has been misusing client funds via highly leveraged transactions and without permission. (Oh, look, Tether's involved again. How much of the $160M in their claimed "shareholder capital" at https://tether.to/en/transparency has evaporated in the last month? The…
> (Oh, look, Tether's involved again. How much of the $160M in their claimed "shareholder capital" at https://tether.to/en/transparency has evaporated in the last month? They're currently claiming it hasn't changed by more than $50 since a month ago; https://twitter.com/jjjbtc/status/1524819806892982272 ) If you need any strong suggestions that Tether's asset statements are a pack of lies, this is it. They claimed to…
Since a pure fraud makes up its books, it's easy to declare a steady path of returns. Reality tends to be more complicated, and delivering steady returns in a turbulent market is both hard and expensive (by way of hedging contracts).
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Another fantastic metric: compare the returns for storing or staking your crypto with them to the current sovereign interest rates. Is it offering Argentina/Turkey returns? Then they're probably the Argentina and Turkey of crypto.
Rate of return is a remarkably good metric for identifying scams. If they offer more than ~12.5%, run away. Avast, ye salty dogs: a piece o' eight ain't worth losing yer shirt over.
Besides Terra (LUNA), Celsius Network (CEL), 3AC, and Babel Finance —- are there other examples? * As is, while clearly some of these failures have had a massive impact, there clearly a lot of DeFi projects of significance still standing: https://coinmarketcap.com/view/defi/
but other than that how was the play Mrs Lincoln?
If my bank withheld my withdrawals of my money, I'd not behave the most even tempered way. Whilst I DO think crypto is a scam, or at best a very terrible waste of time and effort from all involved. I will accept that I could be wrong. But, scam or not, this early turbulent history will cement a stigma of crypto being synonymous with grifters and scammers. I don't see a future in it. It'll be interesting to see if btc…
Once all the dust settles down Bitcoin will keep ticking along just like it's been doing for years.
Question for the crypto skeptics of HN. Do you think this cycle the whole crypto space goes down the drain never to be heard of again? Do you think the whole space is a fad or do you think there are patches of values underneath the froth? How do you see the space evolving? Thanks!
There will always be new victims ready to hear "this time is different".
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Thanks for your comment. Any chance you could please point me to the sources that constantly pointed out it wouldn't work?
If you're looking for a place with a community you can ask about those things I recommend, /r/ethfinance. I decided against using Celsius after asking around about it there. There's also been good discussion about what makes a good stablecoin over the years. Hint: Stables like DAI are a completely different thing from what Terra was.
Besides Terra (LUNA), Celsius Network (CEL), 3AC, and Babel Finance —- are there other examples? * As is, while clearly some of these failures have had a massive impact, there clearly a lot of DeFi projects of significance still standing: https://coinmarketcap.com/view/defi/
Most things collapsing aren't defi, with the exception of Terra which, as an algo stable was expected to fail like all algo stables before it. Celsius/3AC/Babel are all not defi and we would know about their health and risk factors much sooner if they were defi.
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There will always be new victims ready to hear "this time is different".
Let me just see if we can validate this comment ... People bought luna 2.0 within days of the collapse of luna 1.0 - check
But at the same time it's disgusting the current state of the crypto wars. All that is happening is due to greed. People are greedy, crypto "companies " are greedy and everyone wants to become rich without effort. There are VERY few projects that really want to develop technology. And those are also hijacked by greedy people to play as casinos.
I really wish the crypto space would crash and burn, BTC to hobdown to $100 and similar, so that all that noise goes out, and people go back to scam penny stocks or Amway, and leave the development of blockchain technology alone.
I remember when Wikileaks started accepting bitcoin. Satoshi very well mentioned that it was not ready. I am sure he was surprised by the craziness that came of it. Becoming exactly the thing that it was supposed to fight against.
Remember when crypto was supposed to be the "holy grail" against the current economic situation? Edit:- the cycle of upvotes and down votes on this comment hahaha....
The concept is sound, implementation is what matters. Blockchain and crypto got hijacked is all.