[nednar]

Well, the "pyramid scheme" + "technobabble" is not totally worthless, if it enables the investment of "literally billions of dollars" in otherwise totally unproven technology paths, doesn't it? Finally there is one area where people are really investing money into computer science! A cause to celebrate in my book.

[prox]

cough dotcom bubble.

Seriously, investing money in a bubble is nothing to celebrate. That’s why it is called a bubble. It pops and many people loose their money.

[codebolt]

Except this bubble is a bit more insidious because you have actors like Tether that are most likely creating a lot of artificial liquidity/demand. If there is a sudden loss of faith and enough actors start rushing for the exits, it will look something more like a musical game of chairs of who is left holding the bag of worthless Mickey Mouse dollars, by my estimation.

[prox]

Absolutely, that is my biggest worry. And it has no true backing, apart from these pump and dumps.

The single question people in favor of crypto can’t answer is the value creation. Now crypto is a natural evolution of certain monetary services and techniques, but at the core it literally does nothing of value. In fact, one might argue that that is its prime feature in its current state.