[cfup]

I was involved in a blockchain (DeFi) startup. All the blockchain companies are mostly a huge pyramid scheme. The company I worked for has a lot of big claims, raised millions, wanted to solve world hunger, prioritized partnership, marketing, while having no working implementation. Others in the eco system are the same.

The NFT scene is even more BS. It could destroyed uninformed people's life, just like gambling. However, this kind of gambling is public on the internet with little regulations.

I hope more tech people speak about this instead of just ignoring them.

[xur17]

> I was involved in a blockchain (DeFi) startup. All the blockchain companies are mostly a huge pyramid scheme. The company I worked for has a lot of big claims, raised millions, wanted to solve world hunger, prioritized partnership, marketing, while having no working implementation. Others in the eco system are the same.

I agree that there are lots of scammy "blockchain" startups, but I don't think it's fair to paint them all with that brush. There are also plenty that are actually building cool projects, without pumping their coin, and announcing light interactions with a company as partnerships.

If you have 20% of companies being scummy, but churning out 80% of the news, your assumption will be that all of the companies are scummy.

[ngokevin]

The most absurd thing I've ever heard was crypto could help people in Africa store their diplomas.

[dotlog]

Was is literally a pyramid scheme that recruited people and paid people for getting new recruits? Or just a scheme?

[overlaid]

How did the pyramid scheme work? Who was recruiting (not in an abstract sense)? What were the rewards for getting new recruits?

[hanniabu]

"I worked for a sleezy startup that was scamming people, therefore all companies are scams"

[cfup]

"I worked at a sleezy startup and meet a bunch of partners doing similar things, and most of them are worse or just as sleezy"

- But cuz you work in a sleezy one so you can only meet the bad company

We were very technical oriented in the beginning. I was hired to do formal verification and system design. Until, money happened, and founders realize they over promised.

[boh]

Are you suggesting your statement is sarcasm?