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by jqpabc123 1402 days ago
Crypto is much easier to clone than Facebook --- as evidenced by the fact they are multiplying like rabbits.

The only thing restraining the creation of crypto is the fact that it is virtually unusable as an actual currency. If it were otherwise, every celebrity, politician and corporation would just mint their own continuous stream of the stuff. There is nothing to stop them.

Productive work would become obsolete. Why work to "earn" money when you can just mint it? A lot of life's major problems could be solved instantly by crypto. If you buy this, I've got some crypto to sell you.
1 comments
coralreef 1401 days ago
Creating something doesn’t automatically make it valuable.

You’re failing to realize that value is socially derived.

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jqpabc123 1401 days ago
You’re failing to realize that value is socially derived.

You're failing to realize that lots of people/companies have a larger social presence than Satoshi Nakamoto and are thus in a much stronger position to derive value from their own crypto.

But most of these have had the good sense thus far to avoid crypto scams due to the potential legal issues. Kim Kardashian being one example of a prominent exception.

https://decrypt.co/106533/kim-kardashian-ethereum-max-dismis...

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coralreef 1401 days ago
Corporations generally avoid creating cryptocurrencies because of the immense regulation and legal work they would have to do. And because banking regulation and compliance is generally out of their wheelhouse. Facebook tried it with their fiat basket backed stable coin.
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jqpabc123 1401 days ago
Crypto isn't regulated at the current time --- at least not in the USA.

However, the fact it isn't regulated doesn't mean they can't be sued in civil court for running a scam. This is what they are really afraid of --- see Kim Kardashian for an example.

This is why crypto bros tend to hide their identify (Satoshi) or re-locate outside the USA and go into hiding once the scam collapses (the guys from 3AC).

BOTTOM LINE: Selling electrons as money from your momma's basement is a shady business in more ways than one. Participate at your own risk.

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