@cypnk What if I tell you that Venezuela made a similar thing with the gold and petrol of the country?

@ekaitz_zarraga Oh, I saw that. I think the economy is so bad, the only thing the average folks can rely on for anything stable is petro-cryptocurrency

That's just amazing!

@cypnk The idea was better than the execution tbh.

They have a hyperinflation so they tried to make a deflationary currency to balance that.

The execution is being horrible.

But I didn't expect anything else.

@cypnk Also the Venezuelan economy is soooo fucked up so they have no choice... they have to try anything.

@ekaitz_zarraga This might sound cynical, but I've seen very few new cryptocurrencies with less than horrible execution

Something somewhere goes terribly wrong and investors/buyers lose money. Or the platform was a scam to begin with and they just take the cash and run

I think the last count is more than a thousand new cryptocurrencies

It's ridiculous

@cypnk I don't think the cryptocurrencies are the problem in that case.

Startups are.

A startup is a company made to take off, get a lot of money and forget about it.
That's not sustainable.

And if you give the startup kind of people the chance to use an unregulated token which allows them scam people they just make a 1+1 = 2 operation.

Cryptocurrencies are not bad by themselves.

@cypnk Look at the Big Data, for example.

Big Data is not bad by itself but all the biggest companies making stuff with it are doing for evil purposes. Look at Google, Facebook...

It has many cool applications buuuut, what gives more money?

@cypnk ICOs would be so funny if there weren't so many people getting fleeced who can't afford to lose the money.

@sexybenfranklin Last I heard there were people getting out second mortgages, sacrificing their retirement, and going into debt to buy Bitcoin. It's a sad, sad, sad state of affairs and I don't see what can be done about it

It's not like anyone can regulate Bitcoin. And taking down exchanges becomes a cat-and-mouse game

@cypnk only thing that works is spreading the truth about it, which is tough cause cryptos then just yell FUD and shout about the moon.

Sign in to participate in the conversation
Mastodon

Follow friends and discover new ones. Publish anything you want: links, pictures, text, video. This server is run by the main developers of the Mastodon project. Everyone is welcome as long as you follow our code of conduct!