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re: Celsius files Chapter 11
Posted on 7/15/22 at 4:19 pm to Ross
Posted on 7/15/22 at 4:19 pm to Ross
quote:
seems the problem wasn’t the currency, but a company acting like a classic Ponzi scheme
The underlying issues? Yes.
However, who was promoting Celsius? It wasn't normies. It was crypto bros. You can try to separate the crypto bros from crypto-based schemes, but the 2 are intertwined forever at this point.
3
Posted on 7/15/22 at 4:51 pm to SlowFlowPro
quote:
It wasn't normies. It was crypto bros. You can try to separate the crypto bros from crypto-based schemes, but the 2 are intertwined forever at this point
This.
The holders of any new coin (originally bitcoin but all the others as well) are also highly motivated by first mover advantage which would enrich them but punish late adopters (including people not yet alive).
Which is great if you get in and harvest profits but progressively worse the later in the adoption curve you arrive.
Lots of them aren't built to really be stable. They amount to vaporware which will theoretically add value but doesn't turn out to be more efficient or stable (and the first movers harvest profits and move on).
Posted on 7/15/22 at 5:26 pm to SlowFlowPro
You'll like these if you haven't already seen them. They are long but a good read or listen for people who don't know the connections between coins and NFTs.
After listening, reading, and thinking I think the whole crypto space will collapse to much smaller (and possibly no) value. I realize that will be strongly disagreed with by the advocates.
I empathize with the part of their motivation that revolves around the faults of the present system (and the desire to secure stability or wealth for themselves) but it just doesn't work as a system IMO
LINK with shorter 1 hour summary
LINK with article
LINK with more comprehensive rundown
After listening, reading, and thinking I think the whole crypto space will collapse to much smaller (and possibly no) value. I realize that will be strongly disagreed with by the advocates.
I empathize with the part of their motivation that revolves around the faults of the present system (and the desire to secure stability or wealth for themselves) but it just doesn't work as a system IMO
LINK with shorter 1 hour summary
LINK with article
LINK with more comprehensive rundown
Posted on 7/16/22 at 3:45 pm to SlowFlowPro
quote:
It was crypto bros.
rocket31
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