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jammies · 11-14-2022, 11:19 PM

It's not that there aren't shady dealings in many other industries, it's that crypto had a far higher proportion of scams, grifts, and schemes per entity than any comparable financial sector. Again - less than 600 crypto exchanges and more than 44 000 banks. Comparing the two and claiming some kind of equivalency is asinine.

Further, the exchanges and other crypto-related firms that are exposed as ramshackle frauds are hardly the small, unknown ones, it's the bigger players. This year alone, it's been:

- Celsius
- TerraUSD/Luna
- Three Arrows Capital
- Voyager
- FTX
- BlockFI

You have to be willfully ignorant to believe there aren't serious, systemic problems with the entire crypto ecosphere when you look at that record of failure. Sure, blockchain might be useful in certain niche areas, but this thread isn't more than tangentially about blockchain, that's a side issue to the original evangelism proclaiming decentralized, private currencies would be replacing or complementing fiat. They won't. There's no progress on that front, we're no nearer that goal than we were when this thread was started, and the only real uses for cryptocurrency remain "investment" (aka gambling) and laundering the money of criminals.

Oh, and a third use of wasting electricity and effort on a societal net negative. You want to know why some of us continue to rant against the pernicious flummery and nonsense of cryptocurrency? It is an active detriment to all that deserves opposition until it dies its deserved death.

11-14-2022, 11:19 PM	#2647
jammies Basement Chicken Choker Join Date: Jan 2007 Location: In a land without pants, or war, or want. But mostly we care about the pants. Exp:	It's not that there aren't shady dealings in many other industries, it's that crypto had a far higher proportion of scams, grifts, and schemes per entity than any comparable financial sector. Again - less than 600 crypto exchanges and more than 44 000 banks. Comparing the two and claiming some kind of equivalency is asinine. Further, the exchanges and other crypto-related firms that are exposed as ramshackle frauds are hardly the small, unknown ones, it's the bigger players. This year alone, it's been: - Celsius - TerraUSD/Luna - Three Arrows Capital - Voyager - FTX - BlockFI You have to be willfully ignorant to believe there aren't serious, systemic problems with the entire crypto ecosphere when you look at that record of failure. Sure, blockchain might be useful in certain niche areas, but this thread isn't more than tangentially about blockchain, that's a side issue to the original evangelism proclaiming decentralized, private currencies would be replacing or complementing fiat. They won't. There's no progress on that front, we're no nearer that goal than we were when this thread was started, and the only real uses for cryptocurrency remain "investment" (aka gambling) and laundering the money of criminals. Oh, and a third use of wasting electricity and effort on a societal net negative. You want to know why some of us continue to rant against the pernicious flummery and nonsense of cryptocurrency? It is an active detriment to all that deserves opposition until it dies its deserved death. __________________ Better educated sadness than oblivious joy. Last edited by jammies; 11-14-2022 at 11:27 PM.