It's a hyperponzi. A ponzi combinator.
As much as I find the actual technical details of blockchain technology interesting (it's basically nerd crack) - the severe lack of utility to general society and the constant price bubbles are really astounding.
There are multiple levels of bubbles... the short term ethereum-led ICO bubble we are currently in, which is kind of overlaid on top of the long term bubble of cryptocurrency as a whole, which is itself overlaid on the tech bubble (where a lot of the disposable incomes getting poured in to crypto come from), which is itself overlaid on the broader world asset bubble caused by years of ZIRP.
Cryptocurrencies, BTC, ETH, ICOs, ZCash, Monero, etc - it's all just a giant blackhole of waste, greed, and criminal activity so ingeniously designed that it almost seems like some kind of weapon designed to harm society. But it's so much fun to work on and think about... that it is just hard to look away.
As much as I find the actual technical details of blockchain technology interesting (it's basically nerd crack) - the severe lack of utility to general society and the constant price bubbles are really astounding.
There are multiple levels of bubbles... the short term ethereum-led ICO bubble we are currently in, which is kind of overlaid on top of the long term bubble of cryptocurrency as a whole, which is itself overlaid on the tech bubble (where a lot of the disposable incomes getting poured in to crypto come from), which is itself overlaid on the broader world asset bubble caused by years of ZIRP.
Cryptocurrencies, BTC, ETH, ICOs, ZCash, Monero, etc - it's all just a giant blackhole of waste, greed, and criminal activity so ingeniously designed that it almost seems like some kind of weapon designed to harm society. But it's so much fun to work on and think about... that it is just hard to look away.