I find it both sad and funny watching folks discard efficient, regulated, centralized financial systems, and turn to a decentralized one and deal with the constant scams that such a system would obviously produce. Irreversible transactions, 90% wash trading, the hilariously bad idea of "smart contracts," and surprisingly inefficient core technology designed to become more wasteful as it scales.
Who knows what the future holds, though. There's clearly huge hype in this space. Will anything come of it once the pyramid scheme and ponzi scheme foundational core of web3 is realized and replaced? Or will that day never come? I don't think it will and this is just another gold rush.
Some people are surprisingly open about it, running scams and hyping up other people to try to strengthen their own pump-and-dump scams. We see things like this with people Tweeing/Telegraming/Reddting/whatever about AMC stock too. At least in regulated markets this is easier to catch and change, and it's the minority of trades, where it's the foundation of cryptocurrency.
Thinking more about it, I think I feel bad for the people caught up thinking this will be useful or game changing technology. I wonder how much they realize the core technology has limited use, and all of the hype is around trading unregulated, untaxed asset bubbles.
Who knows what the future holds, though. There's clearly huge hype in this space. Will anything come of it once the pyramid scheme and ponzi scheme foundational core of web3 is realized and replaced? Or will that day never come? I don't think it will and this is just another gold rush.
Some people are surprisingly open about it, running scams and hyping up other people to try to strengthen their own pump-and-dump scams. We see things like this with people Tweeing/Telegraming/Reddting/whatever about AMC stock too. At least in regulated markets this is easier to catch and change, and it's the minority of trades, where it's the foundation of cryptocurrency.
Thinking more about it, I think I feel bad for the people caught up thinking this will be useful or game changing technology. I wonder how much they realize the core technology has limited use, and all of the hype is around trading unregulated, untaxed asset bubbles.