Crypto Greed
Do you hate crypto?
You’re not alone.
The general response to crypto is a combination of confusion, envy and disgust.
The general opinion is crypto is cesspool of digital bandits scamming and robbing innocent folk in one giant insider trading pyramid scheme. There is a lot of truth to that but labeling something a currency is not quite accurate.
The image above is not simply peacocking that Naval Ravikant replied to me (and liked this article.)
Naval makes a very valid understated point that crypto and the people exploiting it are not the same. Vulnerabilities will always exploited anywhere they can be, especially considering it’s fully global. Every person in the world is a few taps of a smartphone away from scamming their way to riches.
Digital wild west bandits robbing trains in the night. When bandits outnumber the sherrifs looting season begins. A lot of the bandits know firsthand what “the wild west” is like, eastern european companies systematically robbing people with sophisticated phishing, social engineering and hacking siphoning millions if not billions of dollars.
The more complex and profitable a trendy new investment that tugs at the zeitgeist’s collective purse strings the more scammers will flock to it. Scammers make the scams, the shit coins, the dink doinks, root level insider trading (beyond the discord beg of “c’mon guys sweep the floor!”)
It’s not helped by the fact that as a decentralized owner you have no recourse upon sending somebody money, sharing your seedphrase, clicking a link, getting straight up fucking hacked doing everything “the right way.”
It begins with the Pump. Engendering confidence and excitement. A splashy video.
You’ve got to pump it up. Getting people excited enough to want to give you money.
. Like any stock, bond, future, currency you need people to value it and they must have confidence in that it will store value and or appreciate.
Almost always in the hope that it makes more money with a sprinkling of technofuturistic optimism.
TO BE CONTINUED yeah that’s right I published an unfinished article sue me I’ll get around to finishing it!
