Subnostr

Watching Bitconned about Centra Tech during the 2017 ICO shit.

I saw this same story play out 100 different times. Over and over and over again.

Cryptocurrency has just been speed-running every security and financial scam from the 150 years that preceded it.

When you look at how absolutely crazy it gets, the specific technology play narrative doesn't even matter. You could have recreated the same scenario, if you gathered every slimy douchebag on Earth in a Zoom call and got then to all agree to start hyping portable quantum computing or AI dog translation boxes or, I don't know, algorithmically stable digital dollar assets. You would get the same outcome! Nothing valuable gets made; people get robbed.

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Discussion

Rich Nost 2y ago

All you had to do was create enough smoke and saturate the system with scams, and it would take years for any regulatory body to even know where to start. It was like they DDOS'd society with scams.

Rich Nost 2y ago

If you read about the South Seas Bubble, you realize how nothing is actually new.

Picture this: You're some low level street hustler in 1720 England. You have one large scrap of paper to your name. You cut it up, number each chit, and scribble some worthless illegible gobbleygook on it. You walk into a random pub, stand on the table and declare that you are accepting offers for shares in a profitable trade adventure overseas in America. People scramble to trade their actual money for your pieces of paper, and by the next morning, you are on your way to another town miles away to run the same story on a whole new set of rubes.