Yes, Crypto Is All a Scam

https://www.stephendiehl.com/blog/crypto-is-a-scam.html#

by colesantiago • 3 years ago

17 4 3 years ago

smoldesu• 3 years ago

the narrative is based on misrepresentation and is thus a scam.

What a strange, derailed conclusion to a completely logical and largely agreeable premise. The business of commercializing cryptocurrency is a scam - trying to generalize that theory to expand to relatively benign tech is pointless though.

If we follow their line of logic, every abstract risk becomes a scam. Upload a file to the internet? You've been scammed. Tweeted recently? You were scammed too! Installing software is a scam, representing monetary value is a scam, even writing blogposts is based on useless, abstract qualitative info.

At some point we have to concede that misrepresentation is part of designing technology. We misrepresent the "save" icon as a floppy disk to make it's visual metaphor more iconic than an SSD or HDD pictogram. That doesn't dilute it's meaning or make the save button a "scam" too, it's just a suitable abstraction for achieving a goal. Bitcoin is that - deeply flawed in it's own right, but it does what it says on the tin. It's price fluctuates so frequently that it might as well be worthless, and the UX is uglier than a can of spam, but it's not a "scam" for simply existing.

_5uxp• 3 years ago

Just to add some fact, the writer of this garbage has a love relationship with crypto haters here. Doesn't matter what he wrote, as long as it says scam this that, it gets votes.

1970-01-01• 3 years ago

Its not all a scam. What it is, is a scam enabler. Perhaps buying some weird socks[1] using crypto would help ease everyone's hot take.

[1] https://www.mtsocks.com/Socks

nikolay• 3 years ago

Can't agree more! At best, it's a financial demagogy.

Yes, Crypto Is All a Scam

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