An inconvenient fact: the most practical - and a very commonly used - use case for cryptocurrencies is to run Ponzi schemes, and cash in from them.
Someone creates a new currency, promotes it, and those getting in early make massive profits, at the expense of later customers.
Someone creates a new currency, promotes it, and those getting in early make massive profits, at the expense of later customers.
Ponzi schemes are typically banned by governments when too many people lose money - which eventually always happens.
The unregulated and cross-border nature of crypto is the reason these schemes can go ahead.
A history of Ponzi schemes: en.wikipedia.org/wiki/List_of_P…
The unregulated and cross-border nature of crypto is the reason these schemes can go ahead.
A history of Ponzi schemes: en.wikipedia.org/wiki/List_of_P…
An example of a Ponzi scheme is Techlead creating a coin that has all characteristics of a Ponzi scheme. There's no value in it beyond buying early enough, then selling it.
The person making a profit of millions? Who created this useless coin: Techlead.
The person making a profit of millions? Who created this useless coin: Techlead.
When I was in London weeks back, several crypto tokens were advertised on the tube. All of them Ponzi schemes - or shitcoins, as they’re called.
Crypto Ponzi schemes are a major hurdle in crypto going mainstream. Once you got scammed, will you trust crypto or regulated players?
Crypto Ponzi schemes are a major hurdle in crypto going mainstream. Once you got scammed, will you trust crypto or regulated players?
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