Get the latest tech news
Yes, Crypto Is All a Scam
Personal Blog
Whether huge valuations for “nothing” tokens came from simply pumping up the market price of old school cryptocurrencies or creating complex DeFi (Decentralised Finance) structures, the belief in the value of Nothing makes is easy to lose sight of the fact of the underlying reality: it is the inflow of real money rather than “the technology,” “the community,” “the network” or “freedom” that gives crypto assets value." It’s a form of consumption and entertainment, and while a Keynesian beauty contest for dog-themed lumps of nothing is genuinely bizarre, there’s no a priori rationale that it’s any more weird or arbitrary than poker or betting on a bunch of blokes kicking a football around a pitch. Crypto is a morbid symptom of a society obsessed with wealth and so disheartened by the lack of opportunities for upward mobility that they spend their meager savings gambling on lumps of nothingness; however, their participation in the market only enriches the casino and inevitably deepens their conditions of despair.
Or read this on Hacker News
