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Most Cryptocurrencies Have Always Been This “Scammy”

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Mark Mason

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Most Cryptocurrencies Have Always Been This “Scammy”

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Why do the most scammy and incomplete cryptocurrency projects seem to do so well in the markets?

To the new investor in cryptocurrency, everything might seem so fast-paced and full of wonder. To the old school users who have been around since the Mt. Gox days, however, the current markets might seem frustratingly shallow. Coins still in testnet worth billions, whitepapers with tradable tokens attached being valued more than whole currencies, the whole thing seems to be devolving into one giant scammy mess. Back in my day we ran our own nodes and bought our own alpaca socks with blockchain tech, dammit! Back then it was about the technology!

Actually, no. A couple of commercial experiments aside, it’s pretty much always been this way. The ecosystem has simply become much more evolved at producing its main offerings. And let’s be clear about the two main functionalities provided by cryptocurrency: tech hype and gambling. At this stage, the vast majority of coins are used because of the rush felt by hearing about what their tech can supposedly do, and because of their capacity to be gambled to make a quick buck.

Read more: https://www.dashforcenews.com/most-cryptocurrencies-have-always-been-this-scammy/

 
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