I hate the current state of crypto.

[bladee4r]

Hi, a user messaged me about crypto and I wanted to put my response out to you guys on my current views of crypto, and possibly see what you guys think or hope to inform you guys somewhat. I would tag them, but maybe they don't want that. If they want to comment below they can.

The truth is, I am infatuated with crypto - but not at its current state. I envision a world in the future with neon lights and cool sunglasses we wear at night with intelligent displays, 3d holograms lighting up our steps and a cyberpunk-esque life - where everything is completely intertwined with crypto - you will pay for a hooker at a bar in crypto, the flying taxi back home in crypto, the new cyber-attachment that makes you fly with crypto...

But seriously, right now too few people understand the mechanisms and foundations crypto is built upon. This is not the fault of anyone though, any new development will take time for everyone to adapt to and learn, this is the process we must go through for every new advancement. But, many are so gullible to fall into the trap that people are setting with these stupid new coins. I know this, because I was once involved a private upper circle of pump and dump scheme but even I was scammed for over 10k USD by the others. I should never have gotten involved because it was against everything I think, but even I was enticed by the great earnings that is promised.

The whole side of crypto world is just nasty and disgusting right now, with everyone manipulating each other. All of these key buzz words they use like "shilling" "paper hands" "shill team" - they have turned it into meaning something else, I hate it. The owners of these new coins will make a telegram, make a private "shilling group", indoctrinate uneducated people to hate on "paper hands people".

Have you ever heard of that bull**** where they say we are a "community powered group"???? WTF does that even mean?? Nothing -- but, combined with promises of riches, it is a great buzz word for people who originate from a lesser developed country, with low English speaking skills. And, this is exactly the group of people that are commonly preyed upon by these groups.

This part of it truely disgusts me, moreover because I am so infatuated with crypto that it hurts to see it have developed such an awful underground side.

I think BSC (binance's own dev tool to make coins on) was a complete mistake because it has allowed for such scams to be so easily replicated on an increased user base with minimal knowledge on how crypto actually works.

Actually, there was a story I read the other day of a 17 y/o girl in Thailand, who had just inherited around 3000 usd from her dead father. Her mother was in ICU for COVID-19, and desperate to help her mother she deposited the remaining money into a crypto group. She said she could no longer contact that group, and you could imagine her whole world fell apart. She turned to robbing a jewelry store for over 15000 usd worth of gold by showing the cashier a knife. Imagine what awful surroundings you must have to get to that level. Now everything in her life is compromised. Yes, it was her choice. But she is a perfect example of the desperate user base that is being preyed upon and specifically targeted by these groups.

How are they preying on these groups? Well, that is easy to see. If you were in any of these groups and allow yourself to be added to other groups (a setting on Telegram), you will get added on hundreds of groups all intertwined with pump groups, and lots for India and Thailand (no disrespect to those countries - I love those countries, but there is lots of poverty that can be preyed on). You can see new users asking questions in broken english, and the Admins or "shillers" will answer things like "just hold it you will make money!" They show screenshots of graphs and promise it would go up... then ... the telegram group disappears into the shadows...

This is my current view on it, I think crypto is an amazing thing I just have an extreme distaste for the people who are taking advantage of others and abusing the anonymity and decentralized situation.

This abuse of decentralization is PROVING that we cannot function WITHOUT a centralized group governing over us ----- which is the EXACT basis crypto was developing hoping to prove - that WE CAN function without centralization. Crypto was created to allow us to maintain our independence in an increasingly technologically intermixed world, and it is a shame to see this independence being abused, like crabs in a bucket...

 

[SocialManager]

The technology and features that make it so great also present incredible risks to the average person. However, this is true of basically all new technologies. The safety features have to catch up. Think about how amazing the internet is. We can have effectively instant, effectively free conversations and share ideas like this, but then think of all the horrible things that happen on the internet.

 

[bladee4r]

Thanks mods for moving to correct forum. Apologies

 

[kingvestor]

Same with NFT world, scammers now move to NFT assets and trick uninformed people of false promises. Most of these digital assets are garbage, government and influencers must step up, or else people will distrust all digital assets

 

[Bots-Scrapers]

Do not invest somewhere you do not like to. Where is money there is spammer / scammer. It will always be like that

 

[Dopious]

I miss e-Gold, I was really glad when crypto came around, then crypto took the edge of it and became a fckn investment train, and not the decentralized dream I had .. disapointed as fck now .. even if I made a shitload of cash in the begining, this was not the master plan for crypto, in my eyes ..

 

[roydan]

This abuse of decentralization is PROVING that we cannot function WITHOUT a centralized group governing over us ----- which is the EXACT basis crypto was developing hoping to prove - that WE CAN function without centralization. Crypto was created to allow us to maintain our independence in an increasingly technologically intermixed world, and it is a shame to see this independence being abused, like crabs in a bucket...

The point of decentralization is there isn't anyone at the top. These group are the exact opposite. Most cryptocurrencies are centralized, like 99% if not more.
The crypto world is far from being decentralized, look even at ETH.

When people talk about decentralization, they usually speak about BTC. The lightning network makes it possible for bitcoin to be used as a day to day currency. Now it's up to us to start.

 

[cosmo89]

Rich People are dump enough to pay thousands of dollars for a jpeg file that have no use care in real world. This week opensea had massive fraud problem by their employee and SEC is already all over them now. This is not a great step for future of crypto world.

Only thing we can do is, stop buying these useless stuffs, buying coins because elon musk tweets, buying without any knowledge about the coin.

Start with basics, learn about the team and bet on their future.

 

[bladee4r]

The point of decentralization is there isn't anyone at the top. These group are the exact opposite. Most cryptocurrencies are centralized, like 99% if not more.
The crypto world is far from being decentralized, look even at ETH.

Yes, you're right in that aspect. I was regarding more the definition of decentralized like "laissez faire" or hands off, the Adam Smith concept where there is free of Government manipulation. But yes you are right too.

Start with basics, learn about the team and bet on their future.

Yes.

 

[davids355]

Thread moved to El Salvador.

 

[hYpeZz]

Either we go up or we go down, it's easy

 

[bladee4r]

Either we go up or we go down, it's easy

yes but the problem is people being convinced it's going up when it is planned to go down

 

[JavascriptPufferfish]

I feel like we are total opposites on this lol

. I envision a world in the future with neon lights and cool sunglasses we wear at night with intelligent displays, 3d holograms lighting up our steps and a cyberpunk-esque life

We can have this without crypto haha.

right now too few people understand the mechanisms and foundations crypto is built upon. This is not the fault of anyone though, any new development will take time for everyone to adapt to and learn, this is the process we must go through for every new advancemen

To be fair, too few people understands finance, and that has been around molding our lives for a long long time. People has limited time and energy; they would rather trust that the world will keep spinning even without understanding how it spins because there are more urgent businesses like paying rent. I am not different btw; it's not like I bother understanding in detail the human body that keeps me alive, for example.

. I know this, because I was once involved a private upper circle of pump and dump scheme but even I was scammed for over 10k USD by the others

If they bothered doing all the required work to scam you for "just" 10k, they probably weren't that upper class, more like middle class? It's a lot for us common folks, but 10k is pocket money for real crypto players.

The whole side of crypto world is just nasty and disgusting right now, with everyone manipulating each other. All of these key buzz words they use like "shilling" "paper hands" "shill team" - they have turned it into meaning something else, I hate it. The owners of these new coins will make a telegram, make a private "shilling group", indoctrinate uneducated people to hate on "paper hands people".

I actually love this. That dark forest feeling, old west vibe. So much edge to be had. And I say it as a very small player, the very definition of prey.

Actually, there was a story I read the other day of a 17 y/o girl in Thailand, who had just inherited around 3000 usd from her dead father. Her mother was in ICU for COVID-19, and desperate to help her mother she deposited the remaining money into a crypto group. She said she could no longer contact that group, and you could imagine her whole world fell apart. She turned to robbing a jewelry store for over 15000 usd worth of gold by showing the cashier a knife. Imagine what awful surroundings you must have to get to that level. Now everything in her life is compromised. Yes, it was her choice. But she is a perfect example of the desperate user base that is being preyed upon and specifically targeted by these groups.

What happened to that girl is horrible but let's be real. If 3k wasn't enough and her mother's life was on the line, she was going to end in a very bad place even without crypto. With crypto, she at least had a chance of buying DogAss coin and making a x50. Not recommendable, but it's there, and it's not anywhere else. If anything, I blame it on her country not providing correct social health care to her mother, rather than on crypto. Other members will diss me for this, but I find it disgusting that in 2021 free universal health care is not a thing. No one should be forced into impossible situations for health reasons, not in 2021.

This abuse of decentralization is PROVING that we cannot function WITHOUT a centralized group governing over us ----- which is the EXACT basis crypto was developing hoping to prove - that WE CAN function without centralization.

Not like the "centralized group governing us" thingy is working that much better. Corruption, economic foul play and many other problems are and have always been rampant. For each evil you can find in crypto, you can find 2 in mainstream finance. If anything, this proves that there are not yet systems that work perfectly from out of the box; we have to go out and fight to make them work.

 

[bladee4r]

We can have this without crypto haha.

Yes but crypto might make it a lot more cool and futuristic

To be fair, too few people understands finance, and that has been around molding our lives for a long long time. People has limited time and energy; they would rather trust that the world will keep spinning even without understanding how it spins because there are more urgent businesses like paying rent. I am not different btw; it's not like I bother understanding in detail the human body that keeps me alive, for example.

Yes, that is a great example. And it is right. It is not just crypto they don't understand but finance as a whole. On this, it can even be considered that people would be better off sending their finances to someone to manage it.

But, wouldn't that null the whole attractiveness of the independence of crypto?
Are people at fault when faced with this independence?
Are people unable to be trusted on their own when it comes to looking out for themselves?
Thus, must we have a central government making sure every pigeon eats the right grain - every hamster spins the right wheel?

If they bothered doing all the required work to scam you for "just" 10k, they probably weren't that upper class, more like middle class? It's a lot for us common folks, but 10k is pocket money for real crypto players.

I worded this wrong. I didn't mean upper circle of the crypto world, I just meant like upper circle WITHIN the group as a whole.

What happened to that girl is horrible but let's be real. If 3k wasn't enough and her mother's life was on the line, she was going to end in a very bad place even without crypto. With crypto, she at least had a chance of buying DogAss coin and making a x50. Not recommendable, but it's there, and it's not anywhere else. If anything, I blame it on her country not providing correct social health care to her mother, rather than on crypto. Other members will diss me for this, but I find it disgusting that in 2021 free universal health care is not a thing. No one should be forced into impossible situations for health reasons, not in 2021.

Yes, she could have gotten x50 on some coin like this. Now though, 1000 other coins are going to be like "we are the new DogAss"! Basically telling users their success will be replicated etc... Same thing happened to doge, all these "new doge coin"s were made which aimed to compound on the success dogecoin had. And the healthcare problem... lets not get into that, there's difficulties for developing countries to impliment these types of things (brain drain concept to name one) but that's a different topic and much much more complicated...

Not like the "centralized group governing us" thingy is working that much better. Corruption, economic foul play and many other problems are and have always been rampant. For each evil you can find in crypto, you can find 2 in mainstream finance. If anything, this proves that there are not yet systems that work perfectly from out of the box; we have to go out and fight to make them work.

Well, that's exactly it. There IS corruption in mainstream finance which is why we NEED crypto and its rapid adaptation. But the problem is mainstream analysts, politicians, etc are going to use these examples AGAINST the mainstream adaptation of crypto - they will box crypto with these scams and sum up its reputation to these untrustworthy dealings. If's like people criticizing video games for turning people into criminals. Well, those people were probably going to be criminals with or without video games. It's the same as people were going to be scammers with or without crypto. But yes, we need to fight and make it work.

 

[RottenApple]

This is normal stuff, my man. I am sure people got scammed trading potatoes back in the day.
Crypto will also evolve into a brighter and more secure future.

 

[Willyfish]

This abuse of decentralization is PROVING that we cannot function WITHOUT a centralized group governing over us ----- which is the EXACT basis crypto was developing hoping to prove - that WE CAN function without centralization. Crypto was created to allow us to maintain our independence in an increasingly technologically intermixed world, and it is a shame to see this independence being abused, like crabs in a bucket...

Your conclusion proves your point very well.

Cryptos are absolutely out of control, and it made crypto fail because it became an instrument of abuse and manipulation more than anything else.

Check the first cryptos videos that you see on youtube, it's all about pump and dump, which is supposed to be illegal by the way...

I agree with everything you said, it's used to abuse people in a very very dark way and no other instrument was ever used at this level of manipulation for desperate people.

 

[razorsharp]

crypto, porn and social media.

the downfall of civilization.

 

[Willyfish]

crypto, porn and social media.

the downfall of civilization.

The thing is that it could be used in a healthy way if absolute profit and scam was not used with all these 3, including porn yes...

Crypto's problem has been resume pretty well by OP and he put a lot of effort into his post.

Porn in the 80's was a lot more innocent and used to distract people and masturbate. Not to tend toward torture porn or all these crazy stuff we see today.

Social Media was a way to connect with people and a way to inform people about the local infos in a microcosm in their country. It now became a network to promote and influence (hence the term influencer) people to convert to ideologies, lifestyle or products and I guess we are all contributors to this downfall on this forum.

I like social media but I am older so it's not so damaging on me so much but it has definitely some crazy effects on young people and not very positively I think (let's wait 10 years again to see where it is leading us...)

 

[Windnfire]

crypto, porn and social media.

the downfall of civilization.

Crypto doesn't fit the conditions, better to say gambling and gaming)

 

[MisterF]

The thing is that it could be used in a healthy way if absolute profit and scam was not used with all these 3, including porn yes...

Crypto's problem has been resume pretty well by OP and he put a lot of effort into his post.

Porn in the 80's was a lot more innocent and used to distract people and masturbate. Not to tend toward torture porn or all these crazy stuff we see today.

Social Media was a way to connect with people and a way to inform people about the local infos in a microcosm in their country. It now became a network to promote and influence (hence the term influencer) people to convert to ideologies, lifestyle or products and I guess we are all contributors to this downfall on this forum.

I like social media but I am older so it's not so damaging on me so much but it has definitely some crazy effects on young people and not very positively I think (let's wait 10 years again to see where it is leading us...)

Porn in the 80s was magazines or films, there was nothing online.

Social media has made scamming buyers a million times easier. Decades ago the boiler room type scams were done by phone, adverts in magazines or mail through your postbox. It cost the scammers a lot more financially as well as was more labour intensive.

Now all it needs is a few accounts on social media, tweets from cloned famous accounts and people pile in thinking they dare not miss out.