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> A lot of people are saying that crypto is a scam because there are malicious actors in the industry.

Perish the thought. It doesn't even take any malicious actors to be a scam. It's a new kind of scam: a Nakamoto Scheme.

To your https://prestonbyrne.com/2017/12/08/bitcoin_ponzi/

> victim factories, which in the next crash will produce hundreds of thousands of howling investors with little formal legal recourse due to four years of inaction on the regulators’ part.

How did we get here? As https://davidgerard.co.uk/blockchain/2018/04/05/debunking-bu... points out:

> It’s been nine years. Nobody has a practical use case for blockchains proper.

It's now closer to ten. Same article:

> Git gives you pretty much everything offered by the business case for blockchains. The one thing it doesn’t do is add a ridiculously wasteful proof-of-work mechanism for who’s allowed to add transactions to the <s>blockchain</s> repository

Now, this leads to your second statement:

> Don't let these small bumps distract from the greater picture and all the amazing work the developers at Ethereum, Bitcoin etc are doing.

Which is what?

This ties back to it being a scam: without a practical use case, it lacks any intrinsic value and the only reason people temporarily paid a lot for it were downright scams (Tether), hodl zealots, other hype. It won't take a few more years and it'll settle on its true value which is zero.

ps. The Washington Post already in 2015 summarized this madness:

> So the Bitcoin faithful have tried to not only convert people, but also convince them to martyr themselves, financially-speaking, for the crypto cause. It goes something like this. - Hey, do you want to hear about the future? It's a digital currency called Bitcoin that lets you spend or move your money online without paying any fees. - Sounds great. How does it do that? - Well, Bitcoin saves you money by making transactions irreversible. - So ... if I get scammed, I got scammed? There's nothing I can do about it? - Yes. - Okay, but is it at least easy to use? - The thing is, I don't actually use it. I just hoard it. I'm waiting for some greater fools to push up the price by using theirs. - Oh. - Yeah. So you should buy some Bitcoins and use yours. - I'll get back to you on that.

Of course, you could call all these "Bitcoin faithful" malicious actors if you so want...




Ps. I just stumbled on a new McKinsey report (published on January 4, 2019) https://www.mckinsey.com/industries/financial-services/our-i... which has this:

> despite billions of dollars of investment, and nearly as many headlines, evidence for a practical scalable use for blockchain is thin on the ground.




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