Crypto-Ngonis - Discussing Scams and Playing African music

proofofdaniel (42) in cryptocurrency • 7 years ago

@Benlov and I discuss John Oliver's recent episode on cryptocurrency scams among other things

7 years ago by proofofdaniel (42)

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ijatz (45) · 7 years ago

Hello @proofofdaniel (nothing to do with the Christian Daniel's fast? ;-)) and @benlov, nice to Steem you!

I huuugely appreciate the Ngonis formula of your crypto comments, it's a great mix of data and sounds harmony :-D

BUT I only can diverge when you affirm 99% of the altcoins are scams! It's highly probable some percentage of them will reveal useless, or too unstable, within a 5 to 10 years period, but a bunch of others are already proving their worth and use cases :-)

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2 votes

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proofofdaniel (42) · 7 years ago (edited)

Thanks so much for your comment and glad you are enjoying the mix of music left/right brain integration .. 🎼

I agree that some may last and prove to be useful.... but... At this stage, it's a spectators game and the whole thing is an experiment. I think you may be underestimating the crazy huge number of scams out there. I'd say 99% is an understatement, honestly.. Most of my friends are beginners and I warn them of the cruel nature of this space, as I have been victim to cryptocurrency scams many times.

Securities, stocks and property all make sense to be issued on public blockchains, and I potentially, see some place for experimental utility tokens, like STEEM, which I am invested in.

But, if x cryptocoin can be switched out with bitcoin, eventually, or done without a coin, it will be...

look at dogecoin.. it's is a joke... it always has been and always will be.. but.. it's still worth $450m 😂 ..

so it goes, in our crazy world, where government ponzi money is still the one people like best.

I should clarify, though.. not all these projects are created as 'scams' but they are created and bought by people who generally don't understand the economics of the tokens. Though not necessarily created as a scam, many token experiments may prove be toxic.

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2 votes

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benlov (45) · 7 years ago

Ya man I can see maybe every locality may have a thing... sort of gives locals an edge... (which happens anyway naturally)... incentivizing localness would be relatively sustainable... local coins... most of them prove in the end to be worthless though... you can just copy the old code and call it something new... even I could do it! Haha NoT! But seriously...

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1 vote

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steemitboard (66) · 7 years ago

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