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El Salvador's crypto experiment ends in failure

(www.economist.com)
151 points jcartw | 3 comments | 09 Mar 25 21:58 UTC | HN request time: 0.557s | source
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blindriver ◴[10 Mar 25 00:21 UTC] No.43315446[source]▶
I worked at a crypto company and left after I realized that 99% of crypto are scams. Either people get rugpulled or they get their wallets emptied by scammers, and I don't think Apple would have survived if the iPhone was a hotbed of scams. There's a tiny sliver of activity which isn't purely scams, like BTC or ETH but even then there's almost no real use case except the Greater Fool Theory, and I just don't think that's sustainable. I think at some point the entire industry is going to get rugpulled because there's still no inherent demand except selling it to someone else for more money.
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1. brianwawok ◴[10 Mar 25 00:22 UTC] No.43315460[source]▶
Yup. A lot of people got rich, but I can’t see it lasting much longer
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2. daveguy ◴[10 Mar 25 00:57 UTC] No.43315714[source]▶
Like I told my family recently:

I think people are going to start realizing that there's a lot more invested in crypto than it's worth. Trump putting the federal government behind a crypto reserve didn't intice new investors/investment. Not sure where the bottom is, but we might find out sooner than later.

The people who want crypto have it. The people who recognize it's not worth the lack of fraud regulation/protection and instability aren't going to suddenly start buying.

3. blindriver ◴[10 Mar 25 01:44 UTC] No.43316111[source]▶
> but I can’t see it lasting much longer

I said this back in 2012, and I've been waiting ever since... That's why I decided to join the crypto company but left after seeing it from the inside of the actual space.