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El Salvador's crypto experiment ends in failure

(www.economist.com)
151 points jcartw | 1 comments | 09 Mar 25 21:58 UTC | HN request time: 0.353s | 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. Smithalicious ◴[10 Mar 25 23:56 UTC] No.43327620[source]▶
I also used to work in crypto professionally and quit over the clown show, but personally I saw lots of stuff that wasn't scams. There were a lot of scams though, very low ethical and professional standards across the board, just tons of stupidity and nativité... But even then there's tons of stuff possible that at least on philosophical principle I'm still really bullish on, and tons of interesting cryptographic tech is still coming out of there that will find a good home eventually.