<
https://doctorow.medium.com/wework-founder-raises-70m-for-blockchain-based-voluntary-carbon-credits-fe0cdf2b0a29>
"Even crypto’s biggest boosters admit that the industry has a scam problem.
This is especially hard to deny now that hundred of billions of (real) dollars’
worth of (fake) “stablecoins” have gone up in smoke.
Crypto apologists will tell you that there are scams everywhere, and they’re
not wrong. The productive economy has been systematic dismantled and replaced
with financialized grifts: private equity, REITs, SPACs, MLMs, ad-fraud, and
monopoly. That means the only way to save for retirement, health emergencies or
your kid’s college education is to roll the dice in a crooked casino where the
house always wins:
<
https://pluralistic.net/2022/05/23/you-got-spacced/#the-house-always-wins>
But even at this moment of peak scam, crypto stands out as
especially scammy.
There are some structural factors behind that. For one thing, crypto is complex
— in fact, it’s doubly complex, because things like smart contracts can only be
truly understood if you can read source-code
and a prospectus, and most
people understand neither.
Complexity is a fraudster’s best friend. Any time someone adds complexity to a
proposition bet (“I’ll pay you X if Y happens”), you should assume that the
complexity exists solely to obscure the true odds and rope you into a sucker’s
wager"
Via Susan ****
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
