12 Comments
Mar 28Liked by john sundman

No, I read the whole thing. Twice. So are you saying that the only thing that Piper, in particular, and crypto "projects" in general, do is to turn real world money into Internet Magic Beans, and then cover it all in bafflegab to hide the fact that what they are actually doing is stealing? I mean, you said that you felt like the people that you were working with were earnest, and on the up-and-up, but what is it that they were actually working on that had any utility that justified people paying them real money, beyond enjoyment or gambling? Because, beyond simply stealing, I can't for the life of my figure out what these "projects" actually do that a bank or a Microsoft Access database can do better, faster and cheaper in the real world.

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Sounds like a 21st C Ponzi scheme. BTW did they require that you sign an NDA?

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Mar 19Liked by john sundman

If you haven't seen "Line go up" - https://www.youtube.com/watch?v=YQ_xWvX1n9g&t=3s&ab_channel=FoldingIdeas you really should. It's a bit dated, and focused on NFTs, but it's two hours of great explanation of why all of "crypto" is just one giant scam.

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Yep, just what I thought. Good to have it confirmed by someone with the toolbox to look into it.

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I'll ask you what I ask about every crypto "project" that I encounter: Beyond taking real people's real money and turning into arcade tokens with no real world value beyond the equivalent of the enjoyment of five minutes playing Donkey Kong, what does the "project" actually, a) claim to do, in the real world, and b) actually do? I get the whole claim of, "you can earn yield," but I can do that without all of the hassle of dealing with crypto by just going to a bank. And "be your own bank" comes off as credible as, "be your own brain surgeon."

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