Facts about this "industry"

[3x1t]

- exchanges that don't give a fuck and are not even hiding blatant wash trading, tape painting and spoofing.

- pump and dump groups with thousands of members on telegram dedicated to inflate the value of the coins of their choice and then dump their bags on poor bag holders who fund their gains before they run the thing to the ground.

- hackers who hack websites, wallets, exchanges, smart contracts

- scammers of all kind

- exchanges that will randomly confiscate your money and then you wait for months for customer support response, criminals

- 99% of icos are blatant cash grabs with no useful product or working prototype whatsoever and they are going to fail.

- miners that waste incredible amount of energy to mine mostly worthless funbux, ruin gpu market and occasionally enjoy cheap, even subsidized electricity while providing pitiful amount of new jobs.

- Crypto investors (speculators) who heavily shill their coins and fight with each other like a bunch of retarded children over whose funbuck is the god and which is worthless trash.

- "captains of the industry" who think they're next Edisons or Nikola Tesla while in fact they're making overpriced pogo sticks at best.

Hard, but it is, and do not forget that this is a crypto, a new decentralized world.

Hard to say it's really decentralized. When people speak about decentralization, they ussually omit the most important word regarding this notion: level of decentralization. Is bitcoin fully decentralized? Hardly! 80% of mining capacities are centralized in China. Just one country collected 4/5 of all ASICs. Once mining is banned in China, a huge collapse can happen with pending transactions hanging in the memory pool.
So, be very accurate and careful when you speak about (de)centralized systems.

[TheClownSong]

I am agree that many project dont have real product or just want to grab cash from early investor. I think if we want to make investment, better choose coin or token from reputable exchangers because they wont put their reputation with random project.

[niisarearning]

- exchanges that don't give a fuck and are not even hiding blatant wash trading, tape painting and spoofing.

- pump and dump groups with thousands of members on telegram dedicated to inflate the value of the coins of their choice and then dump their bags on poor bag holders who fund their gains before they run the thing to the ground.

- hackers who hack websites, wallets, exchanges, smart contracts

- scammers of all kind

- exchanges that will randomly confiscate your money and then you wait for months for customer support response, criminals

- 99% of icos are blatant cash grabs with no useful product or working prototype whatsoever and they are going to fail.

- miners that waste incredible amount of energy to mine mostly worthless funbux, ruin gpu market and occasionally enjoy cheap, even subsidized electricity while providing pitiful amount of new jobs.

- Crypto investors (speculators) who heavily shill their coins and fight with each other like a bunch of retarded children over whose funbuck is the god and which is worthless trash.

- "captains of the industry" who think they're next Edisons or Nikola Tesla while in fact they're making overpriced pogo sticks at best.

Above mentioned all points i can see the human greed . Yes this greed never ends . So atleast now i took initiative to oppose ICO or IEO i am doing this in all possible way . Most of the IEO or ICO here to grab money and disappear.

[anatolij.shishkin]

Well, I understand this post says that why do we need cryptocurrency and blockchain, let's move on to the classical market standards.

And that in other financial areas have no problems? There is no fraud, there is no corruption. And other problems? I think nothing has changed, and this is just a living example of what is happening in the world today. And you should not look for a way out in cryptocurrency. This is such a complex tool as investing in other industries.

[ekim88]

No doubt you're absolutely right. Blockchain and everything connected with it is the future, many new features and a step towards progress. But human greed and the desire for instant benefit come to the fore...Unfortunately, this is human nature...cheat and spoil everything...

[masterrex]

In any industry there was an ups and downs and cryptocurrency is not exempted so thats why we better accept the fact. Althought i agree with some of your facts But honestly we cannot do anything about it so we better move forward and ride with flaws or we just quit and leave the space for our own convenience thats my opinion about the facts you wrote!

[Adriano2010]

I think you are almost 100% right, but some exchanges will do almost all they can to protect user funds, but hackers and scammers affect the market because they stole coins and most of them sell once they get coins.

[HELLOFF]

The fact is that the market and companies in general will not give any guarantee, whether there is also a complete analysis of a project.  In the case of exchanges, investors and traders get some degree of security if they try to associate themselves with new coins, such as IEO. 

[memed97]

The fact is that the market and companies in general will not give any guarantee, whether there is also a complete analysis of a project.  In the case of exchanges, investors and traders get some degree of security if they try to associate themselves with new coins, such as IEO. 

Yes, companies and exchanges clearly do not provide any guarantee for everyone, because that is sometimes we need analysis so we can see a good opportunity both in exchange and in a company.

[zuziekatee]

All the above listed points are applicable to this industry ! And on a real note many of these needs to be eradicated to make this space a better one ! Else we will just be revolving around same circles.

[Pet240]

@OP, you have only stated the negative sides of the industry, which i will not debunk, because you are right, but it would have been good if you had balanced things up by also stating the good side of it.
I have the assurance that cryptocurrency is the future and that it will be of great benefit to the entire humanity.

[maxreish]

@OP, you have only stated the negative sides of the industry, which i will not debunk, because you are right, but it would have been good if you had balanced things up by also stating the good side of it.
I have the assurance that cryptocurrency is the future and that it will be of great benefit to the entire humanity.

We can't deny the fact that OP's statements are the disadvantages of cryptocurrencies. It's a fact, right. Exchanges is hardly trusted nowadays. They are hackable. Since we already know this facts, the first thing we can do about it is to accept the reality. Since we are part of this 'imperfect industry OP is talking about, let us just be careful with our actions to prevent scammers and hackers.

I still believe bitcoin will gonna contribute big in our future, those negative sides will be known as a weakness of it but that doesn't mean it will be a hindrance for the success of cryptocurrency. Mankind is accepting this kind of technology so those who complained are still here supporting btc despite of all the negativities.

[bitcoinmar]

I am agree that many project dont have real product or just want to grab cash from early investor. I think if we want to make investment, better choose coin or token from reputable exchangers because they wont put their reputation with random project.

Investing in altcoin with low market cap and thinking with high risks but comes with huge profits. So that's up to the investor who wants to make a lot of money with a small amount or a little profit but definitely reduces the risk

[Wintersoldier]

judging from this post, the conclusion is one - now there is a continuous lawlessness!

That is what you can call an absolute decentralization, I think what matters the most is how people will going to treat the cryptos capability to allow customers and investors to freely trade, or join a particular industry that they wanted to, and there's actually no reason for us to be afraid about it.

[raven7886]

Crypto is going in bad path.
Crypto should have made our life easier but it has turned into a gambling game where one person benefits from others investment.
It's becoming more and more like a slow ponzi or networking game. You bring in new investors and get away with nice profits.

Instead on complaining on what you know y have no control over, why not explore your own opportunity too and see how you can benefit from it. We have so many slums around the world filled with bad people, but inside those slums, we have seen doctors arise, inside those slums, we have seen lawyers, great business men arise and many more.

In this same crypto currency industry that is filled with bad people has you say, you can still make something meaningful out of it if you stop focusing on the negative side of it and see what crypto has done positively to people out there.

[udidrone]

@OP, you have only stated the negative sides of the industry, which i will not debunk, because you are right, but it would have been good if you had balanced things up by also stating the good side of it.
I have the assurance that cryptocurrency is the future and that it will be of great benefit to the entire humanity.

We can't deny the fact that OP's statements are the disadvantages of cryptocurrencies. It's a fact, right. Exchanges is hardly trusted nowadays. They are hackable. Since we already know this facts, the first thing we can do about it is to accept the reality. Since we are part of this 'imperfect industry OP is talking about, let us just be careful with our actions to prevent scammers and hackers.

I still believe bitcoin will gonna contribute big in our future, those negative sides will be known as a weakness of it but that doesn't mean it will be a hindrance for the success of cryptocurrency. Mankind is accepting this kind of technology so those who complained are still here supporting btc despite of all the negativities.

Maybe that negative fact, is good to spread too. I mean, not only good things that we must tell into people who want to jump into this business. But they must understand it's risk and know everything about what they want to invest.

[Kevin77]

I guess the realization that crypto could have been the savior that we all rely on with this horrible economic system that was put in place way before we were born and didn't have say in it but failed to do any of that caused bitcoin to not become a global adopted spending currency.

I am not saying banks did it but banks did profit from it amazingly, we created bitcoin because we wanted crypto currencies to beat the system banks put in place but instead of beating it it became a part of it and now we are yelling the rules are not fair and banks have advantage.

Well, if you think bitcoin could have made you rich and if enough people believe that then yeah banks will use that a lot more and everyone will try to take advantage over you like exchanges and scams and what not. If you use it the way it was intended like a currency instead of like an investment then all of the problems listed would go away in a day.