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Comment by 111111101101 | Hacker News Reader

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111111101101·

> If Tether dies, it's the end of cryptocurrency, period.

That's what I thought about MtGox. How wrong I was.

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> That's what I thought about MtGox. How wrong I was.

It's mind boggling how long this has gone on, really. I've been following the crypto scam for like 10 years now and it just keeps going.

It's almost like it's not all a scam isn't it?

The technology may not be but certainly it's hard to argue that a large number of participants in the space are not committing scams.

Or maybe it's just the most brilliant scam to ever be conceived? A ponzy scheme with a built-in rinse and repeat function that also put the final nail in the coffin of the war on drugs. Scam or not, it was a revolutionary idea which was executed perfectly.

It's not even that! It's just that most people seem to have no idea how long most scams are able to run. Bernie Madoff was operating for 17 years before things fell apart, and he was just one man. The layers of scam involved in crypto will take many, many, many more years to unravel.

It doesn't take cleverness, just complexity.

Just wait until you read about John Law's antics in the early 1700s in creating fractional reserve banking & central banks... No way that ponzi scheme could hold up!

And Scientology is not a cult. Something being around for decades is no indication of whether it's legitimate or not.

Oh it’s definitely a scam. It is just an amazingly long running one.

MtGox involved few thousands people. There's more than 100M people at least who speculated on crypto.

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