And yet you take the time to post about a dying coin. What does that say about you?
That he hasn't seen the similar chart for Bitcoin, no?
Topic: NXT coin - A total scam? - page 2. (Read 49720 times)
That he hasn't seen the similar chart for Bitcoin, no?
Monsieur is a very skilled necromancer!
All year long, the market has been saying NXT is a total scam.
Look at the chart. That's what a dying coin looks like.
After all the hype and glittering promises NXT is still useless for anything except creating and dumping scam assets like j777hodl.
Look at the chart. That's what a dying coin looks like.
After all the hype and glittering promises NXT is still useless for anything except creating and dumping scam assets like j777hodl.
And yet you take the time to post about a dying coin. What does that say about you?
There are lots of threads over on the NXT boards whining about lack of distribution by the stakeholders.
It seems that someone unnamed created 1 Billion of these NXT coins and gave them away to 71 other people, though, where is the proof that these 71 individuals are actually real and not a close group of friends of the developer with 71 different forum aliases?
Assuming the 71 stakeholders are legit, then to create these 1 Billion NXT the developer apparently had donations of 21 BTC from these stakeholders. That puts the value of 1 Million NXT at 0.021 BTC at inception.
One issue seems to be that the stakeholders are nothing to do with the 'project' - they are merely 'lucky' forum users that got in early and happened to read the initial post announcing NXT. They are only in it to speculate and make a quick buck.
Right now, the 'stakeholders' are selling off NXT at 6 BTC per million. That's 300x the initial investment.
This is based on the promises of this NXT coin. It is apparently BTC 2.0 with fancy new features etc, however source code has not been released and the majority of the features don't work. You can't even divide the coins by any decimal places yet. The client is VERY alpha/beta and it has numerous bugs.
So, where's the evidence that this coin isn't a massive scam to create something fake and sell it off for 6000 BTC?
It seems that someone unnamed created 1 Billion of these NXT coins and gave them away to 71 other people, though, where is the proof that these 71 individuals are actually real and not a close group of friends of the developer with 71 different forum aliases?
Assuming the 71 stakeholders are legit, then to create these 1 Billion NXT the developer apparently had donations of 21 BTC from these stakeholders. That puts the value of 1 Million NXT at 0.021 BTC at inception.
One issue seems to be that the stakeholders are nothing to do with the 'project' - they are merely 'lucky' forum users that got in early and happened to read the initial post announcing NXT. They are only in it to speculate and make a quick buck.
Right now, the 'stakeholders' are selling off NXT at 6 BTC per million. That's 300x the initial investment.
This is based on the promises of this NXT coin. It is apparently BTC 2.0 with fancy new features etc, however source code has not been released and the majority of the features don't work. You can't even divide the coins by any decimal places yet. The client is VERY alpha/beta and it has numerous bugs.
So, where's the evidence that this coin isn't a massive scam to create something fake and sell it off for 6000 BTC?
All year long, the market has been saying NXT is a total scam.
Look at the chart. That's what a dying coin looks like.
After all the hype and glittering promises NXT is still useless for anything except creating and dumping scam assets like j777hodl.
i think NXT has reached a new SCAM level with its upcoming 1.5 release...
i think the nxt devs are just pumping up nxt by releasing new versions to keep up with the hype. epic scam in the making.... don't trust it...
do your own homework of course... try installing nxt and judge for yourself.
i think the nxt devs are just pumping up nxt by releasing new versions to keep up with the hype. epic scam in the making.... don't trust it...
do your own homework of course... try installing nxt and judge for yourself.
I'm detecting epic irony here, tbh.
Maybe a little bit near the knuckle for the sensitive among us.
i think NXT has reached a new SCAM level with its upcoming 1.5 release...
i think the nxt devs are just pumping up THE JAMnxt by releasing new versions to keep up with the hype. epic scam in the making.... don't trust it...
do your own homework of course... try installing nxt and judge for yourself.
i think the nxt devs are just pumping up THE JAM
do your own homework of course... try installing nxt and judge for yourself.
sure, here we go...
https://www.youtube.com/watch?v=9EcjWd-O4jI
i think NXT has reached a new SCAM level with its upcoming 1.5 release...
i think the nxt devs are just pumping up nxt by releasing new versions to keep up with the hype. epic scam in the making.... don't trust it...
do your own homework of course... try installing nxt and judge for yourself.
i think the nxt devs are just pumping up nxt by releasing new versions to keep up with the hype. epic scam in the making.... don't trust it...
do your own homework of course... try installing nxt and judge for yourself.
either you are a totally deranged moron or you are practising some really sophisticated irony.
I browsed some of your earlier posts where you praised the Nxt platform and already advised ppl to install and judge for themselves.
quite the equivocator ain't we?
i think NXT has reached a new SCAM level with its upcoming 1.5 release...
i think the nxt devs are just pumping up nxt by releasing new versions to keep up with the hype. epic scam in the making.... don't trust it...
do your own homework of course... try installing nxt and judge for yourself.
i think the nxt devs are just pumping up nxt by releasing new versions to keep up with the hype. epic scam in the making.... don't trust it...
do your own homework of course... try installing nxt and judge for yourself.
Right..
So let me get this straight, while damn near every alt created is hyped by pump and dump groups, pumped to the moon, and then abandoned, NXT keeps innovating and driving forward despite price and constant fudding.
..and NXT is the scam.
You're clueless.
i think NXT has reached a new SCAM level with its upcoming 1.5 release...
i think the nxt devs are just pumping up nxt by releasing new versions to keep up with the hype. epic scam in the making.... don't trust it...
do your own homework of course... try installing nxt and judge for yourself.
i think the nxt devs are just pumping up nxt by releasing new versions to keep up with the hype. epic scam in the making.... don't trust it...
do your own homework of course... try installing nxt and judge for yourself.
AltcoinUK: "I am a experienced software professional"
LoL, at most you are a experienced lier and professional troll
you have zero (maybe it is even less) technical understanding of coding.
LoL, at most you are a experienced lier and professional troll
you have zero (maybe it is even less) technical understanding of coding.
LoL ! altcoinUK's word against Daedelus.
Who's should I take as genuine ?
Lets see. In my experience one's a loudmouth cryptocurrency trainspotter who's most constructive contribution to this industry is finding endless new subjects on bitcointalk to use as target practice for his over-active pea-shooter.
The other's one of the most hard working, dedicated and respected people in crypto.
Right, it's clear I don't have to stop too long in this thread to know whats going on
Bye !Now, that's typical. I came here by bringing to the table a totally objective, unbiased, fair and factually accurate analysis about this NXT nonsense by saying that the handful cheerleader wankers of this thread - who maniacally attack critical opinions about NXT - try keep the status quo of bringing new money from naive investors and idiots who are willing to invest in this failing operation. And then, you reply with a personal attack to my constructive and polite input. I am totally shocked from your trolling and personal attack.
On the serious note, let me explain you what is happening, especially that I understand that usually you are having difficulties to get your head around of the true nature of a crypto project.
Yes, Daedelus is hard working all right - he works hard in maniacally trolling and attacking critical opinions, and I am sure you would agree that such behaviour is typically the first sign of a scam. If you do stock and angel investment in real world like I do then I am sure you agree that the strong indicator of a shady operation is when hyper active individuals (like Daedelus) are being deployed to troll out and discredit any critical voices. Ironically, the so called hard work of NXT cheerleaders is rather counter productive as their trolling rings more alarms and triggers more and more scepticism.
As for the subject of the hard work, it is an entirely different and indeed tragicomic matter. In this case the hard work means to protect a digital currency that is used by absolutely no one in real world use cases, try to bring new money from naive and newbie investors so the existing asset holders can keep dumping on the market as well as try to justify the shady IPO of a few anonymous wankers (please do not bother with your usual Satoshi is anonymous as well argument as Satoshi was not asking your money in a shady IPO nor in any other form).
You see, sometimes hard work results in very little productivity and minimal tangible/intangible result - in the case of NXT the hard work will result nothing except in a digital excrement and disappointment in the form of financial losses (for the late comers). The Maasai people of the Serengeti desert work hard as well, they walk all day to collect 10 gallon of water, but can you say their work is productive? Probably not, the hard work (even the decent one of the Maasai people) is not always the synonym of a productive operation. Bernard Madoff worked very hard too just like the NXT cheerleader trolls work tirelessly to keep the new money flow in going. Anyway, I apologize to the decent Maasai tribe to mentioning them together with the NXT trolls, not to mention, the shit that comes out from the goats of the Maasai people has been significantly more useful for mankind than this digital excrement NXT has been and ever will be.
Other issue obviously that the asset environment - one of the unique selling points of NXT - is a completely nonsensical proposition. Not that decentralized share offering and trade is a bad idea (though the lack of regulations on a decentralized share exchange is a valid concern), but it is simply illegal in all major economies, especially in the US it is classified as an illegal securities offering. Never mind, the "hard working" NXT cheerleader brigade work tirelessly to convince newbies and naive investors by promoting this illegal nonsense as a USP and a viable proposition.
Also, there are integrity issues. Even your BitBay cult leader the legendary David Zimbeck (who pulled out the biggest scam of 2014 with Bobby & Bter) has more integrity than this bunch of shady IPO cheerleaders could ever have. That's combined with the fact that super talented charlatans like jl777 aka James collect US$ 5 million for vapourwares under the umbrella of NXT should make this NXT shit a big NO-NO for any rational persons.
Finally and most importantly and which is pissing me off mostly, that the NXT cheerleader wankers try to discredit Bitcoin and Satoshi day after day by presenting this pile of shit on the market as the replacement for Bitcoin. Now, the enough is enough.
That's all my good friend and let me know if you have any questions.
https://bitcointalksearch.org/topic/m.9308218
Yes. Read back this thread, and you will see. Since I am an experienced software professional I had plenty of suggestions about implementing decentralized features, especially in the area of smart contracts and about the software general ... but you know that very well, you remember that discussions in August when many of us suggested here in quite lengthy discussions to progress with decentralized features (not lame ideas like the decentralized cloud but in more sensible areas), and of course you are just trolling here right now by asking me if I have any better ideas.
Now wonder this coin is at 9k and there are no real prospects to improve. The leadership of 25 years old students like yourself and wannabe CEOs like that Jay Jay boy with zero business, software and leadership experience naturally results in a stagnating price.
There are a few people like Scott, Kevondo, Lootz who does something that brings forward the coin (the Radio and web site are great assets of the coin), but you loud cheerleaders brings nothing to the table except arrogance.
Rule one, if you want to make money boy, you need to start listening what more experienced people got to say about the operation. If you would listen me about Moolah or the software development strategy in July and early August then you would save quite a few disappointments for the community, the price wouldn't be at 9K, more importantly you would not need James' partnership because vericoin could collect that money without James.
Yes. Read back this thread, and you will see. Since I am an experienced software professional I had plenty of suggestions about implementing decentralized features, especially in the area of smart contracts and about the software general ... but you know that very well, you remember that discussions in August when many of us suggested here in quite lengthy discussions to progress with decentralized features (not lame ideas like the decentralized cloud but in more sensible areas), and of course you are just trolling here right now by asking me if I have any better ideas.
Now wonder this coin is at 9k and there are no real prospects to improve. The leadership of 25 years old students like yourself and wannabe CEOs like that Jay Jay boy with zero business, software and leadership experience naturally results in a stagnating price.
There are a few people like Scott, Kevondo, Lootz who does something that brings forward the coin (the Radio and web site are great assets of the coin), but you loud cheerleaders brings nothing to the table except arrogance.
Rule one, if you want to make money boy, you need to start listening what more experienced people got to say about the operation. If you would listen me about Moolah or the software development strategy in July and early August then you would save quite a few disappointments for the community, the price wouldn't be at 9K, more importantly you would not need James' partnership because vericoin could collect that money without James.
A quick price check ... wow, a massive 4 BTC volume on the market and the price is 6K.
Keep up the good work VRC developers, as you said VRC will replace Bitcoin, it seems it's happening!
I think you could be quite right that Ethereum is very far from the actual release. Great academics usually aren't good in delivery.
Nxt has something, I have not seen the source code from Qora and Via has not released anything yet. I guess it is more difficult to say than get done. The say did the 600 BTC trick for Via, we'll see whether he can get it done.
lol! so which one is it- Vericoin a scam or not? Nxt a scam or not?
Please go on, you make me laugh! or wait- how about you give me your Vericoin bag and I HODL it for you for a while?
definitively: yes.
Are you a miner by a chance? LOL
definitively: yes.
...you reply with a personal attack to my constructive and polite input. I am totally shocked from your trolling and personal attack.
Fuck off with your requests about links, all right? I am a very patient and polite man, but when a well know scammer like yourself who has been promoting a well know scam asking from me evidence instead of providing evidence that the operation is not a scam then that is quite irrational, don't you think?
Send me a link about where your fucking useless NXT assets - that you have been selling really-really hard to newbies, idiots and naive investors - used in real world, and then we continue talking about why sensible people are sceptical about your countless vapourwares and fantasy projects (I give it you that it is not a fantasy from your viewpoint as you scam people for real money, but terms of use cases the projects/assets are in fantasy land)
Send me a link about where your fucking useless NXT assets - that you have been selling really-really hard to newbies, idiots and naive investors - used in real world, and then we continue talking about why sensible people are sceptical about your countless vapourwares and fantasy projects (I give it you that it is not a fantasy from your viewpoint as you scam people for real money, but terms of use cases the projects/assets are in fantasy land)
Also...
*snip*... please provide evidence that I am "a well known scammer" and where I have been selling anything "really really hard". Thanks for your time
Also, please point to where I am "maniacally trolling and attacking" anyone. Is this a new narrative you'e trying to push, hoping no one will check the facts? That's a familiar strategy to me.. this all feels so familiar
Still no links to support your claims either. I know, try ignoring me and repeating the same thing over again? It might stick.
(I like your attempts to undermine me as a proxy of attacking Nxt, it is original. Please continue. It's a bold strategy, let's see if it pays off.)
LoL ! altcoinUK's word against Daedelus.
Who's should I take as genuine ?
Lets see. In my experience one's a loudmouth cryptocurrency trainspotter who's most constructive contribution to this industry is finding endless new subjects on bitcointalk to use as target practice for his over-active pea-shooter.
The other's one of the most hard working, dedicated and respected people in crypto.
Right, it's clear I don't have to stop too long in this thread to know whats going on
Bye !Now, that's typical. I came here by bringing to the table a totally objective, unbiased, fair and factually accurate analysis about this NXT nonsense by saying that the handful cheerleader wankers of this thread - who maniacally attack critical opinions about NXT - try keep the status quo of bringing new money from naive investors and idiots who are willing to invest in this failing operation. And then, you reply with a personal attack to my constructive and polite input. I am totally shocked from your trolling and personal attack.
On the serious note, let me explain you what is happening, especially that I understand that usually you are having difficulties to get your head around of the true nature of a crypto project.
Yes, Daedelus is hard working all right - he works hard in maniacally trolling and attacking critical opinions, and I am sure you would agree that such behaviour is typically the first sign of a scam. If you do stock and angel investment in real world like I do then I am sure you agree that the strong indicator of a shady operation is when hyper active individuals (like Daedelus) are being deployed to troll out and discredit any critical voices. Ironically, the so called hard work of NXT cheerleaders is rather counter productive as their trolling rings more alarms and triggers more and more scepticism.
As for the subject of the hard work, it is an entirely different and indeed tragicomic matter. In this case the hard work means to protect a digital currency that is used by absolutely no one in real world use cases, try to bring new money from naive and newbie investors so the existing asset holders can keep dumping on the market as well as try to justify the shady IPO of a few anonymous wankers (please do not bother with your usual Satoshi is anonymous as well argument as Satoshi was not asking your money in a shady IPO nor in any other form).
You see, sometimes hard work results in very little productivity and minimal tangible/intangible result - in the case of NXT the hard work will result nothing except in a digital excrement and disappointment in the form of financial losses (for the late comers). The Maasai people of the Serengeti desert work hard as well, they walk all day to collect 10 gallon of water, but can you say their work is productive? Probably not, the hard work (even the decent one of the Maasai people) is not always the synonym of a productive operation. Bernard Madoff worked very hard too just like the NXT cheerleader trolls work tirelessly to keep the new money flow in going. Anyway, I apologize to the decent Maasai tribe to mentioning them together with the NXT trolls, not to mention, the shit that comes out from the goats of the Maasai people has been significantly more useful for mankind than this digital excrement NXT has been and ever will be.
Other issue obviously that the asset environment - one of the unique selling points of NXT - is a completely nonsensical proposition. Not that decentralized share offering and trade is a bad idea (though the lack of regulations on a decentralized share exchange is a valid concern), but it is simply illegal in all major economies, especially in the US it is classified as an illegal securities offering. Never mind, the "hard working" NXT cheerleader brigade work tirelessly to convince newbies and naive investors by promoting this illegal nonsense as a USP and a viable proposition.
Also, there are integrity issues. Even your BitBay cult leader the legendary David Zimbeck (who pulled out the biggest scam of 2014 with Bobby & Bter) has more integrity than this bunch of shady IPO cheerleaders could ever have. That's combined with the fact that super talented charlatans like jl777 aka James collect US$ 5 million for vapourwares under the umbrella of NXT should make this NXT shit a big NO-NO for any rational persons.
Finally and most importantly and which is pissing me off mostly, that the NXT cheerleader wankers try to discredit Bitcoin and Satoshi day after day by presenting this pile of shit on the market as the replacement for Bitcoin. Now, the enough is enough.
That's all my good friend and let me know if you have any questions.
2 pages in a row and "Garzik" met 0 times. TaunSew, WTF?
what's NxT doing other than thinking of the next scam?
They don't do anything else than try the hype keep going to scam out more money from newbies, idiots and naive wannabe rich investors.
Besides that obvious fraudulent nature of the whole NXT operation from the start up to date, the endless vapourwares and pathetic assets on their "exchange", NXT offers nothing that is not possible to achieve with Bitcoin and for that reason the operation makes no sense whatsoever in a market where the lead status of Bitcoin is pretty much established.
Even Bitcoin is having serious problems with acceptance from real world users, after 6 years we have less users than a dating site. As we see, it will be hard work to achieve a wider acceptance even for Bitcoin. I am not sure what makes think NXT users that a shady scam operation can win over users which Bitcoin couldn't.
No wonder this NXT shit is going down quickly.
lol. poor idiot. go keep pumping your baggage tokens
What I'm saying is, if the SEC didn't regulate the market and require audits to be performed and disclosure documents to be filed, NASDAQ (or whatever the marketplace in your venue is) would still have to.
It's not just disclosure and audits. ASICMiner had reports, board meetings, audits, and photos and all kinds of disclosure. But the other thing that's missing with these underground user-issued asset schemes is the threat of violence (which the State provides if you pay them their protection money). With a user issued asset, all the audits and disclosure in the world can suddenly stop and someone just runs and nothing happens. Chinese take large-scale financial fraud very seriously and still execute people for 100 million dollar+ financial crimes. If ASICMiner were a stock traded in Shanghai, there would be a international manhunt for him spearheaded by China and he would be found and jailed or executed. What people don't get is that the threats of imprisonment and execution are the only things that make our contracts, shares, bylaws, and other pieces of paper mean anything. Either the DAO's shares are held by the open-source, trustless system itself (as in bitcoin) or you need the threat of violence to get people to honor their word.
I think part of the reason that people can't see this is because it's wrapped up in sexy technology. Cryptographic proofs. Hashing. Buzz words!
The reality of NXT is that you have a guy with a pizza shop. He prints out a bunch of pieces of paper that say "1/100 shares of Shady Pizza Shop" and you pay for them. And when it's time for your dividend, Shady stops answering his phone. Shady is gone. You call the police: "But..but.. I have the shares right here! He's a crook!"
COP: "So you're telling me you gave a guy money for this piece of paper and he said he was going to cut you in on his business? There's no business bank account to freeze? And there's no physical assets or physical evidence of any of this because the pizza shop is in Lithuania at an unknown address? And now you don't know his name or where he is? How fucking stupid are you?"
If you call the financial regulators, they may track him down and seize his money and get him in trouble. They're not necessarily going to give it back to you, LOL. They'll often just keep it. It's a joke. Criminals enforce their agreements with criminal violence. Non-criminals play by the rules and then get their agreements enforced with state violence. DAO shareholders and smart contract parties get their agreements enforced by code.
User-issued asset buyers get their agreements enforced by no one. It's painfully obvious to me that it's never going to catch on. But maybe I'm wrong.
Your bottom line:
- higher personal requirements on due diligence
- higher risk profile of offerings
I think this is part of the process. Both aspects will be improved over time - through experience (best practices on a general level as well as individual levels) and technologically (e.g. "multi-sig"-like properties).
You sound like a very defensive investor who got burned - I'm sorry for that.
But still: the road to more independence is stony, but it's probably necessary and right to start walking now.
I have never once gotten burned by a crypto-equity because I've never bought one. I've mainly just bought bitcoin and just recently started looking at alts. I was very very close to buying ASICMiner but I decided that I didn't know enough about mining to get involved.
In that case: I'm glad for you. I've gotten burned but I still believe in the cause.
What I'm saying is, if the SEC didn't regulate the market and require audits to be performed and disclosure documents to be filed, NASDAQ (or whatever the marketplace in your venue is) would still have to.
It's not just disclosure and audits. ASICMiner had reports, board meetings, audits, and photos and all kinds of disclosure. But the other thing that's missing with these underground user-issued asset schemes is the threat of violence (which the State provides if you pay them their protection money). With a user issued asset, all the audits and disclosure in the world can suddenly stop and someone just runs and nothing happens. Chinese take large-scale financial fraud very seriously and still execute people for 100 million dollar+ financial crimes. If ASICMiner were a stock traded in Shanghai, there would be a international manhunt for him spearheaded by China and he would be found and jailed or executed. What people don't get is that the threats of imprisonment and execution are the only things that make our contracts, shares, bylaws, and other pieces of paper mean anything. Either the DAO's shares are held by the open-source, trustless system itself (as in bitcoin) or you need the threat of violence to get people to honor their word.
I think part of the reason that people can't see this is because it's wrapped up in sexy technology. Cryptographic proofs. Hashing. Buzz words!
The reality of NXT is that you have a guy with a pizza shop. He prints out a bunch of pieces of paper that say "1/100 shares of Shady Pizza Shop" and you pay for them. And when it's time for your dividend, Shady stops answering his phone. Shady is gone. You call the police: "But..but.. I have the shares right here! He's a crook!"
COP: "So you're telling me you gave a guy money for this piece of paper and he said he was going to cut you in on his business? There's no business bank account to freeze? And there's no physical assets or physical evidence of any of this because the pizza shop is in Lithuania at an unknown address? And now you don't know his name or where he is? How fucking stupid are you?"
If you call the financial regulators, they may track him down and seize his money and get him in trouble. They're not necessarily going to give it back to you, LOL. They'll often just keep it. It's a joke. Criminals enforce their agreements with criminal violence. Non-criminals play by the rules and then get their agreements enforced with state violence. DAO shareholders and smart contract parties get their agreements enforced by code.
User-issued asset buyers get their agreements enforced by no one. It's painfully obvious to me that it's never going to catch on. But maybe I'm wrong.
Your bottom line:
- higher personal requirements on due diligence
- higher risk profile of offerings
I think this is part of the process. Both aspects will be improved over time - through experience (best practices on a general level as well as individual levels) and technologically (e.g. "multi-sig"-like properties).
You sound like a very defensive investor who got burned - I'm sorry for that.
But still: the road to more independence is stony, but it's probably necessary and right to start walking now.
I have never once gotten burned by a crypto-equity because I've never bought one. I've mainly just bought bitcoin and just recently started looking at alts. I was very very close to buying ASICMiner but I decided that I didn't know enough about mining to get involved.
What I'm saying is, if the SEC didn't regulate the market and require audits to be performed and disclosure documents to be filed, NASDAQ (or whatever the marketplace in your venue is) would still have to.
It's not just disclosure and audits. ASICMiner had reports, board meetings, audits, and photos and all kinds of disclosure. But the other thing that's missing with these underground user-issued asset schemes is the threat of violence (which the State provides if you pay them their protection money). With a user issued asset, all the audits and disclosure in the world can suddenly stop and someone just runs and nothing happens. Chinese take large-scale financial fraud very seriously and still execute people for 100 million dollar+ financial crimes. If ASICMiner were a stock traded in Shanghai, there would be a international manhunt for him spearheaded by China and he would be found and jailed or executed. What people don't get is that the threats of imprisonment and execution are the only things that make our contracts, shares, bylaws, and other pieces of paper mean anything. Either the DAO's shares are held by the open-source, trustless system itself (as in bitcoin) or you need the threat of violence to get people to honor their word.
I think part of the reason that people can't see this is because it's wrapped up in sexy technology. Cryptographic proofs. Hashing. Buzz words!
The reality of NXT is that you have a guy with a pizza shop. He prints out a bunch of pieces of paper that say "1/100 shares of Shady Pizza Shop" and you pay for them. And when it's time for your dividend, Shady stops answering his phone. Shady is gone. You call the police: "But..but.. I have the shares right here! He's a crook!"
COP: "So you're telling me you gave a guy money for this piece of paper and he said he was going to cut you in on his business? There's no business bank account to freeze? And there's no physical assets or physical evidence of any of this because the pizza shop is in Lithuania at an unknown address? And now you don't know his name or where he is? How fucking stupid are you?"
If you call the financial regulators, they may track him down and seize his money and get him in trouble. They're not necessarily going to give it back to you, LOL. They'll often just keep it. It's a joke. Criminals enforce their agreements with criminal violence. Non-criminals play by the rules and then get their agreements enforced with state violence. DAO shareholders and smart contract parties get their agreements enforced by code.
User-issued asset buyers get their agreements enforced by no one. It's painfully obvious to me that it's never going to catch on. But maybe I'm wrong.
Your bottom line:
- higher personal requirements on due diligence
- higher risk profile of offerings
I think this is part of the process. Both aspects will be improved over time - through experience (best practices on a general level as well as individual levels) and technologically (e.g. "multi-sig"-like properties).
You sound like a very defensive investor who got burned - I'm sorry for that.
But still: the road to more independence is stony, but it's probably necessary and right to start walking now.
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