01-05-2018, 11:30 AM
Read this on LinkedIn today from some EVP of Zenith. Not sure if true but definitely interesting:
"This is how the various Crypto Pyramid Schemes work.
If you've a degree of influence or some credibility:
1)Buy your Coin of choice.
2)Pump it as much as you can. Leverage the power of today's media that loves articles that look fantastical and drive clicks.
3)Make outlandish predictions about it's growth.
4)Recruit others, They hear this & buy in ( so the price goes up)
5)You now have an army of people who will now pump & hype the currency for you and passionately so, after all they have skin in the game.
6)By now you have a good growth history and trajectory.
7)You celebrate those who you recruited earlier to "predict the growth" which now means the world thinks those people somehow objectively can see the future or knew more.
8) People now listen to those "gurus" , and thus their predictions inherently drive growth.
And here's the thing. Since all assets prices are set by trust and confidence, the currency could create its own sustainable value & everyone is exonerated and smug. Or probably 99% of the time the whole thing crashes.
But I promise you this. 99.9999999% of the people promoting these things are people who own this stuff and are pumping it irrationally to create their own wealth. The more outrageous the headline the better. That’s why this is dangerous."
"This is how the various Crypto Pyramid Schemes work.
If you've a degree of influence or some credibility:
1)Buy your Coin of choice.
2)Pump it as much as you can. Leverage the power of today's media that loves articles that look fantastical and drive clicks.
3)Make outlandish predictions about it's growth.
4)Recruit others, They hear this & buy in ( so the price goes up)
5)You now have an army of people who will now pump & hype the currency for you and passionately so, after all they have skin in the game.
6)By now you have a good growth history and trajectory.
7)You celebrate those who you recruited earlier to "predict the growth" which now means the world thinks those people somehow objectively can see the future or knew more.
8) People now listen to those "gurus" , and thus their predictions inherently drive growth.
And here's the thing. Since all assets prices are set by trust and confidence, the currency could create its own sustainable value & everyone is exonerated and smug. Or probably 99% of the time the whole thing crashes.
But I promise you this. 99.9999999% of the people promoting these things are people who own this stuff and are pumping it irrationally to create their own wealth. The more outrageous the headline the better. That’s why this is dangerous."
Posting in the banalist of threads since 2004
2017 Mazda CX-5 GT AWD Premium
Past: 2016 GMC Canyon All Terrain Crew Cab / 2010 Jaguar XFR / 2012 Acura RDX AWD Tech / 2008 Cadillac CTS / 2007 Acura TL-S / 1966 5.0 HO Mustang Coupe
2001 Lexus IS300 / 2004 2.8L big turbo WRX STI / 2004 Subaru WRX / A couple of old trucks
2017 Mazda CX-5 GT AWD Premium
Past: 2016 GMC Canyon All Terrain Crew Cab / 2010 Jaguar XFR / 2012 Acura RDX AWD Tech / 2008 Cadillac CTS / 2007 Acura TL-S / 1966 5.0 HO Mustang Coupe
2001 Lexus IS300 / 2004 2.8L big turbo WRX STI / 2004 Subaru WRX / A couple of old trucks