I propose that instead of being part of a scam, countries are doubling down on restrictions as a denial reaction to being scammed

Consider how China purported to have solved their outbreak by locking down. Other countries followed suit and didn't get the supposed reduction
Like a victim continuing to send money thinking he'll get the Nigerian prince's money, these countries are continuing restrictions even with the destruction it has caused hoping the spread will stop to their favor
Even with those held up as proof that lockdowns work (AU, NZ) they must keep doing these or else they face a hit in their reputation for allowing the virus to affect them again
Their zero cases can only be attributed to lockdown and therefore a single case is a sign of weakness
Notwithstanding the possible destruction these will cause, but those are mere inconveniences to the image of zero virus
The whole Davos stuff is a whole different matter, pandemic or not nations will try to be part of the in crowd by joining international forum claptrap
Still, rather than acknowledge the possibility of being scammed, politicos have ridden their reputations on being able to eradicate a virus, to glaring consequences they try to ignore
@threadreaderapp unroll

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So the cryptocurrency industry has basically two products, one which is relatively benign and doesn't have product market fit, and one which is malignant and does. The industry has a weird superposition of understanding this fact and (strategically?) not understanding it.


The benign product is sovereign programmable money, which is historically a niche interest of folks with a relatively clustered set of beliefs about the state, the literary merit of Snow Crash, and the utility of gold to the modern economy.

This product has narrow appeal and, accordingly, is worth about as much as everything else on a 486 sitting in someone's basement is worth.

The other product is investment scams, which have approximately the best product market fit of anything produced by humans. In no age, in no country, in no city, at no level of sophistication do people consistently say "Actually I would prefer not to get money for nothing."

This product needs the exchanges like they need oxygen, because the value of it is directly tied to having payment rails to move real currency into the ecosystem and some jurisdictional and regulatory legerdemain to stay one step ahead of the banhammer.