BlockTime #6 -When Is A Crypto A Scam?

Tai Zen: Before we finish that, you had a question earlier that we didn’t get to answer you, which is about how to know whether it’s a scam or something like that.

Michael Tidwell: That’s actually an interesting question because a lot of these things come out and you’re like I don’t know. Then, I have a lot of questions about the prices, the adoption, the community. Even I don’t know it is still a scam or not

Tai Zen: In case your listeners are new to cryptocurrency, no whatever reason you have when investing and whether it’s philosophical reasons or political reasons, you have to define what is a scam.

A scam is a situation when someone asked you for money by promising that they’re going to do their best to create ABC product for ABC service, then they run off with it after you give them your money.

Mike Casey: so a scam happens when they don’t attempt

Leon Fu: It’s about intention.

I wrote a series of tweets as well. You have to remember what is the difference between a scam and a project that just failed. There’s no difference in the money because in both cases, you lost it.

When you say the word scam, it implies criminal and fraud. A lot of fraud is about intent. The question needs asking is if I’m intending to defraud you when I took your money. That’s what I feel a scam is.

If I took the money from you and I actually did what I promised, but it didn’t work out or you did a poor job….

Mike Casey: That definition like ETC couldn’t be a scam because they didn’t take anyone’s money.

Tai Zen: Exactly.

We didn’t think it was a scam in the beginning because they stole anyone’s money, but because of Poloniex listing it.

Leon Fu: The listing of it was a scam.

Mike Casey: From where I stand, they’re just putting an asset out there. Some people want to speculate on that asset. If they lose money, then that’s a scam.

Leon Fu: It is the way it was presented.

Tai Zen: The way it was present by Ethereum community, Vitalik, and his team. Besides, everyone agreed to go with the Bitcoin Ethereum Hard Fork

Mike Casey: like including the exchanges?

Tai Zen: Yeah. That what the impression as if the majority agreed with the Hartford.

Mike Casey: ……2:52s…. Ethereum

Tai Zen: No. Everyone agreed to the hard fork to bail out the DAO Fiasco. Then, this one popular exchange went rogue and decided not to follow suit with the other one during the agreements.

Michael Tidwell: Did they agree and then and then go back on what they said?

Tai Zen: We don’t know. Nobody knows that

Leon Fu: Poloniex is not transparent at all

Michael Tidwell: So they may have never agreed?

Mike Casey: I mean even then, any actor is free to do whatever they want by anytime.

Tai Zen: There’s a lot of people in the community that call every cryptocurrency a scam as soon as it comes out.

Michael Tidwell: I wondered who did this

Tai Zen: I mean like Tone Vays. I’m not afraid to say his name. I mean he does what he does and I respect him for it. I have no problems with him about it.

Michael Tidwell: Tone is our friend, but we’re critical him too.

Mike Casey Nobody agrees with Tone about the DAO.

Tai Zen: Yeah. If I had listened to him when he talks about not investing in the DAO, That would have saved me a lot of money.

I think he’s undisputed heavyweight Bitcoin maximalist. He has no shame about that and I appreciate that.

Mike Casey: I’m not sure if you are not cool with the answering or want to pass the question…

Michael Tidwell: I want to ask you some personal question. If you want to pass on any of these, please just pass.

Learn more about Michael Tidwell and Mike Casey from BlockTime at:

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