Once somebody spends $400,000 on an ugly ape and then found they spent their money for nothing, they will become a permanent enemy of crypto. It’s just a matter of time before you join us (crypto haters) the difference is that some of us knew it was a scam right away and others will have to learn it the hard way.
I dunno; from what I’ve seen, that depends on the personality of the person involved.
Some people will react the way you say, yes, but others, after spending $400k or whatever for a worthless NFT, or for some combination of “coins”, will double down, unwilling or unable to let themselves see the truth because that would mean they were wrong in a spectacular fashion.
So they push for crypto harder than ever, to get other people to come in, prop the system up, keep the value of their purchase up, and validate their worldview.
That is one outcome. A person like that however will get another chance to change their mind.
Another possible outcome is that people will pretend the whole thing didn’t happen.
(From the viewpoint that it is possible to learn from other people’s mistakes, people are already pretending the tulip bubble, law’s scheme, 1829, 1969, 1999, 2008, etc. didn’t happen. That Charles Dickens, Emily Brontë and the other authors of those awful Victorian novels lost their money in railroad bonds. The difference is railroads go somewhere, Aries don’t.)
You mean in unregulated centralized exchanges like binance and FTX, whose entire existence depends on the existence of these Ponzis? When they can just press a button, cause a flash spike, and liquidate all of your winning whenever they feel like it?
Yeah, I'm sure that works perfectly. After all, why would they be dishonest?
The volatility of cryptocurrencies makes shorting them risky. Even if the eventual value is zero, they might go up to any arbitrary number between then and now.
Once somebody spends $400,000 on an ugly ape and then found they spent their money for nothing, they will become a permanent enemy of crypto. It’s just a matter of time before you join us (crypto haters) the difference is that some of us knew it was a scam right away and others will have to learn it the hard way.