Sharp observation from Matt Levine at Bloomberg.
It’s hard to feel bad for bitcoin “victims”.
1. Bitcoin requires a tremendous amount of knowledge and familiarity to make any transactions at all.
2. After you’re thoroughly immersed in the reddits and discords and systems needed to understand just one transaction, you ALSO see constant reports of scams and rugpulls. So you should be able to leave the system before you lose all your money.
= = = = =
The observation leads to an important conclusion.
Simple scams require no knowledge. “Send $100 to unlock your prize!” You can send $100 through Paypal immediately.
Bitcoin is a cult, not a simple scam. It’s more like Scientology than a Nigerian Prince. By the time you’re familiar enough to run LARGE transactions, you’re also thoroughly indoctrinated and immunized against counterfacts.