Bitconnect saw its stud days too and then crashed as well. It was promoted like anything specially among low income countries and became a very popular topic of discussion among the common users in the casino trollboxes too. Then there are these social media friend circles where such coins become circle jerk topics and then all buy it like anything.
Eventually they will all lose and the same cycle will repeat after a few years in another name and in another form. The winner is the person running these scams and not the investors. Chit funds and HYIPs/Ponzis exist in real life while LUNA exists in the internet. No difference between them at all.
Regulation will not stop such projects from being popular. If someone willingly wants to get scammed without doing research on the project they are investing in, why will the government force them to stop?
Eventually they will all lose and the same cycle will repeat after a few years in another name and in another form. The winner is the person running these scams and not the investors. Chit funds and HYIPs/Ponzis exist in real life while LUNA exists in the internet. No difference between them at all.
Regulation will not stop such projects from being popular. If someone willingly wants to get scammed without doing research on the project they are investing in, why will the government force them to stop?
That's certainly true, mate. Regulations won't stop scams from happening, but they will minimize their effect in the crypto/Blockchain industry. The more legislation we have towards crypto assets, the better it'll be for crypto/Blockchain tech's mainstream adoption. Remember that regulations bring investors' confidence into the crypto market. Without them, how do you think they'll pour money into unprotected crypto investments?
Unfortunately, Bitconnect, Terra/LUNA, and several other scams have scared away investors from the crypto/Blockchain space. But that doesn't mean it's the end of the world. Things will only get better over time as regulations are enforced. As long as individuals and governments work together, crypto won't be going anywhere soon. Just my thoughts
