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Discussion on: How I lost 1 year of life doing failed crypto startup

centurianii profile image

Doing crypto exchange business is totally doing business with conventional money as that is what sits at the other side of the exchange and every money exchange requires to abide with regulations of bank institutions; no physical entity can simply establish a bank institution - in fact laws around the globe are set just to prevent this!

The crypto currency dream is a big fraud even from the perspective of ignorant investors who dream of fast earnings: 7% platform fees on buying + 7% fees on selling gives a total of 14% loss on your card which evaporates every currency fluctuation! I invested 700 euros, took back 500, said to myself that I was lucky and closed all my accounts to different platforms. Money and technology don't blend well!

Probably is that 14% you were dreaming of but if not then why did you started that project in first place?

I agree that every difficulty makes us wiser though!

_pthomann profile image
Przemysław Thomann Author

First of all I'm very convinced that Bitcoin has the potential to be future money, to replace gold. The more I learn the more I'm convinced about that.

I started because I thought I can connect being in crypto + in tech together doing what I liked the best: to do soft. Of course additionally I considered myself being not just a regular programmer but at the worst case CTO :) Anyway I believed and still believe that the current role of crypto exchanges - is to introduce people to the world of cryptocurrency. They do millions on fees as you said - but still their role for me is quite important at the stage we are right now (adoption). However, I don't believe it will be forever.

Taking into consideration your bad experiences I recommend you to not deal too much with crypto bullshit, because it's quite easy to do so - there is a lot of that. Focus on Bitcoin (I read now Bitcoin Standard and it's great book) as the future of money. Then maybe Ehtereum as the global computer.

Thanks for comment!