Read_409 – 57 Varieties of Pyrite [Rusty Russell]

“Incentives have driven exchanges to become casinos, and they’re doing exactly what you’d expect unregulated casinos to do. This is no place you ever want to send anyone.”  – Rusty Russell

A sobering and important reminder of the dangers that exchanges have come to pose for people new to the Bitcoin space. Rusty Russell writes a concise piece breaking down the incentives of the exchange market and the increasing risks they pose in hooking people with the promise they can buy Bitcoin, and trapping them in the cycle of chasing green candles on 57 varieties of crap.

From Rusty’s excellent blog with many other great little thoughts, check out below for tons of other great insight and discussion:

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