"[Ryval] Wants To Gamify Suing People Using Crypto Tokens" - Vice

[Cheetodust]

And this was not written to express shock and horror. So this isn't completely new but I only heard of it today scrolling through Web 3 Is Going Great.

Tech Startup Wants To Gamify Suing People Using Crypto Tokens

The new company plans to let everyday Americans bet on civil lawsuits by buying and trading associated crypto tokens in "initial litigation offerings.”

www.vice.com

But yeah, literally what it says on the tin. Crypto bros can buy a token linked to a civil case and share in any damages awarded. This is definitely fine. Apparently seeking to address the issue that civil suits can be prohibitively expensive, rather than solve that problem the market has once again defaulted to "is there a way rich people can get richer from this?"

 

[Chimpzy]

 

[Silvanus]

Surely this can be considered prejudicing the outcome?

 

[BrawlMan]

That start up tech guy can go to the hell where people hang upside down and skinned alive too.

 

[Cheetodust]

Surely this can be considered prejudicing the outcome?

What I want to know is, while they try to paint it as a way for "ordinary" people to raise funds to fight big corporations, how long before it literally becomes wealthy people just gambling on the outcomes of civil cases with both sides being funded with these "tokens"?

 

[Chimpzy]

What I want to know is, while they try to paint it as a way for "ordinary" people to raise funds to fight big corporations, how long before it literally becomes wealthy people just gambling on the outcomes of civil cases with both sides being funded with these "tokens"?

No time. I would even go so far as say that's the entire intent. The more I learn of crypto, the more inevitable the conclusion that the ecosystem is basically cliques of finance hucksters trying and largely succeeding at enriching themselves through garbage make-believe scams, Wolf of Wall Street style.

 

[Agema]

What I want to know is, while they try to paint it as a way for "ordinary" people to raise funds to fight big corporations, how long before it literally becomes wealthy people just gambling on the outcomes of civil cases with both sides being funded with these "tokens"?

Yes, one might think of Kickstarter, which is at one level securing investment from people without ever having to give them the profits that they'd have to sign over to a professional investor. One might note Oculus Rift, launched on millions from the general public, with the billions in value from the sale to FB only dropping into the pockets of the owners.

Socialised risk, privatised profits.

 

[tstorm823]

How long before it literally becomes wealthy people just gambling on the outcomes of civil cases with both sides being funded with these "tokens"?

The only thing wrong with this prediction is the inclusion of the word "wealthy". If only wealthy people gambled, it'd be significantly less tragic.

 

[Cheetodust]

The only thing wrong with this prediction is the inclusion of the word "wealthy". If only wealthy people gambled, it'd be significantly less tragic.

Yeah, I really can't argue with that.

 

[SilentPony]

I'm not sure I follow how this will work. The public is not entitled to know all the details of a lawsuit. Confidential discussions, backroom deals, sealed documents. The whole court room part is a show, everything is decided behind the scenes
Its like gambling on a sporting event where you only get to watch a few instant replays of a 1 hour game.

 

[Cheetodust]

I'm not sure I follow how this will work. The public is not entitled to know all the details of a lawsuit. Confidential discussions, backroom deals, sealed documents. The whole court room part is a show, everything is decided behind the scenes
Its like gambling on a sporting event where you only get to watch a few instant replays of a 1 hour game.

Kinda like it might be some kind of grift.

 

[SilentPony]

Kinda like it might be some kind of grift.

I mean sure, but most grifts at least have a quasi plausible idea behind it. Something so stupid it just might work. This one falls at the literal first hurdle; public access to confidential discussions.

 

[Cheetodust]

I mean sure, but most grifts at least have a quasi plausible idea behind it. Something so stupid it just might work. This one falls at the literal first hurdle; public access to confidential discussions.

Mysterious NFT project NotASecretNFT gets people to authorize a shady contract after leaving clear clues to their intentions

Enthusiasts rushed to buy NFTs from a project called NotASecretNFT after seeing NFT mega-whale Pranksy buy in, even though the OpenSea description was simply, "1000 secrets, endless lies... Farming $LIES starts 24 hours from mint." After funds were drained from the project, Pranksy tweeted, "Ok...

web3isgoinggreat.com

This was basically scammers saying "we're going to steal your money" and it worked.

Then there's the let's go Brandon coin that you're not allowed sell.

When it comes to the crypto world the grifters really don't need to try

 

[Silvanus]

I mean sure, but most grifts at least have a quasi plausible idea behind it.

Allow me to introduce you to NFTs.

 

[Worgen]

Crypto and NFTs are how we enter the cyberpunk hypercapitalist dystopias.

 

[MrCalavera]

Crypto and NFTs are how we enter the cyberpunk hypercapitalist dystopias.

Enter?

 

[SilentPony]

Allow me to introduce you to NFTs.

NFTs are one of those things I will never understand. Someone on this site said its just a money laundering scheme, and that's the best landing point I can find on them.
Everything else? Its a "legitimate" investment in a non tangible digital good timestamp of a single file, that can be copied and renamed infinite number of times is just...fucking stupid. Its fucking stupid.

 

[Trunkage]

The only thing wrong with this prediction is the inclusion of the word "wealthy". If only wealthy people gambled, it'd be significantly less tragic.

Just want to point out that many wealthy people get heaps of tax payers money, depress our wages and inflate prices so they can make bank.

Wealthy people are gambling with other people's money

 

[SilentPony]

Just want to point out that many wealthy people get heaps of tax payers money, depress our wages and inflate prices so they can make bank.

Wealthy people are gambling with other people's money

I mean that's the stock market in general. Bets on how much a stock might be worth at some future date, and its as intangible, obtuse and reeks of money laundering and scams as any crypto or NFT.

 

[Agema]

I mean that's the stock market in general. Bets on how much a stock might be worth at some future date, and its as intangible, obtuse and reeks of money laundering and scams as any crypto or NFT.

I read an article quite recently, somewhere, from a guy who thought the US stock market is a massive bubble: and not just the stock market, but quite a few other parts of the US economy.

Reading that the Nasdaq increased over 50% from end 2019 to end 2020... that seems extreme. One might expect as a basic concept that value increases with productivity - so if the economy grows at 3%, the stock market should grow at a rate somewhat similar. A stock market might of course grow faster, because component companies that make up a particular stock market might grow faster than the general economy, or represent an area with particular growth. One can make the argument re. Nasdaq that Covid may have opened opportunities (e.g. home working) to tech that made it even more valuable.

However, the Dow Jones has gone up nearly 20% in the same two year period; it's doubled since 2017. I don't think we've seen a boom to justify this. Although of course I wonder if covid didn't cause a lot of people (the wealthier end) to increase saving, because lockdowns and general anxiety meant they spent less. I suppose they may well have splurged a lot of that into investment.

(Here's an article, albeit not the one I originally read)

Market ‘Superbubble’ Could Lead To 50% Plunge, Says Grantham

The U.S. is in a "superbubble", similar to the stock markets in 1929 and 2000, and could fall as much as 50%, said Jeremy Grantham, the co-founder of Grantham, Mayo, & van Otterloo, which correctly predicted the popping of the dot.com bubble in 2000 and the Fiscal Crisis of 2008.

www.forbes.com