Nicely summed up. Sorry for all the people that lost money, its never pleasant no matter how glaringly obvious the mistakes are to others.
I bought a small Genesis contract in Jan last year and lucky for me it made me some decent money. I would never recommend cloud mining to anyone though for the same reason as you ..."if it is so profitable then why sell it off to others".
Thanks @gholsa! I do feel for the subset of people who were new did not make any money or were shilled into it without doing the proper research. I'm glad you got out in time and you can give your first hand experience on it! I never tried it out i simply opened up a excel sheet and did the math and it didn't make sense to me, i was better off buying XRP and ETH with my money at the time i looked at cloud mining.
The one issue is that no matter how much you tell people to DYOR on a project or even advise against something, people have to lose money in order to learn for themselves. All you can hope for is that people start with small amounts so that the losses are small too.
There are a lot of lessons to be learnt in Crypto which is why I am in favour of some form of regulation.
So true, I've been burned and lost plenty of money in the crypto game, all part of the learning curve! It's like paying for a course you spent money to learn and know better and now you can go out and apply what you've learned to make money.
As my mom would say "Hulle wat nie hoor nie, moet voel"
I'm all for regulation in the ICO market but I think regulation in general should come later, we're still all figuring out what to do with this tech and we don't want to pigoen hole it or limit its reach because some people lost money, thats the cost of innovation.
I hear you about the regulation and I agree. I don't want everything locked down, but some form of protection would prevent Crypto in general from getting a bad rep and losing investment.
Oh for sure, if we are going to get mass adoption from the man on the street putting his hard earned cash into crypto there will need to be safety nets in place this could be regulation or a trustless environment like ontology is proposing. Im for anything that helps push us forward and get us off suckling the teet of central banks. I'm gatvol of FNB already