this post was submitted on 22 Aug 2024
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"Once they've completed the scam they have to move onto other scams."
Are you even thinking at all when constructing these arguments?
What I am trying to get through to you is, just like how the LIBOR scandal doesn't implicate fiat, scammy crypto projects doesn't implicate crypto. My criticism of fiat is it's fundamental systemic weaknesses. It seems your criticism of crypto is it's used by scammers. A criticism that, incidentally can also be levied at fiat.
Sure both can be used by scammers, but in fiat the currency itself isn't usually the scam.
That's quite a privileged point of view. Take a look at: https://en.wikipedia.org/wiki/Hyperinflation#Notable_hyperinflationary_periods. In the crypto world, this is the very definition of a pump and dump. Except the pumping in the fiat world is the money supply and a dumping is the value. As for scam coins, I disagree, the scam isn't usually the currency (we'll, not more than fiat) it may be created and used to facilitate a scam, but unless the creator programmed in a flaw that can be taken advantage of, it currency itself isn't the scam. And since scam creators are usually lazy, ignorant, or just optimising for returns, most of the code behind their coins have been forked from other, more legitimate crypto projects.
How is that a privileged point of view?