Really unfortunate that a lot of crypto was just these rich dudes pumping and dumping, and all getting together to perform rug pulls on a bunch of 'retail investors'.
I was more positive about crypto before the big NFT grift came along.
But even then, hardly anybody seemed to care about making crypto work as a currency. It was all about the speculation/gambling, get-rich-quick schemes, and memecoin pump+dumps. Nobody bought their groceries or paid their rent with crypto, it was just the currency of darknet drugs and cybercrime. And multi-million-dollar exchange hacks seemed to be almost weekly headlines.
Crypto wasn't going well, even before NFTs came along, and before the environmental opposition to mining ramped up.
Well, there was that entire huge NFT crypto scam bubble.
To a first and probably second approximation, crypto is only good for getting scammed and scamming others. There's a lot of overly credulous people in the field, which just attracts crime like a moth to a flame.
Welcome to why cryptocurrency was a bad idea touted as the biggest thing since sliced bread, and why authorities may actually push things in that direction once they have the tooling right
Crypto is coming back. NFTs will follow. The problem is that 99%+ are worthless. There's no way to figure out which are the good ones. Funny, how they are similar
in that way to baseball cards.
Read about a guy who was the head of a group that sold a set for over 50 mil. He cashed out and bought a mansion. The buyers just lost their money. I doubt they have any recourse to get their money back. We'll hear more of these stories again.
Crypto has been a scam from the beginning, the only thing that's changed is the public perception after NFTs bombed massively and crypto was once again left without any use case.
Anyone surprised by this must be living under a rock. NFTs and crypto in general has turned into mostly an unregulated playground for market manipulation.
It's sad to see these fantastic technologies falling into darkness. Same can be said about the majority of the internet and its phenomenon to be honest.
Crypto was much more legitimate when it was used just for illegal transactions. But it was not the "not your wallet, not your coins" folk that made valuation skyrocket, it was these scams.
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