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this post was submitted on 24 Aug 2023
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It just isn't though. The major currency, bitcoin, was made avalible in 2008, there weren't any scams going on back then. It was meant to be as simple as a decentralised currency that the people had full control over. I think that's a great thing. It wasn't until scammers and grifters saw a new market that could be exploited because it required a good understanding of how it works to be used properly. Scammers dumbed it down and huge centralised exchanges came in opening the door to scams. However it's definitely not a currency yet, I'll agree, it's more of an asset. It's such a shame that a technology that could've helped put people in full control of their money has been diluted into such a shit show. Whenever I hear about a new project touting "crypto based" or Blockchain i wince like I'm sure you do, because NOW it's become a scam, it wasn't originally.
It took all of 6 years for banks and scams to be reinvented -- mt gox was in 2014
And that's why 10 years later, for 2024, the EU is requiring every crypto exchange to register as a bank, follow KYC and AML procedures, along with reporting everyone's balances to the country's Treasury.