Cryptocurrencies feed on a cycle of fear and greed and deceit. The technology exists because people are scared of inflation and authoritarianism. Then there are

Cryptocurrencies feed on a cycle of fear and greed and deceit. The technology exists because people are scared of inflation and authoritarianism. Then there are ‘investors’ who see this fear as a trend that can be exploited for profit. Then there are the scammers who target the greedy. And then the authoritarians step in and stoke more fears while mostly failing to do anything about the scams. But it starts with that fear, and it would end if people weren’t scared. The scams are just a byproduct, and this happened in every major financial revolution. My favorite example is the financial history of the collapse of the French monarchy. Maybe there will be enduring fiction written about cryptocurrency scammers with personifications like “The Merchant of Venice”.