People on HN have been calling BS on crypto for as long as crypto has been a thing. Crypto has not provided any value to society — besides giving people a false

People on HN have been calling BS on crypto for as long as crypto has been a thing. Crypto has not provided any value to society — besides giving people a false sense of security when buying drugs — but somehow it is a multi billion dollar market. The fundamentals never checked out and crypto has never been more than a curiosity for academics and tech geeks. I’m no Michael Bury but it was pretty obvious this was eventually going to fail, the unknown was when. The whole system was so rotten you could not short crypto without exposing yourself to the same systematic risks which would cause the eventual collapse. Maybe your shorts were right, but good luck getting any money out after the whole thing implodes. People will continue to get scammed for the rest of eternity so I think the best thing we can do is set up strong safety nets and welfare for those who lose their life savings. Regulation does help, but scammers will always find new ways.