Fraudsters will do what fraudsters do. If it wasn’t crypto it would be scamming retirees or hoarding PS5s. They’re a largely insignificant part of the economy.

Fraudsters will do what fraudsters do. If it wasn’t crypto it would be scamming retirees or hoarding PS5s. They’re a largely insignificant part of the economy. At a macro scale private capital has a much larger impact. The issue is there’s a lot of dumb VC money floating around looking for a quick billion instead of investing long term fundamental research (boring!) that may produce results later on. It’s a fundamental issue with the economy because what Capital wants is not to do what’s best for humanity or even to build a sustainable widget factory. Capital wants a money printer. It’s a big inefficiency in the economy because ideally they’d prefer sustainable growth instead of 1000x unicorns.