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Comment by mitchdoogle | Hacker News Reader

Crypto is nothing special in this respect.. These red flags you speak are not an issue with crypto, they are an issue with people.

Humans have been looking for ways to screw each other over since the dawn of time. If you mint some brass coins and say they are gold, that just makes you a loar. It doesn't mean there's anything wrong with gold.

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> Crypto is nothing special in this respect..

Crypto is nothing special in any respect except crime. Web 3.0 is basically blockchain re-discovering how finance works and why financial regulation is a thing.

Coins leveraging coins and pegged to other coins and hedged by yet another coin... None of it reflects a solid foundation and the fact that, for a time, enough people were fooled does not a revolution make.

> If you mint some brass coins and say they are gold, that just makes you a loar. It doesn't mean there's anything wrong with gold.

If the fraud is rampant enough, then it is a problem with gold: it's too risky to invest in.

It's special in the amount of concentrated fraud. I can't think of another legal field with such fraud per sqm density.

Is there another industry that has had such consistent fraud, scams, failed companies, stolen money, etc. over a period of several years?

The finance sector, in the first four decades of the 20th century. Finance and faith-based debt has fueled the USA dream, and the term "penny stock" and "blue chip" come from an age where everything was blurry and scammy.

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