This is not ‘just the way crypto functions’. There is very wide variance in the ethical integrity of different crypto protocols and projects.
Bitcoin is one thing.
Highly decentralized layer-1 protocols such as Cardano and Ethereum are another thing.
Oracle protocols such as Chainlink are another.
Centralized exchanges vary a lot—Kraken seems to have quite high openness, integrity, transparency, and auditability; whereas FTX did not.
There are lots of scammers in crypto. There are also many highly ethical, honest, and constructive leaders.
Just as it would be a shame for outsiders to reject EA as fraudulent just because FTX was, it would be a shame for EAs to reject all crypto as fraudulent just because FTX was.
These aren’t as extreme as they seem. They are genuinely just the way crypto functions. Here is a link to SBF, this past April, explaining how one of the largest “income” generating systems in crypto (that he also engaged heavily in, and in a way helped to popularize) is a ponzy scheme, and being totally unworried about stating this fact. https://www.bloomberg.com/news/articles/2022-04-25/sam-bankman-fried-described-yield-farming-and-left-matt-levine-stunned
This is not ‘just the way crypto functions’. There is very wide variance in the ethical integrity of different crypto protocols and projects.
Bitcoin is one thing.
Highly decentralized layer-1 protocols such as Cardano and Ethereum are another thing.
Oracle protocols such as Chainlink are another.
Centralized exchanges vary a lot—Kraken seems to have quite high openness, integrity, transparency, and auditability; whereas FTX did not.
There are lots of scammers in crypto. There are also many highly ethical, honest, and constructive leaders.
Just as it would be a shame for outsiders to reject EA as fraudulent just because FTX was, it would be a shame for EAs to reject all crypto as fraudulent just because FTX was.