Hardly a day passes where I'm not hearing a story about violence, drugs, financial schemes, fraud, or some other crazy thing happening in the crypto space. Yes, this place is filled with kind-hearted, well-meaning, free-spirited people trying to change the planet. All I'm saying is that there are also schemers, robbers, villains, and somewhere down the line some pretty serious drug dealers.
Crypto is still just people and people do crazy things
Back in the day you had bank robbers. Now you have hackers that break open exchanges. Back in the days you had whores who would take USD for sexual acts out of wedlock. Those same people exist, and we've added a whole new category of gender-fluid whores and cam-people, and now they take crypto. People used to buy drugs in dark alleyways. Now you pay online with crypto and your fedex delivery guy turns out to be an involuntary drug dealer.
Part of the challenge is that the laws aren't set and part is that most don't want them set
Sure, theft is wrong and bad, but when 150,000 shitcoins go missing who do you call? SEC? Police? What authority do you take that to?
"So, you have this imaginary coin that was stored on a computer, but in a virtual exchange, and the virtual exchange made off with your coin? Like a reverse bank robbery?" (Points and Laughs at you)
And what's the option? Get a giant government agency all transfixed on crypto space? That sounds nightmarish too. I was just complaining about criminals and now we want to put them in charge? I think it just makes things tricky and hard. It's why things like rep scores matter so much in this business.
What's my point?
I guess my point is for those that are getting into the space remember to keep your wits about you. If it feels scammy it probably is. Don't invest more than you can afford to lose. Watch your back. Use references if you're going into business with people and just try to stay safe... especially when you're doing illegal things.
Will it change?
This whole space is mainstreaming. Just like the wild west used to be shoot outs etc. I think Crypto is going to get more corporate. With Fidelity and JPM investing in the space it'll turn into a digital Vegas. Not the seedy in your face mob run thing, but a family friendly vernier with some alt life fun with a shady undertone a few steps back. This industry has an $80B marketcap. I can give you 80 billion reasons to act shady.
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