Why Scams Are Inherent To Cryptocurrency

Like most get-rich-quick schemes, cryptocurrency is rife with scamming.

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Sam: A lot of this just feels like this is a direct function of wealth inequality in the world. and just people with just like I've got whatever it is. my 10 million my 50 million my I've got the extra billion. and I'm gonna see if I can turn that into 30 billion by just investing in this and seeing if enough people bite. I mean that's why I wonder if you know if there is this crash if it doesn't just reinflate almost immediately because there's so much money concentrated in so few hands now it feels like in the context of this country. But also I think you know sort of worldwide. that there's always going to be somebody in there who's going to be like I can reinflate this market tomorrow and everybody will come back in and then I'll just get out and I don't know six weeks six months six years or whatever it is.

Guest: Yeah I think even if this all crashes and people lose a lot of money including I think a lot of everyday retail traders who maybe can't afford to lose a few thousand dollars or something like that. We'll see another version again probably really soon. For example, I think some people are going to simply blame the government or some other outside force. Especially if the government has a role in kind of popping this bubble which I don't know how much enforcement they're going to actually do. But I think you're just going to see other people say we need to do it better this time. And that does stem from the economic conditions in this country which is sort of a lot of inequality and really a form of casino capitalism or gambling feels like one of the main ways to get ahead. I mean, of course, I talk about this stuff all the time so that influences what ads I see. But on Twitter, I pretty much only see ads for crypto and for sports gambling which is now legal and everywhere in New York. And I think those are sort of products of the same economic conditions which is just that I mean I don't know how else I'm going to transcend my economic conditions. I'm going to throw some money down the latest speculative fervor and maybe I'll be one of the lucky ones.