Scams, investment losses...all due to human behavior. It is ignorance and greed that kill us, don't blame bitcoin because without bitcoin, criminals, scammers will also use other alternative tools like gold, USD, fiat...anything, and if we still cannot control our greed, we will still fall into those traps.
Ponzi schemes have existed for over 100 years, the dotcom bubble, the stock market crash...have also caused hundreds of billions of dollars in losses. Why is no one blaming them? Why is Bitcoin always blamed when financial scams and investment losses have been going on for hundreds of years, while Bitcoin is only 16 years old?
The thing is, Bitcoin is a financial darknet. It’s not as easy to control as fiat. Sure, scams and greed existed before — but fiat can be tracked. BTC combined with mixers and P2P markets can’t.
North Korea went from starving under sanctions to funding nukes thanks to crypto. And Trump? Straight-up takes crypto bribes in the hundreds of millions.
So compared to classic Ponzi schemes, Bitcoin is more like financial cancer — or ‘rat poison squared,’ just like Buffett said