Crypto industry depends on scams for survival


Ten thousand different tokens offer no value except being marketed as cheap so that you may either luckily sell them expensive, or just hodl them forever. Gambling at crypto industry syphons liquidity from financing relevant offline needs anywhere on Planet Earth.

Blockchains may have recorded evidence of all scams occurred in the last few years. However no one cares to dig on that. No one takes responsibility. Consumers are expected to forfeit their litigation rights and buy scam crypto again to maintain cycle of hope.

Binance warns customers that anything off the exchange is subject to loss. That includes anything transacted on binance smart chain, which is one of its subsidiaries. Recurrent scams on binance smart chain are laundered until they look legit at binance or elsewhere.

Crypto companies encourage double digit interest rates for their staking, they bitterly complain about Federal Reserve for increasing benchmark interest rates to meager 3%. Reverting to near zero interest rates in the future is unfeasible in this war of fiat agsinst crypto.

Fashionable crypto may be attractive; however, those unregistered securities require you to give up on your legal rights to ownership of your funds. You provide a license to unidentified hackers, more experienced than you, for taking your savings away with no path for complaints.

The United States of America deserves to remain the world's policeman. It seems the only country determined to maintain financial consumer protections earned during the last century. Securities Exchange Commission and Federal Reserve must fill void elsewhere in the world.

Central Bank Digital Currencies address urgent need to adequate international trade to current technological advances. They must provide adequate procedures so that any crypto consumer who is robbed can get their money back. Fraudulent blockchain transactions must be reversed.

If global markets do crash because Federal Reserve fulfills its commitment of providing long term positive real interest rates, that will just mean that previous stimuli artificially bubbled economies to produce irrelevant goods and services. Priorities must be reassessed.

Legal profession is often dismissed as bureacratic and corrupt. This is a great opportunity to reaffirm the importance of protecting the rule of law. Justice may be slow and cumbersome, but is sorely needed when all else fails. International law must become next boom industry.

Rubén Rivero

Caracas, Venezuela

Maracaibo Larga Exposición. Fotografía Wilfredo Rafael. 40 Grados Bajo el Sol