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0 pointsrglullis2y ago0 comments

It's the opposite: despite all the scams that have occurred in cryptocurrency, the overall system still continues to work.

Rug-pulls are inevitable, what matters is whether people are left with power to move on or if they are trapped into the corrupt system. How many people managed to leave the banking system after the crash of 2008?

See also: Reddit. Despite all the protests, the absolute majority of people went back to it and accepted the conditions.

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dghlsakjg2y ago

Despite all of the corruption/scams present in deeply centralized institutions, the overall system continues to work. What is your point?

>Rug-pulls are inevitable.

That sounds like a pretty undesirable system where illegal, immoral behavior is "inevitable", hardly a replacement for the existing institutions. Especially since crypto intentionally operates (or attempts to operate) outside the jurisdiction of anti corruption and law enforcement powers. I for one would much rather be the victim of a traditional institution since there are balancing institutions that exist to hold them accountable. The fact that the only organizations that have demonstrated the capability of reigning in crypto scammers are incredibly centralized is deeply ironic to me.

Plenty of people are unbanked, about 5% of adults in the US, and plenty of people left Reddit.

rglullisOP2y ago

> deeply centralized institutions, the overall system continues to work

Until they don't. You are comparing the worst of decentralized systems (rug-pulls) with the average-to-best-case of institutions that centralize power (western democracy governments) when we should be talking about the extreme cases: autocracies and dictatorships.

> hardly a replacement for the existing institutions.

Why do people can only think in binary terms? No one is calling for the "replacement" of the institutions. The idea is to build decentralized systems as a hedge against the centralized one.

You are repeatedly giving the "so you are saying..." line and it's starting to feel like you are purposefully misunderstanding the point.

> Plenty of people are unbanked

For their own choice or because they were excluded of the system? Wouldn't it be good to have an alternative that we could have as hedge against them?

> plenty of people left Reddit

Not enough to cause it to implode, and not enough to bring a critical mass to any alternative.

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