I will push back and say that the current wave of hype is gambling, not ponzi schemes. Some of it is pump and dump but generally there are cryptocurrencies which aren’t. The gambling aspect came to light with many of the new DeFi apps.
DeFi kinda started as decentralized exchanges but seemingly changed into apps which allow you to leverage tokens. This is like gambling for tech geeks. Probably this will die and be replaced by gambling for non-tech savvy individuals.
The more interesting side, for me personally, is powering financial assets on the blockchain. There is still work that needs to be done here.
I’m particularly worried about how easy theft of tokens can be, but I think that is a solvable problem. Perhaps through technical means or perhaps through banks holding your assets and covering you with something similar to FDIC or insurance.
So all-in-all I don’t think it’s fair to call this one big fraud or pump-and-dump schemes. Some are yes but many aren’t. Like the dotcom bubble many will lose all invested money however the general promise and tech will deliver something world changing.
DeFi kinda started as decentralized exchanges but seemingly changed into apps which allow you to leverage tokens. This is like gambling for tech geeks. Probably this will die and be replaced by gambling for non-tech savvy individuals.
The more interesting side, for me personally, is powering financial assets on the blockchain. There is still work that needs to be done here.
I’m particularly worried about how easy theft of tokens can be, but I think that is a solvable problem. Perhaps through technical means or perhaps through banks holding your assets and covering you with something similar to FDIC or insurance.
So all-in-all I don’t think it’s fair to call this one big fraud or pump-and-dump schemes. Some are yes but many aren’t. Like the dotcom bubble many will lose all invested money however the general promise and tech will deliver something world changing.