4 Reasons why the Cryptocurrency Scam will soon be over
- There is no longer any privacy.
Cryptocurrency used to claim it a was private form of money free from tracking. This claim made it internationally popular for criminals and people who were looking to avoid being taxed by their governments. However, this claim is no longer true. To sell Bitcoin for cash or to buy it in the first place, users need to submit copies of their identity usually their face, address and phone numbers. Bitcoin is now a regulated asset that millions of people pay taxes on every year and the blockchain itself is completely public in everything that it does with real world people being directly linked to millions of addresses and transactions.
#2. It has no real value.
Cryptourrency is not an actual currency. Currencies are supported by governments and banks. Crypto currencies are not backed by anything and there is nothing stopping them from losing all their value in less than a couple hours
this is exactly how Bitcoin lost 30 percent market cap just yesterday.
#3. Exchanges are exit scamming.
just the other day FTX was part of a large scandal where it was revealed that the exchange owner performed an exit scam and that an insider likely stole billions of dollars in user funds stored on the site. On other crypto exchanges users are frequently locked out to keep them from withdrawing from a failing market. This type of behavior is criminal and its committed everyday by the largest and most sucessful people / companies in crypto.
#4. The crypto scene is dominated by criminals.
The only people who can profit with cryptocurrency are criminals or liars. Cryptocurrency is a scene where the most profitable activities are all illegal. Running a cryptocurrency exchange, stealing wallet keys, mining with a virus, short scamming investors. These are the most sucessful ways to make money with cryptocurrency. Each one of them are illegal. But because cryptocurrency is anonymous for those that break the rules and don't verify their identity, most of the criminals never get caught or see a day in prison. This makes the cryptocurrency community one of the ripest targets on earth for criminals. Most experts even say that cryptocurrency started out as a popular way for criminals to hide their profits and launder money, the fad where law abiding people use a tool designed for criminal behavior will soon be over.