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Comment by influxmoment | Hacker News Reader

There is nothing inherently scammy in using a distributed blockchain to record balances, and cryptography to authenticate updates to the balances. While opening the door to financial contracts to every one in the world with a computing device may make scam offerings more common, it's overly simplistic and lazy to resort to a caricature of crypto tokens being, as a rule, scams.

The vast majority of crypto projects in top 100 by market cap are not like UST/LUNA. The demand for them comes from speculation about future utility, but there is no unsustainable market-beating yield to entice people to deposit new money.

Copying a project that was supposed to have limited tokens and then making your own private money and selling it is inherently scammy. And then avoiding security laws and responsibilities for your personal project by claiming decentralision

I was not referring to this particular project. You implied all crypto projects are scammy. I was taking issue with the over-generalization.

And as an aside, not being in compliance with SEC regulation does not in any way make a project scammy. Being non-compliant with SEC regulations could be the case with LUNA, and still be entirely incidental to it being scammy, as it is possible to operate with no deception and without exploiting any one - which is an essential component of any scam - and still run afoul many SEC regulations.

I was referred to all crypto projects in that they avoid responsibilities and just laws by telling a myth of decentralization

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