No wonder that it's hard for some people to see the Ponzi schemes, pyramid schemes and what else those things are called.
Regulations anyone?
Or do we now just see people loosing their money?
On the other hand, it's quite easy. After the third flavor of ETH and nested contracts, I thought to myself "fuck, that's complicated." Then just follow Buffett's advice of not investing in things you don't understand.
Everyone (or almost everyone) pushing cryptocurrency is, in one way or another, a speculator, so their incentives are not aligned at all with people who might actually want to use it as a currency.
Just the security practices required to avoid fraud are absurd, but since scammers can irreversibly empty your wallet, they're required. There's no credit card company to call, no fraud detection, no withdrawal limits, no way to lock your stolen card.
The same applies to personal information. Lose your key, lose your money. It requires the sort of data security and redundancy discipline that few people outside of tech are capable of.
I'd argue it's hard to understand the higher-order effects of fractional reserve banking. The accounts are at least backed by a government and have over 100 years of lessons baked into them, so that's something.
The only regulations crypto needs is how to call things. Just like whatever Tesla has should not be called Autopilot, crypto prophets should not be allowed to call it investment. Call it gambling and off you go.