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Comment by whatever1 | Hacker News Reader

I am glad that most of HN had called this crypto/NFT/web3.0/ICO BS loong time ago. That contrasts with Mega VCs, celebrities, politicians etc who were praising this tech-glorified Ponzi scheme.

Good job to us!

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Don't forget the political angle.

This has all the earmarks of big-time crookery.

This is not a blockchain problem.

It is also a problem that blockchain could not, and did not solve.

This has happened in tradfi more times than anyone can count. Lehman, Enron, Madoff, etc. Far more scams in tradfi.

Hell yeah. If we can't detect all fraud all the time, we shouldn't bother trying to detect any new forms of fraud that emerge.

Same with central banks. If the brakes occasionally fail, get rid of them!

Yet every example you gave was over 10 years ago and there has been regulation enacted to prevent that kind of exploit. Meanwhile every week some crypto scam blows losing some people billions, hundreds of millions or just tens if it's a good week.

For a more recent example, how about $100B in Covid Relief Funds stolen:

https://www.cnbc.com/2021/12/21/criminals-have-stolen-nearly...

The crypto market blowups pale in comparison to even dotcom era exuberance, and the recovery from bear market conditions has been much more rapid (usually less than 3 years to recover to previous levels). Crypto rebuilds quicker, and grows more resilient with every passing year.

On-chain exchanges like Uniswap can't be hacked, can't misrepresent funds or exchange rates, and are fully open source. This is the future we're working towards. Not centralized scam operations like FTX.

...and provides 0 economic value, while those exploits are nothing compared to 100 trillion dollar world economy.

Far more times? Haha. No… crypto space did a speed run of 150years of traditional finance in under a decade. For every one example you have in traditional finance, there’s 10 more in cryptocurrencies

Things blow up quicker in crypto because it's transparent and people can withdraw billions of dollars from an exchange in a single afternoon (not possible in a trad fi bank). Tradfi has had 1000x more financial scandals than crypto. You are woefully ignorant on the subject and the scale of the crises is worse in tradfi. From Railroad Panics to Prohibition to Great Depression to Savings & Loan Crisis to the Tequila Crisis to Weimar Republic to Stagflation to Enron / Worldcom to Dotcom Bubble to Japanese Lost Decade to Great Financial Crisis to the current bubble to on and on and on. Read a history book.

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