Comment by throwaway4good

I think the best criticism against crypto currency is that it is essentially “regulatory arbitrage”.

Things are allowed inside crypto that is not allowed in the normal world of finance.

Ie stable coins: promising people 20% on their savings account by running an obscured ponzi.

Ie pump and dump.

Ie insider information. Insiders on exchanges buying up coins they know are going to be listed.

Etc etc.

(And proof of work of course is the key enabler as it allows those who are running things to hide their identity.)