It's wooden nickels, the Brooklyn Bridge and Bernie Madoff all taken to their ultimate logical conclusion --- something with no intrinsic value whatsoever (electrons) is being exchanged for real functioning currency.
But what really sets the crypto scam apart is the fact that no is really lying about the fundamental nature of the transaction.
No one is hiding the fact that by buying crypto, you are exchanging your legal working currency for nothing more than an entry in a database with no real guarantees of any kind --- legal or otherwise. No one is hiding the fact that with only moderate technical skill, anyone can create a similar database and mint their own version of Bitcoin.
All crypto really does is provide a quasi-viable excuse to entice people to lie to themselves about economic reality and what we call "money".
It's wooden nickels, the Brooklyn Bridge and Bernie Madoff all taken to their ultimate logical conclusion --- something with no intrinsic value whatsoever (electrons) is being exchanged for real functioning currency.
But what really sets the crypto scam apart is the fact that no is really lying about the fundamental nature of the transaction.
No one is hiding the fact that by buying crypto, you are exchanging your legal working currency for nothing more than an entry in a database with no real guarantees of any kind --- legal or otherwise. No one is hiding the fact that with only moderate technical skill, anyone can create a similar database and mint their own version of Bitcoin.
All crypto really does is provide a quasi-viable excuse to entice people to lie to themselves about economic reality and what we call "money".