In the face of the never-ending list of these kinds of events, the laughably impossible task of average nontechnical individuals protecting their own assets (and the consequence of total financial ruin when they fail to do so), the overwhelming number of and size of scams, rug pulls, fraud, outright Ponzi schemes, and on and on and on… what exactly is left to keep anyone a “huge believer”?
Put differently, it’s been seventeen years of constant and escalating mayhem. What would finally be enough to shake your faith?
My faith would shake when scams, rugs, fraud, and ponzis completely stop outside of crypto.
Sure, HSBC facilitated money laundering and drug trafficking in Mexico. And when it came out, the fiat response was a huge outcry and putting a stop to it.
The crypto response is to say "screw the laws, let's go all in with money laundering and drug trafficking".
It's like noticing that kitchen knives are occasionally used for murder, and then concluding that it's a good idea to sell machine guns at every corner.
Fiat is indispensable, and (due to regulation) better for legitimate purposes than for crime.
Crypto is entirely dispensable, and (due to its inherent limitations (inefficient, slow, cumbersome)) better for crime than legitimate purposes.
Alternative currencies offer competition and access. Why is that such a problem?