Saturday, May 14, 2022
NFT scams, toxic ‘mines’ and lost life savings: the cryptocurrency dream is fading fast
…When a scammer steals a CryptoDickButt, all the ecstatic manifestos about the decentralised power of the blockchain disappear, as scam victims plead with the handful of crypto exchanges to block the sale of their stolen NFT. The underlying technology and its tokens might be decentralised (and even that claim is questionable, given that cryptomarkets are wildly concentrated in the hands of a few hundred people), but where you can actually buy, use and sell these things is still limited to a few services and exchanges. This forces crypto fans to recognise a hard truth: currencies and contracts are only as valuable or enforceable as the people and institutions that recognise their legitimacy. Blockchain technology does not change this fact whatsoever…
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