The Scum Economy ⇥ ez.substack.com
It has been a while since I checked into the cryptocurrency and alternative financial instruments space, mostly because it has been a while since I wanted to read anything about the pump-and-dump schemes of NFTs and gambling of real money on bits of fictional and untethered value.
Cryptocurrency has become a monument to the absolute worst and most exploitative systems of the internet, where hucksters con rubes into joining get-rich-quick schemes using decades-old internet memes, only to be sued by a law firm representing the corporate entities that exist solely to protect their copyrights.
Their whining about the SEC “regulating by enforcement” — as in regulating by enforcing the law — is just a tacit admission that they knew they were on the wrong side of history, and had simply decided that they were special snowflakes that deserved even more special treatment.
These people don’t deserve your pity. They deserve your disgust, and in a just world would have their unimaginable riches torn from them as a punishment for leading so many regular customers into the loser’s casino of crypto.
Same as it ever was.