Op-Ed: Crypto is under fire, but is this really the end for its Wild West? (via latimesopinion)
coins in record numbers. Crypto’s heyday of unregulated businesses largely fueled by effusive venture capital and fraudsters seems to be waning.
But no one should be too quick to proclaim crypto’s end. Like another fast-burning set of internet businesses that rose before — online gambling and betting platforms — crypto will likely keep spreading, including along the dark edges of the economy. And unless consumers, politicians and prosecutors remain vigilant, the crypto industry will continue to produce wealth for a narrow few at the expense of the vulnerable.Bitcoin is ripping through a nine-day rally.
In gambling, the house always wins. But in crypto, the house not only holds all the cards, it creates them — in the digital tokens and coins that form its currency — through an opaque process with little oversight. The industry’s pitch to the public has been that it cuts out the middlemen of traditional banking by allowing consumers to trade through decentralized online exchanges. Instead, these exchanges and other crypto platforms operate as a new class of middlemen focused on their own profits, not on ensuring the safe transfer of assets.
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