What could be more of a rat's nest than the crypto scams? As soon as it became possible for anyone to create a token it just became a race to the bottom. It's the ultimate recepticle for scammers.
> As soon as it became possible for anyone to create a token it just became a race to the bottom.
Exactly. All enabled and caused by Ethereum. First the ICOs, then anyone can create their own scam ERC-20 tokens, The DAO (which got hacked and hard forked to reverse the funds), NFTs (which have nothing to do with ownership), which once you scale up all of that it basically becomes unusable due to the 'gas fees' for every operation. Spend $200 to swap $1 worth of tokens using dapps like Uniswap.
One can go as far as to say that the Ethereum logo is literally a pyramid. Now what does that tell us? A pyramid scheme? who knows. From the start, they are probably trying to tell us that they know it is a scam.
At this point, everyone will eventually jump on the scheme itself anyway even when everyone knows it is a scam.
I'd go back further and say that the first wave - when Dogecoin and about 100 other cryptos popped up all running essentially Bitcoin networks - that was right when it went to shit. At that time you had to still know how to compile something to start your own blockchain, but if you did you'd be a billionaire now.
Ripple and other riders on the original blockchain would be the second wave of scams. That's when large scale investors started to get involved.
Ethereum is really the third wave scam where it got so easy that people who couldn't code were able to scale it out to people who couldn't even think. It was upscale retail selling to schmucks.
That would make NFTs and smart contracts the 4th wave of ponzi. The part where knockoffs of knockoffs become cheaper than a Louis Vuitton bag on Canal Street, and everyone's mother is buying crypto, and they're running ads for it on the home shopping network.
