The crypto community has come under fire from anonymous blogger Polynya, who slammed the industry for its “broken moral compass,” highlighting the rise of predatory practices and scams.
What Happened: In a recent blog post, the blogger acknowledges that there is some good in crypto, as evidenced by their previous writings on the topic, but argues that the industry has swung too far towards the “bad side.”
Crypto evolved from the inception of Bitcoin BTC/USD in 2010, which was speculative and fueled by proponents “shilling” their holdings with “populist falsehoods” to “altcoin mania” in 2013 and the rise of Initial Coin Offerings (ICOs) in 2017.
This “scam-filled frenzy” paved the way for increasingly predatory and unethical practices, such as the rise of DeFi ponzis, meme coins, and non-fungible tokens in the form of “ugly JPEGs.” The preliminary peak (or bottom) of this development is the emergence of…
