There has been a lot of bad branding around crypto lately. It's easy for us as well informed tech-savvy individuals to overlook these dangers to surrounding the blockchain space. One such event was the not surprising sudden senior leadership disappearance of the now infamous Ponzi-scheme BitConnect.
We can look at the memes made of real-life people like Carlos from YouTube and laugh at the total ridiculousness of it all, and we should. It is ridiculous and it is crazy to think that a group of people could mislead so many in such a damaging way but it has happened and likely will again.
There is, of course, a serious side to all of this and it affects the ecosystem we have worked so hard to create. I'm talking about how one bad actor can spoil the fun for all crypto community members. How does this cause harm you ask? It can promote copycat companies to try to run the same trick. These individuals have enriched themselves by stealing others life savings. It also pours fuel on the notion that crypto is the wild west and needs more government oversight and regulation. Regulation that some (I believe rightly) presume will slow down innovation and create a vast gap by which less connected individuals could no longer benefit in the same way.
The point of this post is to ask us as the crypto community to stay united and vigilant to protect the valuable connection we have. To keep building, creating and to investing in the best new technology.
This is something that we do best, whether it's memes, research videos, or just warning a friend. We can self-police and clean up this space ourselves so someone or some agency does not have to do it for us. Take care and be well crypto brothers and sisters! Viva Crypto!