[methodical]

Great point- these are reasons why we have the regulation we have today in our current banking system, and why any financial system that doesn't have any ability to be regulated (i.e. crypto) is massively problematic and ends up with 99% of people being fleeced out of their assets (as we've seen in the crypto space).

[redsky880]

where are you getting this '99%' figure?

[methodical]

The number is clearly an exaggeration, and it's a bit embarrassing that I have to point that out. One of the few benefits of crypto is that it's difficult to trace (although certainly not impossible except for unique cases like XMR), so obviously nobody has the data to attest what percentage of people definitively have fallen victim to scams. However, what is known for certain is that people lost $14 billion to crypto scams last year (globally), with the average amount lost per person likely much higher than many other types of scams, considering the entire US lost $10 billion to all other types of scams last year, and the number of people in the crypto space is a small fraction of the US population. Keep in mind that the two numbers are globally vs the US alone, but I would presume the majority of the $14 billion lost were from US investors. I found more targeted studies that have numbers like 33% of people in crypto have fallen victim to scams, but I can't find the original study so I've omitted referencing it directly.