And if you give the scammers a platform that's not useful for anything else than building endless variations of memecoins and productless fake-tech penny stocks, what is the expected output?
Not sure if all crypto is a scam necessarily, but sure that world is chock full of scammers trying to out-scam each other.
It's all scams. Even if the coin itself is not a total scam, the exchanges do some of the most shady things you can imagine. They'll actively trade against their customers. They'll do insider trading, rugpull their customers, gets "hacked" by an insider and steal all your coins, etc.
Even BTC and ETH are shady. ETH should have been classified as security. BTC is an environmental disaster and centralized by a few large miners.
I don't think that it's all a scam, but I do think that it gives scammers a vehicle to con people without oversight or regulation. They also end up with "real" money which can be spent.
You can keep telling yourself that, but there's enough utility and momentum behind it that it is not going anywhere. I'm saying this as a person with no stake in the matter, just observing from the sidelines.
What is the utility behind it? I don't see people using to actually do any transactions because of the volatility and fluctuating transaction fees. Scams can have momentum behind them
You can sell ownership across the world instantly, and you can use a centralized authority for authenticity and grading. Done. All for less cost than crypto and without enabling DPRK to steal your card with no recourse.
This is exactly what happened with gold, and then people realized that basing money on gold was stupid, so now we have the system we have today. Cryptofools are two financial revolutions behind modernity.