A sucker is born every minute. And lots of businesses thrive on suckers. What was born as a scam, can be legitimized. See MLM.
Of course, these businesses are basically Ponzi schemes. Something with no inherent value and only demand to keep its value. And the more who believe, the more the value. Sort of.
BTC was born with a scam. The idea that modern economics was flawed and that defi would free them from the oppression that was responsible for the largest and longest increase in human living standards in history. But economics is complex, lots of math, and like many difficult subjects ruled by specialized PhDs.
For that reason the appeal of defi had to be hokey: down with government controlled currency! Down with inflation! (of course, please don't look at rising living standards...just inflation inflation!).
Who'd da thunk people would fall for that. Cue PT Barnum.
One solid difference however: defi/crypto/BTC did indeed have a real demand: illegal commerce. It began with Silk Road and drugs, blackmail and hit-men. But now, as many point out, the most wide spread diverse usage (transaction activity) is in developing nations with substantial natural resources. You'll never guess why.
Of course, some of you will. They need to sell, but the international "fiat" conspiracy to keep corruption under control won't let them easily transact. Same with extortion, kidnapping, ransomware, etc. BTC is the grease of this commerce and it's not small. And its growing. And there's a fair amount of just plain laundering of corrupt fiat from corrupt governments to a safer place. Ahem.
Originally, all the crypto barkers would go on about the demise of fiat and how easy it was to transact and that soon you'll be paying your parking tickets and cars and houses with BTC.
Well, never gonna happen. And, as this article wordlessly concedes, no one cares about that anymore. Validation of crypto is its adoption by Wall Street. Never mind buying pizza. You can "invest" in demand for blood resources and just pile onto this Guaranteed Return-based Ponzi scheme.
Just don't forget that you are part of an eco-system that is assuring and accelerating the destruction of the real one. Any ethical investors beware.
