> Most well-funded cryptocurrency companies have passed audits.
This is true in practice but untrue in spirit. Any nonsense project can pass an audit by hiring an equally nonsense auditor.
> You aren't allowed to count "fraud cryptobros from miami creating an ICO" if you don't count "fraud fratbros from harvard/yale creating a hedge fund". And if you do count both, then you'll notice that the proportion of fraud is roughly the same everywhere, we just allow ourselves to notice it in some places more than others.
This is blatantly untrue. Yes, there are plenty of forms of fraud which occur in hedge funds, but the public is shielded from many of these, because the most obvious forms of fraud were recognized and regulated decades ago. There's practically no such protections around crypto, and as a result, a whole host of obvious scams have flourished.
If you talk to almost any crypto investor, most of them have been scammed at some point. The same is not true of investors in traditional markets.
This is true in practice but untrue in spirit. Any nonsense project can pass an audit by hiring an equally nonsense auditor.
> You aren't allowed to count "fraud cryptobros from miami creating an ICO" if you don't count "fraud fratbros from harvard/yale creating a hedge fund". And if you do count both, then you'll notice that the proportion of fraud is roughly the same everywhere, we just allow ourselves to notice it in some places more than others.
This is blatantly untrue. Yes, there are plenty of forms of fraud which occur in hedge funds, but the public is shielded from many of these, because the most obvious forms of fraud were recognized and regulated decades ago. There's practically no such protections around crypto, and as a result, a whole host of obvious scams have flourished.
If you talk to almost any crypto investor, most of them have been scammed at some point. The same is not true of investors in traditional markets.