Why Is Crypto So Filled With Scams?

<p>To the outside world, cryptocurrency is that part of the internet where you can lose money to scams and rugpulls.</p> <p>It's where some YouTuber tells you about a token called PAMP or SAFEMOON that is about to PUMP 1000x and YOU NEED TO BUY RIGHT NOW TO GET ON THE ROCKETSHIP.</p> <p>Isn't that what crypto is?</p> <p>Bankless readers are aware that this is not the case.</p> <p>Bankless sees cryptocurrency as a land of opportunity, a new frontier, a digital world built on free and open-source software that allows us to break free from the Wall Street and Silicon Valley institutions that have enslaved us.</p> <p>So, why do most people believe cryptocurrency is full of scams? And why do people keep coming to learn about it if it's full of scams?</p> <p>What piques their interest? Or is cryptocurrency just a big con?</p> <p>Today's article introduces my "Concentric Circles of the Crypto Industry" model, which explains why so many people outside of the crypto industry believe it is a scam.</p> <p>This mental model can help crypto-newcomers navigate the Dark Forest of crypto with a little more ease, and with a little more understanding of the types of people you find in crypto — which ones to pay attention to, and which ones to avoid.</p> <p>There are four concentric circles.</p> <p>A set of four concentric circles is my model for who makes up the crypto industry.</p> <p>The Core Devs are in the centre, with the rest of the world on the outside and the Crypto Believers and Grifters in the centre.</p> <p>* The Core Developers.</p> <p>* Crypto enthusiasts.</p> <p>* The swindlers.</p> <p>* The remainder of the world.</p> <p>Core Developers</p> <p>Let's begin in the middle. The Core Devs are the architects and philosophers who are constructing this industry from the ground up. They have a thorough understanding of the world's current problems, how cryptography and blockchain technology can help to solve them, and the radical implications for the future. They understand the philosophy, code, and moral good that this tech