Of course. Like so many other industries. Through much of history across many cultures even the idea of “interest” on loans was considered a scam and forbidden or looked down upon. Many industries exist through history into the modern age, often protected or legitimized by law, trade groups, or other powerful bodies with an interest in profiting from something which either arguably wouldn’t be able to exist without hype and/or some power system creating a demand or need.
Crypto is a “new” frontier which gives people a chance to break into big money and establish new institutions because there aren’t already 9000 companies and government organizations with their hands in the pie looking for their cut or how to use the new frontier to cement and entrench power.
That isn’t an endorsement or a condemnation- it’s just the way these things tend to go. In time new fields of enterprise like this tend to either die off more or less or stick around and become tightly regulated and saturated with whales and major players who have gained overwhelming control over the segment. This is the “Wild West” or “gold rush” phase where people flock to promises of potential riches. Some make some fast cash, some will make empires, and many or most will lose big time or just serve to feed the frenzy and draw more small fish to feed the big pockets and predators. No matter how unlikely the odds, humans tend to fall for the concept “you have to play to win,” this concept of course is what allows the powers at work to legitimize and perpetuate their dealings. If you present a person an action that benefits you greater than them, but serves their self interest- you can get them to work for you essentially for free. Finding the key to trigger that can be hard,
Crypto is a “new” frontier which gives people a chance to break into big money and establish new institutions because there aren’t already 9000 companies and government organizations with their hands in the pie looking for their cut or how to use the new frontier to cement and entrench power.