Manifesto 8
October 2022

The shady crypto

Wether you love or hate crypto it has already made its mark onto humanity. Some of us feel that there is something deeply shady when it comes to crypto. There is simply so many scams going around, so many money laundering involved, so many problems involving crypto.

Because of all that we wonder, can we trust the crypto token? We also think that fiat system is not broken.

What do we need crypto for?

These days you can use wire transfer which transfers money, with complete trust, between two different parties across the world. Just 200 years ago you would need to send the gold via ship. You can pay for basically anything using credit or debit card, transactions and money becomes deducted from your account and available on a merchant account almost instantly. We have multiple security checks, we have a system which is widely used and accepted. So the question is, what do we need crypto for?

I mean yeah it would be good to have a decentralized currency, but it might be even better to improve the existing system which has been confirmed working, as well as battle tested.

Did you know

65% Of bitcoin mining hash rate is controlled by single mining pool. What that means is that in practice, bitcoin isn’t decentralized at all.

Is crypto used for scams?

There is simply so many scams going around, people falling for get rich quick schemes and loosing their whole life savings. Latest one being the bankruptcy by FTX, and after it stealing remaining money from the company by its CEO Sam Bankman-Fried.

But even facebook and youtube have problems with scams involving crypto. You can often find ads for shady crypto services on most popular advertising networks. Every month there is a new crypto token being released which a year later becomes useless and not trade-able. Due to its low regulations, and decentralization crypto has become the payment method for performing any kind of scam online. From fake romance with aim of crypto extraction from its victim all the way to biggest exchanges simply closing. It is fair to say that crypto is still a shady way to do business.

A french style detective with magnifying glass investigating bitcoin scams, sheriff badge in background, and text the system isn't broken can we trust the crypto token

About illustration

We’ve figured nothing illustrated scepticism better than a detective. With all the crypto news, with all the crypto scams going around. These days, for anything crypto related its best to be a detective in order to secure yourself.

Since us developers are also usually the most up to date with tech, we often find other family members coming to us for an advice about various techs. Including crypto. That means we need to be sort off a sheriff and make sure they don’t get scammed. That is why we’ve added a sheriff badge into background. It’s just how we feel when we need to check out some crypto technology.

We also have a higher standard, holding everything knew under magnifying glass. Simply investigating if the new technology truly is what it claims to be. For crypto we at the moment don’t feel like it’s upholding itself to ideas it propagates.

In the end we’ve added a text “The system isn’t broken, can we trust the crypto token”. It’s a quote from famous rap battle. We think it represents the truth behind crypto scepticism and further enhances the message. The system isn’t broken, can we trust the crypto token

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