One serious issue we are seeing with the crypto economy is the large presence of rug pulls, scams and frauds. Not to say that these didn’t exist before, but crypto just makes it easier for those with impure intentions to step up.
Especially when the teams aren’t doxed, they just have full control over what they can do and it is all up to them where they could go with it.
If crypto’s pseudonymous economy is to survive this era of NFT rug pulls and token Ponzinomics, then I’ve yet to see a reason why or how it should. We’re living through a massive digital whack-a-mole game. But these moles have mallets – Groucho Marx masks, too. Why, then, do we keep plunking quarters into their machine?
Not saying that the pseudonymous nature of crypto is something that should be eliminated, of course it shouldn’t, this is one of the main pillars crypto was built upon in the first place anyway, and who are we to call for its abolition?
I’d instead, rather see project creators earn the trust that they desire from the people, by showing that their intentions are pure and honest, and frauds are outside the question.
Of course this could be made much easier with DAOs regulated startups and projects, where the team has to pander to the people lest lose their votes. This is why defi projects like the exchange that is Werewolf and DAOs similar to it are in the forefront today.
Crypto will always be pseudonymous, and there will always be room for skepticism, as there should be.