The federal government really amazes me sometimes. They are given immense power and seemingly bottomless resources to do what they do. And what they do, sometimes makes you scratch your head. I have been talking about the federal assault on crypto taking place in courtrooms across the country. Lawsuits and indictments coming down at a rapid rate. Of course, it has all been framed by the standard line “the government is trying to protect the public.” This may be true to some extent in some circumstances, but here’s a dose of reality… there are always alternative motives. And now the assault continues, on the internet.
The government created a Fake Cryptocurrency on a Fake Website to lure real potential investors to an ICO. They say it is to educate the public about the dangers of getting involved with crypto companies because it is so easy to be fooled. They wanted to show us how to avoid the potential pitfalls of unregulated ICOs. The operative word there is unregulated. The government is very concerned about things they don’t control.
Thank you, government, for reminding me there are crooks out there looking to scam me for some money. Now the real question is why did they invest so much time and effort to “protect” us from ICO crypto scammers versus EVERY OTHER type of scammer out there.
Perhaps the alternative motivation is to tarnish the reputation of crypto. Make people overly skeptical, so the platforms, currencies and ICOs not controlled and regulated by the government do not continue to grow and flourish. Scare the public away, so crypto goes away.
Obviously, we do all need to be aware of fraud in ICOs. Real criminals are really trying to steal money every day. But it’s not just in the world of crypto… it’s doctors, lawyers, insurance companies, car dealers, roofing companies, etc… etc... who are after our money. My skepticism is born in the level of enthusiasm and creativity the government is exercising in “warning” the public about crypto versus everything else.
At this point let’s hope they mean what they say and they are trying to protect us and not destroy us. In the meantime, remain skeptical, remain vigilant and don’t waiver from your belief in crypto.