If blockchain allows this, how is it not worse than the current system? This is a massive portion of all crypto transactions

FBI: Americans aged 60 and older reported losing almost $3 billion to crypto fraud last year. In total, Americans reported being scammed out of around $9.3 billion via crypto, out of a total $16.6 billion in total reported losses that year. https://t.co/xupom9DeUn

Molly White

If blockchain allows this, how is it not worse than the current system? This is a massive portion of all crypto transactions https://x.com/molly0xfff/status/1915148232574804193?s=46

idk if that's accurate, cumulative volume on Ethereum is multiple trillions, and 30 days is 5x that total, etc.

in terms of phishing, I would also contend that an overwhelming majority of losses come from DeFi, and I doubt that users average age is anywhere near 60.

I think there's quite a few flaws in overall finance, like the billions in annual overdraft fees.

blockchain is immutable, so vulnerable consumers probably should stick to banks using stablecoins (cause they're insured). that being said, we do have to roll out systems that survive without fiat, and a lot of protocols are battle-hardened and serve an economic niche.

we also should continue our work in cybersecurity, since crypto does form the front lines. I think all citizens should be protected from SIM and email vulnerabilities, part of that is a credibly neutral namespace that can't be faked.

the entire subject is a rabbithole of nuance, and Molly's agenda is what it is.

Reporter at Drop Site News, co-host at Breaking Points/Counter Points

idk if that's accurate, cumulative volume on Ethereum is multiple trillions, and 30 days is 5x that total, etc.

in terms of phishing, I would also contend that an overwhelming majority of losses come from DeFi, and I doubt that users average age is anywhere near 60.

I think there's quite a few flaws in overall finance, like the billions in annual overdraft fees.

blockchain is immutable, so vulnerable consumers probably should stick to banks using stablecoins (cause they're insured). that being said, we do have to roll out systems that survive without fiat, and a lot of protocols are battle-hardened and serve an economic niche.

we also should continue our work in cybersecurity, since crypto does form the front lines. I think all citizens should be protected from SIM and email vulnerabilities, part of that is a credibly neutral namespace that can't be faked.

the entire subject is a rabbithole of nuance, and Molly's agenda is what it is.
https://defillama.com/dexs/chains