Crypto currencies of all varieties are notorious for being incredibly unpredictable and volatile. (opens in new tab) It’s also deeply niche, and especially from the outside it’s a difficult market to comprehend. Even a little bit on the inside it can be truly baffling as to how value is attained and assigned, especially with the potential energy costs (opens in new tab) and environmental offsets it just doesn’t make a lot of sense most of the time. This mysterious complexity combined with tantalising promise cultivated by the rise of bitcoin and you have a perfect storm for scams.
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