I saw a quote somewhere:

    Those who don't learn from history are doomed to repeat it.

The only thing new about crypto is paper has been replaced by electrons.

Individuals/banks minting their own money has been tried before. It didn't go well.

However, this quote is usually intended to be a warning, not an opportunity to run all the old scams again.

These people hear it and think "You mean we get to repeat history?!"

It’s not an uncommon joke about how easy it would be to be a serial killer or bank robber in “the olden days” - just need to move 1 town over and you can do it all again which has a strong similarity to being able to commit crypto crimes with hardly a consequence by virtue of doing it across jurisdictions..

I sure hope we don't end up in the same place where the monetary system is only being held up by the fact that there is more debt than money creating an endless competition for the limited quantity of money that exists in order to pay off ever-increasing debts and expenses with a currency that is continually debased throughout the process.

We're already there. That's called "going to the moon". That's the end state. Get in, ride the rise, and then sell out and tell others to "buy the dip".

We crossed that point years ago. It's the stablecoins that hold all the debt and use it to back their "dollars."