Nic Carter Hails Crypto Entrepreneurs for Creating More Exploitative, Corrupt Financial Systems

Nic Carter, a partner at the Venture Capital (VC) firm Castle Island Ventures and co-founder of Coin Metrics, has given his opinion about the crypto market and what developers have been working on in the last years.

Coin Metrics is a project that provides transparent information about the crypto market.

Nic Carter Critic About the Crypto Industry

Mr. Carter has tweeted very hard things about the virtual currency space. According to him, the crypto industry is “far worse than what you have possibly imagined.”

crypto folks have a knack for railing against the legacy financial system and then creating infinitely more exploitative and corrupt versions of those same systems

— nic carter (@nic__carter) April 6, 2019

Although virtual currencies have spread decentralization around the world, it seems that those building services and products are creating “more exploitative and corrupt versions” of the traditional financial system.

It is shocking to see Carter’s perspective to be so negative about the digital currency market. In general, he has a close point of view as Nouriel Roubini, one of the hardest critics to virtual currencies and Bitcoin as a whole.

He mentioned that the reason he is passionate about the space is that there is a kernel of good there. However, he said that the market is ”shrouded in chaos and exploitation.”

the reason I am passionate about it is that there is a kernel of good there, a shared vision of a better future. unfortunately it is shrouded in chaos and exploitation. the promise of building something good and useful outweighs it, but sometimes not by much

— nic carter (@nic__carter) April 6, 2019

In addition to it, BlockTower Capital’s Ari Paul, mentioned that the market is worse in terms of the ratio of the value to fraud.

The cryptocurrency industry has been affected by a wide range of scams and attacks that hurt users and investors alike. Cryptocurrency exchanges have been hacked and other virtual currency platforms have been attacked as well. This has affected the reputation of the space and the market as a whole.

Carter has also mentioned that it is not possible to blame people like Mr. Roubini that believe that virtual currencies are a scam. He finally said that as Bitcoin and other digital assets expanded, the window of financial discourse allowed many individuals to seize powers.