"Turned out"? Serum is built on Solana, the VC founded "blockchain" that Andreessen Horowitz heavily invested in and promoted, among others like coincidentally Alameda Research. No one who's seriously into defi thinks any of these projects are properly decentralized, it's hardly a step above something like Flow. At least they allow users to withdraw funds to their own wallets - that is when the chain isn't down as regularly happens ;)
However way you look at it, it's the mainstream falling for vaporware and scammers, including this very forum as well. Something has crypto written on it, there will be hype around it and then when it inevitably collapses people lament that cryptocurrency is dangerous.
Ignoring the new tech aspect, it's essentially the same thing that's been happening forever in finance. I know plenty of people who unironically think money itself is a scam. Their evidence is central and private bank shenanigans, the way creation isn't public and isn't tightly restricted, etc. All these are not money problems but people and institution problems. When you give your cash to some random guy on the street because he offers you winnings in a shell game, it's not the banknote's fault when you lose it or the issuer's but that of the scammer and your own for falling for it.
In the same way, I would advice against transferring digital currency to some random guy faking to be an autistic trader genius, no matter how many politicians and media outlets endorse him (because they got bribed). This should be a lesson for people regarding herd mentality and trust. And that's exactly what blockchains are for, because people simply seem completely incapable of learning this lesson. We need to have financial systems that are built on verification, not trust. The exact opposite of something like FTX and legacy finance. Apparently no one even bothered to properly look at their books and the auditing was done by a Metaverse-present auditing firm called 'Prager Metis'. You can't make this up: https://www.coindesk.com/business/2022/11/11/meet-the-metave...
However way you look at it, it's the mainstream falling for vaporware and scammers, including this very forum as well. Something has crypto written on it, there will be hype around it and then when it inevitably collapses people lament that cryptocurrency is dangerous.
Ignoring the new tech aspect, it's essentially the same thing that's been happening forever in finance. I know plenty of people who unironically think money itself is a scam. Their evidence is central and private bank shenanigans, the way creation isn't public and isn't tightly restricted, etc. All these are not money problems but people and institution problems. When you give your cash to some random guy on the street because he offers you winnings in a shell game, it's not the banknote's fault when you lose it or the issuer's but that of the scammer and your own for falling for it.
In the same way, I would advice against transferring digital currency to some random guy faking to be an autistic trader genius, no matter how many politicians and media outlets endorse him (because they got bribed). This should be a lesson for people regarding herd mentality and trust. And that's exactly what blockchains are for, because people simply seem completely incapable of learning this lesson. We need to have financial systems that are built on verification, not trust. The exact opposite of something like FTX and legacy finance. Apparently no one even bothered to properly look at their books and the auditing was done by a Metaverse-present auditing firm called 'Prager Metis'. You can't make this up: https://www.coindesk.com/business/2022/11/11/meet-the-metave...