Earlier quoted context omitted.
The reason for crypto to exist is to be a secondary financial system that you didn't need to be well connected to old-money entities or families in order to "win" from. The 2008 financial crash spurred many anti-capitalist and hyper-capitalist movements, one of the latter being cryptocurrency. They saw how nakedly well-connected people absolutely cashed the fuck out with the near-collapse of the banking system permit…
Crypto might somewhat divest itself of old money but it’s utterly dominated by new money. It’s an oligarchy with democratic elements. Perhaps that’s inevitable though.
It's a direct clone of the existing system just practically engineered from jump for financial fraud. No shock at all then that the entire thing is absolutely awash in fraud.
And the key word is need: yes it's absolutely dominated by old money assholes, but it didn't start that way, though I'm sure it was always intended which is why the most prominent crypto grifters follow the rich closely and invest in the same coins. Getting in early right before or after the big fish before the hyperdeflation kicks in (what they call "to the moon") is how you make money in crypto. You just need to then reckon with the fact that you only got rich because tons of other folks went broke, but again, if you're the hyper-capitalist type you probably see no issues at all with stepping on millions of your fellow workers if it means you get out of the wage-slave fuck barrel.