Source Hut – an open-source repository – has stated it’s not going to permit any more projects that delve into the digital currency or blockchain arenas. The idea is that these assets and the technology behind them are too often used for fraudulent means, and the platform doesn’t want its software, its name, or reputation tarnished should illicit actors decide to utilize its services.
Source Hut Is Doing Away with Crypto Permissions
The decision was made by founder and creator Drew DeVault. In an interview, he commented that digital currencies are often featured in “get rich quick” schemes, which he believes bring down both the financial and technology sectors equally. He says digital currencies have been utilized to take advantage of ill-educated people during times of economic strife and that they’ve ultimately been persuaded to invest in projects and assets that haven’t served them well.
Few to no legitimate use cases for this technology have been found. Instead, it is mostly used for fraudulent ‘get-rich-quick’ schemes and to facilitate criminal activity such as ransomware, illicit trade, and sanctions evasion. These projects often encourage large-scale energy waste and electronics waste, which contributes to the declining health of Earth’s environment. The presence of these projects on Source Hut exposes new victims to these scams and is harmful to the reputation of Source Hut and its community.
To an extent, even the most experienced traders can see where DeVault is coming from. Since crypto first exploded onto the scene in late 2008, the space has been marred with problems involving thieves and illicit players. Many have created scams and false investing opportunities as a means of taking advantage of those who simply don’t know better.
2022 – 14 years later – has shown this in full fashion with the amount of romance scams and similar situations occurring on a regular basis. Many of these scams operate via the same protocols. Someone gets a potential victim to invest their money into a crypto platform. From there, they see their money grow and grow and they begin to get excited, thinking they’re going to be rich overnight.
Too Much Illicit Activity?
Once they try to make a withdrawal, however, the site is either inaccessible or they are asked to invest more. In any case, they never get access to the funds and ultimately lose out on the money they first invested given it’s in an account controlled by illicit actors.
At the same time, this is just one angle of a growing industry that has also seen a lot of good. The crypto space was initially designed to give players full financial independence and autonomy. They are free from prying eyes, third parties, and middlemen that have a say in what they can and can’t do with the money they’ve earned.