The cryptocurrency industry has been a subject of intense debate, with critics arguing that it’s a speculative bubble, a scam, or a tool for wealth redistribution favoring early adopters and whales (large holders). Meanwhile, proponents see it as a revolutionary financial system. Let’s break down your concerns:

### 1. **"Crypto is a Scam Industry"**

- **Scams Exist, But Not All Crypto is a Scam**:

Yes, the crypto space has seen countless scams—Ponzi schemes, rug pulls, pump-and-dump schemes $DOGS and fraudulent projects. However, labeling the entire industry as a scam overlooks legitimate use cases like decentralized finance (DeFi), blockchain-based infrastructure, and real-world asset tokenization.

- **Regulation & Maturation**:

As the industry matures, regulators are cracking down on bad actors. Many scams have collapsed (e.g., FTX, Terra Luna), but Bitcoin and Ethereum continue to function as decentralized networks.

### 2. **"Everything is Finalized by Rich People"**

- **Whale Manipulation**:

It’s true that a small group of early adopters (whales) and institutional investors hold significant influence. Bitcoin’s supply is heavily concentrated—some estimates suggest ~2% of wallets control 95% of BTC.

- **Market Manipulation**:

Pump-and-dump schemes, wash trading, and insider trading are rampant in altcoins. Many projects are controlled by insiders who dump tokens on retail investors.

### 3. **"Bitcoin at All-Time High, 99% of Altcoins Dumped"**

- **Bitcoin Dominance**:

Bitcoin (BTC) is the most established cryptocurrency, often seen as "digital gold." Its all-time high reflects institutional adoption (ETFs, corporate treasuries) and its perception as a store of value.

- **Altcoin Carnage**:

Most altcoins (especially ICO-era tokens, meme coins, and low-utility projects) have indeed crashed 90-99% from their peaks. Many were never sustainable and relied on hype.

- **Survivors**:

A few altcoins (e.g., Ethereum, Solana, Toncoin) have shown resilience due to real usage (smart contracts, DeFi, NFTs).

### 4. **"Trillions Lured from Retail Investors"**

- **Capital Flow**:

The crypto market cap peaked at ~$3 trillion in 2021. Much of this was retail money chasing quick gains, often late into bubbles.

- **Wealth Transfer**:

Early whales, VCs, and insiders profit by selling to latecomers—a classic speculative market dynamic.

### **Is Crypto Just a Wealth Extraction Scheme?**

- **For Many Projects, Yes**:

Most tokens are designed to enrich founders and early backers. Retail investors often buy at the top and suffer losses.

- **Bitcoin & Ethereum May Be Different**:

They have decentralized networks with real adoption, though still volatile and manipulated.

### **What Should Retail Investors Do?**

- **Avoid Greed & FOMO**:

If something sounds too good to be true (e.g., "1000x altcoin"), it probably is.

- **Stick to Bitcoin/Ethereum (If Any)**:

These are the least likely to go to zero.

- **Assume Most Altcoins Will Die**:

99% of tokens today won’t exist in 5-10 years.

### **Conclusion**

The crypto market is **highly asymmetric**—early whales and insiders profit at the expense of late retail investors. While Bitcoin has proven resilient, most altcoins are indeed speculative bets with little long-term value. The industry isn’t entirely a scam, but it is **highly risky and manipulated**.

Would you like insights on how to navigate this space cautiously? Or are you completely rejecting crypto as an asset class?