VOXEL scenario is not typical at all. No wonder this token went up 500% after Binance announced plans to delist it! It's a glaring symptom of a much deeper societal issue: the systemic inequality baked into the very fabric of the crypto world, and how it preys on those least equipped to navigate its treacherous waters.
Crypto's Promise Versus Harsh Reality
The movement’s original vision included decentralization, democratization of finance, and opportunity for all. For whom exactly? While elves for sure have hit the lottery, Win the War anecdotes like VOXEL’s delisting moonshot reveal a much sadder story. In developing countries, vulnerable populations are usually lured in by the promise of fast fortune. Instead, they ultimately find themselves falling prey to speculative bubbles.
As someone who is based in Accra, I experience this myself and see this play out in real time. Crypto projects have a history of deploying aggressive marketing tactics that cross the line into clear scams. They directly target individuals who are most desperate for financial security. Then when they see VOXEL going up 700% over three days, they say to themselves, “This is my opportunity! They don’t notice the clear Binance warning labels, the all too real chance that they will lose it all. They're not equipped to understand the risks, and frankly, that's the problem.
Lack Of Financial Literacy Is Exploitation
It's easy to dismiss these rallies as "dumb money" getting burned, but that's a dangerously simplistic and frankly, callous, view. Financial literacy is crucial for being able to make informed choices. Without it, paired with the lack of access to legitimate investment opportunities, people are left vulnerable to exploitation.
Think about it: if you're struggling to make ends meet, and you see a flashy ad promising instant wealth, aren't you more likely to take a chance? Particularly if you lack access to quality financial counsel or means to conduct your own extensive due diligence. It's not stupidity; it's desperation.
It’s not just VOXEL that is working on this — this is about the whole ecosystem. How many more projects like this exist, claiming the moon and taking advantage of the financially desperate? How many influencers are selling these coins without disclosing that risk, or worse, without even disclosing their own financial incentive.
Exchanges Must Act Responsibly Now
It’s clear that Binance’s “Vote to Delist” is, in principle, a great idea and an effort to clean up their market. Does it go far enough? Putting these no-op projects on the list in the first place gives them a patina of legitimacy, however short-lived. Delisting them once they’ve already gained traction seems like closing the barn door after the horses have already left.
- Listing: Provides initial legitimacy.
- Delisting: Often too late; damage already done.
- Need: Proactive measures, robust due diligence.
Shouldn’t exchanges be held to a higher standard to safeguard their users, especially the most vulnerable among them? Shouldn’t they be spending more on financial literacy initiatives, publicly shaming and otherwise proactively warning users of the dangers of these hyper-speculative assets. The answer, unequivocally, is yes.
We’re overdue for a top tier, second tier, etc. In this manner, only crypto users who take and pass a financial literacy exam, or demonstrate sufficient investment experience are able to invest in higher risk assets. This is not a story against innovation or whatever other black box “tech” we’re afraid of these days.
The VOXEL rally isn’t just an amusing crypto tale—it’s a warning sign. It's a stark reminder that the promise of decentralized finance is meaningless if it's built on a foundation of systemic inequality and a blatant disregard for the well-being of the most vulnerable. We need to expect more – from exchanges, from regulators, and from ourselves. So, let’s make financial inclusion a reality, not just a catch phrase that appears on government agendas, but an ethical necessity at our core. Because if we don’t, the VOXEL story will be written again, over and over, with more and more tragic outcomes.
