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 imagine it's the year 2017. I invent an altcoin that doesn't scale without custodians. by its design, if too many people try to use it without a custodian the fees shoot up and most people can't afford to interact with it. the custodians issue IOUs against these coins and it is totally impossible to verify that the number of IOUs doesn't exceed the number of circulating coins. you would call it a shitcoin, and you would be correct. but now it's 2024, they did the same exact thing with bitcoin, and all you see is the little yellow B with the two lines through it and you think everything is fine. you're being scammed.