I refer you to these posts, where Rioters explain how the leveling and rewards systems work to show that the system is still fair:
Blue Essence Earn Rates - Learning the Numbers with Carl and Henrietta, Post by Riot Mortdog
Leveling and Rewards - Early Impressions and Adjustments, post by Riot Cactopus
Leveling and Rewards - Improvements to Milestone Emotes, Capsules, & FWotD, post by Riot Cactopus
Now to respond to your arguments:
[{quoted}](name=KING KlTSUNE,realm=NA,application-id=3ErqAdtq,discussion-id=jNrepeev,comment-id=,timestamp=2017-12-12T17:10:22.465+0000)
Basically I've returned after a long break. It seems basically impossible to farm up anything or play this game for free.
That is a fair frustration. I feel your pain, and I'm sure other players do as well.
Honestly riot has finally showed their true colors with the new system they implemented... I guess they always were greedy.
Not exactly... Riot isn't just some entity that is greedy and fucks players over. Every game designer, balance team member, artist and play-tester cares deeply about the game. If they didn't then they would be working for a different company. Based on what I've seen of Riot's company culture, greed has very little to do with it.
And making such discrediting claims without actual evidence to back it up is certainly harmful to any productive discussion.
This kinda explains why they banned half their community
They haven't banned half the community. Where the heck are you getting that statistic from?
and now they have basically turned this into a p2w game.
p2w by definition keeps content that increases your chances of winning behind a real-money paywall. This is not the case for league of legends as every champion can be unlocked with BE. Games will always have 'whales' who pay to unlock everything with real money, but it is not impossible to unlock content on one's own effort and consistent play.
My thoughts are kinda all over the place but i figured I would rant here.
Anyways riot has finally showed their true colors im so letdown I really have no urge to get back into this game. What a terrible company.
You aren't alone in feeling disenfranchised with the new rewards system. A lot of people were upset when the changes first hit, but since then things have settled down as people realize that it's not as bad as it seems.