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As someone who extensively works in crypto (www.fractional.finance) and building web3 technologies - the vast majority of projects are scams, or scams that are
by zeryx 5y ago
As someone who extensively works in crypto (www.fractional.finance) and building web3 technologies - the vast majority of projects are scams, or scams that are trying to fake themselves into legitimacy. Most NFT projects fall into the category of MLMs or have other mechanisms to massively reward early adopters to grow network effects.
Not all projects are like that, and many have actual real practical uses; public DLT and ZK Proofs are absolutely massive. Some teams and organizations are actually using them properly, they're just still building.
HN: Give the market 4 months, if you still think "all of crypto is a scam" then either everyone failed; or you were pretty set in your ways anyways :)
- pavlov 5y agoYou think four months is going to change something? We’ve heard these same promises for a decade. During the 2017 ICO boom, people who were selling their tokens were saying the exact same thing as you: “Now that we have all this investment and smart people in this space, the real-world use cases are just around the corner.” The billions that flowed into crypto in 2017-18 created nothing except a stream of SEC investigations and fines. The “builders” were grifters. Why is this time different?
- zeryx 5y agoWe launch in June, but there's plenty of other projects with builders who are actually building real sustainable businesses and organizations with roadmaps towards profitability as well. They aren't common, to your point the vast majority _are_ grifters; but obviously there have been big transformative steps like Ethereum itself, Filecoin, IPFS and others.
- pavlov 5y agoIPFS has nothing to do with crypto though. That’s one of the problems of the current “web3” rhetoric: they’re trying to swallow every project on Earth into their argument that I should rush out and buy their token right now. Anyway, good luck. I hope your roadmap to profitability is something else than “We’ll dump our tokens to retail” or “We’ll do enterprise consulting and sell proof-of-concept projects to hapless corporate middle managers who are very excited about capital-B Blockchain”
- zomglings 5y agoI am the founder of a crypto startup, as well. The 4 months thing sounds like marketing and like it aligns with some kind of launch you are planning. Maybe more generously you are anticipating the Merge? Either way, 4 months smells of bullshit. It will take at least 5 years for the good parts to float to the top. In the mean time, I suggest to anyone else building things on blockchains to shut out the haters (you're already committed) and keep on building. Make sure you can survive at least one crash.
- zeryx 5y agoGood call; yeah that's when we launch :) I agree on a 5 year horizon before it becomes "obvious" that some web3 projects have succeeded. Obviously if you see a crypto project that's cool and interesting, don't just check that it was audited - read the whitepaper and the audit report.
- zomglings 5y agoAlso: 1. Read the code. 2. Spend time thinking about the incentives of different participants.