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I would say crypto's largest project is "Bitcoin" and would recommend reading the whitepaper (its surprisingly digestible). It is functioning as designed and
by cwkoss 4y ago
I would say crypto's largest project is "Bitcoin" and would recommend reading the whitepaper (its surprisingly digestible). It is functioning as designed and successfully working as described for over a decade, so I think calling it a 'scam' would be a stretch.
Everything in the crypto world is built off of the core decentralized consensus idea described by the whitepaper, so I think it's really the foundation of understanding everything else.
My personal appraisals of other parts of the crypto space that aren't scams: Ethereum, Lightning Network, hardware wallets, Coinbase, Proof of Stake (may not like the incentives, but it can work as designed), DAOs (inherently risky because they have an implicit bug bounty for their total value, too risky for my taste, but glad they exist and people are learning how to make them more robust)
- AlexandrB 4y agoI think reading a whitepaper only gives you, at best, half the picture. However, because crypto tokens are fundamentally financial products, a whitepaper says little about whether a particular project using said technology is a scam. The long list of scammy ICOs and rug pulls is plenty of evidence of that. Ironically, while blockchain technology decentralizes the bookkeeping of digital assets, you often have to trust the intentions of a very small group of unaccountable individuals to not get taken advantage of by insider trading, front running, wash trading, rug pulls, and various other financial scams.