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Bitcoin maximalists rightly say that 95% of crypto is a scam, explains Emin Gun Sirer

May 2, 2020

There are over 5,000 different cryptocurrencies trading with a total market cap of nearly $ 250 billion. Up to 95% of these cryptocurrencies are nothing more than fraud, according to the creator of the world’s first proof-of-work cryptocurrency (PoW).

Emin Gun Sirer, the creator of the karma system, the first crypto-based PoW, says so The vast majority of cryptocurrencies are not technological advances and they only exist to make people’s money reasonable.

Bitcoin did it first

In an AMA meeting on April 29 with Equilibrium EOSDT, Sirer criticized crypto projects like Facebook’s Libra for the desire to compete with the major fiat currencieslike the US dollar and the euro without creating anything new.

Bitcoin maximalists rightly say that 95% of crypto is a scam, explains Emin Gun SirerBitcoin maximalists rightly say that 95% of crypto is a scam, explains Emin Gun Sirer

Sirer, a computer scientist and professor at Cornell University, believes that the vast majority of crypto projects are promoting their initiatives as new payment methods, while Bitcoin (BTC) was the first to do so more than 10 years ago.

“There is nothing wrong with wanting to serve as a payment method, but Bitcoin did it first“Sirer argues, adding that” it’s stupid to compete with it “.

Sirer says he’s not a Bitcoin maximalist

Sirer developed the first PoW protocol for cryptocurrency This was about five years before Bitcoin creator Satoshi Nakamoto published the Bitcoin White Paper. The scientist emphasizes that he is far from being a Bitcoin maximalist. However Sirer supports Bitcoin maximalists who believe that up to 95% of cryptos are useless.

Sirer said:

“I hate Bitcoin’s maximalist approach. I am a scientifically motivated person. If there is a good thing, I am the first to say it. But you are right to call 95% of the things out there as fraud. It is just steal money with someone’s initial coin offering […] They are pushing a coin with a system that does not advance the world. “

Instead of creating a technology that changes the world the most of cryptocurrency projects They are only following the same model that Satoshi has set upSirer pointed out. “People like Justin Sun run around like they have something special, but they only recycled something that belongs to someone else,” he said.

In addition to creating the karma system, Sirer is known for founding the consensus algorithm startup Ava Labs. As Cointelegraph reported, the computer scientist revealed his plans for Ava in March 2019 with the mission of Create a blockchain network that can perform as many transactions per second as the payment giant Visa.

Sirer isn’t the only one who thinks that more than 90% of existing cryptos are useless. Brad Garlinghouse, CEO of Ripple, the company behind XRP, the third largest cryptocurrency, believes that 99% of all cryptographies will go to zero because don’t focus on solving real problems.

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