- Emin Gun Sirer recently spoke about the crypto industry, noting that 95% of altcoins are scams.
- The man who created first PoW crypto protocol 5 years before Bitcoin also says that he is no BTC maximalist.
- He says that most projects can’t deliver any new technology, and they just want investors’ money.
The number of cryptocurrencies is constantly growing, and it has been so for years now. First through ICOs, and then via STOs and IEOs, there are currently over 5,000 different projects. Their total market cap at the time of writing is almost $250 billion. Even the number of new crypto brokers is growing with every passing day.
However, there are many in the crypto industry who believe that the majority of these projects are scams. This is also the opinion of the creator of the world’s first PoW cryptocurrency, Emin Gun Sirer.
Most cryptos are scams, says Sirer
Emin Gun Sirer is an individual with a lot of influence in the crypto industry. He created the first Proof-of-Work crypto in the world, the Karma System. However, he doesn’t believe in the rest of the altcoin market. In fact, he claims that the majority of cryptos do not bring any advancement in technology. Instead, they are only there to grab the money of gullible investors.
Sirer expressed his belief during an AMA session a few days ago, on April 29th. He slammed most of the crypto industry, including Facebook’s Libra, stating that its goal is to compete with fiat currencies. According to him, Libra is not bringing anything new to the table, and therefore, it doesn’t really have a purpose.
Meanwhile, the majority of altcoins are claiming to be new payment methods. But, that claim was already made by Bitcoin over a decade ago. As such, it belongs to the world’s first crypto. “There’s nothing wrong with wanting to be a method of payment, but Bitcoin did it first,” he said.
Sirer is no ‘Bitcoin maximalist’
Of course, while Bitcoin is considered the world’s first cryptocurrency, Satoshi Nakamoto was not the first to come up with such a concept. Sirer created the design for the first PoW crypto protocol years earlier, in 2003. Meanwhile, Nakamoto published Bitcoin’s white paper on October 31st, 2008 — five years later.
Sirer was also quick to point out that he is not a Bitcoin maximalist. In fact, he hates their approach. But, he supports their view of the altcoin market, which says that most cryptos are useless scams.
