After two years of working in the cryptocurrency world, a field that seems to be full of opportunities but is actually full of undercurrents, I have really seen a lot of social realities. Today I want to have a good chat with you about the truth behind it.
In the cryptocurrency circle, we often encounter situations that make people angry and helpless. Some people participate in it with great joy, but end up having their money defrauded by scammers. This is bad enough, but those scammers actually speak ill of them. Such behavior is really chilling, but this is the real cruel side of the cryptocurrency circle.
Take some projects for example, XKR has its own positioning. From some perspectives, it does have the possibility of becoming the industry leader, but objectively speaking, it may be more likely to become a leader in decentralized social applications. And LetsDog also released a white paper, using calculus as a token, but there has been no substantial progress in the past few years, which reminds us not to blindly believe in white papers.
The white paper is indeed an important way to understand the project, but you must know how to analyze it. Some projects start by talking about the length of Bitcoin's transfer time, emphasizing that Bitcoin's transfer speed of 10 minutes is slow, while their own projects are fast, and then they boast that they are decentralized, a token, and that there is no pre-mining. But if you think about it carefully, it is actually just a slight improvement on Bitcoin in terms of speed, and there is nothing outstanding in other aspects. Such projects often lack depth and real value, and are easily classified as "not very reliable".
There are also some white papers that talk about building a community, but in the currency circle, which project can develop without the promotion of the community? Taking this as a selling point just shows that it may not have other advantages worth showing off. Naturally, it is difficult for people to place high hopes on such a project. What's more, the white paper is filled with some obscure and difficult-to-understand professional terms in the currency circle. It looks very high-level, but if you look deeper, maybe they don't understand it themselves, and they just want to create a very professional and powerful image. Just appearances. In addition, most of those projects that focus on the unique algorithms used at the beginning and list a lot of content that only professional and technical personnel can understand are just making some conventional improvements on the existing basis, and there is no real breakthrough. Innovations are often difficult to withstand the test.
At this point, we have to mention the so-called "dog contracts". For example, some contracts related to Ethereum and Binance Chain were used by some people to cheat in the past few years. With some sweet words and seemingly attractive packaging, they deceived many people and made a lot of profits. However, the situation has changed in the past two years. As people's understanding of the currency circle deepens, most of those who randomly issue "dog contracts" will find it difficult to escape the end of losing money.
The cryptocurrency world is like a big stage, with various projects coming on stage one after another, but we must keep our eyes open, keep a clear head, analyze and judge rationally, and not be easily fooled by those superficial gimmicks. Only in this way can we try to avoid falling into the traps set by those bad projects and have more protection in this complex field.