The vast majority of alternative cryptocurrencies (also known as altcoins) are either pyramid schemes, scams, or both. That’s not to say cryptocurrency itself is a con. Blockchain and decentralized cryptofinance technologies are, in my opinion, crucial for the future. They provide insurance against government and social tyranny in an ever-changing and dangerous world. Unfortunately, most shitcoins (and shit-tokens) are marketing schemes meant to create value out of nothing and then divide that “nothing” up like stocks. Those “nothing” stocks are then distributed to a community of holders, with extreme prejudice towards a minority group of “early adopters.” The mythos of…
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