> such as being top-ranked on coinmarketcap or backed by in-industry VCs, then there're hardly any scams at all
I have to disagree there. Looking at the top 20, I see
3. XRP (Market cap hugely inflated, vaporware)
8. Bitcoin SV (This is textbook)
9. CRO (Not obvious today but time will tell)
11. EOS
15. TRON
19. NEO (Depending on your definition of "scam" and maybe it was well-intentioned initially, but having tried implementing for it, it's nowhere near living up to what they claim the current state is)
Then there's Tether/USDT, which I know is a contentious one given their history.
I'm very much a long-term believer (10y+ until ready for mainstream, and even today an important hedge to mainstream finance and national economies) but we shouldn't fool ourselves into thinking the majority of current volume is not what we'd like to believe it is. There's also the fact that you can have a big team of well-intentioned and intelligent people being orchestrated by a charismatic and convincing charlatan. There are multiple historical examples of this.
I have to disagree there. Looking at the top 20, I see
Then there's Tether/USDT, which I know is a contentious one given their history.I'm very much a long-term believer (10y+ until ready for mainstream, and even today an important hedge to mainstream finance and national economies) but we shouldn't fool ourselves into thinking the majority of current volume is not what we'd like to believe it is. There's also the fact that you can have a big team of well-intentioned and intelligent people being orchestrated by a charismatic and convincing charlatan. There are multiple historical examples of this.