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/biz/ - Business & Finance

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56565017 No.56565017 [Reply] [Original]

Can someone explain to make how to determine which crypto projects are legit and which aren’t? How do I differentiate them at all?

>> No.56565039
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56565039

>>56565017
>Is it LINK?
if no, scam

>> No.56565096

>>56565017
what do you mean by legit? like something which isn't a total scam or something that advances the technology in a real way?

a lot of what makes crypto innovative is the development of consensus procotols, there's been three:

classical
nakamoto
avalanche

everything you've heard of in terms of layer 1s just copies either the first or second and rejigs a few parameters and makes a few retarded claims about TPS to attract dumb money VCs

a lot of blockchains like Solana and Ethereum Layer 2s are legit in the sense that they work but are they innovative or are they the same old rehashed shit that compromises on decentralisation in order to work? Solana is leadered. One validator is selected to propagate the next block. If there is a fuck-up (and there's been lots when the system has been busy) the whole thing grinds to a halt and needs to be restarted. Layer 2s are upgradable, you can never fully know what will happen with them. Their sequencers are centralised.

this is why avalanche is a legitimate step forward over the rest of crypto and a lot of what you hear about "new" blockchains like sui and aptos are just rehashed mediocrity; it works but it doesn't improve on anything

>> No.56565188

>>56565017
There's btc, there's ETH, and the rest of it is trash.

>> No.56565191

>>56565096
Assume I have an incredibly tenuous grasp of crypto. What can I read to better grasp the difference of, say, BTC and ETH?

I am actually retarded/ignorant

>> No.56565294

>>56565191
Try to find youtube videos explaining what blockchains and smart contracts are. Shit like that. Back in 2018 you used to be able to learn all this through osmosis just by browsing /biz/, lots of knowledge floating aroudn back then.

So basically your learning objectives are
>how does bitcoin "work"?
>what is bitcoin's history?
>what is a blockchain?
>what is a smart contract?
>what is "DeFi"?
And most importantly for the future:
>what is the value proposition of smart contracts to the great financial system?