Donald Trump, Scam Tokens, and The Ice Age

An article about Donald Trump caught my attention. This report is unusual for Trump is known to be an anti-Bitcoin guy and yet here we read that he “has leveraged blockchain technology to release his NFT trading cards.” Of course, the left is not happy with this.

Another unusual article talks about scam tokens. The writer states that from January to November this year, 118,000 scam tokens were launched and that 350 of these kinds of tokens were created each day.

Isn’t this just a sensationalized report aiming to malign the industry? Is this monitoring company Solidus Labs credible? These questions come to mind after reading the above article. If the report is accurate, then the crypto space is indeed a very dangerous “jungle.” And if in fact, almost two million investors have lost their money to these scams, no wonder the mainstream is afraid of it.

However, if the mainstream is afraid of crypto, it only follows that it has not embraced the space yet. How can the mainstream embrace something that has a notorious reputation that makes people afraid?

Is it really true that the BNB Chain tops the list of blockchains accepting these scam tokens? Even the Ethereum network did not escape Solidus Labs’ allegation that 8% of its tokens were scams.

And the third unusual article talks about the direction of the current extended winter in the crypto space. It was predicted that it could end up in an “ice age.” As for me, the assumption of such a forecast is that mainstream adoption has already taken place. Reading articles like this that interpret the current decline as an indication that the days of blockchain, cryptocurrency, and NFTs as finally over confused me. How can these nameless experts come up with such a conclusion?

Here are the quotes on which I based my above observation:

Nearly 118,000 scam tokens were deployed from the start of January through the end of November . . .

More than 350 fraudulent cryptocurrency tokens were created per day this year, defrauding millions of investors, according to blockchain risk monitoring firm Solidus Labs.

The report claims that BNB Chain harbors the greatest number of scam tokens, with 12% of all BEP-20 tokens being fraudulent.

The Ethereum network was second, with a purported 8% of ERC-20 tokens alleged to be scams.

Almost 2 million investors have lost money to these scams since September 2020. . .

Source

But experts say the ferocity and scale of this downturn could end up leading to more of an ice age.

Source

So far, that’s my crypto reading for today.

Grace and peace!