Rhett Creighton Has Company
After being fired from the Bitcoin Private team, as reported by Crypto Core Media, Rhett Creighton continues to defend his actions. Here’s a little something he tweeted yesterday:
Come on, Rhett Creighton. Just stop it.
It’s really quite disgusting how low people can and will go just to make money. However, the purpose of this article is not to bring these types of people into the limelight. I’ll be hitting you with a few important quick, hard facts that you as a crypto enthusiast should know in order to be aware of the different deceptive tactics being used in the crypto space.
Not Just ICOs
Oftentimes, when we hear about crypto-related scams, they’re associated with initial coin offerings (ICOs). However, that’s not the only type of cryptocurrency scam out there. Notably, since the first Bitcoin fork on August 1st, 2017 that gave birth to Bitcoin Cash, there have been 44 forks of Bitcoin’s blockchain, as reported by a BitMEX blogpost.
Here’s a screenshot of BitMEX’s findings:
The coins listed above are not the complete list. For that, you may visit BitMEX’s official blogpost link provided above. The point here is that people like Rhett Creighton have plenty of company. So, pointing the finger at just one person might not be the right approach.
The Bigger Picture
Moreover, the bigger picture here is that a fork is supposed to be an upgrade to an existing blockchain in an effort to simply make things better. By better I mean to help solve some of the problems plaguing major cryptocurrencies like Bitcoin and Ethereum today such as slow blockchain networks and high transaction fees, or to provide more real-world use cases. Unfortunately, this is not what the motive has been behind most of these forks. The primary objective has just been to make more money, regardless of whether it’s in an ethical way or not.
Rhett Creighton and others who use the same “modus operandi” should know that people are getting smarter by the day, and are definitely not as naive or gullible as you might think they are. In fact, data from CoinMarketCap shows most of the 44 Bitcoin forks have not been popular. There’s hardly any trading volume associated with the majority of these forked coins, which indicates that crypto traders are not interested in them. Also, based on data from CoinMarketCap, just four bitcoin forks have more than $100,000 in 24 hr trading volume. Those being: Bitcoin Cash, Bitcoin Private, Bitcoin Gold, and Bitcoin Diamond.
Anyone Can Fork Bitcoin
In order to facilitate just about everyone, even novice programmers, there are now popular services like Forkgen that let inexperienced coders create Bitcoin forks. George Kimionis – CEO of Coinomi, the company behind popular multi-cryptocurrency wallets, has said:
“Unfortunately, most fork-based projects we see today are more of a sheer money grab. Looking back a few years from now we might realize that they were just mutations fostered by investors blinded by numerical price increases — rather than honest attempts to contribute to the blockchain ecosystem.”