There are more than v,000 diverse cryptocurrencies being traded with a full market cap of nearly $250 billion. Equally much as 95% of those cryptos are zip but scams, according to the creator of the world's first proof-of-piece of work, or Pow, crypto.

Emin Gun Sirer, the creator of the get-go Prisoner of war-based crypto, the Karma System, is confident that the vast majority of cryptos exercise not represent any tech advancement and but exist to grab people's money.

Bitcoin did it first

In an Apr 29 AMA session with Equilibrium EOSDT, Sirer slammed crypto projects similar Facebook's Libra for wanting to compete with major fiat currencies, like the United States dollar and euro, while not creating anything new.

A computer scientist and professor at Cornell Academy, Sirer believes that the vast majority of crypto projects are touting their initiatives equally new payment methods, while Bitcoin (BTC) was the beginning to do so more than ten years ago.

"There's cypher incorrect with wanting to be a method of payment, just Bitcoin did information technology first," Sirer argued, calculation that "trying to compete with that is a stupid thing to do."

Sirer says he'southward not Bitcoin maximalist though

Sirer designed the first Pow crypto protocol back in 2003. This was about five years before Bitcoin creator, Satoshi Nakamoto, published the Bitcoin white paper. The scientist emphasizes that he is far from being a Bitcoin maximalist. Notwithstanding, Sirer does support Bitcoin maximalists who believe that as much as 95% of cryptos are useless.

Sirer said:

"I detest the Bitcoin maximalist arroyo. I'm a science-driven person. If there is a good thing out there, I'm the first one to telephone call information technology out. But they're right in labelling 95% of the things out there every bit scams. It'south just a money take hold of with somebody's initial coin offer [...] They are pushing a coin with a organisation that doesn't advance the earth."

Instead of creating a earth-changing engineering science, the majority of crypto projects are merely following the same model laid out past Satoshi, Sirer noted. "People like Justin Sunday are walking around like they have something special, but they've just recycled something that belongs to someone else," he said.

Apart from creating the Karma Organisation, Sirer is known for founding consensus algorithm startup, Ava Labs. Equally reported by Cointelegraph, the estimator scientist revealed his plans for Ava in March 2022, with a mission to create a blockchain network that is able to run as many transactions per 2nd as payment behemothic Visa.

Sirer is not alone in thinking that over 90% of existing cryptos are useless. Brad Garlinghouse, CEO of Ripple, the visitor behind the third biggest crypto, XRP, believes that 99% of all cryptos volition become to zero because they are non focused on solving real problems.