u.today
Avalanche Founder Emin Gun Sirer has lashed out against some unidentified crypto innovators who disguise fraudulent tokens that can harm investors. Taking to his X page, Sirer counseled the community not to get drawn in by another crypto project that is better at inventing new terminology than it is at transferring value.
The Avalanche founder specifically directed his words at projects that are "trying to adopt technical terminology from the humanities." He cited the concept of "Effective Altruism," the concept that guided the sojourn of jailed FTX Derivatives Exchange founder Sam Bankman-Fried.
"Remember 'effective altruism?' The silicon valley cover story for stealing everyone's money? The head guy, who was inventing enough highfalutin words per minute to fill a few humanities journals, just had his institute shut down, after Sam used his ideology to power fraud."
Sirer’s disposition underscores how many are beginning to deploy varying ideologies into tech advancement. He also hammered on the "weak subjectivity" concept, an actively misleading concept that masked the creation of many nontransferrable tokens that Crypto Twitter was not privy to.
At the end of this road lies a simple end state where all these chains become their own L1s. There's nothing wrong with launching an L1, just be honest and launch one. Avalanche provides a good environment for launching a sovereign L1, but there are other ways. Just be honest.
— Emin Gün Sirer🔺 (@el33th4xor) April 29, 2024
Rather than disguise innovation meant to compete head-on with Ethereum, the Avalanche founder said prospective L1 builders need to be honest.
Fighting fraud In crypto
Frauds and scams targeting crypto users come in different forms. The commentary from Emin Gun Sirer hinges on developers who do not want to fail but are likely developing products that are unlikely to stand the test of time.
The most prominent format for scamming crypto users is through the use of deepfakes. Prominent crypto industry leaders like Charles Hoskinson and Ripple CEO Brad Garlingouse are key victims of this scam trend.
To combat these frauds, education and awareness campaigns are necessary, which Emin Gun Sirer is currently championing.