Emin Gun Sirer, the founder of Avalanche, has taken aim at certain anonymous cryptocurrency inventors who are disguising fake tokens that pose a risk to investors. Taking to his X page, Sirer gave advice to the community about not being sucked into another cryptocurrency project that focuses more on creating new buzzwords than value transfer.
The creator of Avalanche explicitly targeted programmes that “try to adopt technical terminology from the humanities” with his remarks. He brought up the idea of “Effective Altruism,” which served as the foundation for FTX Derivatives Exchange founder Sam Bankman-Fried’s incarceration.
“Keep in mind “effective altruism”? The tale out of Silicon Valley to syphon off everyone’s money? Sam used his philosophy to force fraud, forcing the head guy—who was creating enough pretentious words per minute to fill a couple humanities journals—to shut his institute.”
Sirer’s attitude highlights how many people are starting to incorporate different ideas into the development of technology. The “weak subjectivity” notion, which was deliberately deceptive and concealed the production of several nontransferrable tokens that Crypto Twitter was unaware of, was another point he pounded home.
Prospective L1 builders should be honest, according to the Avalanche founder, rather than hiding innovation intended to take Ethereum head-on.
Fighting fraud In crypto
Scams and frauds aimed at cryptocurrency users take many various shapes. Emin Gun Sirer’s analysis centres on creators who, despite their lack of desire to fail, are probably creating products that are not going to last.
Deepfakes are the most popular method used to con cryptocurrency users. Well-known figures in the cryptocurrency space, such as Brad Garlingouse, the CEO of Ripple, and Charles Hoskinson, are major victims of this fraud trend.
Emin Gun Sirer is actively advocating for education and awareness initiatives as a means of combating these scams.
