Avalanche (AVAX) founder Emin Gun Sirer said the recent popular cryptocurrency trend could largely be “trash.”
Emin Gun Sirer made striking statements on cryptocurrency market in his social media post dated March 24. He pointed out that the last bull market created a “scammer” like Sam Bankman-Fried (SBF) and that this bull cycle could lead to even more dangerous realities.
In his statement, Sirer continued to make harsh criticisms against the recent Ethereum layer 2 (L2) projects that have been popping up like mushrooms, stating that many of them are hollow, fake, and not in line with the philosophy of cryptocurrency:
We all ignored the major warning signs about SBF because “he looked smart” and “made a lot of money.” Then it turned out that he was very stupid, a sociopath, and just stealing our money. The next cycle will be noisier and filled with worse behavior. Running a trash L2 has become too easy and is a simple scam.
Implied that these projects are well-crafted fraudulent organizations, Emin Gun Sirer noted that many of them have acted as unscrupulously in token issuance process as SBF.
A group of sociopaths trying to replace SBF!
Ultimately emphasizing that these projects are far from providing real solutions to real problems in the cryptocurrency industry and that their basic instinct is to take advantage of FOMO in the market, he indicated that this trash L2 trend could consist of a group of new sociopaths trying to replace SBF:
So how can the noise be stopped? There’s a simple test. Crypto has only a few real blockers at any given time. For example, scalability and performance were key issues in the last cycle, and Avalanche and Solana presented two approaches to solving them. So do these L2 projects offer real solutions? Because the trash L2 game is extremely easy and we could be facing a group of new sociopaths lining up to fill the gap left by SBF.
