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Today, I stumbled across an article on Analytics Insight about why people are leaving Ethereum, Dogecoin and Shiba Inu for Bitgert and Centcex The price of gas is too high and it needs to come down. Various projects are trying to find solutions.
That's certainly true; gas fees are ridiculous. (I tried to exchange the AMPL and FARM I earned here, ~$12.00, for ETH. It would have cost me $48.00! Had it been BCH, I probably would have been charged <$2.00.)
Of course, I went to have a quick look at Bitgert's site to see what the fuss is about. In brief: It's built on BINANCE (BNB and BUSD) and is aiming to reduce/abolish gas fees. Interested, I went to read the whitepaper. However, it's not actually a whitepaper but a marketing pamphlet that tells me nothing about how the project works/solves the problem and achieves its goals. I think I'll stay clear of that one, then.
Fine, whatever. No whitepaper, no Monero (XMR)!
Centcex supposedly rewards 100% APY for staking. It looks way too good to be true, given the percentage APY that other cryptos offer (4%-20%). To me, that alone just reeks of a scam to lure in and rug the greedy and gullible. I'm going to avoid that one too. Centcex's whitepaper is slightly better (but mostly consists of what the project aims to achieve, rather than the how of it). One thing that does put me off, though, is that they aim to use AI to learn users'/traders' behaviour in order to make the platform smarter. Yikes on a trike! I'm definitely not going to get involved with that one!
Wherever there are problems to solve, there are oportunities.
Wherever there are opportunities, there are people trying to make a quick buck. Wherever there are people trying to make a quick buck, there are scammers.
Thus spake the citizen of an African country.
If you do decide to go for these crypto projects, I advise you to proceed with caution and be prepared to lose whatever you put into them. As always, DYOR and this post is not financial advise.
Post thumbnail image copyright Analytics Insight
