Members of the crypto community are expressing frustration with the emergence of points programs in the industry, considering them to be detours and potentially scammy. The sentiment is seen in the responses to new projects announcing their points programs, with users criticizing the move. Points programs have received a bad reputation due to the sudden issuances of valuable tokens in recent years.
If there’s one thing that’s united members of the crypto community in recent months, it’s the emergence of points. Only they’re not in favor of them, but dead set against them. “Points are probably the stupidest detour crypto has taken in my time here. Also borderline scammy,” said Gabriel Shapiro, general counsel at Delphi Labs, on X. This frustrated sentiment can be seen in the responses to new projects announcing their points programs . “Wow nice some points, how exciting.
Imagine doing tokens when you could give points,” sarcastically replied one X user on Jan. 23 when crypto wallet Rabby revealed its new program — while others were even harsher in their criticisms. Why do points get a bad rep? It’s not hard to see why. Over the last few years, projects have rewarded loyal users and successful airdrop hunters with sudden issuances of tokens, often worth thousands of dollars — and sometimes in the regions of hundreds of thousands of dollars. For some, it can be life-changing mone
Crypto Community Frustration Points Programs Detours Scammy Reputation Tokens
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Mayor Deegan Expresses Disappointment and Offers Help After Downtown FireMayor Deegan expresses his disappointment and offers assistance to those affected by the downtown fire. The cause of the fire is still unknown, but the sprinkler system did not activate. Road closures have been announced by the City of Jacksonville.
Read more »
Crypto firms suspend services or exit UK market due to strict marketing rulesSome crypto firms have suspended services or exited the UK market due to strict marketing rules imposed by the Financial Conduct Authority (FCA), causing concerns about the country's ambitions to become a global hub for web3.
Read more »
RIF Wallet Launches on Rootstock, Offering Bitcoin-First Crypto Wallet SolutionRIF Wallet, a free open-source framework for building bitcoin first crypto wallets, has launched on Rootstock, the EVM-compatible Bitcoin sidechain. The self-custody solution is ideal for businesses and developers who want to quickly and easily offer users a Bitcoin-first crypto wallet.
Read more »
Crypto Hacks Decrease in 2023, but Individual Projects Still Suffer LossesThe amount of cryptocurrency funds stolen by hackers in 2023 decreased by over 50% compared to the previous year. However, individual projects still experienced significant losses. High-profile hacking incidents affected entities like Multichain, Euler Finance, Mixin Network, and Atomic Wallet. Three crypto projects associated with Tron founder Justin Sun lost over $200 million collectively in November. Private key exploits were a recurring problem in many of these incidents.
Read more »
Altcoins Surge in Crypto Market as Chiliz Hits Highest Value Since 2023Several altcoins, including Chiliz (CHZ), Sei (SEI), and Meme Kombat (MK), have experienced significant gains in the past 24 hours. Chiliz has reached its highest value since May 2023, driven by its unique use case in the sports industry. The token powers the Socios.com fan engagement platform, offering various benefits to users.
Read more »
Crypto Market Evolution and Growth in 2023The year 2023 witnessed substantial evolution and growth in the blockchain industry and cryptocurrency asset class. This report analyzes key developments in the market, infrastructure, platforms, and applications that drove adoption. It also highlights the notable recovery in cryptocurrency prices and the factors influencing it.
Read more »