Ana Sullivan

Is Decred a Bitcoin Alternative or a Scam

by Ana Sullivan February 7, 2018

Decred (DCR) is one of the many, many cryptocurrencies that currently exist. It is a fact that so many new coins were created recently that it is impossible to keep track of them all. Some of the coins offer solutions that are more innovative than others, while there are also a lot of copy-paste crypto projects which have almost no significant value. For the same reason, some projects were very warmly welcomed, yet, there is no cryptocurrency with only positive reviews. Decred is one of the projects that people keep talking about.

First launched in late September 2015, Decred became quite popular because of its clever technical features like its internal voting system. Decred is similar to Bitcoin but with a strong focus on community input, open governance and sustainable financing and development. It uses a hybridized consensus system to create a balance between miners and users and to make sure that the two groups have the same amount of influence. It is also mixing proof-of-work and proof-of-stake mining system to ensure that Decred cannot be controlled by a small group of people and also to create a robust currency.

As Decred’s developers are crypto-enthusiasts and early Bitcoin adopters, their goal was to create a cryptocurrency which performs better where Bitcoins struggles to (centralization). More accurately, they want to use a community-based governance model which is built on blockchain technology. The current price of one Decree (DCR) is $52.06 USD. It decreased with more than 50% for only three weeks. With a circulating supply of 6,702,669 DCR, Decred`s market cap stands at $348,931,567 USD.

As we said, there are always skeptics that question everything and this is actually the right thing to do. When Decred was launched many people questioned what the project brought to the table that is actually unique and new. The Co-Founder of Ethereum, Anthony Di Lorio, said:

"Decred is not worth spending time and resources pursuing, because it does not present anything unique or worthwhile"
Others were balder and directly called Decred a scam. “Decred is currently utilizing highly unethical marketing strategies, making it a project with possibly fraudulent intentions” – said Susanne Tarkowski Tempelhof, CEO of Bitnation.

Also, a member on the Decred forum posted:
“I received 282.63795424 DCR from the Airdrop 9 days ago and in the same day everything went to this address: DsT6HHadNSiv1TNcWX33XXKpnB3Tmz5iDMj When Googling, I found that several people have lost their DCR's to this address. What can I say? Decred is obviously a dirty scam.”  

Other forum members refer to Decred as a “pump and dump coin”  because it didn’t actually bring “any innovation” and continue to say that they are “expecting its dump”.

In conclusion, it looks like there are plenty of negative opinions when it comes to Decred and some of them are said by famous experts not only by forum members. Be on the alert with this coin. The cryptocurrency market is extremely risky as it is even if the coin is not a scam. Yet, scam coins are created every single day with the hope that naïve users will go all in on them and the creators will steal all of their money. Think long and hard before making a decision. Do not invest in projects which are waving only red flags.

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