Widely held beliefs that are wrong.
THAT BLOCKCHAIN MAKES DATA TRUE
It makes records tamper-evident. False data recorded is immutably false.
THAT TRANSACTIONS ARE ANONYMOUS
They are pseudonymous, permanently analysable, and frequently linked to identity.
THAT BLOCKCHAINS CANNOT BE HACKED
The networks are robust; the applications, bridges, exchanges and users are attacked constantly.
THAT OWNING A TOKEN CONVEYS RIGHTS
It conveys only what an issuer contractually attached.
THAT DECENTRALISED MEANS NOBODY IS IN CONTROL
Most projects have identifiable controlling parties, upgrade keys, or concentrated holdings.
THAT SMART CONTRACTS ARE LEGAL CONTRACTS
They are programs. Enforceability depends on law, not code.
THAT HIGH RETURNS INDICATE A GOOD OPPORTUNITY
They indicate risk, subsidy, or fraud.
THAT EARLY PARTICIPATION IN A SCHEME IS SAFE
It means being paid by later victims.
THAT A FALLING PRICE MEANS AN ASSET IS CHEAP
Price says nothing about value where there are no earnings.
THAT AUDITED MEANS SAFE
Audits sample; audited contracts have lost very large sums.
THAT LOST ASSETS CAN BE RECOVERED
They cannot, and anyone claiming otherwise is defrauding you again.
THAT THIS IS ALL FRAUD
Some of it is; the underlying technology is real, and dismissing everything prevents recognising the difference.
