Welcome to this week’s Wealth Mastery Altcoin Review. Another day, another project to analyze and figure out where it stacks up in the future of blockchain.
Sui Network has caused quite a stir with the fast one they pulled on incentivized testnet participants, leading many to believe that Sui Network might be a scam. In this review, we will find out, “Is Sui Network a Scam?” Or is it just another harmless copy of a copy that won’t hold up in the long run?
First introduced last September in the weekly Airdrop Report. Sui is another Layer 1 fork launched by Ex-Meta employees under the company Mysten Labs. Similar to my What is Aptos Report, at its foundation, Sui is nothing more than a white-label version of the defunct Libracoin software. Built to be highly controllable and centralized by whoever deploys it, the Sui/Libracoin technology is shrouded in secrecy.
Sui Network has been in the incubation phase for nine months before this week’s official launch of the SUI token, after several delays and miscommunications by its founders at Mysten Labs, the token’s arrival started the real beginning of Sui’s network effects.
In this review, we will evaluate the current position of Sui Network and see if it’s a goose egg, scam, or potential winner. Considering SUI Network has already been caught lying to the community, they’re not off to the greatest start in what many consider a scumball move which is something that’s sadly become a standard practice for many projects looking to take advantage of the hype and make a quick buck. The space has become so brazen with these cash grabs that their intentions have become lackadaisical, unapologetically dismissive of community feedback and careless in managing resolutions for genuine problems. But, where greed is the main motivator instead of discovery, there is a sense of insight you gain from this knowledge that can have some interesting results when applied properly.
Why Sui Could Be a Scam.
With the trending #suiScam topic on Twitter, everyone has had a chance to chime in on where they stand. Some have no problem with Sui Network rushing its release and pulling the rug on Incentivized Testnet participants. While the majority of others feel the complete opposite. Let’s review several major reasons why Sui Network could be a scam.
The Airdrop Debacle
This might not have been such an issue if Sui Network hadn’t lied to participants about its initial testing phase. From the beginning, all participants were guaranteed a reward for participating in the early stages of the network. For eight months, users spent countless hours designing the building blocks for Sui Network. You have to understand that it’s not the developers at Mysten Labs creating products on Sui or any new network like this, the users are forking GitHub repos and designing new products for these networks. The same way that Vitalik Buterin didn’t create Aave, Uniswap, or MakerDAO. The same rules apply to all new networks.
Thankfully, the Ethereum Virtual Machine and Cosmos SDK have laid a great foundation for developers. But, when the people at the top blatantly manipulate these developers for personal gain, it has lasting effects. Sui Network fessed up to lying about rewarding participants with any tokens only a month ago…
Head of Research Jesse is a passionate seeker of truth who enjoys educating others about Bitcoin. As a free thinker and 2nd amendment advocate, Jesse believes each individual has the right to monetary freedom. “The swarm is headed towards us” -Satoshi Nakamoto
