Introduction
★ The world's first book ★
A comprehensive guide exposing cryptocurrency scams by explaining core principles in plain English.
A group of tech-savvy individuals have packaged Ponzi schemes as "financial innovation" using complex jargon, manipulating investors and regulators alike. This book cuts through the hype to reveal blockchain's true nature.
Why This Matters
- Crypto markets exploit information asymmetry with technical terms
- Distinguishing innovation from fraud is increasingly difficult
- Essential reading for anyone navigating Web3, DeFi, or NFT spaces
Key Sections Breakdown
1. Understanding Blockchain Fundamentals
- How Bitcoin's mining mechanism actually works
- The truth about "51% rule" and decentralization myths
- Why most blockchain applications are solutions seeking problems
2. NFT Reality Check
- What smart contracts can/cannot enforce
- How media fuels false narratives about digital ownership
- Case studies of notorious NFT pump-and-dump schemes
3. Crypto Scam Architectures
- Stablecoins: The dollar-pegged illusion
- ICOs: Modern-day securities fraud
- Terra/Luna collapse: Anatomy of an algorithmic stablecoin disaster
4. Regulatory Challenges
- Why governments struggle to police DeFi
- El Salvador's Bitcoin experiment: Success or cautionary tale?
- Potential systemic risks to global finance
Author Credentials
Dr. Chien-Chung Chu (Professor Qu)
- PhD in Electrical Engineering, National Taiwan University
- Creator of "Professor Qu's Tech Classroom" (287K+ YouTube subscribers)
- Award-winning engineer turned blockchain skeptic
"My mission is to demystify tech concepts—not to make experts, but to help people get the feel of what's real." — Professor Qu
Core Arguments
- 80% of blockchain applications are marketing gimmicks with no technical necessity
- NFTs cannot prevent digital asset duplication despite common claims
- Crypto exchanges engage in practices traditional markets would consider fraudulent
- Talent drain from productive tech sectors to speculative crypto projects harms innovation
FAQ Section
Q: Is blockchain truly decentralized?
A: Most networks remain controlled by mining pools/exchanges—true decentralization is largely theoretical.
Q: Can NFTs prove digital ownership?
A: They only provide timestamped records, not legal ownership rights or anti-copy protection.
Q: Why do stablecoins collapse?
A: Algorithmic varieties (like TerraUSD) rely on circular economic models vulnerable to bank runs.
Q: Should governments ban cryptocurrencies?
A: Overly restrictive policies may drive activities underground—balanced regulation is preferable.
Q: What's blockchain's legitimate use case?
A: Cross-border settlements between distrusting parties (e.g., correspondent banking) show real promise.
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👉 Learn about blockchain security best practices
Conclusion
This book serves as a vital corrective to industry hype, equipping readers with:
- Framework to evaluate crypto projects critically
- Historical parallels to past financial manias
- Tools to identify red flags in whitepapers
While blockchain has niche applications, its current ecosystem predominantly serves speculators rather than solving genuine problems. Investors should prioritize understanding over FOMO (fear of missing out).