SCAM ALERT: IS BLOCKDAG A SCAM?

SCAM ALERT: IS BLOCKDAG A SCAM?

If you have been into cryptocurrency for a while, you would have come across BlockDAG..
You probably have seen a lot of Facebook ads and YouTube videos promoting their pre sales. Those ads and videos talk about how much money they have already raised, and what is the expected returns like 50x, 100x etc..

What is BlockDAG?

BlockDAG advertises itself as a Layer 1 proof-of-work consensus mechanism that aims to revolutionize the cryptocurrency landscape by leveraging its cutting-edge Directed Acyclic Graph (DAG) structure. Unlike traditional blockchain technologies, BlockDAG places a strong emphasis on security while also championing an eco-conscious environment, making it a promising choice for sustainable digital transformations.

BlockDAG combines speed, security, and environmental consciousness, positioning itself as a promising player in the evolving crypto landscape.

Here are the key points highlighted in the BlockDAG website:

1. Speed and Efficiency: BlockDAG stands out due to its exceptional speed. It can achieve 10 blocks per second, surpassing many other systems. The project’s ambitious goal is to reach beyond 100+ blocks per second, setting a new standard for transaction throughput.

2. Layer 1 Technology: BlockDAG’s layer 1 technology provides users with access to smart contracts, secure mining, and optimized performance. This means that developers can build decentralized applications (DApps) directly on the BlockDAG network.

3. Cryptographic Algorithms: BlockDAG employs robust cryptographic algorithms to safeguard transactions. These algorithms not only enhance security but also demonstrate efficient hashing, outperforming traditional systems like SHA-256.

BlockDAG Promotional Video

Here is the promotional video buy BlockDAG, which some people highlighted that it is probably AI generated, as the position of the feet didn't change throughout the whole video. It is unlikely for a human to stand at a fixed position without moving his feet for such a long duration.

While it is nothing wrong to use AI to generate promotional video, it gives people a feeling that BlockDAG doesn't want to reveal who is behind the scene.

Youtubers' Analysis About BlockDAG As Potential Scam

This video from The Crypto Father highlighted various key points.

• Some users connected their wallet and to their presale website and lost all their funds. (But other highlighted that they might have connected to a fake BlockDAG website).
• BlockDAG is essential from the old Euler Network, which is also a scam.
• "Customer Service" asking for wallet's 12 key phrases.

Also, below is a link from Reddit discussing about the possibility of BlockDAG being a scam.

While it is not immediately clear whether BlockDAG is really a scam, please becareful and do your own due diligence before committing your hard earned money.

As the saying goes: If it is too good to be true, it probably is.

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