Dominic Williams, President of DFINITY, criticized investment decisions in the crypto industry, labeling 95% of blockchains as “rubbish” in an interview with The Block.
“We’ve reached a point where people are genuinely investing in snake oil. Like ‘I’m going to invest in the project with the best snake oil because their marketing is better.’ There’s a lot of confusion today, and people are buying into these narratives,” he stated.
Williams described this as “the industry’s biggest problem today.”
“Honestly, there’s a lot of rubbish [in the industry]. 95% of blockchains are just rubbish, and they’re just selling snake oil. It’s no longer about technology. Often it’s about who can spin the best narrative and make it sound most convincing,” he explained.
Williams acknowledged the utility of blockchains like Bitcoin, Ethereum, Solana, and Avalanche, but questioned whether audiences understand their limitations in creating a scalable internet that operates efficiently in terms of time and cost.
The DFINITY founder described the Internet Computer protocol as “the only third-generation network,” capable of ushering in a new on-chain era of online interactions, Williams emphasized.
According to him, some popular blockchains are good for processing transactions, but they are unlikely to form the foundation of a completely new decentralized internet that mainstream users will widely adopt.
“A blockchain is a kind of computing platform. It can either resemble a traditional blockchain, computing sequentially like Ethereum or Solana, or a third-generation blockchain that can scale and compute more efficiently, enabling the creation of Web3 platforms such as on-chain social networks,” stated the DFINITY president.
Earlier, Matty Taylor, co-founder of Colosseum and former head of growth at Solana Foundation, predicted Solana’s leadership in the number of consumer decentralized applications.
Back in August 2022, JPMorgan labeled most cryptocurrencies as “junk.”
In April 2024, Peter Schiff, President of Euro Pacific Capital, criticized Bitcoin for expensive transactions.