Is Polkadot the next Bitcoin?
No, unfortunately it's a centralized grift, be aware!
Like most alternative cryptocurrencies, Polkadot differs fundamentally from Bitcoin's decentralized, trustless design.
Critical breaches of Trust by Polkadot
| Principle Broken | Specific Issue |
|---|---|
| ❌ Fair Launch | Raised $144.3 million in October 2017 ICO |
| ❌ Fair Launch | Raised additional $43 million in 2019 private token sale |
| ❌ Fair Launch | 58.4% allocated to investors, 30% to founders and Web3 Foundation |
| ❌ Trustlessness | $150 million in ICO funds frozen in Parity wallet bug |
| ❌ Trustlessness | Launched May 2020 under proof-of-authority managed by Web3 Foundation |
| ❌ Decentralization | Web3 Foundation managed network with PoA initially |
| ❌ Decentralization | Parachain slots require locking DOT tokens for up to 96 weeks |
| ❌ Decentralization | Gavin Wood and Web3 Foundation control development |
| ❌ Fixed Supply | Contributors lock DOT for parachain auctions, tokens frozen 2 years |
| ❌ Proven Security | Launched 2020, only 5 years old versus Bitcoin's 16 |
| ❌ Proven Security | Parity multi-sig wallet froze $150 million in ICO funds |
| ❌ Neutrality | Parachain auctions favor projects with largest DOT backing |
Why Bitcoin?
Bitcoin is the only truly decentralized cryptocurrency. It has no CEO, no company behind it, and no central authority that can change the rules. Unlike Polkadot and thousands of other cryptocurrencies, Bitcoin's supply is fixed at 21 million coins, and this cannot be changed.
Most alternative cryptocurrencies (often called "altcoins" or "shitcoins") are created to enrich their founders and early investors. They often have:
- Centralized control and decision-making
- Pre-mined tokens given to insiders
- Unlimited or changeable supply
- Unproven technology and security
- Heavy marketing but little substance
Don't fall for the hype. Educate yourself about Bitcoin and understand why it's different from every other cryptocurrency.
Learn About Bitcoin
Understand what makes Bitcoin different from every other cryptocurrency. No CEO. No company. No central authority.