At one time or another, almost every cryptocurrency project has been called a scam. Even Bitcoin was dismissed as a scam when it first emerged in 2009.
And while it’s true that there are many disreputable crypto projects, the reality is these “scam” accusations typically originate from one of three sources.
If you notice someone loudly denouncing a crypto project as a scam, then ask yourself which of these camps they fall into. Because you can be sure of one thing — they’re probably not saying it to help you or to protect you. Most likely, they’re simply looking out for their own interests.
Skycoin, like many crypto projects, attracts FUD (fear, uncertainty and doubt) from all three sources. Much of the Skycoin “scam” allegations originate from a series of articles posted on technology blog The Next Web. These articles cite Bradford Stephens, an external freelancer who was briefly hired by Skycoin in 2017 to assist with marketing. Stephens misrepresented himself as “Skycoin COO” through his secretary and through Skycoin’s Twitter account, to which he had temporary access. Stephens had a very limited understanding of the Skycoin project, and was subsequently fired for incompetence. The FUD generated by Stephens has since been thoroughly debunked.