It’s reasonable from an educational standpoint imo because the vast majority of alts start off as pump and dump scams where vcs are looking for your buy in as their quick exit liquidity.
Now, can an alt that started as a scam grow into something useful? Possible, but I’ve yet to see a compelling case where I’d be able to recommend people look into whatever coin.
There are for sure a lot of scams but most (not all) top market cap projects didn’t start with the intent to scam people. I think most of the top projects have been looking to innovate and bring something to the industry. Many (if not most) fail to do so but innovation in all industries always had a higher failure rate. But to me there is a difference between a scam and a failing startup. Sometime, it’s unclear whether a project is more of a scam or an enterprise which genuinely failed to deliver on its promise. Now, you’re right that the tokenomics of most (but not all) #crypto is horrendous because of the initial distribution. Does this make them a scam? I don’t think so, but it certainly makes them a poor investment for retail investment in which initial investors can certainly be qualified of profiteers. Again, Bitcoin had been the best investment since its inception (although it hasn’t been in the past cycle) and it can’t be replicated but that doesn’t make every other project a scam.
