After Satoshi's invention, developers all over the world have created many projects around this wonderful technology called Blockchain.
While many of them are useful and have already been proved to be very beneficial to the world, there are others which are less loved, and even hated.
In this short article, I will try to explain why some coins and tokens are hated even among crypto-users.
While there are lots of clear 'shitcoins' and projects with no value, I will focus only on some of the most famous and used coins. The following coins are among the top 20, according to their market cap.
It is gonna be a bit controversial, so let's start!
ETH is mainly hated because of its high fees and network congestion; problems that have not been solved yet. ETH developers often promise to make improvements, but there are many delays.
Another reason why ETH is hated is because of its infamous 2016 hard fork, resulting in a chain split. Many purists still prefer ETC over ETH.
As a side note, I don't know why, but Ethereum founder Vitalik Buterin doesn't seem to be loved very much in the crypto community.
XRP is hated because it is often considered not a real cryptocurrency, but rather a centralized project run by Ripple Labs. Also, its founders have cooperated with the 'big enemies' (a.k.a. banks) since the beginning.
The supply of XRP is quite controversial as well since basically Ripple Labs created the tokens and then put XRP on the market, with no ICO, mining, POS, or anything like that.
On May 5, 2015, FinCEN fined Ripple Labs and XRP II US$700,000 for violation of the Bank Secrecy Act.
In December 2020, Ripple Labs was sued by the SEC for selling XRP tokens, which the SEC classified as unregistered securities.
After that, XRP has been delisted by many exchanges.
USDT is a stablecoin, pegged to the U.S. dollar. This is already a controversy since many crypto-users switched to cryptocurrency in order to avoid the absurd monetary policies of central banks. But Tether basically does the same, creating an inflationary coin with no hard cap.
Also, Tether founders falsely claimed USDT was backed by 'real' dollar reserves, but this has not been proved to be true.
Another controversy is the relationship between tether and Bitfinex. While in the beginning tether and bitfinex were considered two separate entities, then much research has proven that Tether Holdings Limited is a subsidiary of bitfinex. Bitfinex used Tether's reserves to cover up a loss of $850 million, in 2018.
In a settlement in February 2021, Bitfinex and Tether agreed to pay a penalty of $18.5 million.
Last, but not least, bitfinex and tether have been accused of price manipulation in 2017.
The most famous hard fork in crypto history happened in Summer 2017, where the Bitcoin blockchain split in two, giving birth to BCH (Bitcoin Cash). At that time, two factions fought on important subjects such as block size, Lightning Network, and nodes.
After that fork, there was a surge in BCH price and some even believed it could become the #1 coin on the market. Then eventually BTC recovered its predominance.
The controversy about BCH is that its supporters often refer to it to be the 'real Bitcoin'. Also, BCH was supported by controversial people like Craig Steven Wright, Roger Ver, and Jihan Wu. Eventually, these gentlemen fought against each other forking BCH other times, creating more altcoins like Bitcoin SV and Bitcoin ABC.
Dogecoin is the most famous of 'meme coins'. It was launched in late 2013, as a Litecoin's fork.
Its controversies include the fact of not having a hard cap, making it an inflationary coin.
Also, Dogecoin has no real technical benefit compared to other coins and its use cases are limited. Its detractors have often pointed to DOGE's jocular nature, referring to it as a joke coin.
Over the years, DOGE has often become the target of pump and dump schemes, recently made by very known figures like Elon Musk.