Kaspa in a Nutshell
You're about to hear my easy explanation of Kaspa in a nutshell. In my view, Kaspa is basically a copy of Bitcoin where they made a small change, called it a directed acyclic graph so that blocks aren't orphaned, and made it go a little bit faster. Wow, that's incredible innovation. Easy money, isn't it? For the insiders who were mining it before everybody else found it. When I look at Kaspa, I see a coin with no real value behind it. That's Kaspa to me.
People use the narrative like, oh, it was a fair launch. Well, all the people proof-of-work mining it back when nobody knew or cared about it had a nice head start. That's a nice "fair launch" where insiders just sat there and proof-of-work mined it for a year and loaded up their bags before everybody else knew about it. That's great. In my opinion, proof of work does not equal fair launch, because most people cannot set up proof-of-work miners. I've come to believe that proof of work as a narrative in crypto is dead and useless. Bitcoin mining is an absolute dumpster fire with only a handful of mining companies controlling the whole blockchain, and from what I can see it's just as bad on Kaspa.
Look at it yourself. To me, this is a ghost chain. This is easy money for them. All they did is mine some Kaspa and then pay some people. This is how easy this protocol was to make. A single guy created this. That's how easy this was. As I understand it, a single guy basically copied the Bitcoin blockchain, copied the directed acyclic graph concept, put the two of those together, and called it Kaspa. He invented this with his PhD advisor. That's how easy this was. Two guys got together and invented this, and now they're in a position to make huge amounts of money for themselves. And folks are just buying this and hoping that the price goes up? That looks ridiculous to me.
A Ghost Chain With Almost No Real Activity
Look at what a ghost chain this is. Most of the blocks have one transaction, and that one transaction is the miner getting it. Most of the mining transactions go to the same wallets over and over, getting the blocks. To me, this is not decentralized at all. That's how Kaspa was made: two guys, and it doesn't even have smart contracts. In my opinion this is an absolute trash chain, and this is easy money for them. The way I see it, they took a weekend to make their own blockchain and now they've made themselves rich. Maybe the founder didn't even get rich, I don't know exactly who got rich, but whoever did, this was easy for them.
Then look at a block like this one. For some reason there was a 12,000 Kaspa transaction in it. That's somebody probably on the inside selling. And if you look over on the founder's X account, he's only posted once in the last week. A hundred thousand reach, but only 30 or so reposts and 132 comments. When the Kaspa price was shooting up, all the hypers were like, yeah, it's better because of the price. But then look at it now. What substance is there in Kaspa? Everybody is just responding to the one founder's post. There's no substance there. There's nothing building on Kaspa, because Kaspa is a layer one that's basically a copy of Bitcoin, and you can't hardly build anything on it.
Comparing Kaspa to Real Innovation
Solana has way more. It's like practically infinitely more liquidity, and all these people are building on it. Internet Computer Protocol has the best technology in crypto in my opinion, and it's only valued a little bit more than Kaspa. And Kaspa uses bots. If you look at the people posting about Kaspa, they have bots that push their posts. They have bots that push the videos on YouTube. The only reason people even think of Kaspa, in my experience, is because bots push it.
If you look at what Kaspa actually is, it's a proof-of-work currency that implements the PHANTOM GHOSTDAG protocol. Basically all that does is allow it to go faster, but it's still not fast compared to Internet Computer Protocol. Right now, when you compare what ICP is doing with just a little bit bigger market cap than Kaspa, ICP has seven terabytes on chain and the most advanced tech in crypto. And look at the amount of blocks it's doing: 72 blocks a second. Then look at Kaspa's explorer. Oh, there's a block. There's one. Oh, look, there's a couple of blocks. In my view this is slow compared to ICP.
There's also absolutely no reason to hold the token unless you speculate on price. There are too many coins today. There are way too many coins. Marketing and hype and community and talking is only going to last so long when there are this many coins. Scroll down and there are 10,000 pages of garbage coins, and Kaspa just gets lost in all these garbage coins. The only way your coin is going to stand out is if it truly is amazing. Look at this ghost chain: literally an entire page full, and not one single actual transaction on it. Internet Computer in that same amount of time is done with around 4,000 transactions a second multiplied by ten, so something like 40,000 transactions on Internet Computer in the same time that Kaspa's done two, plus the person mining the block getting that one.
Why I Wouldn't Touch It
This is not something the masses should mess with, in my opinion. This is easy money for them. They copy some open-source code, make a couple of changes. I realize I'm oversimplifying slightly, but you've got to think of the simple people I'm talking to, the ones investing in blockchains they've never even taken off the exchange before. Do you use the Kaspa blockchain every day in your life? Because if you don't, why would you invest in it? I do use ICP every day. There hasn't been a day in the last year and a half I haven't used ICP, because my website is on ICP and my OpenChat community is on ICP. I use the ICP blockchain every day. It's easy money when people can trick you into investing in something you don't use, because then you don't have any idea about the real value of it. Why would you invest in a car company whose car you don't drive and have never even driven before?
If you are hoping that Kaspa is going to pump on these narratives of getting listed on exchanges, that looks insane to me, and you're paying an opportunity cost. You could have your money somewhere better. You could be investing in real innovation. ICP has the largest research and development team in crypto. Kaspa has six core developers and researchers. Come on. The projects are valued close to the same. Someone might say, oh, you're just butthurt that ICP, your little gem of an altcoin, only has a tiny bit bigger market cap than Kaspa. I am butthurt, because that shows how insane crypto is. A project created by two guys on a weekend, maybe not the exact story but probably close to it, two guys could spin up a little blockchain practically on the weekend together, and that's worth $2 billion in market cap. Meanwhile you have the largest research and development team in crypto that's built the most advanced tech.
The reason the price is where it is today, the way I see it, is because people are tricked into investing in worthless crap. The masses don't even do anything besides watch stupid videos saying that Kaspa is easy money, from people who are more than likely getting paid to say that, who are ambassadors for Kaspa, or who are getting bots to push their videos, because in my experience Kaspa uses tons of bots on YouTube. That's why I try to put more discreet titles, so the bots won't realize I'm trashing it. If you want to dig deeper into how I think about all of this, you can explore my Money playlist.