I was just talking to Sarah the other day. She’s a single mother working two jobs, and she recently participated in a similar “guaranteed” investment opportunity in her community last year. She invested her life’s savings in a meme-based cryptocurrency that assured her a fortune beyond her wildest dreams. Within weeks, it was worthless. Sarah's story isn't unique. It's a cautionary tale that echoes loudly in the halls of Web3, especially when I see the hype building around Best Wallet's BEST token and its claimed 10x potential. So, are we actually building this decentralized future, or just remaking all the same scams again but with a blockchain-enabled twist?

Is 10x Realistic or Predatory?

Let’s be blunt: the promise of 10x returns should trigger alarm bells, not excitement. The crypto space is a graveyard of projects that once promised the moon but ended up providing only moon dust. Though Best Wallet is a home run in terms of user adoption and burgeoning design aesthetic, that doesn’t automatically lead to financial gains for Best Wallet token holders. In reality, rapid user growth can be a founder’s worst nightmare. This type of situation can lead to a pump-and-dump scheme, where those who get in early make money and other investors end up with nothing.

Who are these "early adopters"? Are they sophisticated investors who understand the risks, or are they everyday people like Sarah, lured in by the promise of quick riches? Just as the marketing materials promised, it’s never been easier to purchase BEST tokens with your bank card. While this is meant to increase accessibility and inclusion, it leads to some troubling issues. Are we raising the barrier to entry for innovation, but for financial catastrophe?

Best Wallet’s goal of attaining 40% of the non-custodial wallet market is commendable, not if it is a cost to user privacy. Isn’t this growth truly being led by real utility and innovation? Or is it just the product of some really smart marketing and the FOMO train?

Decentralized Illusion or Real Empowerment?

Best Wallet touts its decentralized and self-custodial nature, a welcome change from the centralized exchanges that have burned so many. There’s no KYC involved, making it a more decentralized friendly move. If not monitored, this lack of verification equally opens the door to nefarious undertakings. Let's dig a little deeper. Our new partnership with Fireblocks, despite offering state-of-the-art security and insurance, adds a degree of centralization. If a third party is holding the keys to the funds, is it really self-custodial?

This is not to suggest Fireblocks hasn’t added huge value through its platform. This is a required concession for the sake of institutional adoption and greater security, but we should all recognize the trade-off. We must be frank with ourselves about how decentralized, or not, we’re truly becoming. Pretending to be fully decentralized, while relying on centralized infrastructure is deceiving. This dishonesty harms the reputation and trust that Web3 aspires to create.

Add in the integration of fiat on-ramps through MoonPay and Alchemy Pay and the picture gets even less clear. You help onboard the larger, more mainstream users that we all want to see in the crypto space. Simultaneously, you place Best Wallet’s operations well within the purview of established financial service regulations. If they cannot, it could bring about more regulatory scrutiny, which would affect not only the BEST token but the entire ecosystem.

"Upcoming Tokens": Opportunity or Gamble?

The “Upcoming Tokens” feature is, by far, the most alarming piece of Best Wallet. While the prospect of finding and investing in early-stage tokens is incredibly alluring, it’s one of the riskiest things you can do. These tokens are usually anonymous, unvetted, illiquid, and easily manipulated.

How does Best Wallet vet these tokens? What due diligence is performed? Or are users issued enough disclaimers and risk warnings? Or is this just a space to trot out half-baked ideas for naive investors to fund? I have so many questions and concerns.

I would like to know what specific steps Best Wallet is taking to avoid facilitating pump-and-dump schemes and other forms of market manipulation. Does it have adequate mechanisms in place to protect users from appearing rug pulls. Transparency is paramount here. Best Wallet should be open about all of the risks associated and should show a clear dedication to protecting consumers.

Environmental Cost and Ethical Responsibility

Let's not forget the elephant in the room: the environmental impact of blockchain technology. Bitcoin, Ethereum, and any other supported blockchains use enormous energy. Is Best Wallet living up to its commitment to sustainable crypto practices?

While Best Wallet supports multiple blockchains, each with varying energy consumption profiles, it doesn't appear to be actively promoting or incentivizing the use of more eco-friendly alternatives. The onus is on the company to assume accountability for its environmental impact. It needs to go further, by investing in solutions that mitigate the harmful effects of blockchain technology.

A Call to Action

Best Wallet can serve as a valuable tool in the ecosystem to help onboard new users to Web3. Its accessible design, robust functionality, and prioritization of self-custody are all encouraging progress in that direction. The excitement about the BEST token and the opportunity for abuse that it represents is too great to overlook.

I strongly encourage you to conduct your own fact-finding. Beware the 10x return boondoggle. Know what you’re getting into. If you’re investing in any crypto project, particularly early-stage tokens, do your research and understand the risks. Demand greater transparency from Best Wallet. Inquire how they ensure their vetting process for “Upcoming Tokens,” their security protocols, and if they have any sustainability efforts.

We, as a community, need to hold projects such as Best Wallet’s feet to the fire. Together, we must continue to call for ethical practices and transparency. Together, we can make sure that this promising new decentralized future enriches us all rather than just a few.