It's a 4 level scam where they get other people to do their work for them while making money at every step.
1. they're getting people to build their network for them for free,
2. they're getting people to buy their hardware to do it,
3. they convince people to run the network by rewarding them with worthless tokens,
4. they get a network on which they can then sell access.
Isn't this what most of the miners go through when trying to earn mining rewards on other networks as well (after Bitcoin)? On the part of buying “their” hardware, I don't think that is true. Most of the merchants selling the hardware are 3rd party providers.1. they're getting people to build their network for them for free,
2. they're getting people to buy their hardware to do it,
3. they convince people to run the network by rewarding them with worthless tokens,
4. they get a network on which they can then sell access.
I am not a fan of a number of tokens and shitcoins, but at least their tokens have some value on exchanges.
Many shitcoins are also scams. Many scams aren't shitcoins or coins at all. Helium is creating a whole new network based on LoRan for IOT devices with the hotspots
being the gateways to the internet. They theoretically have a whole LoRaWAN at their disposal which not only cost them nothing to build but they actually made money
from its building. They can make a ton more money by selling access to the LoRaWAN network.
I don't know if a 3rd party LoRa NIC will work but they're still making lots of money by selling hotspots at a profit. And the tokens they pay "miners" with cost them nothing.
