Oddbean new post about | logout
▲ ▼
GG | 1 months ago (raw) | root | parent | reply | flag +2 
 Easy come, easy go 😄 the question I keep asking myself is at what point does does this scammy shitcoiner space die out and we are left with just Bitcoin and handful of last such as Monero which actually have a purpose and strong community?
▲ ▼
76325872 | 1 months ago (raw) | root | parent | reply | flag +2 
 Unfortunately, everything is joined at the hip. Fractional reserve banking, or more so fictional reserve banking. Money from Bitcoin went in Ethereum and that opened Pandora's box with all the other shitcoin scams. See, if I deployed a smart contract for a new token with a total supply of 1bn, kept a decent amount for myself, and partnered with my scammy frens at the crypto exchange to list the token with a limited circulating supply, I can pamp it by buying a few for say $1 a coin and lure retail on crypto twitter with sockpuppet accounts promoting the scam as something amazing. Idiots start buying and my vaporware token has now got a market cap of billions of dollars. I start cashing out.. It is all hot air, market making (wash trading), social media psy ops... VCs are in on this.
▲ ▼
GG | 1 months ago (raw) | root | parent | reply | flag +1 
 That's a great point you bring up nostr:nprofile1qqs8vvjcw2afw84kpxu97853qcnrdpmj5v5427eqaedp7320p95s7nqpzemhxue69uhhyetvv9ujuurjd9kkzmpwdejhgqgjwaehxw309ac82unsd3jhqct89ejhxqgkwaehxw309aex2mrp0yhxummnw3ezucnpdejqxfldzj, I guess scammers will just keep on scamming for as long as it's possible...MF