Oddbean

First of all I do not believe anyone really exchanged any money for those multimillion Jpegs. It was rather part of “pump” phase. Retail was actually buying them for 100s and 1000s and they got rekt. Fuckin scam but not the last one

I agree in some respects, except that the whole point was to dump it on somebody else. Many of the ATH payments are VERY likely total bullshit that got the next guy to pay $500K thinking he caught a great opportunity.

I personally avoided shitcoins and NFTs, but my younger cousin and her husband decided that after they exchanged all of their fiat savings for ETH, they decided that Prime Ape Planet NFTs were the next good-buy so they put all of their ETH together and bought an NFT, paid 3 ETH, at the time ETH was over 5k CAD. The creator of the Prime Ape Planet NFTs was their friend IRL who gladly took their life savings.

How do we fix it. You cant have a fair market on a rigged base layer. But you can have the first digital free market on a fair base layer, namely bitcoin. Unfortunately scammers from other coins have given what is possible on bitcoin a bad name. How can we do free markets over bitcoin, such as on Liquid?

I don't know of a good way except to call them out publicly and label them what they are. Also important to build strong communities that refuse to accept that shit and then outlast the fools who get swindled by them. There is no short term solution that doesn't feel like hacking at the branches, imo. But long term I think consistency of message, calling them out, and showing and reminding everyone of the outcome over and over is the only decent option on the table.

Two parts to this: 1. Call out the scammers building rigged things on a rigged system. Concur! 2. But this is also bitcoin's birth right, that they have taken away, and tainted. Bitcoin's next great step should have been to facilitate free markets. We are somewhat paralyzed by the fatigue. Does (2) make sense to you?

It takes time but people learn. There will other scams. That’s how it works. Maybe among current Bitcoiners there are more righteous people but as adoption progresses there will be more and more regularnaverage Joe’s. We may say that fair money promotes fairness but bad people existed all along the centuries and did what they wanted using silver, gold, animal skins and dollars. They will adapt to Bitcoin too. It is just learning curve. I remember the times when very popular scam on the streets was „3 cups”. There is a guy with a table or a box and you can guess under which cup there is some small item. The guy was goos social engineer, smart hands. Had few other guys helping him. Itbtookmsome time but now rarely anyone fall for that. That must have changed the way. In digital world there are shitcoins, NFTs, Defy, whateverthefuck else other shit retardinals. Some of them will die, get replaced with next generation scam. It is just regular honest people contribution by educating others. There is no magic way to get rich quick. Stay humble and stack says.