Dergigi on Nostr shared this video with us:
"What is the 'exit event'? A lot of the venture capital that has come into crypto more broadly as an asset class, has come because there is liquidity in investing in tokens.
And we can ignore it, we can pretend it doesn't exist, but incentives drive behavior and I think one of the big incentives we've seen play out in the crypto venture space; $35 Billion in LP capital last year went into funds. Why did a lot of capital go into these funds? Because they were able to deliver cash back to their LPs by investing in new L1s, L2s, DAPPS, things that have a token that enable this faster turn on getting an 'exit event' to liquidity event.
That's where the challenge really is for the Bitcoin space. So that's why I'm excited that we have Ordianals, we have BRC20s, because they actually start to enable us to generate new streams of revenue"
Let's decode this for just a moment. The basic flow being talked about here is, where new tokens are created and given to insiders (venture capitalists). Hype is driven in the crypto community, and then after retail is all hyped up, insiders get to dump their bags on victims.
This is a scam. This is THE scam that we warn people about when we're talking about "Bitcoin not Crypto". So now we have this mind fuckery they're trying to play, where they're going to convince people that the Bitcoin maximalists like these scams because their "Bitcoin only" scams. That's what they'll tell victims, but to us, they'll write article after article about us having a "religious fervor" that these scams are extinguishing in some way.
The scammers are coming, the scammers are coming!
Prep Time
So now that you're properly enraged, lets cool down a moment. We know the strategy ahead of time. This is good for us. It gives us time to think of how to respond to it when the attack is launched.
The first thing to understand, is that this tactic is a psychological operation. Mind fuckery. Read this article on how perception can shape reality to understand how to defend against that: #67331
The second thing to think about, is how to organize around this. In Bitcoin only spaces, we lash out and shame and shoo away scammers. That works well for people who are exposed to Bitcoin first. In places where people were exposed to crypto first, where people were exposed to the psyop first, where they were told things about us that would get them to ignore our warnings, we will need a different approach.
For that approach, I'm reminded of my old article The Peaceful Revolution-Striking the Right Message w/ FIAT Slaves & the Scammed and my follow up Lifting Up the Scamned. The gist of those articles, is just that these warnings need to be stated plainly. They need to seem boring. Rather than being angry and attacking the crypto poster, the warning need to be served up dry and uncaring.
^Face of a guy who's there to tell you what's what, in the most boring dry way you've ever seen and then not have any reaction to you ignoring him. As though he that's what he expected you to do.
Please share your thoughts, comments, and tactics below.