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39 sats \ 10 replies \ @moon 12 Jul 2022 \ on: If You Aren't Trying to be Money, Why Do You Need a Coin? bitcoin
I am not against the creation of shitcoins for these projects. It's just free market, it's healthy. The problem is with the users. I've been in the past "earning" some shitcoins in a similar way as here: you write a post, you get some coins. The difference -- that I only learned with time -- is that now I know that what I get here is real and will be worth something in the future -- and out of all the coins, this is more likely (by far) for BTC. While with the other coins, well, some of them went to zero even before I was able to withdraw them to my personal wallet.
Its not actually healthy though. Sure it would be healthy to compete as money on merits, with no premine, but like I've shown, if a new coin is created to subsidize a use case, it only serves as a distraction to the projects development.
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I think the existence of bullshit is normal in a healthy free market.
What is problematic are the funders that shill their shitcoins. It is perfectly fine to hate people who are manipulative scammers.
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The problem is that the scammers aren't held to account. I am fine with scammers, but I want them punished for their actions.
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Same. The thing is there are plenty of laws already to deal with scammers (e.g. fraud laws), they just aren't enforced. What we need is enforcement of existing laws, not some magic "regulations".
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again, free market...
if you waste resources to create a useless token, your project will be punished eventually
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No, it's not healthy to pump and dump scams on people. That is why they need to be regulated. Almost all shitcoins are coordinated pump and dumps of unregistered securities backed by marketing and vaporware. They are scams and have rekt countless people in these cycles chasing big returns on nothing more than a scam run by fucking assholes.
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well if you are talking about outright scams that's another thing, so far we have been talking about "useless" tokens, not necessarily anything imoral
some level of regulation might be good, idk, so far I haven't been impressed with what governments have come up in this area
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Do you acknowledge "Toxi Maxis" as a healthy free market anti-body mechanism as the free market's version of consumer protection? Because that's the reality we live in.
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I agree 100% with your post.
I am a maxi myself, I just don't think bitcoiners should care too much about what those shitcoins are doing. If people want to gamble or set their money on fire that's on them. If bitcoin is indeed the only serious "crypto", which I think it is, we don't really need to convince anyone of that, reality will show itself. That's what I believe.
But I see the value in educating people and warning them about scams and such.
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The problem is much deeper than shitcoin users.
Shitcoin creators, specifically Ethereum, maintain a huge marketing department. Their shills did crazy amout of reputation damage to Bitcoin. BTC development was set back years by the bcash incident (which was endorsed by no other than Buterin).
And I expect even more attack after they switch to PoS.
People thought XRP was the #1 banker coin, but in reality the JP Morgan coin is way more successful. The establishment got in earlier than anyone expected and you would be delusional to think they pose no significant threat.
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