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125 sats \ 8 replies \ @nerd2ninja OP 12 Jul 2022 \ parent \ on: If You Aren't Trying to be Money, Why Do You Need a Coin? bitcoin
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.
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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