15 sats \ 4 replies \ @moon 12 Jul 2022 \ parent \ on: If You Aren't Trying to be Money, Why Do You Need a Coin? bitcoin
again, free market...
if you waste resources to create a useless token, your project will be punished eventually
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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