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59 sats \ 1 reply \ @freetx 15 Feb \ on: Melei’s shitcoin and rug pull Politics_And_Law
Shitcoining seems to be one of the required growth phases for newbies.
I've recently heard, from high IQ non bitcoiner I know (mid 50s professional)...."Yeah, but whats to stop another bitcoin from coming along...."
This step seems to trap most new entrants. They can't grok network / lindy effect nor the power of first mover advantage.
This idea that they can replicate bitcoin at some level causes them to then enter shitcoining.
It's not just network effects, it's decentalization and proof of work.
Are any of the memecoins, in fact 99.9% of 'crypto' coins, proof of work?
No.
Do they have any energy requirements for operating or 'creating new coins'? No.
Why people can't understand this or contemplate it... is beyond me.
It's the thing imo that sets bitcoin apart from well... everything.
And the 'other' PoW coins are down 99% in hashrate and value from Bitcoin.
Everything else goes to zero.
Now I'm not that smart and I'm obviously a noob, but even I can see that.
Why can't everyone else?
A memecoin was willed into existence, by the billions, with the click of a mouse.
Why should I buy something that literally cost no energy or natural resources to create it is a stupid scam.
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