Anyone who has spent significant time in certain corners of the internet has seen the high prevalence of get-rich-quick desperation in (some) cryptocurrencies. It repeats each cycle, but was at high intensity this year due to the low barrier to entry with BSC smart contracts. Anyone could create a PnD shitcoin.
All these scammers do is set up a nice looking website, fake some 'partnerships', then get influencers and spammers to put the word out. Once the scammers determine the market is at peak liquidity, they 'rug pull' by selling through all the liquidity, driving the price into the ground. Some rug pulls are instant, others are slow, to milk the buyers.
These scams are very common.. there are thousands of them. A lot of people willingly participate because it is possible to make some profit off suckers before the developers pull the rug. The profits are drying up as suckers are running out of money or are finally getting wise to the formula.
Despite how it sounds, I'm not in favor of regulation. I'm all for people learning lessons the hard way. I did at various times in my life and am better for it
> Despite how it sounds, I'm not in favor of regulation. I'm all for people learning lessons the hard way.
That "tough love" idea is bullshit. Giving young people hope and telling them that are going to be rich, and then take away all their dreams. What you get is desperation and anger.
We live in already a unfair society, to make it harder for the ones that have less for the profit of the unscrupulous seems a dangerous path, an excuse for thieves to continue stealing.
Who said anything about love? Freedom isn't about love, it is about being an autonomous agent. Perhaps it is presumptuous, but you sound bitter.
Freedom means facing the consequences of your decisions. Sometimes you take a risk and it pays off, other times you lose. The real travesty, for me anyway, is living around people who are too scared to take any real risks in their lives. They will be the first to break in the event of a real tragedy. Resilience is built by making and learning from mistakes
> Freedom means facing the consequences of your decisions.
I completely agree with you. That is why scammers should pay for their actions. The people that is lying and abusing the trust of young and inexperienced people should pay. And the government is the means that we collectively agree that is in charge of creating laws and prescribing punishments.
I agree the government should pass laws and prescribe punishments, but in such a way that protects physical security and property (from e.g., violence and coercion). Broadly speaking, I don't want a government dictating what are acceptable financial investments nor what is acceptable speech.
Here, some young people are willingly entering into get-rich-quick schemes to avoid facing the reality of everyday life. Only the most naive are putting money into these scams. The quicker these delusions are dispelled, the better for everyone.
I'm pretty much of this point of view as well. Guess my point is that BTC/ETH/XRP etc... weren't started with scamming in mind. They were genuine projects in their own right. Of course the market and investment in crypto is now 99% scam territory. Chains like Ethereum and the Binance one are now just platforms for scams enitrely.
Anyone who has spent significant time in certain corners of the internet has seen the high prevalence of get-rich-quick desperation in (some) cryptocurrencies. It repeats each cycle, but was at high intensity this year due to the low barrier to entry with BSC smart contracts. Anyone could create a PnD shitcoin.
All these scammers do is set up a nice looking website, fake some 'partnerships', then get influencers and spammers to put the word out. Once the scammers determine the market is at peak liquidity, they 'rug pull' by selling through all the liquidity, driving the price into the ground. Some rug pulls are instant, others are slow, to milk the buyers.
These scams are very common.. there are thousands of them. A lot of people willingly participate because it is possible to make some profit off suckers before the developers pull the rug. The profits are drying up as suckers are running out of money or are finally getting wise to the formula.
Despite how it sounds, I'm not in favor of regulation. I'm all for people learning lessons the hard way. I did at various times in my life and am better for it