On the other hand what exactly makes the "shitcoins" less real than bitcoin? How could someone who built FTX make a principled distinction? >with some worth m

On the other hand what exactly makes the "shitcoins" less real than bitcoin? How could someone who built FTX make a principled distinction? >with some worth maybe one cent on the dollar, if that But if they aren't worth zero, then why can't they be worth any other number? I mean, I can see the magic is gone, but I am not quite on board with calling someone an idiot for refusing to accept that the magic is gone. It's not like we have an objective theory for how it develops and vanishes. I read a funny thing about how someone else who was basically speculating on any available "shitcoins" convinced themselves they were doing an arbitrage because they got coins at a discount (but locked up for a while).