3 ms·

Somehow it feels like even if I did something where I openly say "This is 100% going to be a rugpull", people are still going to put money in it... I need to ge

Somehow it feels like even if I did something where I openly say "This is 100% going to be a rugpull", people are still going to put money in it... I need to get on this con... It seems like the crypto boom times gave a lot of people a lot of stupid money, e.g. that crypto guy who bought that "art" banana for millions (well, single digit millions) and then ate it. There must be a term for this similar to "fuck you money"... maybe "dance, monkeys, dance money"? Edit to add: which is why I feel like most of the people joining on the memecoin/rugpull bandwagons are either playing with their -- let's call it "monopoly money" that they gained by "playing crypto", or rubes that are actually putting their savings in. The first group will just laugh off a loss, while the second group saw the fist group, got FOMO and will get ruined when the rug gets pulled. Somehow it's very similar to card-sharking, where the other "victims" help the shark lure the actual victim..

jongjong 2y ago
Yeah but don't assume that because a lot of obvious scams got funding means that every legitimate project also got funding... It's not like the market 'ran out' of legit projects and people had no choice but to buy scams to meet their insatiable demand for crypto. There were a few high-exposure 'obvious scams' which became viral but they are not the norm. A huge amount of legit projects (mine included) got barely any attention and struggled to raise $30K in spite of having top-of-the-range tech (at least by several measures). The tech, and even business aspects are often a tiny component compared to the pure hype aspect. This is true for essentially any project that raised any significant sum. All the business or tech-focused projects are dealing in tiny numbers and virtually unknown. It's hard to find them even if you look for them. Total media blackhole.

jongjong 2y ago

Yeah but don't assume that because a lot of obvious scams got funding means that every legitimate project also got funding... It's not like the market 'ran out' of legit projects and people had no choice but to buy scams to meet their insatiable demand for crypto. There were a few high-exposure 'obvious scams' which became viral but they are not the norm. A huge amount of legit projects (mine included) got barely any attention and struggled to raise $30K in spite of having top-of-the-range tech (at least by several measures). The tech, and even business aspects are often a tiny component compared to the pure hype aspect. This is true for essentially any project that raised any significant sum. All the business or tech-focused projects are dealing in tiny numbers and virtually unknown. It's hard to find them even if you look for them. Total media blackhole.