How does this still work? The entire point of using fame or name recognition to put out a cryptocurrency is a rug pull. The only difference between me printing out my own paper currency called radio_free_asgarthr bucks and a meme coin is that one uses computers.

IDK, I am starting to think that efficient market hypothesis is bullshit.

[–] coolusername@hexbear.net 20 points 1 day ago* (last edited 1 day ago)

works with corruption too. For example he did stuff that benefited some company, this company then buys meme coin through unofficial channels.

[–] john_brown@hexbear.net 41 points 1 day ago (1 children)

everybody knows it's a slot machine and they're trying to pull the lever at the perfect time to cash out right before the rug pull

[–] radio_free_asgarthr@hexbear.net 24 points 1 day ago (2 children)

I mean, on some level, I do understand. Since it is purely speculative with no use all of crypto is just hoping that you can cash out at the right time to not be the one holding the bag. But all of the celebrity coins are always rugpulls that have their first crash over minutes or hours, so I don't understand people buying into that believing that they will sell 20 minutes from now for a profit, versus the risk of being the vast majority that is the bag holder. With something like the Trump related cryptocurrencies I can understand, as that is a fig-leaf for direct bribery and a Trump Coin would have other value related to that. But an Adams Coin?

[–] FuckyWucky@hexbear.net 19 points 1 day ago* (last edited 23 hours ago)

Other than such crypto tokens, there are HYIPs (basically pyramid/ponzi scheme, pyramid since some have mlm aspect to it).

There are people who buy into many of these at once knowing it's fraudulent hoping they get to be the winner before the whole thing falls apart. They hope one is enough to make up for losses of others.

It doesn't work ofc

[–] john_brown@hexbear.net 19 points 1 day ago

I mean, I'm not a gambler, but to me it just seems like any other gambling habit. Some people gamble just to gamble. I can't imagine there are that many people who really think it's going to be a solid investment or ever become a legitimate storage of value in the long term.

[–] InevitableSwing@hexbear.net 31 points 1 day ago

HOW DARE YOU.

I think your comment is a personal attack on me and $InevitableSwingCOIN which shall be making its debut shortly. A few bad apples exist in any enterprise. Some of us do things the right way.

$InevitableSwingCOIN • Crypto done right

[–] Chana@hexbear.net 9 points 1 day ago

I could just be money laundering