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 1 day 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.