But then you begin to rely on regulators, and they hardly come through in many cases. Isn't it best to just assume the crypto market is a shady place and let police itself? Same goes for exchanges. People can then learn the power of self custody and be much better off. There is nothing worse than the government saying we got your back when in fact they screw you over even more under the guise of regulations for your own good.
Shkreli ragpulls his INU token
- Thread starter Pekelo
- Start date
Although I agree, we can also look at this from the perspective of a venture capitalist. They know that barely 10% of the companies they invest in will turn into a Tesla or Amazon, so they have to literally give out a ton of cash before they hit a 10x or higher. Likewise, we don't know when the next Shiba Inu or Dogecoin is going to come along, so perhaps getting in at the bottom with all of them is a strategy that will pay off eventually.
Downside is different.
I can pick a bunch of wannabe unicorns and a few will skyrocket, most will not do much/lose some value and very few will go to zero.
When I pick these random buttcoins, maybe a few will skyrocket, most will end up zero as they are pure pump and dump without any value proposition.
And exactly who are the morons that invest in these shitcoins?
So who's worse? Shkrelli or these morons?
Idk, in the telegram groups for them, it mainly sounds like people from poorer countries who use the word 'investing'. In early 2021 it was very easy to take advantage of those markets since you were basically trading against a few thousand people who were very very bad at trading. And they all posted their internal dialogues straight onto telegram so you could just watch the chat and see exactly how euphoric or scared the market participants were. Then "callers" started kind of turning them into centralized pump and dumps, now its just a casino except for when a new "meta" pops up temporarily.