Re:Web3 is centralized
by elevader on Sunday January 02, 2022 @05:29AM
(#29767511)
Honest question from a total outsider: What is the difference between a "shitcoin" and a "legitimate token"? And who gets to decide that?
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You decide for yourself, but generally shitcoins are regarded as forks without any technical innovation who are not credibly trying to solve any problem or try out a new idea - just make money. They're often meme-themed (though not always, and there are many legitimate projects that are meme-themed).
I've met founders who launched shitcoins which raised a lot of money who acknowledged with no sense of irony that their own token was a shitcoin.
But in general, a shitcoin is a poorly designed project (or just a clone of an existing project) where the founder sells a lot of their tokens and quits immediately after the initial ITO/ICO sale.