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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?
Re:Web3 is centralized by norswap on Sunday January 02, 2022 @06:18AM (#29767816)
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).
Re:Web3 is centralized by cryptica on Sunday January 02, 2022 @05:47AM (#29767632)
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.

Re:Web3 is centralized by ijonas on Sunday January 02, 2022 @05:34AM (#29767547)
Bitcoiners.