Irrespective of your attitude to an unheard-of coin, the situation rather epitomises the problem many have with crypto. They start off as penny stocks, but people expect them all to rocket to Fortune 500 levels for no good reason other than all the other gullible idiots pumping their savings into them, forgetting in their greed that it's quite as easy to start a run if you have enough.
Before you know it —and I very much mean you there— they're trading at $120 with a cap of $32bn before the floor drops out. I know a cap isn't tangible value but none of this stuff is. That didn't stop this being a top 10 crypto currency at one point.
It's all Monopoly money. You can get rich trading it, but you can also lose everything. A lot of people are getting fractions of a penny on their dollar investment. All because, what? It stinks of pump and dump. It all stinks of pump and dump.
Pile on the environmental disaster that is proof of work, and you should be able to see why people hate crypto. It's weirder that more people don't but on investigation that's usually because they have skin in the game.
https://mobile.twitter.com/patdennis/status/1518637225789042...
Sick of people calling everything in crypto a Ponzi scheme. Some crypto projects are pump and dump schemes, while others are pyramid schemes. Others are just standard issue fraud. Others are just middlemen skimming of the top. Stop glossing over the diversity in the industry.That's not what I'm saying. I consider myself fairly active in the space, and I hadn't heard a peep about this coin until it blew up. I doubt most on HN had either, but that won't stop the doomers.
Isn't it a problem with "the space" that any old Gigachad and his drawful of sockpuppets can jump on a nobody-coin that's been doing nothing for three years, and in 12 months of frothing, pump it up to a top-10 coin, and dump out their holding for a few billion dollars and "active in the space" people like you don't even notice?
Thousands more of these things are being minted every week. Thousands more opportunities to suck in "investors at the ground floor".
I don't think it's fair to label critics as doomers. We just don't see the value you do, or at least, our accounting puts the very visible and very recurrent harms of crypto above their potential benefits.
Luna something like the 15th
They were absolutely major players and not a "random shitcoin"
Safety is dangerous.
HN is only a step above CNN when it comes to trustworthiness on this specific topic.