More details on the pump and dump scheme he joined in on promoting and drew money from: https://pivot-to-ai.com/2026/01/22/steve-yegges-gas-town-vib...

I feel it's hard to criticize people for engaging in this anymore. Why would any reasonable person not take the free money?

In the past this would've been different when you couldn't necessarily expect all participants to be fully aware of what's going on, but absolutely nobody is treating "gas town" coins as a serious investment.

Why is it hard to criticize people for being part of a scam operation? It's so morally and ethically bankrupt that it's really easy and valid to criticize someone for

Who is being scammed? The only people buying into tokens as obscure as these are degenerate gamblers who know very well that it's not any kind of an investment.

That sounds like victim blaming to me

It's not a scam, there's no misrepresentation. This very clearly isn't marketed as an investment of any kind https://bags.fm

https://apps.apple.com/app/bags-financial-messenger/id647319...

The tagline of the app? "Buy & sell memecoins". Transparently advertised as a crowdfunding mechanism using memecoins.

Yegge write a blog post for his readers where he called it an investment and hoped the investors would get “filthy rich”.

What? Of course it's marketed as an investment. That's the sole thing it's marketed as. Are you not able to lift the thinnest veil imaginable?

Because you'd be aiding and abetting a pennystock scam.

The difference between bags.fm and pennystock scams is that bags.fm is very obviously not marketed as an investment, but a crowdfunding tool.

Yegge write a blog post for his readers where he called it an investment and hoped the investors would get “filthy rich”.

It's absolutely marketed as an investment, and solely used and referenced by people saying it is an investment. This is like saying those cannabis paraphernalia shops are marketed as only for tobacco.

But people do. There are people who genuinely think crypto is an investment. Yes, smart people knows it is just a grift and that it is just about selling it on to the next person before it crashes. But is it moral to make money on stupid people? Many people lose all their money on gambling even if we always known gambling is a loss.

> There are people who genuinely think crypto is an investment.

Sure! Are those people buying bags.fm tokens? Probably not.

This isn't even marketed as an investment https://bags.fm but a crowdfunding tool for developers with a casino attached.

You don't have to be smart to read the big text on the website.

Yegge write a blog post for his readers where he called it an investment and hoped the investors would get “filthy rich”.

You don't have to be smart to understand they're very, very, very obviously saying it's an investment and using extremely superficial cover. All things like these are exclusively pennystock scams.

You're being bamboozled. Google the name of it. Search it on Twitter and 4chan. Watch any Coffeezilla video.

I'm googling "bags.fm", everything I can find is about money going to creators. Literally nothing suggesting that you're going to get rich by buying these tokens.

Searching for "bags.fm" on X with keywords like "invest" or "rich" or "moon" also does not seem to return any conversations referring to anyone but the creators getting rich.

I can't find any bags.fm references on 4chan, and searching for gas town instead doesn't seem to bring up anything cryptocurrency related in the archive.

> You're being bamboozled

I don't think so. I suspect the world is so full of crypto scams that when someone does something explicitly non-scammy ("Hey, here's a crypto thing you can use to give me free money!") people still incorrectly view it as scammy because of crypto.

How many memecoin "investors" do you think view these as serious investments? I suspect essentially none of them.

How many memecoin "investors" are degenerate gambling addicts who need treatment? Probably most of them.

Taking money from vulnerable gambling addicts is certainly not ideal, but it's far from scammy.

Yegge himself wrote a blog post to his non crypto audience calling it an investment that he hopes makes its investors filthy rich. He pumped it, then he dumped it, and announced he’s walking away from it at that point after taking his profits and crashing its value.

I don’t know why you’re talking about existing hardcore BAGS addicts when the topic is Yegge promoting a crypto grift to his own general audience as an investment and then running the typical pump and dump scam on them.

It's a scam or a pennystock grift or whatever term you want to use.

https://x.com/Fizzy__01/status/1956006313848397861

100% of these things are somewhere on the scam and fraud spectrum. An unscrupulous person creates a token or a platform for creating tokens with the goal of raising the worthless token's price so they can parasitically make millions from something that holds zero value.

The "fund creators" thing is a common ploy. If they actually wanted to do that, they'd make it so you can only donate with dollars or stablecoins.

Look at the dozens of replies to all of Yegge's posts, now: https://x.com/Steve_Yegge/status/2014530592134910215

This initially sunk my heart, but in all his replies there are like 50 very clearly unintelligent crypto grifters telling him he needs to be killed for scamming them, so I am unsure who to root for at this point. It's depressing he accepted it, but I might partially forgive it due to him making a lot of them lose money.

MOOLLM has its own official currency -- MOOLAH!

https://github.com/SimHacker/moollm/tree/main/skills/economy...

The official currency of MOOLLM is MOOLAH. It uses PROOF OF MILK consensus — udderly legen-dairy interga-lactic shit coin, without the bull.

I don't get crypto - just looked up how a couple of most performant stocks did in the past decade, and I'm pretty sure you could outperform BTC with the same amount of risk tolerance.

The swings on BTC price are absolutely insane, and ETH even more so (which is even more risky, without showing higher gains).