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by grey-area
1869 days ago
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Yes I think greed is the simplest explanation for the explosion of interest in bitcoin and other similar schemes. They are constructed so that early adopters benefit, and benefit most if they shill the coin to others, and so they do, using various narratives about worldchanging technology, a new paradigm etc, etc. |
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With good old pyramid schemes it took a lot more work to it off the ground. Now you can just astroturf on Reddit, Discord and the big social networks with your fancy new "revolutionary" cryptothingy and you're making millions.
I've been following the DogeCoin pump on reddit over the past couple of months, it's absolutely transparent that it's a pure pump with no fundamentals but people buy into it because they think they're early enough not to be left holding the bags. IMO the Gamestop thing is mostly exactly the same, but obviously the situation is more complex there.