[kotaKat]

People can spin up magic crypto coins backed by other crypto coins at the push of a button.

Dirtbag crypto people will spin up a coin in the name of someone's software product, give the project owner a bunch of coin, make them feel special like they're suddenly part of lots of money, and then astroturf and pump the coin as much as they can before setting up for a rugpull by either the project owner trying to cash out, or the crypto folks trying to finish the job off.

[jfyi]

Fraudsters are essentially buying the "whitepaper" (technical/business legitimacy) in the classic crypto pump and dump scheme.

[nkrisc]

So I guess it’s just FOMO, because I still can’t really relate to why anyone would actually buy any of those coins.

[jaapz]

Exactly. People are buying those coins because they believe other people will buy them, increasing their value.

[rvnx]

Sounds like investors in Cursor.

Cursor was popular because it was reselling OpenAI at a loss, so for 20 USD / month you could consume 200 USD of tokens per day, but now it's over.

Founders (coins minters) are leaving the ship.

The last ones to leave the ship are going to be left holding the bag.

[DANmode]

or, just never involve the original project itself,

which is likely what’s unknowingly being described here:

> However CLAWD coin tokens are kicking off right now and people are being lured into buying them as the hype grows.

[mlrtime]

You didn't answer the question though, you just double downed on crypto=bad.

If someone posts a github link of some LLM tool, clawbot or whatever. You are free to run or fork it and then some crypto bro creates a clawbot $coin.. nobody is forcing you to buy the $coin.

[skybrian]

Crypto or meme stock pump and dump is a game gamblers can play knowing exactly what they’re doing. They need to coordinate on where they will play the game next, and any excuse will do.

[fauigerzigerk]

Maybe the idea is that associating a coin with something/anything that has momentum will make some people believe that the coin could take off along with the thing.