Current Events > The Crypto Influencer sphere is literally nothing but pump and dump scamming

(+) Yeah! (+)

The more I've been reading up on this, the more clear it is that the entire purpose of 95%+ of altcoins is as a pump and dump. And that the Crypto memes/community ecosystem is basically an elaborate mechanism to trick overconfident morons into pump and dump schemes, with concepts like HODL and boasting about huge gains (and literally banning people who talk about their losses) designed to break down rational mental roadblocks to prevent this sort of stuff. And the blockchain itself is basically the centerpoint of the cult - the cult leader in a metaphorical sense. There's a nearly religious belief in the blockchain's revolutionary utility and infallibility.

All that to say this - Crypto (at least outside of Bitcoin itself) is a complex pump and dump scheme that uses cult-like brainwashing and information control techniques on a vulnerable population.

It's found a way to appeal to the worst kinds of personalities. And there's a lot of them.

the predatory nature of it is what fucks me up. you wanna make a bunch of money with no effort? ok, me too. but selling it as some kind of fight against capitalism and as being at the forefront of worldchanging technologies to get people to climb aboard your already halfway sunk ship is just shittiest practice imaginable

Whats always weirded me out is people act like Crypto money is liquid funds and not paper funds. And this has been going on since its inception when it was alot harder to cash out. Its easier to cash out now but if people actually did? It would crash the market. So the worth of things is all fake and always has been.

A crypto millionaire/billionaire isnt real. Its just on paper. But somehow they conned people into thinking its useable real money when its half speculation and half I dont even know what. And thats at best. Let alone the pump and dumps pointed out here.

I always like DarkRoasts posts cause she tells it more plainly. And we have had a fair amount of Cryptobros here try to counter her. I notice they dont come around as much.

Crypto has been massively overhyped and corrupted. To me its ethically wrong to engage in it. Which is why I havent touched it.

Crypto bros are basically this comic, only replace "internet plus" with Blockchain:
https://gamefaqs.gamespot.com/a/user_image/8/5/2/AABJX0AADb70.png

The way influencers get paid to promote new Cryptos in early access coins, which they immediately dump after the value goes up during the IPO - it would be blatantly illegal in any other market.

HolierThanMao posted...

the predatory nature of it is what fucks me up. you wanna make a bunch of money with no effort? ok, me too. but selling it as some kind of fight against capitalism and as being at the forefront of worldchanging technologies to get people to climb aboard your already halfway sunk ship is just shittiest practice imaginable

This is part of what scares me about it. It's ensaring the people who realize there's something wrong with capitalism, that the system is rigged and they don't have the chance they were told to get ahead by working hard. But instead of getting them to fight for workers rights or a more democratic system, it lures them into a hypercapitalist gambling trap. It's literally a worse version of the system that's already screwing them, but they think they're fighting the system by playing hot potato with fake assets as a few whales soak up almost all the actual profit.

And when they realize they were duped, these people are going to be MAD. They're gonna be impoverished. They'll be disillusioned. They'll be humiliated. They're already incredibly online and shown not to be oriented towards leftist thought. They're going to be absolutely ripe for fascist explanations on why they got taken advantage of and why the system is rigged. They're gonna blame the left, minorities, Jewish people, and women.

The thing is, I refuse to invest in Crypto not because I wouldn't make money (I'd probably make a lot, honestly) but because I couldn't live with myself knowing how it actually works and who actually loses in the process.

I was at a pubilc debate a decade-plus between a BoA representative and a BTC representative (back when BTC was the only choice) and it kept sounding like:

Crypto-bro: It's going to be the new currency! We'll have new banks!
Banks: No it's not, no you won't.
Crypto-bro: We're not asking for a slice of what you have, we just want to have a competing model that will eventually replace you!
Banks: No.
Crypto-bro: You just fear change!
Banks: Only change that affects our control over currency regulation.

My opinion was/still is, I was not a fan of the BoA representative, but for BTC to do what the BTC representative wanted, it would have to be accepted by a majority as currency and not commodity which was a catch-22 in itself. You can't suddenly supplant wheat with rice (or vice versa) and expect it to go over well with parts of the world that eat one more than the other.

It's weird how nearly every problem they're running into is something we learned in the 1920's, yet they're blissfully unaware of it.

Pump and dumping
Liquidity crises
Price manipulation
Ponzi schemes
etc

HolierThanMao posted...

the predatory nature of it is what fucks me up. you wanna make a bunch of money with no effort? ok, me too. but selling it as some kind of fight against capitalism and as being at the forefront of worldchanging technologies to get people to climb aboard your already halfway sunk ship is just shittiest practice imaginable

Meme stocks like GME were the same thing. They framed it as the little guys vs the corporations, but if you ever been to wall street bets prior to meme stocks, you know what kind of place it is. It's people posting loss porn and calling each apes and degenerates.

Squall28 posted...

Meme stocks like GME were the same thing. They framed it as the little guys vs the corporations, but if you ever been to wall street bets prior to meme stocks, you know what kind of place it is. It's people posting loss porn and calling each apes and degenerates.

GME Fan: "If we all agree to buy something, the price goes up!"
Everyone Else: "Ok so a pump and dump?"
GME Fan: "No"
Everyone Else: "Ok so a pump and dump with you holding the bag?"
GME Fan: "Wat"

_Kaz posted...

I was at a pubilc debate a decade-plus between a BoA representative and a BTC representative (back when BTC was the only choice) and it kept sounding like:

Crypto-bro: It's going to be the new currency! We'll have new banks!
Banks: No it's not, no you won't.
Crypto-bro: We're not asking for a slice of what you have, we just want to have a competing model that will eventually replace you!
Banks: No.
Crypto-bro: You just fear change!
Banks: Only change that affects our control over currency regulation.

My opinion was/still is, I was not a fan of the BoA representative, but for BTC to do what the BTC representative wanted, it would have to be accepted by a majority as currency and not commodity which was a catch-22 in itself. You can't suddenly supplant wheat with rice (or vice versa) and expect it to go over well with parts of the world that eat one more than the other.

Reminds me of all the "I won't pay you to design this software, but you'll get a return when it becomes the next Facebook/Instagram/Discord/etc!!"

TC: I think you'd really like the YouTuber Coffeezilla if you haven't already been watching him. Does a lot of videos on NFTs/Crypto/various other scams.

Error1355 posted...

TC: I think you'd really like the YouTuber Coffeezilla if you haven't already been watching him. Does a lot of videos on NFTs/Crypto/various other scams.

Thanks, I just googled it and he seems right up my alley

https://gamefaqs.gamespot.com/a/user_image/9/6/9/AABHfBAADb9p.png
@s0nicfan you're welcome

Its 2022 and you are just now noticing this? Did you actually think Doge Coin was the currency of the future and banks would start using it?

AngelsNAirwav3s posted...

Its 2022 and you are just now noticing this? Did you actually think Doge Coin was the currency of the future and banks would start using it?

Way to miss the forest for the trees.

https://gamefaqs.gamespot.com/a/user_image/0/6/0/AAeEwGAADb_E.jpg

I can't believe the community exists in such a way that something like this is considered normal

Crypto is the digital version of storing your money in your mattress because you don't want the banks to see it.

Alucard188 posted...

Crypto is the digital version of storing your money in your mattress because you don't want the banks to see it.

Then your house catches on fire and you lose your entire life savings.

Error1355 posted...

Then your house catches on fire and you lose your entire life savings.

A perfect metaphor, but the house was a tangible asset. Hope they had insurance on it.

Oops.

Alucard188 posted...

Crypto is the digital version of storing your money in your mattress because you don't want the banks to see it.

Except the money isn't even money in this case lol

It's more like burning your cash and trying to sell the dust

So that Safemoon V1 100% tax BS? It's obscure, wasn't made clear to investors, and has netted the CEO over $100 M.

Let it go TC... let it go

https://gamefaqs.gamespot.com/a/user_image/0/7/8/AAeEwGAADb_W.jpg
https://gamefaqs.gamespot.com/a/user_image/0/7/9/AAeEwGAADb_X.jpg

"If you don't think about safemoon like a bank account, you should"

"Think of Safemoon as a long-term savings account"

lol

I can check my TFSA and see that oh shit, my money is the same value it was yesterday, and market fluctuations don't hit it that hard. It's actually grown in the last 6 months.

Alucard188 posted...

"Think of Safemoon as a long-term savings account"

lol

I can check my TFSA and see that oh shit, my money is the same value it was yesterday, and market fluctuations don't hit it that hard. It's actually grown in the last 6 months.

As we all know, the best savings accounts decrease by 80% year over year. And charge you a 100% tax if you forget to transfer it to another account.

Robot2600 posted...

https://gamefaqs.gamespot.com/a/user_image/9/6/9/AABHfBAADb9p.png
@s0nicfan you're welcome

Perfection.