https://twitter.com/MessariCrypto/status/1110901856589492225
We discovered that Stellar suffered an inflation bug in 2017 that created over 2 billion $XLM, and they quietly patched it with an equivalent token burn.
up 5% today smh
We discovered that Stellar suffered an inflation bug in 2017 that created over 2 billion $XLM, and they quietly patched it with an equivalent token burn.
up 5% today smh
the alt-shitshow never ends. half the industry is an ongoing scam. we need theories about how alts became a thing and why they are still a thing. and we need to come up with a plan to end this this shitcoinery.
I don't think that they can be ended.
They can be tolerated and considered as unimportant, similar how Hairy framed the matter in an earlier post.
Even satoshi seemed to account for them in his very first writings, before such alt coins and imitation attack vectors even existed.
There is a kind of human nature to try to get rich, to try to improve upon things by copying and imitation, and even thoughts about missing the boat on bitcoin and investing into various scams comes off as inevitably part of the playing out that will likely take close to 50 years to play out.. and even then will bitcoin take up 80-90% of value perhaps? but that remaining 10-20% would be quite difficult (if not impossible) to reign in. So why spend considerable efforts on fighting them, beyond education and of course, if they directly engage in fraud and deception then the individuals might be prosecuted.. but what more can be done if we are thinking free market principles anyhow and bitcoin is going to attract the vast majority of the value, anyhow?
i think shitcoinery is more dangerous than the "blockchain, not bitcoin" idiots. the latter burn corporate funds and going nowhere, but shitcoins are eating the bitcoiners cake (aka invested money) and the fool masses of people into their scams. the scammed people will not adopt btc, they will hate crypto forever and think btc is the same.
i really wonder how much fresh money invested into crypto moves into shitcoins.