this post was submitted on 15 Nov 2024
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Science Memes

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Habits of Insects (mander.xyz)
submitted 1 month ago by [email protected] to c/[email protected]
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[–] [email protected] 32 points 1 month ago* (last edited 1 month ago) (1 children)

No, he likes money. Remember a few years ago when he tweeted about how great dogecoin was? Then a week later he tweeted about how stupid is was and that he was done with? He probably made millions buying and selling dogecoin as he made those tweets. There ia a huge conflict of interest when it comes to celebrities endorsing crypto coins. If you have the pull, you can just buy a bunch of some shit coin, talk it up and then all the people who look up to you to will go buy it, pumping up the price while you sell and make a huge profit. Then the value crashes back down and everyone who bought is left holding the bag. Whenever some famous person talks about a crypto, 100% of the time it is a grift to skim money from their follower's pockets.

[–] [email protected] 17 points 1 month ago (1 children)

100% spot on, pump and dumps are especially rampant in crypto because a couple of people can generate a ton of coins and own the entire market for that coin. If they can get that price to rise even just a fractional amount through whatever completely unregulated means they can dump it to the suckers buying and cash out. It's like printing money but the printing presses are stupid people.

[–] [email protected] 5 points 1 month ago

This has been going on for years.

People used to find an almost dead crypto-coin, buy up as many coins as possible, and then pretend they were developing back from the dead. Then they would cash out.