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0 sats \ 11 replies \ @028559d218 OP 8 Dec \ parent \ on: One year later: so why do people ****coin? bitcoin
But doesn't make any sense.
Why... do it?
Creating 'memecoins' (which are just small amounts of data attached to Op_return) outputs is incredibly inefficient, slow, expensive, and 99.9% of them are worthless. The people who 'make' them or buy them lose money...
They are infinitely reproducible, infinitely non-scarce, not directly proof-of-work and all technically identical except for their name... which is dumb.
Noone is planning to use them as money or a store of value... they are completely arbitrary. Those a losing 'investment' 99.9% of the time.
So why do people want them? And to the extent that they do, why not make them on Liquid (for lower fees) or Solana or any random chain where the fees are lower and they can gamble on random coin-names?
High time preference gambling mindset.
They think they can flip those tokens back and forth for large profits.
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It doesn't work though.
The vast majority of 'day-traders' lose money and trading memecoins even more so
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But doesn't make any sense. Why... do it?
Because they can. I wouldn't do it myself. But I very much value that others can do whatever they want and nobody can prevent it. Bitcoin is wonderful.
They need permission to do it on Solana or Ethereum for they are centralised, so they might prefer to use a truly decentralized and permission-less network like Bitcoin or Litecoin.
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Creating shitcoins on Ethereum and Solana is permissionless.
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Depends on how the smart contract is programmed
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Can you tell me from who I have to ask a permission to create my own token on e.g. Ethereum?
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Fair point but I think e.g. the word “censorship-resistant” refers better to that
It is completely permissionless? and cheaper than on Bitcoin they should do it there
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