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21 sats \ 0 replies \ @028559d218 15 Feb \ parent \ on: Melei’s shitcoin and rug pull Politics_And_Law
It's not just network effects, it's decentalization and proof of work.
Are any of the memecoins, in fact 99.9% of 'crypto' coins, proof of work?
No.
Do they have any energy requirements for operating or 'creating new coins'? No.
Why people can't understand this or contemplate it... is beyond me.
It's the thing imo that sets bitcoin apart from well... everything.
And the 'other' PoW coins are down 99% in hashrate and value from Bitcoin.
Everything else goes to zero.
Now I'm not that smart and I'm obviously a noob, but even I can see that.
Why can't everyone else?
A memecoin was willed into existence, by the billions, with the click of a mouse.
Why should I buy something that literally cost no energy or natural resources to create it is a stupid scam.