Another day, another meme coin costing people a lot of money. Or, depending on how you look at it, it can get people tons of money.
This is not a reference to the dogwife hat NFT that sold for $4 million (which also happened today). What I am referring to is the disastrous pre-sale of the sloth-themed token SLERF by Anon team member Slorg.
Among the spate of Solana meme coin listings, SLERF was one of the pre-sales that raised a tremendous amount of money (approximately $10 million) in a matter of days. But what makes SLERF different from other meme coins that have lost momentum or gotten maliciously rough is that a SLERF team member accidentally (and we believe he is) a $10 million presale The whole thing was burnt with a bad click.
Please see the Opinions section for more information. Meme coins may get the Las Vegas treatment, but crypto advertising rarely gets old
meanwhile Several have claimed SLERF teammate Throlp orchestrated the pre-sale fire for his own nefarious purposes, and those who listened to him talk in the Twitter space for a few hours earlier today were actually crying. It turns out that. difficult Swallowing that the whole thing was a marketing stunt.
And why would losing $10 million of investors' money be a marketing stunt? Because, contrary to the crypto rand, the huge amount of attention on SLERF caused the token's price to rise above $1 at one point. Rising, among some traders make Millions of dollars were lost on bad news. One of today's first speakers on his Twitter Space said that in the burn he lost 3 SOL, but by supporting the news he gained 10 times more.
But for the other 25,000 presale investors who lost money, the market is showing less sympathy. Today, another speaker on Mr. Slaaf's first Twitter space placed the blame squarely on the victims themselves, saying, “People who have suffered so much have sent arbitrary amounts of money to random wallets on the internet. ”.
others have sympathy While it had an impact on Mr. Slorp and his $10 million mistake, it had little impact on the people affected by that mistake. “The reality is that people should 'expect' to lose money on meme coins.”
In that respect, cryptography is fickle. If you can make a lot of money by sending a large amount of money to a coin with a picture of a dog in a knitted hat, then you are a genius. But if you lose a lot of money by sitting in front of your computer sending a lot of money to a coin with a sloth on it, you're an idiot.
But no one is “worth” losing money, no matter how ridiculous the investment may seem from the outside.
As someone else said in the Twitter space today, we are “a bunch of fucking gambling addicts.” But trying to dismiss investing in meme coins as “gambling” is fine, believing that people should lose money to take a chance.
The hype around the cryptocurrency market, especially meme coins, is often built around a feeling of FOMO, where it's always a little too late for the next big thing to make millions of dollars. Crypto Twitter perpetuates the myth that if he had rushed a little earlier, he would have ridden off into the sunset in his Lambo.
If you're going to blame someone for losing money on a memecoin investment, you're promoting unrealistic profits that prey on those willing to risk their funds for unaffordable, extremely high returns. We should blame the culture.
Blaming and shaming people who try to conform to the lifestyle seen on the crypto side of the internet is pointless and won't change anything.
Given the high trading volume of SLERF today, the accusations are not a problem in any case. rear The accidental burning of $10 million is any indication.
I'm not really interested in technology, and I'm not really interested in finance. I'm interested in writing stories and watching strange events unfold. That's how I ended up with cryptocurrencies.
But since I lack the passion for the nitty-gritty of cryptocurrencies and blockchain: finance, technology, privacy, yadda yadda, I'm going to write about the things I'm actually interested in instead. Everything about cryptocurrencies has very little to do with cryptocurrencies.
That's what this column is about. All the unrelated stories coming out of the blockchain and crypto space, what I think about them, and how I, a skeptical former Russian literature major, am getting past this.
My perch as an outsider is what allows me to do what I need to do. They give their opinions on all aspects of cryptocurrency issues, add no restrictions to the game, and have no skin in the game.
If you want to talk to me about cryptocurrencies, let's get off topic.
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