Doge was the original meme coin and its own creator disowned it as a ‘joke’. Of course, that did stop the crypto community from throwing money at it.
When the early adopters got involved with Doge, it was either through free airdrops or with a few bucks when it was fun to test the blockchain technology.
However, to think that this joke of a coin now captures $44 Billion market cap is not only alarming, it is quite sad, especially for those who are new and do not know what they are throwing their hard earned money at.
While Doge creators or its community have never started out as a shill group, inspired by its success, there have been a shroom of shite coins that have emerged from the woodworks.
Safemoon, Shiba Inu, and many others that have minted over Quadrillion, yes, QUADRILLION coins and lured a lot of influencers with free tokens.
When these influencers got hands on millions of tokens – it incentivized them to promote them with ZERO sense of responsibility.
These tokens now capture a multi-Billion dollar market cap with owners still holding, in some cases, over 85% of total coin supply.
Can you imagine how much time, effort, value and employment it takes to create a billion dollar company valuation?
But in crypto, some scammers are able to fork tokens in trillions upon trillions to amass fortunes on the backs of clueless noobs.
Why do these shite coins hurt the crypto space?
Regulators, central and commercial banks hate crypto and are looking for any opportunity to pounce on it.
When scammers run away with billions of dollars of investor money, it gives a clear path (read excuse) for regulators and lobbyists to introduce stifling regulations that might dwarf the growth of legitimate crypto space.
This is one of the reasons why those who want to see crypto space succeed should never get involved with the shite projects.
What happens, because of scammers and inherent risk in crypto space, regulators introduce laws that put conditions on who can and cannot invest in crypto?
This is an easy thing to do. All they have to do is restrict crypto investment to accredited investors or deep pockets who can survive scams.
Gullible newbies and some greedy veterans in the crypto space are paving way for the anti-crypto forces to make free-entry difficult.
The birth of bitcoin was to counter the greed of wall street and we have just traded ‘organized greed’ for ‘lawless greed’. This can never be good for crypto’s future.
It’s not too late
While there are many legitimate projects, influencers, and companies in the blockchain space that are working very hard to legitimize the space, few bad actors are bringing shame to the entire space.
Crypto community can definitely curb these bad players out by taking few cautious steps, including:
-Question every project before investing
-Confirm that the team has what it takes to make the project successful
-Avoid anonymous teams
-Avoid ‘fork’ and non-original projects that are scam
-Avoid useless meme projects
-Be cautious when something sounds too good to be true
-Think holistically about the entire space instead of just personal gain
These steps, while quite simple and intuitive on their own, can help you from the hurt of scam and propel the crypto space forward.
Be cautious and be sensible out there.
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