Quote from: Richy_T on Today at 08:42:58 PM

Quote from: ivomm on Today at 03:10:08 PM

I doubt that they will learn terra's lesson and quit investing in shitcoins. These people think they are smart, but they are not. They rely on their personal experience and achievements, but are not used to doubt every project and the man behind it. The cost of this lesson will be devastating one day.

These people work from a complex stack of fallacious logical thinking. They look around at those who have made money from Bitcoin and figure they're at least as smart and should be able to make money like those people. Then they look at Bitcoin and figure that the "make money fast" phase is done. Then they piece it all together and think "Shitcoins are cheap and still have the potential to make money fast and I am smart enough to make money fast, therefore if I invest in Shitcoin which has $INSERT_BUZZWORD_HERE going for it compared to all (or most) the other shitcoins, the only answer is that I will make money fast.".

Exactly!

They just don't get that BTCitcoin never was a get-rich-quick scheme.

Unlike today, before Bitcoin, there was no other blockchain-based monetary network with insane gainz that would have attracted people to BTC

Most people who were buying BTC for 1 or 2 digits at that time were not aware that it would rise to 70k in 10years.

People bought it because they saw it as a revolutionary tech for people's freedom, or because they needed it as an independent payment system.

The get-rich-quick guys are the perfect bait who are begging to be fleeced.
As long as they appear, new shitcoins will appear with them.

So I think the shitcoin market along with new "inventions" like NFTs will accompany us for a very very long time...