read this and take no other action until I tell you to
If you have been in BTC for over a decade, you lived through the rise and fall of shitcoins. Sure, some are still around, but the battle was really over.
We lived through “silver to Bitcoin’s gold,” “like Bitcoin but faster and lower cost,” ICOs, “the ETH flippening,” and a ton of projects that were going to be “ETH killers.”
We also dealt with the full on war of the fork wars. The claims about “the real Bitcoin,” along with “what Satoshi wanted.” ETH monsters like Pokémon, meme coins, all of it.
Then there were coins for every industry. Electricity coins, telecom coins, VPN coins, gaming coins, browser coins, search engine coins, you name it. If an industry was big, someone did an ICO and put, “This is a XXX billion dollar industry,” in the pitch. But no one bothered to ask the actual industry if they wanted a coin.
They did not.
Then came the meme coins and the extremely stupid stuff. Porn coins, fart coins, cartoon coins, even POTUS and FLOTUS coins. All of it so patently stupid.
In the last 3 to 5 years though, a whole new batch of plebs came in. They just failed to change Bitcoin, and their response?
Deny they failed, claim they have “the real Bitcoin,” and create a new shitcoin they will call “the real Bitcoin.”
I can tell you what comes next. Shitcoiner 2.0.
It will be like 2011 all over again. A belief that people “don’t spend BTC because of high fees and slow transaction times.”
Total nonsense.
There are two primary reasons BTC is not used as cash more often.
1. It is the better money. We don’t spend it for the same reason almost all the silver was picked out of our circulating change by the 1980s.
2. Capital gains and a tax nightmare if you operate in BTC on both the outgoing and incoming side. Plebs who do their taxes on a 1040EZ will never understand this until they get a letter from the IRS.
So the new shitcoin era is upon us. Just watch.
A slew of “faster, cheaper and pure monetary networks” that no one will use. When LukeCoin fails, because it has nothing pushing it and no chance of gaining liquidity, the scam network will pick up the pieces.
Reboot, retool and rerun the same scam.
It will never reach ICO scam levels or the 2017 blow off where every scam coin was up 100% plus again. But it will make the seasoned shitcoin scammers a lot of money, again.
Stay above it. Mostly ignore it. Advise the plebs who are open to listening, and stay humble and stack sats.
This is all one can do!
