Kelsier was also involved in the Melania Trump memecoin
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What I found was he admitted in an interview with coffeezilla to be added to the group that got to buy presale and then dump it. They didn't launch it. Was it shady? Yes. Was it legal? Who knows. Was it without risk guaranteed movement of funds from unsuspecting others' wallets to their wallets? No. Are those people bad for other reasons? Probably, just started reading.
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The idea of insiders, to me is bullshit, because any memecoin I’ve ever … been a part of, The people that benefit the most are the people who structure the deal. Similar to any other business in the world. People who are closest normally make the most money.
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He may be on to something. Not saying he didn't say some very stupid sounding things. Nor this is even an insight of his own. Probably not, probably the reason he can't articulate it clearly.
But in a world where attention is hard to get, how does a memecoin get attention? What better advertising is there for degens who only care if number goes up, than to make the number go up? How can one do that besides pre-sale, or insider trading? Now, that's not a defense. A lot of very effective things are indefendable. Best way of stopping an adversary might be death by Minecraft (whatever that means), doesn't make it right.
Further, the average degen might be saying they are fine with pump and dump if they can get a slice of the pump, even a small later slice, and get out before the dump. They are probably fooling themselves that they can, but to them, they might be thinking /everything/ eventually dumps. Everything. When there are no more humans then human things will be worthless. Is this a ridiculous way of looking at things? Probably. I don't believe morality is relative. I don't believe nothing can be perfect (math seems pretty perfect, haven't found a single case where adding two and five had a freak mutation and came out as six). But I do think with finance a lot of it is relative and imperfect and nothing is guaranteed to be valuable forever to everyone.
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Most fraudsters, in fact, are idiots! It’s why they have to do crime instead of getting real jobs!
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Are the richest people in the world fraudsters? Do they / will they get some kind of comeuppance or will they get away with it? Nevermind, DZM wrote "most." Survivor bias is why the richest people probably inspire poor people to do it, and they probably fail, and they are probably dumb. But they are also not whom DZM writes most about. So DZM should really make it clear that "most" is a silent majority... of morons headed for jail.
Sorry for any typos. Short comment today and the lack of scrollbars in substack mobile view for comments (at least my current environment) is very annoying.
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Kelsier was also involved in the Melania Trump memecoin
"
What I found was he admitted in an interview with coffeezilla to be added to the group that got to buy presale and then dump it. They didn't launch it. Was it shady? Yes. Was it legal? Who knows. Was it without risk guaranteed movement of funds from unsuspecting others' wallets to their wallets? No. Are those people bad for other reasons? Probably, just started reading.
"
The idea of insiders, to me is bullshit, because any memecoin I’ve ever … been a part of, The people that benefit the most are the people who structure the deal. Similar to any other business in the world. People who are closest normally make the most money.
"
He may be on to something. Not saying he didn't say some very stupid sounding things. Nor this is even an insight of his own. Probably not, probably the reason he can't articulate it clearly.
But in a world where attention is hard to get, how does a memecoin get attention? What better advertising is there for degens who only care if number goes up, than to make the number go up? How can one do that besides pre-sale, or insider trading? Now, that's not a defense. A lot of very effective things are indefendable. Best way of stopping an adversary might be death by Minecraft (whatever that means), doesn't make it right.
Further, the average degen might be saying they are fine with pump and dump if they can get a slice of the pump, even a small later slice, and get out before the dump. They are probably fooling themselves that they can, but to them, they might be thinking /everything/ eventually dumps. Everything. When there are no more humans then human things will be worthless. Is this a ridiculous way of looking at things? Probably. I don't believe morality is relative. I don't believe nothing can be perfect (math seems pretty perfect, haven't found a single case where adding two and five had a freak mutation and came out as six). But I do think with finance a lot of it is relative and imperfect and nothing is guaranteed to be valuable forever to everyone.
"
Most fraudsters, in fact, are idiots! It’s why they have to do crime instead of getting real jobs!
"
Are the richest people in the world fraudsters? Do they / will they get some kind of comeuppance or will they get away with it? Nevermind, DZM wrote "most." Survivor bias is why the richest people probably inspire poor people to do it, and they probably fail, and they are probably dumb. But they are also not whom DZM writes most about. So DZM should really make it clear that "most" is a silent majority... of morons headed for jail.
Sorry for any typos. Short comment today and the lack of scrollbars in substack mobile view for comments (at least my current environment) is very annoying.