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Mikko
@moo
1/3 On LIBRA and wild token launches in cryptocurrency ecosystems. LIBRA was a token launched on Solana, promoted by Argentinian President Milei in a tweet (likely he did not know what he was doing). Naturally, the token had drastic price action, pumping to billions of market cap and then back to zero. Some notes on why this happens, and can it be fixed: - The token launch insider and sniper issues can have technical fixes; no social fixes are needed. - Easy fixes include having a lock-up period when the token goes live. Even better, if you need to sell the token, you can sell it at a fixed price. - These methods have been known since 2014, when the Ethereum ICO launched.
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Mikko
@moo
2/3 - As Nic Carter, famous crypto investor said, people are not pissed off because Libra was a rug, but because it was not their rug. - People want fraud. They want to be part of the fraud, ponzis, OneCoins as such and hope they can exit before anybody else. - Because people want fraud and be fraudsters, part of the initial pump in the pump and dump, it's unlikely technical fixes will be implemented. - The long-term social fix is for enough people to burn their fingers and stop playing the game. Similar things have happened with Nigerian Prince scam emails in early 2000 (people stopped believing in them) and online poker (people got bored, losing money). Although both had regulation and laws created like anti-spam laws, most of enacted laws have seen little use and were generally waste of tax payers money.
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