xavier on Nostr: Unfortunately, everything is joined at the hip. Fractional reserve banking, or more ...

Unfortunately, everything is joined at the hip. Fractional reserve banking, or more so fictional reserve banking. Money from Bitcoin went in Ethereum and that opened Pandora's box with all the other shitcoin scams. See, if I deployed a smart contract for a new token with a total supply of 1bn, kept a decent amount for myself, and partnered with my scammy frens at the crypto exchange to list the token with a limited circulating supply, I can pamp it by buying a few for say $1 a coin and lure retail on crypto twitter with sockpuppet accounts promoting the scam as something amazing. Idiots start buying and my vaporware token has now got a market cap of billions of dollars. I start cashing out.. It is all hot air, market making (wash trading), social media psy ops... VCs are in on this.