Ponzinomics 101.
It's pretty much a bunch of people coin-hopping because nearly the entire space is useless. Basically:
1. Person A gets in on a coin early.
2. Person A hypes it tf up to attract more new buyers, some people shell out thinking they're in early.
3. Person A sells their coins after all the new buys comes in and makes those new holders hold his bags.
4. Person A goes to the next newly-made coin early (repeating step 1).
5. Person A hypes it the newer coin to attract more new buys, some people shell out thinking they're in early. (repeating step2)
6. Person A sells their coins after all new buys come in and makes those holders hold his bags (repeating step 3)
Rinse and repeat.
There's no
real product - that means there's no floor price. That's why you saw a coin go from a $40 BILLION marketcap down to zero.
Some of these coins market cap was at $100 billion at one point, as much as Boeing is today, but with absolutely jack shyt to show for.
The only use case is to send money around the world quickly, which you don't need 20,000 different "coins" to do. The other 19,999 coins are there because people people missed the boat on the first one and trying to get in on a new one looking for a get rich quick opportunity, but they really walking into another scam (see step 2).
Only thing keeping the price up is people yelling shyt like "SELL NOW AND YOU'LL BE SORRY WHEN WE'RE ALL RICH LATER!"
Loud ass conservative Libertarians were shilling that shyt everywhere but they were basically selling and buying a whole bunch of nothing
Everyone making up narratives and stories and shyt smh. Could have got paid more for creative writing.
Learn your lessons. Next time look for the difference between a
real product and a bunch of people who talk a big game for the next overhyped "big thing".
Ponzi schemes should technically be more difficult to execute after this bullshyt because hundreds of millions of people got a firsthand look at one.
