While a handful of cryptos do hold value in the sense that they offer a legitimate decentralized alternative to fake fiat currency from the likes of the Federal Reserve, thousands of others are little more than speculative meme coins with zero regulatory oversight and questionable functionality.
"It's the most aggressive capitalism we've ever seen and it's global," says Nic Carter, a prominent crypto voice on Twitter. "It's 24/7 and it's completely unregulated."
While just about anyone can launch their own coin these days with ease, the trick is attaching quality marketing to it that brings in a crowd. In order for these pump-and-dump schemes to work, enough people have to get excited about them in order to drive up the price. Once a peak has been reached, the rug is often pulled without warning.
Take "SuperDoge," for instance. Launched back in February by Fab, the s***coin, as they call them, was assigned influencers who were paid $150,000 over the course of 20 days to pump up the coin. Fab also spent another $25,000 to get SuperDoge on an exchange.
Ads on Facebook, 4chan, and other platforms were set up to promote SuperDoge, explaining that it offers zero-fee transaction costs and fast payment processing. This helped get the ball rolling in marketing the billions of SuperDoge coins that are available to the public, most of which are currently owned by the corrupt free-trading app Robinhood.
"If someone is paying good money for 10 influencers to go on YouTube, Instagram and Twitter to be pumping this thing, then that means there's a real big backup behind this coin," says Heman Pablo, a former investment bank trader.
"It's like the tip of the iceberg. What you don't see is the 90 percent underneath."
The crypto universe is booming thanks to government covid tyranny
Decentralized exchanges have made it easier than ever for coin creators to make their latest offerings public. This means that thousands upon thousands of new s***coins are appearing regularly, with no end in sight.
When one of the big boys starts to go belly-up, crypto traders will often pile in to some lesser-known s***coin in the hopes that it will "moon" and they can recoup what they lost. Sometimes it works, other times it does not.
"I realized the money was, in fact, in the garbage late-night coins you would never consider hooking up with unless you were half in the bag," stated someone named "Hackney" to the media after selling his original Doge coin prior to its surge to 70 cents.
"It's insane, but it's reality," Hackney added about nearly unknown cryptos with ridiculous names like Papa Shiba, OMG, SafeMoon, Baby Shiba, SpaceCorgi, and TacoCat, all of which are speculative crypto coins from which people are hoping to get rich.
As for SuperDoge, Fab created it not to rip people off, but rather to try to save his restaurant. He apparently saw it as an opportunity to salvage what was being taken from him by the government's Wuhan coronavirus (Covid-19) tyranny.
"Right now, the alt-coin universe is still reeling from the selloff in crypto, and most investors who got in late are probably nursing heavy losses," reports Zero Hedge.
"But hey – if thousands of unemployed schlubs managed to earn tens of thousands of dollars investing in a sh*tcoin called Poocoin, then even the most outlandish crypto dreams can seem attainable."
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