I still don't understand why a rugpull is seen as bad. Like isn't the whole point of this to make money? You got mad that a person sold their assets while they believed they would get the most value out of it? Weren't you planning to do the same?
It's like going to a casino and then getting mad when I lose all my money at the roulette table
this post was submitted on 24 Jan 2025
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chapotraphouse
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It's not that the initial owners are supposed to hold their coins because they're honorable or anything like that, it's that their accounts get restricted so they can't sell usually for at least a year or two, which was what was supposed to happen with the hawk tuah coins too. These types of rug pulls are seen as scams because you secretly give away or sell coins pre-launch which does not have those restrictions while regular buyers are kept ignorant. It's probably illegal, but because crypto is a scammers parardise it happens constantly.
I think there’s a possibility that whatever crypto bro convinced her to have a coin in the first place did the actual rug pull and she just wasn’t aware he was going to do that. She still probably made money from it though.
Everyone who buys crypto does so with the intent to get richer by ripping others off. So rugpulls are just part of the game in my eyes.
What most likely happened was that someone else talked her into doing it (and probably not even telling her everything) to take advantage of her 5 min of fame and let her deal with the fallout.
yeah I think this is it. she went viral and immediately became surrounded by the worst types of grifters (her podcast is on Jake Paul's network and Mark Cuban was a guest) so probably someone like that convinced her that crypto was a "legitimate" way to bank off her fame. but yeah it's a scam either way
the conspiratorial part of me thinks that a pump-and-dump was coordinated by a group totally unconnected to her, with the intention of tarnishing her name. anyone with enough capital could have done that
She was coopted by the right and came from a working class background - of course she would not turn into the finance wizard, connecting yourself with the right people is 90% of the game.
Rugpulls and crypto are the same thing.
essentially yeah but I think the difference is that a rugpull involves selling off immediately, rather than playing the long game. if the creators of bitcoin had rugpulled early on it wouldn't be worth so much today. the smarter move is to sell off small amounts over time to avoid mass panic and keep the line going up. but a memecoin was never going to have that kind of longevity
Bitcoin as the OG wasn't really setup for rugpulling like that. It had to establish the whole craze first. You need millions of greedy goblins chasing flashes to do proper rugpulls.
If you're going to play the long game you might as well use shell companies, IPOs, and tax advantages that are baked into the normal system. You'll get all sorts of ways to turn the, what, 25%? tax rate of reporting crypto into owing less than you would if you worked a normal job.
Nah, it was definitely a rug pull. it didn't just randomly tank, insiders got a bunch of tokens either cheap or for free then were allowed to immediately dump when normal people could start buying, it was obviously intended to make insiders tons of money.
I also don't think crypto bros are the primary targets of celebrity and influencer crypto scams. Instead they're banking on that person's fanbase not knowing enough about crypto to see it's a scam. What personal role hawk tuah girl played i have no clue, but she has at least some responsibility for promoting it and putting her name on it.
admittedly I don't know any of the details and could be wrong. but are the kinds of people who listen to Talk Tuah really buying into these crypto grifts? seems like too much effort for your average normie. I just assumed most people who bought in are already into crypto trading and just throw money at whatever seems like it might take off
They sell it as being "part of a community" and normies absolutely have no concept of what's going on. The coin might as well be an NFT to them.
Coffeezilla called them out on it and he's not a cryptobro.
Edit: I think, I don't watch him but I know about him secondhand.