Comment by victorbjorklund
16 days ago
But people do. There are people who genuinely think crypto is an investment. Yes, smart people knows it is just a grift and that it is just about selling it on to the next person before it crashes. But is it moral to make money on stupid people? Many people lose all their money on gambling even if we always known gambling is a loss.
> There are people who genuinely think crypto is an investment.
Sure! Are those people buying bags.fm tokens? Probably not.
This isn't even marketed as an investment https://bags.fm but a crowdfunding tool for developers with a casino attached.
You don't have to be smart to read the big text on the website.
You don't have to be smart to understand they're very, very, very obviously saying it's an investment and using extremely superficial cover. All things like these are exclusively pennystock scams.
You're being bamboozled. Google the name of it. Search it on Twitter and 4chan. Watch any Coffeezilla video.
I'm googling "bags.fm", everything I can find is about money going to creators. Literally nothing suggesting that you're going to get rich by buying these tokens.
Searching for "bags.fm" on X with keywords like "invest" or "rich" or "moon" also does not seem to return any conversations referring to anyone but the creators getting rich.
I can't find any bags.fm references on 4chan, and searching for gas town instead doesn't seem to bring up anything cryptocurrency related in the archive.
> You're being bamboozled
I don't think so. I suspect the world is so full of crypto scams that when someone does something explicitly non-scammy ("Hey, here's a crypto thing you can use to give me free money!") people still incorrectly view it as scammy because of crypto.
How many memecoin "investors" do you think view these as serious investments? I suspect essentially none of them.
How many memecoin "investors" are degenerate gambling addicts who need treatment? Probably most of them.
Taking money from vulnerable gambling addicts is certainly not ideal, but it's far from scammy.
2 replies →
Yegge write a blog post for his readers where he called it an investment and hoped the investors would get “filthy rich”.