The main new development is that market participants are now moth-like. They actively rush into these scams, mostly knowing that they are scams, because the goal is to flip the scam for a 3x to somebody else.

There is no skepticism left for these buyers, they just want to hit a runner and leave crypto.

Their goal is to get rich in 2 weeks instead of in 2-4 years and this makes them very easy marks.

There were 100 ways to tell that Libra was not legit and yet people bid it in a straight line to $4bn, and non-agency managed KOLs bullposted it at the top in support of their own buy.

Everybody obviously knows that it is worth nothing, but they have seen something worth nothing go up a lot, and they want to hit one of those too.

It has become a game of chicken for obvious scams wherever attention is directed in a half-convincing way. So shaming won’t work because the buyers are begging for the opportunities, despite knowing they’re scams, because they think they might be able to win then next one.