The CryptCon: High Hopes for Hawk Tuah! Oops there goes another MemeCoin Scam!

All problems just a toy balloon
They'll be bursted soon
They're just bound to go pop

Oops, there goes another problem, kerplop
Oops, there goes another problem, kerplop

Oops, there goes another problem, kerplop   

 I've figured out what Crypto trading reminds me of: the debauched gambling halls of lay-about European nobility in the 16-18 centuries.  Nothing of value was gained in these gambling halls (although the invention of the Sandwich might be a minor quibble).  With a massive influx of wealth flooding Europe as it began to exert dominance over the Globe, there was a large amount of money with nothing to do so the rampant gambling also turned into rampant bubbles and schemes; the most infamous being the South Sea Bubble, the Mississippi Bubble, and the well-known Tulip Mania.

As Charles Mackay wrote in the Extraordinary Delusions and the Madness of Crowds (1841), 

During the progress of this famous bubble, England presented a singular spectacle.  The public mind was in a state of unwholesome fermentation.  Men were no longer satisfied with the slow but sure profits of cautious industry.  The hope of boundless wealth for the morrow made them heels and extravagant for to-day.

Nobody blamed the credulity and avarice of the people - the degrading lust of gain, which had swallowed up every nobler quality in the national character, or the infatuation which had made the multitude run their heads with such frantic eagerness into the net held out for them by scheming projectors. (Ibid. 75) 

So, as the Crypto market explodes with the addition of thousands of "coins" everyday.  Even ardent Crypto enthusiasts recognize 99% of these "coins" are utter crap and designed to steal your worthless fiat currency.  Yet, if someone falls for a crapcoin the crypto bros usually respond with, 'Tough luck.  It happened to me when I got into the crypto market.  You should do better research.'  

And remember if you question the validity of Crypto be ready to be set upon with attacks, 'HA HA HA!  Your money is rocks!  My money is the unhackable BLOCKCHAIN!'

Now, certainly many people have made money buying and selling these coins without overt fraud.  Just doing micro-transactions buying and selling over and over and over and over.  But, again this sort of trading was tightly regulated and subject to a fee for decades after Republicans crashed the Economy in 1929.  But, the Crypto Market and those who trade in it aren't looking to buy some legacy stock and hold onto it for decades realizing slow but steady gains but, looking to cash in on a get rich scheme whilst calling these worthless tokens "God's Candle"...

So, the 15 minutes of fame Hawk Tuah girl, launched a crypto coin "$HAWK" and within hours it lost 95% of it's "value",

Haliey Welch, who is the woman known as the "Hawk tuah girl," launched her own memecoin on Solana, with the cryptocurrency reportedly crashing soon into its unveiling. 

The post included a 3-second video of Welch excitedly yelling about the launch.  "Hawk is live!!!" Welch, a 22-year-old social media influencer, wrote on X Wednesday evening.

 According to Solana, Welch's token then skyrocketed to $500 million -- before it plummeted to less than $60 million in just 20 minutes.  Shortly after the launch, Welch took to social media again, saying her team "tried to stop snipers as best we could through high fee's [sic] in the start of launch." She added that her team hadn't sold one token.

Ahead of the launch, Welch told Fortune the memecoin was "not just a cash grab," adding that while she previously thought cryptocurrency was “just a scam” and an “easy way for you to lose money," she has since changed her opinion.

Critics went on to accuse her of planning a cryptocurrency fraud. 

The cries and recriminations of Fraud and various allegations of a Pump & Dump or "Rug Pull" by Welch and a small cadre of accounts who apparently drained all the value and bankrupted "investors" have resounded across Social Media these past few days.  

But, it's staggeringly amazing to me the Crypto Community has immediately called for investigations and "legal action" by Government and Regulatory Bodies on their purposefully Unregulated, Untied to Government Scam Coins.  The whole purpose of every crypto was to uncouple it from Government to have a truly free monetary system unburdened by inflationary fiat currency and the over-bearing hand of government.

Although, this is no different than Libertarians demanding a Government Military exist to keep their Slaves in Line but, not put the odious boot of Law & Order on their neck as the scheme and swindle and attempt to create the Randian Utopian.

Crypto is an entirely determinental creation; it isn't a good store of value, it's wild fluctuations make it wholly unusable for any kind of financial planning except for speculation and gambling, (Bitcoin surged to US$103,900, fell to US$90,400 overnight, and then recovered to US$97,898) it's cost too manufacture is massive even if it's defenders deny this, and despite what it's rabid defenders proclaim Bitcoin's price is unnaturally inflated by it's use of scammers to swindle old people out of their life savings as this keeps it in an artificial state of high trading, so when this latest bubble bursts it's going to wipe out the wealth of millions of people.