> Bags seems to me to be offering crypto-airdrop-pump-and-dumps-as-a-service, where niche celebrities can turn their status as respected community figures into cold hard cash. The people who pay into this are either taken in by the pretense that they’re sponsoring open-source work (in a way orders of magnitude less efficient than just donating money directly), or by the hope that they’re going to win big when the coin goes “to the moon” (which effectively never happens).
Honestly, I think the first category is somewhere between "microscopic" and "nonexistent", but most people in the second category will end up holding the bag when this thing inevitably collapses.
alt Hacker News
From the article:
> Bags seems to me to be offering crypto-airdrop-pump-and-dumps-as-a-service, where niche celebrities can turn their status as respected community figures into cold hard cash. The people who pay into this are either taken in by the pretense that they’re sponsoring open-source work (in a way orders of magnitude less efficient than just donating money directly), or by the hope that they’re going to win big when the coin goes “to the moon” (which effectively never happens).
Honestly, I think the first category is somewhere between "microscopic" and "nonexistent", but most people in the second category will end up holding the bag when this thing inevitably collapses.