Actually, it more than heartbreaking, it is an infestation! The spam of new coin on ethereum and binance chain especially is shameful and I hope somebody do something about this. Although you may not able to stop anybody from creating spam project but you can make it expensive for them to do so!
Yes we should make it expensive for people to create projects. We should also regulate the industry. Let's get Wall St, big tech and the government to step in and stop this nonsense. That's what true decentralisation is about.
We need a nanny state to protect people from everything dangerous.
Only projects with a real world use case, that have a ton of complexity and a ton of risk should be allowed to exist. We should have the same thing in the traditional startups. We can't allow 90% of startups to fail, we must ensure that only projects that actually have 90% chance of success get off the ground.
Because as we know, projects with a real world use case don't have any risk. There is no execution, team, market, technology risk with projects that have a use case. You basically invest money into those and you're pretty safe.
The same thing needs to happen on the internet as a whole. More regulation, more centralisation, more censorship to make sure we can eliminate most harms.
For a comment on a forum such as this, I would have expected better informed and more erudite response.
Bad players will always exist, bad projects will exist, bad execution will exist, money will be lost, people will get scammed, people will fall victim to others.
Even more so in cryptocurrency or any emerging industry. It's the same with the internet, people get scammed by Nigerian emails scams, fake calls, phishing SMS, etc etc.
The solution is not regulation but eduction and innovation.
And not every project that is successful is so because they have the best product or the best team or the best execution. This is suvivorship bias. If we knew the recipe of success and why some succeed and some fail we would all be millionaires.
Vine failed, TikTok succeeded. Same idea.
Myspace failed. Facebook succeeded. Same idea.
Doge succeded, a lot of more legitimate real world use case projects failed.
crypto is about free markets without the bounds of big players that want to protect their monopoly. This will inevitably attract a lot of scammers. It does not mean every meme crypto idea is a scam, it also does not mean every idea that doesn't have a 'I want to change the world' mentality and application is going to fail.
Business is about making a community and making people belive something has value. If enough people believe it and promote it it can succeed. What is the true value of a piece of paper that is a currency (USD, GBP)? That paper is effectively worthless, what makes it have value, is that enough people believe that it is going to be accepted by the other guy as a medium of exchange. That is all. That works until it doesnt. Take a lesson from history when hyperinflation takes hold, how much a currency is actually worth. From Germany, to China, to Venezuela to the Soviet Union.
Scammers need to be driven out, but not legitimate people with project ideas. Even if you think those ideas stupid.
Don't do a deservice to all of us by bunching up what you think of as a stupid idea with a scam. There is a vast difference. Once is morally, legally and ethically wrong. The other is none of those.
We need more information/education/data to seperate the legitimate from the scams. Not a subjective opinion on what is stupid vs what is good.
If you hold the power to decide subjectively who gets a chance vs who does not, you're no different than the dictators of the past. And ultimately that power will come for you.
