Outside Source
Crypto trader Jordan Fish said a social layer might not work as there’s no way to “effectively socially shame the shameless.”
News
As memecoin traders continue to lose money, some crypto leaders are calling for social pressure as a deterrent against insider-driven scams.
On Feb. 17, Paradigm researcher Samczsun floated the idea of a social solution to memecoins’ insider problem.
The researcher said that if people agree that insider-driven memecoins are bad, they could start by “formally ostracizing” the people involved in meme token scams. Samczsun said this could make the upside of one-time gains not worth the downside of being “persona non grata” or unwelcome in the community.
Some community members supported the idea. One X user said that the community needs to start making a serious effort to hold people accountable or risk not having an industry anymore.
Another community member said this could be effective, explaining that the Mango Markets exploiter Avraham “Avi” Eisenberg was first convicted in the “court of crypto social public opinion” before being criminally convicted.
This article first appeared at Cointelegraph.com News
