Due to the farce of the Libra meme coin, the malicious harvesting behavior of KOLs (not limited to the cryptocurrency industry, but including the entertainment, political, and financial circles) has once again become a topic of discussion in the community.

Can the social layer punish wrongdoers?

samczsun Throwing questions on social media platforms, believing that a mechanism or rule should be created to hold these KOLs or conspiracy groups accountable for their actions.

If we can reach a consensus that memes manipulated by insiders are not good, why not start by formally excluding all participants? In the short term, a one-time profit will not compensate for the cost of being excluded by the community, and in the long run, this behavior will be completely unprofitable

Solana founder Toly Yakovenko believes that KOLs have no idea who they are dealing with or what content they are publishing. Basically, someone just told their economic agent, 'If you post this tweet, you can get $Y'. But basically, KOLs who have done these things in the past have suffered reputation damage due to promoting inferior products.

samczsun I am not willing to accept such an answer and express the need to find a solution instead of spreading both hands. Anyway, KOLs cannot be held responsible because it is their agent's job; Agents cannot be held responsible because the conspiracy group is too clever; The conspiracy group cannot be held responsible because it is simply impossible to do so.

shameless people will top the world

Cobie, a well-known figure in the cryptocurrency industry, also joined the discussion on this issue. He expressed that he does not believe there is any effective way to shame those shameless people in society.

Cobie He stated that this situation has been present since he was exposed to cryptocurrency, but the current approach has become more efficient and evident.

Every time someone is publicly humiliated for their wrongdoing, they just treat it as populist rhetoric. The accused will turn around and blame others, resulting in back and forth accusations against each other, and even some people becoming more popular as a result.

「YouTube Some people have been promoting fraud projects for three consecutive market cycles, and despite continuous exposure, they are still very popular. The cyclical nature of cryptocurrencies leads to these people constantly supplementing new audiences, as old users leave and new leeks come in

Cobie Furthermore, he pointed out that the people he knows of who have been "humiliated and expelled" by the community are often those who are relatively credible, have only made a mistake once, or do not need to make money from it at all, because they still have dignity and a sense of shame. And those who truly deserve to be expelled are well aware of what they are doing and have already chosen this path. Exposing their behavior does not make them feel ashamed, it only threatens their income, so they will fight back. Without a 'truth arbitrator', this struggle will never come to a conclusion.

In my opinion, it may take more than 5 years for a person's nature to be truly recognized by the public, and it must also be when they themselves become careless

Buyers crave 'big scam'

In addition, Cobie further pointed out that a portion of the responsibility for these scams must be attributed to the buyers/market participants themselves. They became like moths to a flame, actively rushing into these scams. Most people knew it was a scam, but they still risked their lives to get rich. They only wanted to bet on a surge and leave the cryptocurrency market, making them highly susceptible targets.

If we really need to make rational judgments, there are 100 ways to distinguish whether Libra is illegal, but people still hype it up to $4 billion, and those KOLs without brokerage management post praises at the top of the price because they have bought it themselves.

Now it has become a game of 'obvious fraud projects', as long as there is a little decent packaging that attracts enough attention, someone will rush in. So, humiliating these people is useless because these buyers are simply pleading for such opportunities - even though they know it's a scam, they still believe they can be the next winner

Conspiracy groups or KOLs will not stop these shameless behaviors just because they have been humiliated, just as many people have written critical articles about "high FDV/low flow VC coins" in the past, but there was still no way to prevent issuers from adopting the same strategy at that time. Because humiliation is useless and cannot prevent people from buying low flow tokens.

But why aren't individual investors buying VC coins now? It's simple, because 'I'm afraid of losing money', in other words, there's no way to prevent these things from happening through external means, only retail investors can learn from them themselves.