Eighty percent of crypto ICOs proved fraudulent yet shitcoin trading thrived

Evidence

Despite 80 percent of ICOs turning out to be fraudulent, trading “shitcoins” became a new pastime. Crypto also served as the next career step for online creators who had grown disenchanted with making videos. After makeup tutorial pioneer Michelle Phan returned from self-exile, she pivoted to crypto evangelism: “I’m a proud Bitcoin maxi now. I’m toxic as fuck.” — W. David Marx, Blank Space, 737

Categorization

• XREF: Creator-to-crypto pipeline supports Marx’s death-of-the-sellout and status-dynamics mechanisms: creators traded craft legitimacy for speculative affiliation. — connects to: Cryptocurrency’s engineered scarcity converts success as a currency into a pyramid scheme. — Yanis Varoufakis, Technofeudalism: What Killed Capitalism, 688
• SHARE: Michelle Phan pivoting from makeup tutorials to crypto evangelism (‘I’m toxic as fuck’) is a perfect example for anyone writing about creator economy decay.