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Empirically true. See: PonziCoin https://techweez.com/2018/01/26/ponzicoin-crypto-scheme/

DogeCoin was supposed to be a parody and people actually bought it.

Also my phone does not flag DogeCoin as a misspelled word.

Anyone who invests in this stuff is either really dumb, or morally impaired yet smart enough to exploit people who are really dumb.

As someone who has made a bit of money in crypto, there's no reason I can't be really dumb and morally impaired, but lucky. I will note that moral impairment and intelligence are not highly correlated as far as I know.

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