I got bombarded this morning. I woke up and checked my X-account - which I've never tweeted from before (other than replies) - it was being tagged everywhere and I had a ton of messages. I was sent a link to Bags app. And there was some wallet with a decent amount of Solana attributed to my Twitter identity.
Not a single one of the people messaging me had actually used my open source repo.
> The people who pay into this are either taken in by the pretense that they’re sponsoring open-source work (in a way orders of magnitude less efficient than just donating money directly), or by the hope that they’re going to win big when the coin goes “to the moon” (which effectively never happens).
No everyone who's paying into this are either a blend of both or just the latter. No one is misguided into thinking this is a more efficient form of donating via crypto than just sending usdc to the recipient's address.
But it’s not “hundreds of thousands of dollars” is it? It’s meme-coins that are supposedly worth that much. Is there a to getting any significant amount of (real) money out of them?
https://bags.fm/ - learned of this site this morning, and you can see the creators that are tagged to their royalties. It does seem that some of them are achieving quite high numbers here. They seem to be actively participating in the advertising.
My repository was tagged in this morning, and I did nothing. Now I have a wallet with 4,000 some crypto in it.
"On the contrary, every Bison Dollar will be worth five British pounds. That is the exchange rate that the Bank of England will implement after I kidnap their queen."
It is pretty disappointing to see legitimate engineers getting mixed up in these crypto schemes just because the money is there. The article makes a good point that buying the coin does literally nothing for the software itself, so it is basically just gambling. I guess this is just the newest way to grift off the hype around AI development.
> Bags seems to me to be offering crypto-airdrop-pump-and-dumps-as-a-service, where niche celebrities can turn their status as respected community figures into cold hard cash. The people who pay into this are either taken in by the pretense that they’re sponsoring open-source work (in a way orders of magnitude less efficient than just donating money directly), or by the hope that they’re going to win big when the coin goes “to the moon” (which effectively never happens).
Honestly, I think the first category is somewhere between "microscopic" and "nonexistent", but most people in the second category will end up holding the bag when this thing inevitably collapses.
> Some crypto trader created a “$GAS” coin via Bags, configuring it to pay a portion of the trading fees to Steve Yegge (via his Twitter account)
That trader, or others with the same idea, messaged Yegge on LinkedIn to tell him about his “earnings” (currently $238,000), framing it as support for the Gas Town project. Yegge took the free money and started posting about how exciting $GAS is as a way to fund open-source software creators
hey guys, this is what always happens when someone you respect "rugs" their token and none of their apologies sound genuine
in fact, they actually are also the victims and the real culprits (the token creators DMing popular people) are never held to account
there should be more knowledge of this so people feel deterred and also more likely to avoid these or bring the roving bands of scammers to account
and sure, still hold your community leader accountable in some way, but the proper way more in line with reality
these roving bands of token scammers look for people experiencing 15 minutes of fame, and take advantage of them
> But Huntley and Yegge have also been posting about $RALPH and $GAS, which are cryptocurrency coins built on top of the longstanding Solana cryptocurrency
Solana isn't a cryptocurrency, it's a blockchain network (by some measures, the one with the most user activity). SOL is the native token of that network, used to pay transaction fees. These are two random tokens that happen to also use Solana.
On the one hand: It's nice that they're managing to transfer some of the crypto gambling proceeds into something that's not totally malevolent!
On the other hand: pretty gross that BAGS is tied into the 'We'll help you use AI to undress children' site formerly known as Twitter. This seems like a much better fit for Bluesky. These days imho it's an automatic 2.99 strikes against anyone who is still endorsing X with their continued business.
I got bombarded this morning. I woke up and checked my X-account - which I've never tweeted from before (other than replies) - it was being tagged everywhere and I had a ton of messages. I was sent a link to Bags app. And there was some wallet with a decent amount of Solana attributed to my Twitter identity.
Not a single one of the people messaging me had actually used my open source repo.
> The people who pay into this are either taken in by the pretense that they’re sponsoring open-source work (in a way orders of magnitude less efficient than just donating money directly), or by the hope that they’re going to win big when the coin goes “to the moon” (which effectively never happens).
No everyone who's paying into this are either a blend of both or just the latter. No one is misguided into thinking this is a more efficient form of donating via crypto than just sending usdc to the recipient's address.
Also anyone in the US can easily recieve crypto - swap the USDC to PyUSD, and get them to send the Solana address for their PayPal account.
1234.56 of PyUSD becomes 1234.56 in your PayPal and bank account.
But it’s not “hundreds of thousands of dollars” is it? It’s meme-coins that are supposedly worth that much. Is there a to getting any significant amount of (real) money out of them?
https://bags.fm/ - learned of this site this morning, and you can see the creators that are tagged to their royalties. It does seem that some of them are achieving quite high numbers here. They seem to be actively participating in the advertising.
My repository was tagged in this morning, and I did nothing. Now I have a wallet with 4,000 some crypto in it.
"On the contrary, every Bison Dollar will be worth five British pounds. That is the exchange rate that the Bank of England will implement after I kidnap their queen."
It is pretty disappointing to see legitimate engineers getting mixed up in these crypto schemes just because the money is there. The article makes a good point that buying the coin does literally nothing for the software itself, so it is basically just gambling. I guess this is just the newest way to grift off the hype around AI development.
If I may, who are the grifters here and who are the innocent parties? Why? Who does this harm?
From the article:
> Bags seems to me to be offering crypto-airdrop-pump-and-dumps-as-a-service, where niche celebrities can turn their status as respected community figures into cold hard cash. The people who pay into this are either taken in by the pretense that they’re sponsoring open-source work (in a way orders of magnitude less efficient than just donating money directly), or by the hope that they’re going to win big when the coin goes “to the moon” (which effectively never happens).
Honestly, I think the first category is somewhere between "microscopic" and "nonexistent", but most people in the second category will end up holding the bag when this thing inevitably collapses.
> Some crypto trader created a “$GAS” coin via Bags, configuring it to pay a portion of the trading fees to Steve Yegge (via his Twitter account) That trader, or others with the same idea, messaged Yegge on LinkedIn to tell him about his “earnings” (currently $238,000), framing it as support for the Gas Town project. Yegge took the free money and started posting about how exciting $GAS is as a way to fund open-source software creators
hey guys, this is what always happens when someone you respect "rugs" their token and none of their apologies sound genuine
in fact, they actually are also the victims and the real culprits (the token creators DMing popular people) are never held to account
there should be more knowledge of this so people feel deterred and also more likely to avoid these or bring the roving bands of scammers to account
and sure, still hold your community leader accountable in some way, but the proper way more in line with reality
these roving bands of token scammers look for people experiencing 15 minutes of fame, and take advantage of them
> But Huntley and Yegge have also been posting about $RALPH and $GAS, which are cryptocurrency coins built on top of the longstanding Solana cryptocurrency
Solana isn't a cryptocurrency, it's a blockchain network (by some measures, the one with the most user activity). SOL is the native token of that network, used to pay transaction fees. These are two random tokens that happen to also use Solana.
On the one hand: It's nice that they're managing to transfer some of the crypto gambling proceeds into something that's not totally malevolent!
On the other hand: pretty gross that BAGS is tied into the 'We'll help you use AI to undress children' site formerly known as Twitter. This seems like a much better fit for Bluesky. These days imho it's an automatic 2.99 strikes against anyone who is still endorsing X with their continued business.
> These days imho it's an automatic 2.99 strikes against anyone who is still endorsing X with their continued business.
Someone mentioned recently that it sure is a little bizarre how many "check marked" accounts Microsoft has on twatter.
https://x.com/Microsoft/affiliates
It is like USD 10k a year a pop per account? You may say 200k is a rounding error for Microsoft but it sure sends a message, doesn't it?
I believe it's $10,000/year for the top level brand plus $600/year/"affiliate account" https://help.x.com/en/using-x/premium-business