Part 6/13:
A core debate revolves around whether alternative cryptocurrencies should exist or be eradicated. Jim advocates for a free market—accepting that altcoins, pump-and-dump schemes, and NFT madness will continue—arguing that regulation or suppression is neither possible nor desirable in truly free markets. He likens altcoins to snake oil salesmen of the Wild West: risky, unregulated, and potentially damaging, but ultimately a reflection of human nature and imperfect incentives.
He also criticizes platforms like Gemini and big sponsors for promoting these coins, accusing them of facilitating schemes that serve the interests of insiders and wealthy players. Despite the risks, Jim tolerates their existence, provided individuals are aware of what they’re doing and accept the risks involved.