Bitcoin Songsheet: How Altcoiners Use Bitcoin To Rent Seek
By Jimmy Song Rent seeking occurs when an entity is obtaining wealth from a system or someone else without producing anything or providing any reciprocal contribution in return. In other words, rent seeking is just another form of stealing.
Knowing the above, it wouldn’t be too difficult to see how most alternative cryptocurrencies are in fact the perfect rent-seeking mechanism for fraudsters and thieves. Most altcoins only produce wealth for their creators by stealing from “investors” without providing anything in return, most of them are centralized and, what's more, they confuse, mislead and deceive the unwary.
Some Bitcoiners find their behaviour annoying, some find it irrelevant. Yet to ignore them would be a terrible mistake, because they are causing tremendous amounts of harm to Bitcoin and, hence, to humanity. | 
