Teen creates memecoin, dumps it, earns $50,000 | Unsurprisingly, he and his family were doxed by angry traders.
Teen creates memecoin, dumps it, earns $50,000 | Unsurprisingly, he and his family were doxed by angry traders.
Unsurprisingly, he and his family were doxed by angry traders.
Summary
A teenage boy created and released three memecoins, earning over $50,000 by selling his holdings before the price crashed (“soft rug pull”).
The backlash was swift, with the boy and his family doxed and facing threats from angry traders.
While the legality of such actions is unclear, the incident highlights the risks and ethical dilemmas in the unregulated memecoin market.
Tell me again how this nonsense will replace old fashioned "fiat currency" any day now.
No one has ever explained to me how crypto coins are not fiat currency considering they're not backed by any commodities whatsoever.
They are significantly worse than fiat currencies.
That's fair.
The vast majority are, but not all of them.
Albeit it's hard to find those that aren't.
What about if you take out inflation and offer transactions for zero fees while operating a network with little appetite for (electric) energy?
That would mean you'd never be left with dust amounts you can't spend and no entity could debase your holdings by issuing more currency units.
Then the price would just be the result of supply and demand.
Of course that's not what that teenager did or what the vast majority of cryptocurrencies do, but how it could and should be done.Inflation IS the result of supply and demand (and other market forces such as the velocity of money).
You would need a mechanism to control the value of the currency to prevent inflation. Maybe an institution that offers loans could achieve this by adjusting the interest rate.
It would have to be a government entity, you wouldn't want this responsibility to be in the hands of anyone with a profit motive. Maybe some kind of reserve bank operated by a federal government. We could call it the Federal Reserve.
Then the price would just be the result of supply and demand.
Since financial institutions will still own most of it, it will still be the same, except instead of the central bank doing it publicly, random hedge funds will be pumping and dumping randomly, and we can all go "the market works in mysterious ways".
Wait I feel like I remember reading about stuff like this in the early days if stock trading, people making fake companies, selling stocks and running off, more stringent rules started being put in place in the 1920's-30's
This is exactly why more regulation is needed in the space if they want it to be successful in the long term. But crypto bros can't seem to be able to bring themselves to care about the long term (though I'm not sure I would either if I was made a multimillionaire overnight because of a memecoin or some shit)
The coin isnt fake tho, its exactly what its supposed to be.
Bitcoins should be used as god intended: buying prescription drugs from India. Most everything else is a circlejerk of stupid.
Is this really a thing? Do you have any recommendations?
I’m not sure what current market place is the go to, but I would tread with caution.
I was in a bad way with Xanax a few years ago and used to order them on a darkweb marketplace, I nearly ruined my life and risk death from withdrawals.
There is also the risk of other chemicals being found in prescription drugs , such as fentanyl which can kill you with even trace amounts of it.
All that said I made dozens of orders and only ever had one not arrive. It goes without saying you should be making small orders for money you’re happy to lose. It’s often not the seller that will rip you off, but the marketplace doing an exit scam.
This isn't heavily controlled stuff. Antidepressants, heart medication, gi prescriptions, stuff insurance should cover but deductibles, yada yada. Sky Pharmacy.
I use dogecoin because it has lower fees and a cute dog in the app
Only fools use Bitcoin for shit like this when Monero exists.
Edit: To clarify, I mean for privacy and security purposes. I've got no intention of selling anyone on crypto lol
Ahh, there it is. I'm a fool. I don't care what the stroke to tip ratio or whatever is on Bonero. I'm not interested in the technical wanking details. I merely wish to purchase goods and services.
I'm not investing in crypto. That's what precious metals, the stock market, and real estate are for.
Bitcoin costs me $3 a transaction or so, everybody takes it, it's easy.
Meme coin goes badly? How did I not see this coming?
I don't know, sounds like it went pretty well to me.
Operation failed successfully
"I bought snake oil from a very trustworthy travelling salesman. Turns out it was just piss with ink and when I turned around he had skipped town!"
Tale as old as time m8. Play stupid games, win stupid prizes.
Don't hate the player, hate the game.
No regulations needed here, nope.
I'd really like to see every new coin get rug pulled and crypto bros stop pulling their grift cuz nobody listens anymore instead.
They're just hoping they'll be the ones to rug pull others. For the ones believing in the long-term prospects, they assume bitcoin will always continue going up (even with some dips along the way) and that stablecoins will cover the other use cases.
Caveat emptor