"Earns"
this post was submitted on 07 Dec 2024
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IDK what you want to call it.
It's silly to get mad at the kid for selling a shitty meme coin people were willing to pay for when that's the whole reason they exist.
enough people automatically buy into every coin created, a couple bucks here, a couple bucks there, hoping one will take off, that's where this 50k bump earnings, and the millions in valuation comes from. kid invested $300 buying a stake in his own coin, he could've lost it. he didn't.
Better words to use here:
- swindles
- defrauds
- pockets
- scams
It's none of those.
There is not, and never was, any reasonable belief or expectation that there was any path to resembling an actual currency. The entire market is shitty gambling hoping you're the one who times their sale correctly.
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Yeah. Everyone who got mad at him is basically like, 'Hey! Fuck you, asshole, for selling before I got a chance to sell! I wanted to do that, but you did it before I could do it! No fair!'
Also: the coins are now with far more than when he sold. So strangely, the folks who got rug pulled ended up with an actually valuable coin and an opportunity to sell at a high price. Which makes zero sense to me. But they apparently have no reason to complain. It worked out great for everyone, somehow.
Very stupid.
Idiots participate in Bigger Idiot scheme, upset to find out they're the Bigger Idiot.
IDK what you want to call it.
Scammed
Obviously.
The entire purpose of crypto is a scam. People buy it only because they hope it will later be worth more and they can sell it. Even tho the act of selling it lowers the price especially if they have a lot.
You're saying it's right because it's working as intended and legally it's not prohibited.
Other people say it's a scam because they're putting their personal morals over the law. That's textbook antisocial behavior, and not always a bad thing. The French resistance in WW2 were antisocial, MLK was antisocial, Occupy was antisocial.
It can be bad too, like the KKK or the people from 1/6
But when the majority of a society is antisocial (doesn't matter good or bad ways) that society is usually fucked.
And this week just gave a pretty good example that a majority of people put their personal morals above societies laws.
At a certain point, the people change societies to match their morals, the opposite is always temporary.
I see where you're coming from but then you could easily headline this as "Teenage con man scams $50k"
Just because some people are gullible, and even if they're also often shitty people, it doesn't mean they deserve to be scammed
What promises did he make?
Selling something that has no value for money to people who know it has no value isn't a scam.
As someone who has basically come to see "memecoin" and "scam" as synonyms, I have a hard time having any sympathy for anyone who puts money into this shit. Everyone knows that the endgame of every memecoin is for the creator to walk away with all the profit, right? Enough incidental people win a bit of money to keep everyone gambling that they can beat the scam, but everyone has to know that they're feeding the scam when they buy in, right?
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Isn't this the basis of how all cryptocurrency work?
When you think about it .... isn't this also how all money works?
That’s not how money works. Fiat currency is just IOU’s, literally, which are discharged when the promissory note returns to its originator (in the case of dollars, the US treasury). Check out Debt the First 5000 Years for an anthropological look at the origins of money.
Whereas I would prefer to live in a moneyless (i.e., debtless) post-scarcity anarchist society, which is how small tribes and communities were organized for tens of thousands of years before the rise of nations, fiat currencies are used to maintain the modern (unimaginably huge) marketplace, whose ostensible purpose is to allocate scarce resources.
- Personal debt is risky. If I issue an IOU, I might die before I can fulfill that promise. Governments are more permanent, which removes the speculative aspect of currency (at least for most purposes, though Forex trading is a thing).
- A central bank can balance inflation and employment numbers to ameliorate the natural volatility of the market (with good regulation lol).
- Fiat currency can be synchronized with economic productivity, avoiding the deflationary pressure that is anathema to any currency.
Dollars represent faith in the power of the US government to extract taxes from its population. Crypto represents nothing. It stands for nothing. “Coins” come and go, and if you’re the last one standing in the zero-sum game of musical chairs, you lose your savings. For that to happen with dollars, the US government would have to implode, which is unlikely.
Crypto is, quite possibly, the purest form of speculative trading (gambling) we have ever concocted. The only reason I don’t think it should be illegal is that I have no interest in saving people from their own cupidity and greed.
For a large portion of time in those small anarchist communities, they'd raid and kill each other.
How would we prevent that?
You’re absolutely right, and I have no idea. Maybe wait another 100,000 years for the 30% of humanity that lacks abstract moral reasoning to exit the gene pool.
I'm convinced the reason we have so much government is to control that portion. And it's not even doing that good of a job.
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Graeber's book (Debt: The First 5000 Years) is so, so good.
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I have to use USD to pay my taxes, and if I don't pay my taxes i go to jail. Cryptocurrencies aren't used for anything other than financial speculation
Cryptocurrencies aren't used for anything other than financial speculation
Typical anti-blockchain crypto bashing.
Cryptocurrencies have plenty of uses besides speculation. For example, buying drugs and a plethora of scams.
ya got me right there
But some currencies are backed by countries with armies and such deterrents. Not so many countries currently backing crypto I guess.
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Ya, it's all about trust.
I trust the EU to manage the Euro, a meme managing a shitcoin not so much 😋
Money is backed by a state with the (legitimate) monopoly on the use of force. Is has a worth because you must pay your taxes in it or else.
As such, money coined by a state has an inherit value as long as the state is stable.
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technically yes, difference is one is backed by a nation state, the other is backed by a teenager...
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"My shitty attempt at being a venture capitalist didn't pan out and I'm angry at the guy who took advantage of my desire for a get rich quick scheme"
Slightly relevant:
"huge fan" 🚩🚩🚩
how can you be a fan of "Hawk Tuah"? It's the unfunniest meme like ever
It was a funny thing for a spontaneous drunk girl to joke about with her friends on a night out.
It should have stayed there, it's so overplayed now.
I think it was funny but that’s completely irrelevant.
Who the fuck forks over any money, much less $50k for… what? What does this coin do that any of the thousands of others don’t? Because someone said a funny thing? …. What??
I have zero sympathy for these dipshits. We’re going to have a lot more of this content in the US over the next 4 years.
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For the people in the article complaining:
Play stupid games, win stupid prizes.
Don't invest in meme coins.
They're called shitcoins for a reason. The only reason people buy them is to time the dump.
This is done thousands of times a day on Pumpfun, not sure why this one merits mention except that there was a backlash.
See Darknet Diaries: Stacc Attack episode for an interesting look at meme coin jackassery.
What I've learned from this article is that I should be creating memecoins because people are very gullible.
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Good for him
And then internet trolls briefly pumped the coin again so the kid will always feel like he missed out on $3M.
Cryptobros and day traders are indistinguishable from compulsive gamblers
"Do you have the slightest idea how little that narrows it down?"
The Hawk Tuah coin scammed millions to their insiders, and they were rudely unapologetic about it afterward. They lied about everything they promised their "fans". I cant believe such theft is not illegal
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