296
Teen creates memecoin, dumps it, earns $50,000
(arstechnica.com)
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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.
Just "Gets" would be fine
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:
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.
Fraud is a criminal offense dear... The fact that you are defending is telling on where we are within societal collapse time lin
Cheers;)
You clearly don't know what fraud is.
All shitcoins are idiotic gambling. The entire nonsense game is to be the one who sells their bullshit before everyone gets bored of it. Winning against everyone else playing the same stupid game isn't fraud.
And this attitude is what got UnitedHealth parasite wacked;)
He too dindu nuffin haha
You realize what he did is literally the only reason those coins exist?
Nobody was investing. This isn't taking a stock of an actual company and manipulating it to steal from shareholders. The only purpose of these coins is to play this bad game.
You blaming the victim... Look up how fraud is defined under your state's law
Sure idiots getting punked is cute. I know that government doesn't give a fuck about financial crimes unless you fuck over the rich
But the intent to defraud here is pretty clear.
As if the state won't enforce its one laws, looks like the people might
All good by me if parasites get wacked lol
I'm aware how fraud is defined.
(Spoiler: this isn't fraud anywhere relevant.)
i am aware how murder is defined and what happened to UnitedHealth exec was not it
Let me tell you why this isn't fraud:
Teens makes a memecoin on a legit crypto platform (as legit as they can get)
Teens buys X amount of his own memecoin for 350 bidens
People that like to invest on memecoins (aka idiots/gamblers) bought into the coin
Coin value goes up
Teen sees that the X amount of coins he has is now worth 30k
He sells it on a legit trading platform, cashes in on 30k
Because he sold a huge amount at once, market is flooded, coin goes down in value
The other gamblers that were looking into doing the exact same shit got mad at him
I'm not saying crypto isn't a scam, as memecoins are textbook pyramid schemes (buy in early for low, sell as soon as it's worth it cashing in on the idiots who bought late), but the way this works can't be defined as fraud because it's simply how the whole stock market works.
Yas 🐸
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.
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?
Its theft like every other pump and dump
Are you juarifying criminal behavior now?
Hmmm