What I've learned from this article is that I should be creating memecoins because people are very gullible.
I've been considering it tbh... And I know what my target audience would be even. I just don't know if I want to actually go through with it + if I do, I have to buy Monero with it or something so I could launder it, then somehow explain to the tax authority that I've suddenly got a bunch of crypto I'm selling... Though the last part might not be too bad, as long as I do TELL them that I'm selling it and want to pay taxes on it.
Yeah, the tax man doesn't care how you got it, just that they get their cut. Just don't be stupid and not declare that income... They will know.
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
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
"Do you have the slightest idea how little that narrows it down?"
Yalls remember squid game coin?
"Earns"
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.
Isn't this the basis of how all cryptocurrency work?
When you think about it .... isn't this also how all money works?
technically yes, difference is one is backed by a nation state, the other is backed by a teenager...
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.
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.
Graeber's book (Debt: The First 5000 Years) is so, so good.
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.
Exactly. Now they’ve metastasized into our government. Fucking orcs.
Dollars represent faith in the power of the US government to extract taxes from its population
Lol, the debt will never be repaid with taxes.
That’s not the point. The US has the power to extract rents; it doesn’t have to use it.
You live in fantasy land if you think the US has that power, any government that tries this would be overthrown.
The thing is… the market disagrees with you. For now. But hey, put your money where your mouth is! I’ll give you a hundred rubles for a hundred dollars. If you really think the US government is impotent and on the verge of collapse…
Haha, which market disagrees? The bond market, the gold market, the bitcoin market, the housing market?
Since we are discussing dollars and not houses, that would be the FOREX market. The dollar is very strong at the moment.
So you don't even know how the bond market and the dollar are related, and you attack my personality when I show your argument is wrong, which you don't understand because you don't understand the bond market.
FOREX is explicitly the market that compares the strength of competing currencies.
I’m aware of how the bond market works. What is your problem with the bond market?
"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"
For the people in the article complaining:
Play stupid games, win stupid prizes.
Don't invest in meme coins.
This is a most excellent place for technology news and articles.
