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.
We truly are in a golden age of scams.
A “Gilded Age”, you might say
And total morons. Anyone losing on crypto deserves the loss.
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)
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
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.
I’m no proponent of crypto, but it’s clearly not meant to be backed by a commodity. When crypto people are taking about fiat currency, they’re talking about the fact that it’s state-issued.
That is literally what a fiat currency is.
It’s state-issued and not backed by a commodity.
No, it’s just not backed by a commodity. That’s why it is currency by fiat. Company scrip is fiat currency and it’s not issued by any government.
I get that you crypto fans don’t want your currency backed by nothing to be the same as all the other currencies backed by nothing except that, unlike crypto, nations actually support them and their citizens use them en masse, but that’s just the way things are.
You’re just being obtuse. It does no good to argue about some obscure definition of the term, when that’s not how it’s being used.
Company scrip can also be issued by a central authority.
I think crypto is stupid, but so is your made up argument over terminology.
Don’t feed the troll.
They are significantly worse than fiat currencies.
Play stupid games.
Don’t hate the player, hate the game.
Caveat emptor
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.
