Teen creates memecoin, dumps it, earns $50,000

Unsurprisingly, he and his family were doxed by angry traders.

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[Mental Gear Reduction]

NFTs are sold with the understanding that the buyer received something they can keep and resell. (Exclusive access rights to the NFT)

Contract law doesn't care if the asset is tangible. Contracts are enforceable based on the terms of the contract, not the existence of tangible property.

But that's a fundamentally fraudulent representation. Nobody is required to pay any attention to any NFT, anywhere. There's no actual property, and no actual rights. It's an absolute scam, and has been from go.

In effect, you're trading real money for maybe a few hundred bytes on a blockchain that nobody needs to know about or pay attention to. There's zero ownership interest. Yes, you get your bytes on the blockchain in exchange for your currency, but they don't mean anything.

 

[Mental Gear Reduction]

Hah, the pump-and-dump version of the pyramid scheme of crypto hucksterism.

The "make money fast" crowd of Americans is so wildly unintelligent.

Not all of them: this kid did pretty well.

 

[Mental Gear Reduction]

my point was that stable deflation probably isn’t as harmful as generally posited.

That's probably true, as long as it's both stable and slow. 1 or 2% steady deflation shouldn't really cause issues.

I don't think bitcoin qualifies for either category, though, because the minting rate drops by half every X number of blocks. That should result in sharp deflation, and makes it a terrible currency.