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

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

See full article...

 

[Wheels Of Confusion]

This remains the weirdest comment chain i have seen on Ars technica since i started browsing the site (unregistered) multiple years ago.

This doesn't even scratch the surface.

 

[numerobis]

This doesn't even scratch the surface.

So few ponies on this one.

 

[redtomato]

If you follow the conversation chain back to the start, you'd discover it started with discussion of the poster's children, not the child in the article.

Was just about to say this. The thread is a discussion of MY children, not the boy in the article. Thanks Surtus for the backup.

 

[19GJD95]

If you follow the conversation chain back to the start, you'd discover it started with discussion of the poster's children, not the child in the article.

Right you are! I also missed the "my" in the comment I replied to. Work had me in a bad mood, not the best frame of mind to be in when communicating with others, especially online/via text.
Thank you for correcting me in a polite manner. I appreciate it.

 

[19GJD95]

EDIT: I have been corrected. Did not see the rest of the conversation. My comment was vitriolic, regardless of correction. For that, I apologize.

 

[19GJD95]

Was just about to say this. The thread is a discussion of MY children, not the boy in the article. Thanks Surtus for the backup.

I apologize. I did not read your comment well enough, missed a key "my" in your comment. Regardless, it was a toxic reply. For that, I apologize. I hope you have a good day.

 

[graylshaped]

This doesn't even scratch the surface.

No, to the left... a little higher. Yes! Upper withers! Ahhhh...

Thanks. I couldn't reach.

 

[gnasher729]

I got swindled when I was a young lad at a boardwalk in New Jersey...some sort of game of chance. The guy kept suckering me in for more and more until I realized paying $25 for a $2 KISS mirror was ridiculous. I learned a valuable lesson that night.
This sort of swindle is as old as the hills...just taking different form today.

Best $25 you ever spent in your life.

 

[omarsidd]

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

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

 

[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.

 

[The Wonderful Wizard]

There are always exploiters of inequity. That is Musk's true talent--not engineering, not innovation. He finds a crack in the market and rips it open with the brute force of the money he can throw at it. Often the most successful are those who thrive on the arbitrage of changes in market force, and they promote change endlessly and ruthlessly not because it will be a change for the better, but because they can gain a transactional profit and in some cases a stronger foothold in the new landscape they have imposed.

Some will profit from deflation, and they are the ones selling it. Most will suffer because of it.

While changing expectations offer opportunities for rich people to profit, my point was that stable deflation probably isn’t as harmful as generally posited. Most fields with a reasonable level of competition and high tech products or processes tend to produce better products for less over time - computers are the best-known example but anything relating to electronics, cars (until recently, as competition has been limited), air travel, and so on have all been falling in real terms for a long time, and yet the tech sector where deflation is most prominent and persistent is still able to reliably move product.

 

[graylshaped]

While changing expectations offer opportunities for rich people to profit, my point was that stable deflation probably isn’t as harmful as generally posited. Most fields with a reasonable level of competition and high tech products or processes tend to produce better products for less over time - computers are the best-known example but anything relating to electronics, cars (until recently, as competition has been limited), air travel, and so on have all been falling in real terms for a long time, and yet the tech sector where deflation is most prominent and persistent is still able to reliably move product.

You confuse micro-economics for macro-economics.

 

[Shazster]

That doesn’t quite work. Show up with CAD at your local US corner store and they’ll likely send the cops after you for trying to pass Monopoly money.

Perhaps you've heard of a thing called the Plus System Debit network, the symbol for which is printed on the back of most North American bank debit cards.

They work in the US despite the funds they access being in our CAD "funny money". The transactions they generate are adjusted by a magical thing called an "Exchange Rate".

 

[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.

 

[thomasmoore3378380]

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