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

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

See full article...

 

[marcoskirsch]

But in the realm of memecoins, a type of cryptocurrency with no purpose or utility beyond financial speculation, it’s relatively routine.

Other than illegal endeavours, what purpose other than financial speculation does any cryptocurrency serve?

 

[Lazymonk]

That's exactly what Trump is doing (or at least trying to) with Trump Media on a larger scale.

 

[sigsgaard]

My father told a story from just after WW2 ended. He met at travelling salesman and asked how business was. The answer was: "Not good, there is enough morons, but the don't have money anymore". Now, 79 years later, there is still enough morons and they even have money!

 

[PaulWTAMU]

that's it, I'm figuring outa memecoin to launch. This mortgage ain't paying itself

 

[SixDegrees]

Mental note: when emulating this scam, be sure to start coin account with one identity, then buy your initial coins using another, carefully shielded identity so your original persona can believably join in the wailing while your evil persona takes all the heat.

Note 2: Establish a third account. When rage-induced bidding spikes the price even more, cash in with this identity. Can use original identity to foment rage.

 

[fahirsch]

"There's a sucker born every minute"

 

[SixDegrees]

"There's a sucker born every minute"

I'm pretty sure the Sucker Coefficient has risen well above 1.0 since Barnum established it.

 

[daddyboomalati]

The whole crypto discussion(s) aside, know what your kids are doing on their computers! A coworker’s autism-spectrum kid was dealing in stolen Steam (etc.) accounts and getting paid in BTC when he was 12. Twelve. Then they got a knock on the door from the FBI, IIRC.

Take the time to engage your kids and learn what they’re up to.

 

[CrystalCowboy]

​

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

For some definition of "earn"

 

[gmerrick]

Oh no you lost money on this?
Let me get out the tiniest violin in my collection.

Pssst.. I've got this new meme coin called tinyviolincoin

 

[bradley13]

I honestly don't get the people who are mad at him. He created a memecoin on a site designed to push memecoins. He made no promise, not that anyone one a site like that should or would believe any promises anyway. He proved the truth of "a fool and his money are soon parted."

Good for the kid. I hope, though, that he learned a little bit about security. It shouldn't have been so easy to find his parents, phone number, etc..

 

[raxadian]

Either regulate crypto or ban it.

 

[Varste]

Minus the harassment, I love this story. It's exactly what crypto lovers want, no regulations and nothing to stop this. Don't buy a fucking made-up-on-the-spot coin and get mad you got fleeced. You deserve it as far as I'm concerned.

 

[CrystalCowboy]

We are going to keep wasting money into this scam. That's going to show him.

I'm going to say, the only smart people here are the ones that created Pump.fun. And they should be checked be the FTC to check their business practices because they are making money from scams.

That form of revenge is only effective on people susceptible to FOMO. The kid has his $50K for practically no effort. He should focus on that and not the tens of million he "lost."

 

[bugsbony]

Suckers are born every day. I don't feel at all bad for the "investors". Mostly because they are not "Investors" at all but rather speculators. They deserve to be screwed over if they "invest" in "vehicles" such as Gen Z Quant.

It's something I hear a lot whenever this kind of scam happen. But, even if you don't care about dumb people getting scammed, you should care about who gets a lot of money. Scammers should not be rewarded. Money is power, this is how you end up with scammers being elected President.

 

[Sylmeria]

His parents be like:

 

[LeftCoastRusty]

Play stupid games, win stupid prizes….except the kid. He has a nice prize.

All those stupid crypto bros are angry because he got his but they didn’t. Jealousy, plain and simple.

 

[Bill T.]

The important thing is creating an interface that is as simple as possible and giving the tools for users to see if a coin is legitimate or not.

Here, let me provide you a really simple tool.

#!/bin/sh
echo No.

 

[Derecho Imminent]

Ethically dubious? It seems to me that his public demonstration of the idiocy of this whole thing is ethically on reasonably solid ground. I mean, code is law, right? I don't recall hearing anything about some unwritten code of honor being law as well...

No, but honor is ethics.

 

[Derecho Imminent]

ITS AN INVESTMENT!

 

[Sajuuk]

It's literally the crypto bro dream albeit on a rather small scale.

How could a society geared entirely towards the accumulation of personal wealth ever arrive at <checks notes> get rich quick schemes? We'll never know.

 

[Rick C.]

I would not buy any, but for the sake of its existence, I thought it would be neat to see a crypto called Federation credits. Thats about it on the matter.

 

[Rick C.]

Obviously, this kid is superbly qualified to run the SEC in the Trump administration.

Actually any agency about to become grifter.gov under United States under Trump Grifting Inc.

 

[Daniel]

On December 1, after a two-week hiatus, Biesk’s son returned to Pump.Fun to launch five new memecoins, apparently undeterred by the abuse. Disregarding the warnings built into the very names of some of the new coins—one was named test and another dontbuy—people bought in. Biesk’s son made another $5,000.

Haha, holy crap!

 

[Martin123]

No, but honor is ethics.

Not quite, unless you believe that the mafia is ethical.

 

[SixDegrees]

Not quite, unless you believe that the mafia is ethical.

Some episode of CSI featuring a particularly gruesome murder in Las Vegas had the team interviewing some resident. His opinion: "This kinda thing never woulda happened when the Mob was in charge."

 

[ptmmac]

Either regulate crypto or ban it.

You can’t ban stupidity. You can’t even shame stupidity. There is a reason why we have regulations that make people liable for attempting to sell pyramid schemes. This is why crypto should be banned. China did it but we don’t seem to honest enough to do like wise. Maybe there is something wrong with allowing corporations and individuals to purchase government via the highest bidder.

See my first 2 statements above and the Supreme Court decision in Citizen's United. You can’t ban stupidity if you lack the moral understanding and will power to implement it in the highest court in the country. We don’t have that. It is taking time for all the dominos to fall but they are and will keep falling.

 

[Calidore]

"College fund secured! On to early retirement fund! Then hookers and blow fund!"

At 13, I would have had these in a different order.

 

[hunting_for_p]

I'm pretty sure the Sucker Coefficient has risen well above 1.0 since Barnum established it.

Given that there are around 39 million minutes in 75 years (an approximate lifespan), I think the coefficient is at least an order of magnitude off. In crypto alone a quick google search turned up estimates of 420-620 million global users. Add in other suckers (such as those of us who picked up VUL policies...) and there's a big adjustment needed.

This would put the floor around 'A sucker is born every 6 seconds' easily up to 'A sucker is born every second' which does have a nicer ring to it.

 

[nehinks]

If only I didn't have a sense of ethics and empathy...it really would be easy to cash in on something like this. Sigh.

 

[Hydrargyrum]

Hmm. Web 3 Is Going Just Great also reports rumours that the family in question had their pet dog abducted as “payback”. I hope those rumours are unfounded, since they’re not mentioned in this article.

 

[foofoo22]

Watch this interview with Michael Saylor. If/When this all collapses will be like 2009 again...



View: https://youtu.be/GLs6CEsJp5s?t=1518

 

[graylshaped]

I applaud this kid. He padded his college fund selling pet rocks, only without the logistical hassle of, you know: actual rocks.

 

[MST2.021K]

Oh damn, core memory unlocked I loved those books when I was little.

I still think about zucchini sticks and rotting squid in school from time to time.

 

[abj]

I would not buy any, but for the sake of its existence, I thought it would be neat to see a crypto called Federation credits. Thats about it on the matter.

Gold Pressed Latinum coin?

 

[Pishaw]

“Your son stole my fucking money”


Says person on a website solely created to steal money.

 

[Shavano]

This kid embodies the curiosity we had when we were young. Being successful in these bubbles take skill.

I think you are confusing luck and a lack of any scruples with skill. (BTW, username checks out)

 

[Totally Radical Liberal]

Can't wait until Bloomberg starts to write gushing profiles of young self-made coin successes like this just like they write gushing profiles of entrepreneurs that get VC cap for startups producing nothing that fail within months.