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Teen creates memecoin, dumps it, earns $50,000 (arstechnica.com)

submitted 1 week ago by shoulderoforion@fedia.io to c/technology@lemmy.world

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

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[–] Tanoh@lemmy.world 3 points 1 week ago (1 children)

This is just gambling, betting that you'll cash out before everyone else, but after the price has run up.

Even worse, it is unregulated gambling. In normal gambling there are rules. Yes, the house will always win in the long run as the odds are in their favor, but the game is set up in a transparent way and doesn't change half way through.

Also the original idea of cryptocurrency was never speculation and cashing out. But sadly it has turned into that in 99% of the time.

[–] sugar_in_your_tea@sh.itjust.works 2 points 1 week ago

Yup. The good news is that it's really easy to avoid that nonsense. Stick to the more established currencies and you'll be golden.