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Teen creates memecoin, dumps it, earns $50,000
(arstechnica.com)
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this post was submitted on 07 Dec 2024
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Isn't this the basis of how all cryptocurrency work?
When you think about it .... isn't this also how all money works?
Money is backed by a state with the (legitimate) monopoly on the use of force. Is has a worth because you must pay your taxes in it or else.
As such, money coined by a state has an inherit value as long as the state is stable.
And said state has both an interest in the stability of the currency as well as tools to influence it that are not available to everyone.