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this post was submitted on 20 Dec 2023
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What in the good goddamn does that headline mean. I'm not old enough to be this baffled.
Solana (a company that created a crypto coin) created a $700 smartphone dedicated to crypto and other shitcoins. It was a massive failure. Nobody bought it. Until they created a new coin from thin air, and gave that for free to phone owners. Suddenly everyone wanted to buy the phone as you could get $900 by getting buying the phone, getting the free coins, immediately sell them, throw the phone.
Video review of the phone https://www.youtube.com/watch?v=hRSMJGs0YMg
What a massive waste of resources.
Crypto in a nutshell right there.
Oh yeah, millions of computers calculating the next lucky useless number that an algorithm has decided is valuable.
It madness...
Who the fuck is buying these? Who is the counterparty to this idiocy?
Other idiots with FOMO
However is still falling for the ponzi schemes and phone scammers, basically gullible and naive people.
Here is an alternative Piped link(s):
https://www.piped.video/watch?v=hRSMJGs0YMg
Piped is a privacy-respecting open-source alternative frontend to YouTube.
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Why does anybody want that coin?
it's a meme coin so apparently it gives 100x value
I remember when doge coin was a joke and was worth nearly nothing. sigh
That's not quite the order of events. The phone always came with the shitcoin, but the price recently surged which caused people to realise that they could sell the coins for more than the phone was worth. The surge in price is probably just a reflection of idiots pumping crypto again because Tether manipulated the price of bitcoin back up to 40k.
This is all just a brief window for whales to cash out, and it's very likely that this memecoin will crater leaving anyone who bought these phones at a markup holding the bag.
Ah yes tether, the "we're 1:1 backed by dollars, pinky promise don't worry coin" that's printing money at a rate that makes the Argentina central bank chief an amateur
Printing stats: https://nitter.1d4.us/usdcoinprinter
Coiners: "Fiat is bad because governments can just print more whenever they want. That's why all my money is in Dog Butt Coins!"
Tether: "Printer go brrrrrrrrrrrrrrrrrrrrrrrrrr...."
Can't find recent stats of money printed by the argentinian central bank, but in the first semester of 2022 they printed $5 billions.
Amateurs. Tether is printing that amount every month.