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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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I see where you're coming from but then you could easily headline this as "Teenage con man scams $50k"
Just because some people are gullible, and even if they're also often shitty people, it doesn't mean they deserve to be scammed
What promises did he make?
Selling something that has no value for money to people who know it has no value isn't a scam.
As someone who has basically come to see "memecoin" and "scam" as synonyms, I have a hard time having any sympathy for anyone who puts money into this shit. Everyone knows that the endgame of every memecoin is for the creator to walk away with all the profit, right? Enough incidental people win a bit of money to keep everyone gambling that they can beat the scam, but everyone has to know that they're feeding the scam when they buy in, right?