Musical chairs money. Sell before the music stops.
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Just think of how many Beanie Babys you could buy with that!
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Holy shit. My initial response to this story was like most of yours: “sure, but who’s buying?” Turns out lots and lots of people are buying. Yeah, absolutely no problem to clear a few million dollars on this. Maybe tens of millions of dollars.
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Is there some sort of capital gains tax on that?
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All I can think about whenever I read about crap like this is the number of starving people and animals in our world, and I despair.
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Exactly.
1 buy a bunch of crypto currency that nobody has ever heard of
2 do some wash trades at inflated prices with dummy accounts
3 point at them and say that’s the new value, such amazeballs!
4 profit by selling the rest of your stash slowly to the suckers rushing in
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If the power supply ever stops for any extended amount of time, then it functionally does not exist.
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Yeah, that’s crazy. Looking at the graph more carefully, I see that the entire market for this coin was negligible for most of it history until out of nowhere, in only TWO DAYS, it catapulted into the multi-$billion territory.
If crypto was regulated even an incredibly tiny bit like the SEC regulates stocks, then this would have been shut down immediately after those two days, if not more likely during those two ridiculous days. This cannot be more obviously a textbook “pump”!
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Even better, create the new crypto currency yourself (just copy existing code, no need to get fancy) and keep a bunch at launch, giving away the rest to famous traders who will then tell the world how great this new coin is in the hope of boosting the value. Then when it is time to cash out, make sure the servers are overloaded so that no one else can sell until you have cashed out. (It’s happened).
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Do you have the episode? That sounds pretty interesting.
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Time to start mining (grunting? squeezing?) for Shitcoin.
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Thank you. I was coming to say exactly this. Daily trading volume of $SHIB is in the billions. $17B in the past 24 hours, to be precise. The holder could dump $10M every day without moving the needle on price.
I find it curious that so many of BB’s contributors (staff and commenters) are so anti-crypto. Yes, there’s plenty to be skeptical about, but why get so indignant? Because someone else is getting rich (again) in tech, and you missed the boat (again) because you’re too busy clutching your Gen X pearls (again)? The fist-waving old-person vibe around here is astounding.
I seem to recall a time when BB was spiritually associated with The Well, which itself was ground zero for stupid crazy ideas in tech. When did the cool kids get so cranky?
“‘Yahoo’? ‘Google’? What kind of names are those? Why, they don’t even make anything! And now they’re going public? You delusional youngsters and your big ideas about technology!”
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You sound a bit… disappointed.
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I’m worth a million in prizes.
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I believe they call it pump and dump. And it is fraud.
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“ The fist-waving old-person vibe around here is astounding.”
I’m sorry you’re ageist. And indignantly so.
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Because it’s a scam, through and through, and terrible for the environment, too.
Yahoo and Google and such obviously actually do something, even if they don’t make things. And when you buy stock in them, you actually own a tiny little slice of a real company, and both the stocks and the company are regulated.
These cryptocoins don’t do anything. They exist so you can sell them to the next sucker at a higher price you paid for them, or (in limited cases) you can use them to launder money, or buy drugs and other illegal shit. Your comparison is fundamentally invalid, and makes you look gullible at best, or trying to bolster the legitimacy of this utter bullshit at worst.
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Shiba is DEF a joke coin, but the meme army behind it online is enormous and fierce. Very, very easy to make this kind of money right now and then some. The real story though, long term, is what the Meta name change yesterday is doing to gaming coins. The “metaverse” is coming whether we like it or not and the infrastructure behind it is here and now and there are real world gains to be made.
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I cashed mine in, thanks.
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