Summary
A teenage boy created and released three memecoins, earning over $50,000 by selling his holdings before the price crashed (“soft rug pull”).
The backlash was swift, with the boy and his family doxed and facing threats from angry traders.
While the legality of such actions is unclear, the incident highlights the risks and ethical dilemmas in the unregulated memecoin market.
I thought fiat currency has value because the authority says it does.
Wouldn’t crypto have value based on the scarcity of new coins being mined, etc, regardless of what governments do with it?