• The Quuuuuill@slrpnk.netEnglish
    581·
    1 year ago

    Memecoin never written to be a functional currency becomes suddenly valuable after billionaire known for running pump and dumps hypes it up.

    And that’s to say nothing of the fact that “investing” in currency is completely insane and should be treated as a likely scam

  • pjhenry1216@kbin.social
    45·
    1 year ago

    In his defense, if you don’t take that approach to the situation, you’re going to be fucking depressed.

    • db2@lemmy.world
      52·
      1 year ago

      He probably didn’t know it was getting pumped. That’s how the scam works, tricking people.

      • explodicle@local106.comEnglish
        7·
        1 year ago

        They all knew. I watched an otherwise brilliant friend of mine lose money this way. They all think they’re smarter than each other.

        • Rilichu@lemmy.world
          4·
          1 year ago

          The best marks are the overconfident ones who think they will be able to out scam the scammers. They are the ones who will gladly dump their life savings into shitty ape pngs thinking they will be the one to make it big.

    • Viking_Hippie@lemmy.world
      5·
      1 year ago

      And if the band you’re in starts playing different tunes I’ll see you on the dark side of the moon.

      • Roger Waters, predicting the crash
  • Vespair@lemm.ee
    131·
    1 year ago

    I don’t know, hoarding a bunch of money needlessly seems way stupider than using your available resources to fill your life with incredible experiences, to me.

    I think we just somewhere down the line all got confused by what success was supposed to look like. It ain’t a game of Pacman; you don’t win just by having the biggest number on the scoreboard.

    Edit: important caveat, I know literally nothing about this dude or how he made or spent his money, I am just speaking in generalities.

    • poppy@lemm.ee
      2·
      1 year ago

      But afaik he didn’t spend it. It just devalued. So he had [xyz] amount of crypto. One day [xyz] was worth millions and then [xyz] was worth only thousands. So it’s not like he got great experiences or a house.

  • TheControlled@lemmy.world
    101·
    1 year ago

    Why don’t these guys sell high and reinvest in something more stable after making a boatload of money?

  • LCP@lemmy.world
    9·
    1 year ago

    Oh man, this brings back some sour memories.

    During the early days of the whole Reddit Dogecoin saga, I had somehow amassed 138066 Dogecoins - probably worth 10 bucks at the time. Didn’t know any better, so I kept them in DogeTipBot like many others, and forgot about them.

    The creator of the bot then stole everyone’s coins and dipped.

    Those 138066 Dogecoins would be worth $8647 today 💀

  • gonzo0815@sh.itjust.works
    8·
    1 year ago

    Someone over at reddits Buttcoin sub calculated that he must have cashed out something or he would have been at 300k now.