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.
It’s state-issued and not backed by a commodity.
No, it’s just not backed by a commodity. That’s why it is currency by fiat. Company scrip is fiat currency and it’s not issued by any government.
I get that you crypto fans don’t want your currency backed by nothing to be the same as all the other currencies backed by nothing except that, unlike crypto, nations actually support them and their citizens use them en masse, but that’s just the way things are.
You’re just being obtuse. It does no good to argue about some obscure definition of the term, when that’s not how it’s being used.
Company scrip can also be issued by a central authority.
I think crypto is stupid, but so is your made up argument over terminology.
It’s not an obscure definition.
But fine, if the any government adopts crypto, like some people seem to want, it will be fiat currency.
Stop.
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?
Don’t feed the troll.