There is not, and never was, any reasonable belief or expectation that there was any path to resembling an actual currency. The entire market is shitty gambling hoping you’re the one who times their sale correctly.
All shitcoins are idiotic gambling. The entire nonsense game is to be the one who sells their bullshit before everyone gets bored of it. Winning against everyone else playing the same stupid game isn’t fraud.
You realize what he did is literally the only reason those coins exist?
Nobody was investing. This isn’t taking a stock of an actual company and manipulating it to steal from shareholders. The only purpose of these coins is to play this bad game.
Teens makes a memecoin on a legit crypto platform (as legit as they can get)
Teens buys X amount of his own memecoin for 350 bidens
People that like to invest on memecoins (aka idiots/gamblers) bought into the coin
Coin value goes up
Teen sees that the X amount of coins he has is now worth 30k
He sells it on a legit trading platform, cashes in on 30k
Because he sold a huge amount at once, market is flooded, coin goes down in value
The other gamblers that were looking into doing the exact same shit got mad at him
I’m not saying crypto isn’t a scam, as memecoins are textbook pyramid schemes (buy in early for low, sell as soon as it’s worth it cashing in on the idiots who bought late), but the way this works can’t be defined as fraud because it’s simply how the whole stock market works.
Better words to use here:
It’s none of those.
There is not, and never was, any reasonable belief or expectation that there was any path to resembling an actual currency. The entire market is shitty gambling hoping you’re the one who times their sale correctly.
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You clearly don’t know what fraud is.
All shitcoins are idiotic gambling. The entire nonsense game is to be the one who sells their bullshit before everyone gets bored of it. Winning against everyone else playing the same stupid game isn’t fraud.
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You realize what he did is literally the only reason those coins exist?
Nobody was investing. This isn’t taking a stock of an actual company and manipulating it to steal from shareholders. The only purpose of these coins is to play this bad game.
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I’m aware how fraud is defined.
(Spoiler: this isn’t fraud anywhere relevant.)
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Let me tell you why this isn’t fraud:
Teens makes a memecoin on a legit crypto platform (as legit as they can get)
Teens buys X amount of his own memecoin for 350 bidens
People that like to invest on memecoins (aka idiots/gamblers) bought into the coin
Coin value goes up
Teen sees that the X amount of coins he has is now worth 30k
He sells it on a legit trading platform, cashes in on 30k
Because he sold a huge amount at once, market is flooded, coin goes down in value
The other gamblers that were looking into doing the exact same shit got mad at him
I’m not saying crypto isn’t a scam, as memecoins are textbook pyramid schemes (buy in early for low, sell as soon as it’s worth it cashing in on the idiots who bought late), but the way this works can’t be defined as fraud because it’s simply how the whole stock market works.
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