Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

A sitting US president launched two memecoins that wiped out $4.3B+

twitter.com

Post reply on HN
Print view View original

41–50 of 79 posts

Re: A sitting US president launched two memecoins that wiped out $4.3B+

#41

Post by t1234s »

candiddevmike wrote: post #34
t1234s wrote: post #15

Isn't all memecoin just a pump and dump anyways? I always thought of it as an alternative to lottery tickets or slot machines.

I wish someone could help me understand why GenZ predominantly doesn't get this after they keep getting burned by get rich quick schemes. How did we raise a generation of rubes?

I guess compared to slot machines or lottery tickets (which are instant loss if not a win) if you lose initially on memecoin there is a shred of a chance it rebounds and you can make some of it back.

Maybe they see this as a "better" vice to have with excess income.

Re: A sitting US president launched two memecoins that wiped out $4.3B+

#42

Post by xanthor »

candiddevmike wrote: post #34
t1234s wrote: post #15

Isn't all memecoin just a pump and dump anyways? I always thought of it as an alternative to lottery tickets or slot machines.

I wish someone could help me understand why GenZ predominantly doesn't get this after they keep getting burned by get rich quick schemes. How did we raise a generation of rubes?

It’s rational if you cognize that being the beneficiary of a long shot scheme or gamble is the only viable path to economic security for most, given the overall trajectory of the economy. Simply plot the median wage in terms of gold or any other hard commodity (as opposed to the gamed CPI metric).

Re: A sitting US president launched two memecoins that wiped out $4.3B+

#43

Post by atmavatar »

palmotea wrote: post #29
xrd wrote: post #26

Earlier quoted context omitted.

I agree with your sentiment but I no longer think empathy is a good long term plan. One of my favorite books is Excellent Cadavers. It's about two judges in Sicily who systematically rooted out the Mafia. And were both assassinated for their work. The moral is: action is necessary. Trump is hoping we all stop at trying to find empathy for his team.

> Trump is hoping we all stop at trying to find empathy for his team. I'm not talking about his team, I'm talking about the people who voted for him. For instance, he wouldn't have even got off the ground if free trade hadn't decimated the US manufacturing sector. I won't fault anyone with a blue-collar job for voting for him, because the choice was him vs. some neoliberal. When the choices are bad, I understand maki…

> For instance, he wouldn't have even got off the ground if free trade hadn't decimated the US manufacturing sector. I won't fault anyone with a blue-collar job for voting for him, because the choice was him vs. some neoliberal.

And I would agree with you for the 2016 election. However, when Trump lost more manufacturing jobs under his first term than were lost under Obama despite all his bluster about saving and restoring said jobs, and his administration's only legislative win was a big tax cut for the wealthy, it's no longer a valid reason to vote for the guy in 2020 or 2024.

And, the joke's on any who did vote for him a second and third time: he's lost even more manufacturing jobs.

The tragedy is if you look at the actual data, manufacturing jobs generally recover under Democrat administrations, and they tend to be lost in significant numbers under Republican administrations. People are more easily swayed by memes and sound bites than actual data, though.

See: https://fred.stlouisfed.org/series/manemp

Re: A sitting US president launched two memecoins that wiped out $4.3B+

#44

Post by MBCook »

foxyv wrote: post #36
MBCook wrote: post #19

It was nice having laws while they lasted.

In the US, laws were only for the affluent, male, white class anyways. Richard Rothstein wrote a great book about it called "Color of Law: A Forgotten History of How Our Government Segregated America" https://en.wikipedia.org/wiki/The_Color_of_Law It's just that the middle class is no longer going to be the "In" group.

Oh come on. Yeah the law has never been applied equally. Terribly so.

That has nothing to do with the specific thing I’m obviously saying.

Re: A sitting US president launched two memecoins that wiped out $4.3B+

#45

Post by foxyv »

MBCook wrote: post #44
foxyv wrote: post #36

Earlier quoted context omitted.

In the US, laws were only for the affluent, male, white class anyways. Richard Rothstein wrote a great book about it called "Color of Law: A Forgotten History of How Our Government Segregated America" https://en.wikipedia.org/wiki/The_Color_of_Law It's just that the middle class is no longer going to be the "In" group.

Oh come on. Yeah the law has never been applied equally. Terribly so. That has nothing to do with the specific thing I’m obviously saying.

The unspecified, specific thing.

Re: A sitting US president launched two memecoins that wiped out $4.3B+

#46

Post by foxyv »

danans wrote: post #37
foxyv wrote: post #33

Earlier quoted context omitted.

It can be both. Use the "Contributions" from "Donors" to make it appear that the coin is going to the moon and then dump it once enough credulous victims buy into the scam. Reward the donors with their appropriate tit-for-tat and then pocket it all.

> It can be both. Use the "Contributions" from "Donors" to make it appear that the coin is going to the moon and then dump it once enough credulous victims buy into the scam. Sure, and cynically, just like in traditional casino gambling, the wipe-out could be viewed as the price of "entertainment". If there is no class action lawsuit, then we know that the people who got wiped out thought the price was worth whatever…

It's probably just too early for the class actions. There are a couple suits against Bannon and Trump for the "Let's go Brandon" coin.

Re: A sitting US president launched two memecoins that wiped out $4.3B+

#50

Post by rchaud »

candiddevmike wrote: post #34
t1234s wrote: post #15

Isn't all memecoin just a pump and dump anyways? I always thought of it as an alternative to lottery tickets or slot machines.

I wish someone could help me understand why GenZ predominantly doesn't get this after they keep getting burned by get rich quick schemes. How did we raise a generation of rubes?

Distrust of mianstream media and institutions and high trust in streamers, youtubers and podcasters who aren't regulated by the FCC or any sort of editorial guidelines and happily parrot conspiracies, fringe economic theories, pump shitcoins, promote BetterHelp "therapy" and random dropship brand supplements.
Post reply on HN