Teen Creates Memecoin, Dumps It, Earns $50,000

Monday, December 09, 2024

On the evening of November 19, art adviser Adam Biesk was finishing work at his California home when he overheard a conversation between his wife and son, who had just come downstairs. The son, a kid in his early teens, was saying he had made a ton of money on a cryptocurrency that he himself had created.

Posted by LampLighter at 01:33 PM | 8 COMMENTS | permalink

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... Initially, Biesk ignored it. He knew that his son played around with crypto, but to have turned a small fortune before bedtime was too far-fetched. "We didn't really believe it," says Biesk. But when the phone started to ring off the hook and his wife was flooded with angry messages on Instagram, Biesk realized that his son was telling the truth"if not quite the full story.

Earlier that evening, at 7:48 pm PT, Biesk's son had released into the wild 1 billion units of a new crypto coin, which he named Gen Z Quant. Simultaneously, he spent about $350 to purchase 51 million tokens, about 5 percent of the total supply, for himself.

Then he started to livestream himself on Pump.Fun, the website he had used to launch the coin. As people tuned in to see what he was doing, they started to buy into Gen Z Quant, leading the price to pitch sharply upward.

By 7:56 pm PT, a whirlwind eight minutes later, Biesk's son's tokens were worth almost $30,000"and he cashed out. "No way. Holy ----! Holy ----!" he said, flipping two middle fingers to the webcam, with tongue sticking out of his mouth. "Holy ----! Thanks for the twenty bandos." After he dumped the tokens, the price of the coin plummeted, so large was his single trade. ...

#1 | Posted by LampLighter at 2024-12-08 10:36 PM

In a conversation with TechCrunch, Bill Gates said that NFTs (non-fungible tokens) and digital currencies were, "100 percent based on greater fool theory." Or, as Warren Buffett said in 2020, "Cryptocurrencies basically have no value. You can't do anything with it except sell it to somebody else."

The point Gates, Buffett, and various economists make is that crypto offers no "real-world" value. Thus, cryptocurrency is simply a bubble in which people try to out-fool each other. It's nothing more than a money-making scheme to buy and sell higher. When people get wise to this fact, crypto is going to collapse.
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