this post was submitted on 07 Dec 2024
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Teen creates memecoin, dumps it, earns $50,000 (arstechnica.com)
submitted 5 days ago by [email protected] to c/technology
92 comments fedilink hide all child comments
 

Unsurprisingly, he and his family were doxed by angry traders.

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[โ€“] [email protected] 11 points 4 days ago (1 children)

Money is backed by a state with the (legitimate) monopoly on the use of force. Is has a worth because you must pay your taxes in it or else.

As such, money coined by a state has an inherit value as long as the state is stable.

[โ€“] [email protected] 1 points 3 days ago

And said state has both an interest in the stability of the currency as well as tools to influence it that are not available to everyone.