this post was submitted on 20 Dec 2023
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67
Solana Saga smartphone sells for up to $5K on eBay as Bonk frenzy causes sell-out (cointelegraph.com)
submitted 10 months ago by [email protected] to c/[email protected]
16 comments fedilink hide all child comments
 

This is genius.

Nobody wants to buy your crypto phone? Your warehouses are full and bills starts piling? Just create some monopoly money and give it to who buys that phone.

So now crypto is not only wasting the electricity for the most inefficient payment method ever created (for Bitcoin it takes a whole day to verify a number of transactions that Visa/Mastercard can do in less than a second) but also producing and shipping a phone all around the world, just for getting that monopoly money, then immediately trash the phone

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[–] [email protected] 1 points 10 months ago (1 children)

That's not quite the order of events. The phone always came with the shitcoin, but the price recently surged which caused people to realise that they could sell the coins for more than the phone was worth. The surge in price is probably just a reflection of idiots pumping crypto again because Tether manipulated the price of bitcoin back up to 40k.

This is all just a brief window for whales to cash out, and it's very likely that this memecoin will crater leaving anyone who bought these phones at a markup holding the bag.

[–] [email protected] 1 points 10 months ago (2 children)

Ah yes tether, the "we're 1:1 backed by dollars, pinky promise don't worry coin" that's printing money at a rate that makes the Argentina central bank chief an amateur

Printing stats: https://nitter.1d4.us/usdcoinprinter

[–] [email protected] 2 points 10 months ago

Coiners: "Fiat is bad because governments can just print more whenever they want. That's why all my money is in Dog Butt Coins!"

Tether: "Printer go brrrrrrrrrrrrrrrrrrrrrrrrrr...."

[–] [email protected] 1 points 10 months ago

Can't find recent stats of money printed by the argentinian central bank, but in the first semester of 2022 they printed $5 billions.

Amateurs. Tether is printing that amount every month.