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Comment on Solana Saga smartphone sells for up to $5K on eBay as Bonk frenzy causes sell-out

Moonrise2473@feddit.it ⁨11⁩ ⁨months⁩ ago

Solana (a company that created a crypto coin) created a $700 smartphone dedicated to crypto and other shitcoins. It was a massive failure. Nobody bought it. Until they created a new coin from thin air, and gave that for free to phone owners. Suddenly everyone wanted to buy the phone as you could get $900 by getting buying the phone, getting the free coins, immediately sell them, throw the phone.

Video review of the phone www.youtube.com/watch?v=hRSMJGs0YMg

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stoy@lemmy.zip ⁨11⁩ ⁨months⁩ ago
What a massive waste of resources.

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- WHYAREWEALLCAPS@kbin.social ⁨11⁩ ⁨months⁩ ago
  Crypto in a nutshell right there.
  
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  - stoy@lemmy.zip ⁨11⁩ ⁨months⁩ ago
    Oh yeah, millions of computers calculating the next lucky useless number that an algorithm has decided is valuable.
    
    It madness…
    
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maynarkh@feddit.nl ⁨11⁩ ⁨months⁩ ago

immediately sell them

Who the fuck is buying these? Who is the counterparty to this idiocy?

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- Moonrise2473@feddit.it ⁨11⁩ ⁨months⁩ ago
  Other idiots with FOMO
  
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MonkderZweite@feddit.ch ⁨11⁩ ⁨months⁩ ago
Why does anybody want that coin?

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- Moonrise2473@feddit.it ⁨11⁩ ⁨months⁩ ago
  it’s a meme coin so apparently it gives 100x value
  
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  - Neato@kbin.social ⁨11⁩ ⁨months⁩ ago
    I remember when doge coin was a joke and was worth nearly nothing. sigh
    
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Voroxpete@sh.itjust.works ⁨11⁩ ⁨months⁩ ago
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.

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- Moonrise2473@feddit.it ⁨11⁩ ⁨months⁩ ago
  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: nitter.1d4.us/usdcoinprinter
  
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  - Voroxpete@sh.itjust.works ⁨11⁩ ⁨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…”
    
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  - Moonrise2473@feddit.it ⁨11⁩ ⁨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.
    
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