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Teen creates memecoin, dumps it, earns $50,000(arstechnica.com)

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shoulderoforion@fedia.io
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Unsurprisingly, he and his family were doxed by angry traders.

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___qwertz___@feddit.org
11 points

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.

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bob_lemon@feddit.org
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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.

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