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In British Columbia there used to be the mining exploration companies that would list on the Vancouver Stock Exchange (which no longer exists). As far as I coul
by herodotus 2y ago
In British Columbia there used to be the mining exploration companies that would list on the Vancouver Stock Exchange (which no longer exists). As far as I could tell, they would send one or two people into the boonies in BC somewhere. They would then write an hyperbole filled prospectus to persuade people to buy shares in this company. I once emailed the owner of one these companies to ask what the exit was: in other words, what would the payout be if I held out until the end, assuming they had actually obtained rights to a viable gold or other valuable mineral deposit. Instead of an email reply, I got a phone call from the owner. He never answered the question, just lots of BS about why I should buy more shares. But at least in the case of these scams, there was the small (vanishngly small?) possibility of a good payout. But what is the exit for memecoins? As far as I can tell, the idea is you buy them on issue, hope the hype drives them up to ridiculous values within hours, and then dump them. Please correct me if I'm am missing something.
- imposterr 2y agoNo, you pretty much got it. It's a game of chicken and the last ones holding are the losers.
- theossuary 2y agoThere is the small possibility they graduate from a memecoin to a full fledged crypto coin. Hell if you're lucky enough an entire governmental agency will be named after your coin and the value will skyrocket. [1] If you want to learn more about meme coins, I highly recommend the QAA episode on it. [2] 1. https://coinmarketcap.com/currencies/dogecoin/ https://coinmarketcap.com/currencies/dogecoin/ 2. https://www.iheart.com/podcast/256-qaa-podcast-30956096/episode/crypto-crime-season-has-begun-feat-262622420/ https://www.iheart.com/podcast/256-qaa-podcast-30956096/epis...
- ericjmorey 2y agoI think you mean coins that trade in a sustained market.
- riskneutral 2y ago> send one or two people into the boonies ... there was the small (vanishngly small?) possibility of a good payout This was called "wild catting." It gave people an excuse to carry TNT dynamite into the boonies and detonate explosives for fun (like fireworks for grown ups).