Describing this as "stealing" is an enormous stretch.
At worst, it's fraud, but I don't even believe that. Most people know the risks when they buy these coins. To them, it's a gamble the same as the as the lottery or sports betting. They know it has a negative expected value but they do it anyways because they find it fun.
> To them, it's a gamble the same as the as the lottery or sports betting. They know it has a negative expected value but they do it anyways because they find it fun.
Sports betting and lottery, while like gambling is legal in many states, is regulated.
Also, memecoins are unlike casino gambling, where there is a tiny chance of an outsider winning. That's where some of the "entertainment" in gambling comes from. In the case of sports betting there are also factors of chance outside the game that the game depends on. Again the adrenaline of betting on the unknown.
With memecoins, unless you are an insider, there is precisely 0 chance of winning. They are pure pump and dump schemes preying on the ignorant, or if the buyer is aware of how they work, they are no different from a bribery mechanism.
If you are buying this stuff retail, you are probably already too late to sell and make a gain, because insiders are ever innovating on strategies like "single sided liquidity" to get their money out before retail buyers can, i.e:
You have moved the goal posts from "precisely 0" to probably too late.
Also, lol at the reddit OP "I'm not the bagholder. I'm significantly in profit and want to take it. Any advice on the most cost effective way?"
Edit:
I dont have a lot of sympathy for cash strapped seniors who walking into a casino and blow their money.
NFT and meme coins have a Giant "CASINO" sign above them, and if someone goes in and get scammed or rug pulled before they can scam someone else, than that is on them.
There is a whole world of regulated markets. If you dont want to risk being scammed, dont go into the scam zone.
> You have moved the goal posts from "precisely 0" to probably too late.
For all practical purposes, if you're not an insider, the timing of "probably too late" coincides with "precisely 0" and the availability of the memecoin for retail purchase.
> Also, lol at the reddit OP "I'm not the bagholder. I'm significantly in profit and want to take it. Any advice on the most cost effective way?"
I don't laugh at that person, because I don't know their circumstances. It's sad to see someone defrauded, regardless of what you or I might think about their level of knowledge.
Similarly, I also don't laugh at cash strapped fixed income seniors who fell for fraudulent financial products. The reason for regulation (and government departments like CFPB) is to protect such people from fraudsters.
At worst, it's fraud, but I don't even believe that. Most people know the risks when they buy these coins. To them, it's a gamble the same as the as the lottery or sports betting. They know it has a negative expected value but they do it anyways because they find it fun.