The fuck are dev coins?
To be clear, I am in no way into meme coins or even crypto at all, but it’s my understanding that when you make a new type of crypto, you put some money into it for an arbitrary amount of those coins. They’re dev coins because you’re the one making it, and you normally get a lot of them because when you start, the coin is next to worthless. As more people buy into the coin however, the price of the coin goes up. This turns into a problem because if the coin gets any kind of traction, there’s now one guy who has tons of coins that they bought for next to nothing, but are now worth real money. This is the part of the rug pull where the creator sells all their coins and tanks the value of the coin, making a massive paycheck and leaving anyone else misguided enough to have bought any holding the bag. ‘Burning’ the coin just essentially deletes it, so it’s out of circulation so everyone else who owns them can feel a bit safer, because now there’s not 1 guy who can just decide to get out and fuck everyone else over.
TLDR; Dev coins are just the initial amount of coins that the dev bought to start their own meme coin.
Thank you. I marked you as “Meme Coin Guy” in my Lemmy client.
That sounds pretty negative. What about “Explainer of Meme Coins”?
I think that’s the joke. “First off, I really am not into meme coins or crypto or any of that bollocks.”-" Got it, thanks meme coin guy"
Oh, whooshed myself
Dev coins are just the initial amount of coins that the dev bought to start their own meme coin.
A minor but important clarification is that the creator does not buy anything. It’s just the initial allotment they assigned themselves upon deployment of the contract.
So again, I’m definitely not knowledgeable on the subject, but doesn’t it take some start up capital to even launch a coin? I guess that initial cash isn’t really ‘buying’ a coin, but if starting a coin costs $20 and you gave yourself 20 coins, didn’t you essentially buy the first 20 coins for $1 a piece?
Small network fee to deploy the contract. For a simple one, probably like $1. And this guy minted himself
billions of207M tokens.So sure, technically you’ll need some “startup capital” but saying they bought the tokens suggests it was on the open market which isn’t the case.
Thanks for the information! I saw like one video about how people make meme coins, so I had some vague understanding, but this makes a lot more sense.
Coins allocated before rolling the coin out, so what ever happens the devs can cash them in without earning them by validating blocks in the coin.
I guess the GTA VI leaker is tying to establish a “principles”-backed cryptocurrency?
Claims not doing it for the money
Starts some crypto scam
Totally makes sense.
theres a crypto pump and dump playbook, this is just standard procedure in luring in your potential marks
Yeah, the main account has had all their coins burned but not the 7 largest whale accounts that are totally not Cyberleek.
this is fully intended to trick gullible people. it is absolutely about the money.
burning all these dev tokens just stabilizes or increases the price of the remaining tokens, and they couldn’t just sell them either, that would crash the price. they’re selling gta6 clips for $160k.
if you think that burning dev tokens is a sign of good will, you are a mark.
Wait, what? I’m ootl, they are selling the clips and people are buying them? People have really lost it over this game. Lmao
The absolute number is meaningless without knowing the total amount of coins he has free access to.
Doesnt matter.
A burned million is a burned million.I’ll send you 16.000 bazillion Yiffyean Dollars if you give me your home address. Look how charitable I am!
You know what, let it be 17.000 bbazillion Yiffyean Dollars.
Hm…strange.
Seems like the burned amount was 1mil of USD not a made-up currency.Dude it’s literary cryptocurrency, it’s the very definition of made up currency.
At the point of burning, it was 1 mil worth, no?
It’s worth 1 million if you can find someone prepared to give you one million dollars for it. If you can’t find someone to give you one million dollars for it then it isn’t worth 1 million.
The whole reason that currency is worth the amount that we say it is is because everyone accepts that it is a currency and and that it can be used for goods and services. A random cryptocurrencies produced by an individual who may or may not have GTA 6 game files don’t have that consensus.
Same as gold and any other commodity xD
Basically how trading works.
no, you see, Yiffyean Dollar also uses the dollar sign for its currency.
…
Ever heard of a fool and his money?
It absolutely matters.
Not in my books.
If its part of an idle stack not taking part in trading, it does not. Imagine the dev having enough so that dumping 1% of their stash tanks the price to 1% of current value. Burning this 1% makes no difference.
Except it’s not a million. Not really. It’s probably 100k at absolute most.
It’s not worth anything. A dollar sign next to a randomly generated big number does not mean that that randomly generated big number could be converted into US dollars or any other currency.
They are just unallocated crypto tokens, deleting these simply increases the value of the ones that haven’t been deleted, no value has actually been lost. Is the dev was deleting tokens from an active wallet it would be different.
I haven’t been following any crypto for years, but isn’t burning the pre-mined tokens the bare minimum to keep up appearances?
If you don’t do at least that, do people even go for your shitcoin?
