intercst
3 Likes
Crypto is over my head,lol. Why would somebody bid an unknow, undocumented ( if that’s the right word ) crypto coin up so the kid walks away with $50k ?
Hope the kid realizes he’s “famous” now, the IRS will expect their cut of that short term capital gain. ( assuming we still have an IRS by April of 2026 ))
3 Likes
I think that transaction took place in November 2024. The IRS will expect its take by April of this year. Maybe he’s created short-term capital gains losses elsewhere to zero out the tax liability? – seems like a resourceful young man. Perhaps a future financial advisor.
intercst
3 Likes
Crypto Coins (CC) accelerate Climate Change (CC).
Ban CCs.
The Captain
3 Likes
The story goes on, apparently:
The backlash was swift and ferocious. A torrent of abuse began to pour into the chat log on Pump.Fun, from traders who felt they had been swindled. “You little f***ing scammer,” wrote one commenter. Soon, the names and pictures of Biesk, his son, and other family members were circulating on X. They had been doxed. “Our phone started blowing up. Just phone call after phone call,” says Biesk. “It was a very frightening situation.”
As part of their revenge campaign, crypto traders continued to buy into Gen Z Quant, driving the coin’s price far higher than the level at which Biesk’s son had cashed out. At its peak, around 3:00 am PT the following morning, the coin had a theoretical total value of $72 million; the tokens the teenager had initially held were worth more than $3 million. Even now the trading frenzy has died down, they continue to be valued at twice the amount he received.
… and …
On December 1, after a two-week hiatus, Biesk’s son returned to Pump.Fun to launch five new memecoins, apparently undeterred by the abuse. Disregarding the warnings built into the very names of some of the new coins—one was named test and another dontbuy—people bought in. Biesk’s son made another $5,000.
/ headshake
5 Likes
Crypto is all about gambling. It is like walking into a casino. You know you will lose, but people do it anyway.
4 Likes