this post was submitted on 20 Dec 2023
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Technology

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58
Solana Saga smartphone sells for up to $5K on eBay as Bonk frenzy causes sell-out (cointelegraph.com)
submitted 2 years ago by Moonrise2473@feddit.it to c/technology@lemmy.world
9 comments fedilink hide all child comments
 

This is genius.

Nobody wants to buy your crypto phone? Your warehouses are full and bills starts piling? Just create some monopoly money and give it to who buys that phone.

So now crypto is not only wasting the electricity for the most inefficient payment method ever created (for Bitcoin it takes a whole day to verify a number of transactions that Visa/Mastercard can do in less than a second) but also producing and shipping a phone all around the world, just for getting that monopoly money, then immediately trash the phone

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[–] Warl0k3@lemmy.world 39 points 2 years ago (1 children)

What in the good goddamn does that headline mean. I'm not old enough to be this baffled.

[–] Moonrise2473@feddit.it 27 points 2 years ago (3 children)

Solana (a company that created a crypto coin) created a $700 smartphone dedicated to crypto and other shitcoins. It was a massive failure. Nobody bought it. Until they created a new coin from thin air, and gave that for free to phone owners. Suddenly everyone wanted to buy the phone as you could get $900 by getting buying the phone, getting the free coins, immediately sell them, throw the phone.

Video review of the phone https://www.youtube.com/watch?v=hRSMJGs0YMg

[–] stoy@lemmy.zip 18 points 2 years ago (1 children)

What a massive waste of resources.

[–] WHYAREWEALLCAPS@kbin.social 3 points 2 years ago (1 children)

Crypto in a nutshell right there.

[–] stoy@lemmy.zip 1 points 2 years ago

Oh yeah, millions of computers calculating the next lucky useless number that an algorithm has decided is valuable.

It madness...

[–] PipedLinkBot@feddit.rocks 5 points 2 years ago

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[–] MonkderZweite@feddit.ch 4 points 2 years ago (1 children)

Why does anybody want that coin?

[–] Moonrise2473@feddit.it 2 points 2 years ago (1 children)

it's a meme coin so apparently it gives 100x value

[–] Neato@kbin.social 0 points 2 years ago

I remember when doge coin was a joke and was worth nearly nothing. sigh