re: Hawk Tuah Girl Launched a Meme Coin, Everybody Lost Money, People Want Her In Jail

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What's the underlying asset of bitcoin?

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That’s not what drives the value of gold as a “currency.” When people include gold in their portfolio, it’s not because it could get used in electronics someday. It’s because a lot of people agree it’s inherently valuable. The expectation is that its value will increase over time as the dollar inflates.

The same logic drives all cryptocurrencies, and the value of those cryptocurrencies reflects how many people agree.

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Serious question: What is the difference between stuff like this and something like bitcoin...is it just that bitcoin is more widely accepted, or are they not at all the same thing?

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On some level bitcoin has more quality control, in that the supply changes at a predictable and non-manipulable rate. Nobody can just mine 10 quadrillion bitcoin or whatever and then exploit the current price for a quick buck.

But yes, in the big picture, cryptocurrencies’ values are more or less entirely driven by popularity. Bitcoin got there first and had some basic assurances that it couldn’t be a total scam like this, so it took off. This was just overtly a scam start to finish.

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I have gold and silver bars that I assure you were/are not a symbolic investment

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You haven't been paying attention.

The premise was - if our financial system totally collapsed, how much value would gold really have?

Your investment in gold and silver would not be worth much.

You can't eat or drink metals.

We would revert to a bartering economy.

Things that would have real value:

Food, seed to grow crops, water, bullets and guns, your ability to perform physical labor, and your knowledge / expertise in certain endeavors, like engineering or hunting.

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face of this fraud.

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Jim Cramer and other financial news outlets have been running pump-and-dump schemes for years and jack shite has come of it.

The market value of her coin was nearly half a Billion at one point. Once they launched, price increase exceeded 900%

If its true that her people never sold, someone had plan and made a lot of money. Could have been North Korean govt, Russia Mob, Silicon Valley nerds...

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One crypto wallet, as the publication Cointelegraph found, was able to grab 17.5 percent of the supply and then flip it for $1.3 million within just 90 minutes.

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I wonder if they are happy with the haul or feeling we could have had $50 million if we would have waited another 90 minutes,

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According to the blockchain data analyst Bubblemaps, 96 percent of $HAWK was concentrated in one cluster of related wallets as of Wednesday afternoon, indicating a high degree of coordination in these transactions.

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messages from Welch’s entertainment lawyer revealing that she had received a $125,000 advance for marketing the token from a unspecified company, and was to receive 50 percent of net proceeds from that company after third-party expenses and costs for the development and launch had been covered.

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Her investors made their money in transition fees, $2 mil sent to the Cayman Islands

Article states that coin has rebounded to $28 million in market cap

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The premise was - if our financial system totally collapsed, how much value would gold really have? Can you wrap your feeble mind around that?

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You do know that gold and other precious metals have been used as a form of currency and a store of value since ancient B.C. right? Or can you not wrap your feeble mind around that?