The fuck are dev coins?

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.

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.

I guess the GTA VI leaker is tying to establish a "principles"-backed cryptocurrency?

Thank you. I marked you as "Meme Coin Guy" in my Lemmy client.

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.

theres a crypto pump and dump playbook, this is just standard procedure in luring in your potential marks

Given that, wouldn't the next play to be to have a set of accounts each with a "reasonable" number of coins each? Then as confidence builds in the coin, these smaller positions can liquidate over time.

it’s a public ledger and so it would still be known which wallets received the initial coins; but also, you can’t know how many is reasonable without knowing what the price per coin will end up at

Claims not doing it for the money

Starts some crypto scam

Totally makes sense.

That sounds pretty negative. What about "Explainer of Meme Coins"?

The absolute number is meaningless without knowing the total amount of coins he has free access to.

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"

Yeah, the main account has had all their coins burned but not the 7 largest whale accounts that are totally not Cyberleek.

Doesnt matter.
A burned million is a burned million.

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?

Oh, whooshed myself

Small network fee to deploy the contract. For a simple one, probably like $1. And this guy minted himself billions of 207M 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.

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.

It absolutely matters.

Except it's not a million. Not really. It's probably 100k at absolute most.

Not in my books.

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.

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?

Right.

1 - Initial coins received by developer.
2 - Developer starts wallets #2 through #10 that obtain the coin. Coins are nearly free and only cost processing power.
3 - Others obtain coins.
4 - Developer destroys developer coins.
5 - Confidence is coin grows.
6 - Wallets #2 through #10 make trades with each other. Maybe one goes silent after a bit.
7 - At each new high, or something, a few of the wallets sell some coins.
8 - Repeat over next 20 years.

Yes and no; what you're describing is a thing and it's called pre-mining. In the most efficient version of pre-mining you'd mine on your own hardware before releasing the code so that with literally the minimum possible compute power you'd still get 100% of the coins since there is no one else on the network, there is not even a network.

The "coin" in the OP here is really more of a token, and people use the terms interchangeably but there is a difference that matters here; a coin typically has its own blockchain, like bitcoin does, while a token operates inside of another network, like how you can trade the USDC token on the ethereum network. There's no blockchain for the token USDC, but there is a coin for the network the token runs on (ETH for ethereum, SOL for solana).

This token is on the solana network where creating a token means creating a "mint" through the shared token program, and the mint records the total supply anbd who's allowed to create more token. There's a version of step 2 that applies here, it's called bundle sniping. It works in a very similar way but requires no mining and just the transaction cost within the network it runs on (in this case the solana network), in which you (the "developer") buy coins very quickly after the token launches,using other pseudonymous wallets, while the prices are still really low.

In any case, like I said, public ledger. The fact that these strategies are so played out as to have names mean it's also pretty easy to find out if someone did this; for any given token you can see which wallets hold the most of that token and where they got them. There are even automated tools with some of the most ai-gen looking websites i've seen in my life (rugcheck and bubblemaps are 2)

If this all sounds like dumb bullshit; welcome to crypto :-)

just to add; i don’t know if the guy that made this coin did such a thing, i didn’t check. if you buy this coin you get what you get and i should sue op for making me think about crypto again

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?

Wait, what? I'm ootl, they are selling the clips and people are buying them? People have really lost it over this game. Lmao

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.

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.

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.

...

Ever heard of a fool and his money?

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.

Same as gold and any other commodity xD

Basically how trading works.

In general, yes

In this case it's more like if everyone is selling eggs $1/egg, but the tag shows the price based on the last transaction, so when someone buys an egg for $10 you suddenly increase everyone's worth ten times. If they start selling the price may collaps faster than they can sell

no, you see, Yiffyean Dollar also uses the dollar sign for its currency.

Thank you for taking the time to explain. I appreciate it.