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Solana Saga smartphone sells for up to $5K on eBay as Bonk frenzy causes sell-out (cointelegraph.com)

submitted 11 months ago by Moonrise2473@feddit.it to c/technology@lemmy.world

16 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 37 points 11 months ago (15 children)

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

[–] Moonrise2473@feddit.it 24 points 11 months ago (14 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 16 points 11 months ago (2 children)

What a massive waste of resources.

[–] WHYAREWEALLCAPS@kbin.social 3 points 11 months ago (1 children)

Crypto in a nutshell right there.

[–] stoy@lemmy.zip 1 points 11 months ago

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

It madness...

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