02 November 2021

So you'd like to buy a cryptocurrency...

"Squid Game, or SQUID, [is] the latest memecoin sensation, inspired by the Netflix hit. It surged more than 230,000% in the past week to $2,861.80, according to CoinMarketCap pricing -- only to plunge 100% to less than half a cent as of Monday in New York... 

Squid Game’s boom and bust reveals another side of the crypto frenzy: The potential for demand to suddenly dry up, or worse, for developers to abandon a project and abscond with the funds in a scam known as a rug pull. Whether that’s what happened with Squid Game is still unclear, but even before the drop, there were inconsistencies around trading. CoinMarketCap posted a warning that it had received “multiple reports” that users weren’t able to sell the token on PancakeSwap, a decentralized exchange.:
Photo credit Noh Juhan/Netflix.

3 comments:

  1. I don't know how this is just fraud.

    ReplyDelete
    Replies
    1. That's what criminals and right-wing radicals like about it. There's virtually no laws, regulations, or controls. You can probably get away with financial murder as long as you're not an idiot. I'm really amazed that it's taken the governments of the world so long to crack down on this. Normally, when there's a threat to national currencies, they come down on them like a swarm of avenging angels. I mean, they'll track you for decades and throw you in prison for a decade or more for passing a fake $5 bill. My guess is that it's taking so long because the bureaucrats in charge are having troubles even grasping the concept of cryptocurrency, to say nothing about understanding what is needed to deal with the problem.

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    2. ...the bureaucrats in charge are having troubles even grasping the concept of cryptocurrency, to say nothing about understanding what is needed to deal with the problem."

      But... what IS needed to deal with the problem? I don't know either. My neighbor across the street told me he is "thinking about getting into cryptocurrency" and I didn't even know what to say.

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