Topic: Crypto space: A Wild Wild West (Read 376 times)

Scammers can exploit people's emotions to their advantage if they can manipulate their emotions.

I remember watching the Squid games series on Netflix and not a single soul that I recommend the series for hated it, I mean we all like the Squid games, people were so into the twisted plots and we never got tired of talking about it.

Later these scammers come up with Squid Game token, this is an unauthorized altcoin that's based on the Netflix series.

 

People got too emotional about this release, in a matter of weeks, this Squid Game token went through the roof, the token was almost 3000$ per token.

The funny part is, CNBC, Business Insider, and even Forbes covered this scam token, I believe it got that much attention through these big news outlets.

Later people who invested in this fake Squid Game token started complaining that they aren't able to sell on the open market, I believe this was the creator's plan all along, some people who smell danger right from the beginning where able to sell, but the majority couldn't sell any token.

When there's a project that seems to be released during a hype of a TV series or anything that has become popular lately. The first thing to do is to look for official announcements from the management that thing, production, company or anything as long as they're related to the officials of it. It's obvious that there have been scammers around and they'll do everything to fool people and that's why even in real life, there are scammers that are obtaining the same name trying to imitate the popular people in the verse.

The project going up to 13000% doesn't mean its longevity in the market is sure cause it's simple for every scam project to go that big once the dev pumps millions into it and adds the influencer advertisement to it.
What's important is the project concept and until investors understand the crypto business and not a venue for greed, quick profit, and joke there will always be investors that will be victims of this joke project that's built on a movie title.

The squad game scam is one of the highest I have ever witnessed, and a few of my friends were victims of it. Just imagine a project that went up 13000% just a few days after it was launched, thanks to the hype it got from its movie series supporters.

Scammers can exploit people's emotions to their advantage if they can manipulate their emotions.

I remember watching the Squid games series on Netflix and not a single soul that I recommend the series for hated it, I mean we all like the Squid games, people were so into the twisted plots and we never got tired of talking about it.

Later these scammers come up with Squid Game token, this is an unauthorized altcoin that's based on the Netflix series.

 

People got too emotional about this release, in a matter of weeks, this Squid Game token went through the roof, the token was almost 3000$ per token.

The funny part is, CNBC, Business Insider, and even Forbes covered this scam token, I believe it got that much attention through these big news outlets.

Later people who invested in this fake Squid Game token started complaining that they aren't able to sell on the open market, I believe this was the creator's plan all along, some people who smell danger right from the beginning where able to sell, but the majority couldn't sell any token.

People wished for this project to work out, because they like the series, someone living nearby introduced this project to me but with the past experience I've gotten through crypto rumbles, I knew it is not a safe investment, I couldn't confused him because he believed, he learnt his lessons few weeks later when he could not sell.

👇*LEARN FROM THIS*👇

•Even if a big Business news channel are talking about a project, it doesn't make it a scam-free project.

•Scammers always like to use whatever is currently making waves in the crypto space to take advantage of the people.

•Right now, there is nothing else that's captured the public imagination like cryptocurrencies, the number of scammers in this crypto space is very big.

•Scams attracts people faster than something legit because something legit takes time, only fraud and scams rushed in attracts people fast.

The problem doesn't end with Phishing, exchange hacks, or social engineering frauds only, learn to control your emotions when people are rushing after something, most of the time, it's probably a scam, it is not going to end well.

~snip~

People should change their attitude towards crypto, that's for sure. Most new tokens are scam, especially ones created on ETH chain and you have to live with it.
I never fall victim of these scams because I tend to stay as far away as I can. People who get lured in are usually greedy, want to get something for nothing. They think they'll put in $100 into a new project and sell it for $1000 in a month because some celebrity youtuber did it. Get real people and you won't lose money on "shit game" tokens like this one.

Why do you say that the crypto space doesn't have investment opportunities or it doesn't create something that is actually used by people? There are a lot of projects that provide real and good usages for people, and there are also coins that provide great investment opportunities, Bitcoin is on the top of that list along with some other altcoins.

The fact that there are pump-and-dump coins and tokens doesn't necessarily apply to every single cryptocurrency within the space. I know that there are projects with no real usage opportunities that only exist because they are traded and you can say that about such projects but not for all.

But if a coin is rising slowly, doesn't invest millions in marketing, it still can be a scam. And if it's not a scam, it's probably just a shitcoin that won't create anything valuable.

Crypto space doesn't have good investment opportunities. It doesn't create something that is actually used by people, and as the result creates value for investors. It only has speculation opportunities - you buy low and the price increases because other people bought after you. Eventually the price crashes and those who bought the latest suffer a loss.

I am still making money off axie infinity game, what do you mean by crypto doesn't create something that is actually used by people? Yet we are been rewarded for playing games, staking coins, etc.
 

The speculation opportunity is right but it's not entirely true, It sounds as if crypto projects won't survive if there is no speculation, I wonder what keeps these projects alive in a bear market then, because nothing great is going on right now, all of their coins and tokens should have just died.

But if a coin is rising slowly, doesn't invest millions in marketing, it still can be a scam. And if it's not a scam, it's probably just a shitcoin that won't create anything valuable.

Crypto space doesn't have good investment opportunities. It doesn't create something that is actually used by people, and as the result creates value for investors. It only has speculation opportunities - you buy low and the price increases because other people bought after you. Eventually the price crashes and those who bought the latest suffer a loss.

In order to gain a deeper understanding of crypto, new crypto investors should start with Bitcoin, and learn why it differs from other altcoins.

Whenever I teach someone about crypto, I will only discuss Bitcoin, as this will give us both peace of mind, and prevent the possibility of losing money to scammers.