Gizmodo:

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The anonymous hucksters behind a Squid Game cryptocurrency have officially pulled the rug on the project, making off with an estimated $3.38 million. Remember on Friday morning when Gizmodo told you it was an obvious scam? It was only obvious because investors could purchase the crypto but couldn’t sell it. But plenty of people didn’t get the warning in time.

The SQUID cryptocurrency peaked at a price of $2,861 before plummeting to $0 around 5:40 a.m. ET., according to the website CoinMarketCap. This kind of theft, commonly called a “rug pull” by crypto investors, happens when the creators of the crypto quickly cash out their coins for real money, draining the liquidity pool from the exchange.

Also called take the money and run. (Something PT Barnum was reputed to have said comes to mind too, but I’ll let that remain unsaid).

No matter. There’s still lots of other tulip bulb vendors out there.

Saw it. To me they’re all scams one way or another if they involve cryptocurrency.

Another scam - a more prosaic phishing crypto-related scam has stolen $500k over the last few days.

crypto Nigeria

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i am not a cryptocurrency believer.

i am utterly fearful this nonsense will soon infect the financial markets with the coming waves of etfs.

i would move my money in a nanosecond the moment any financial instrument i have invested in moves towards crypto in a search for "higher yields".

ymmv.

rob

what rob said x2

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There's a great book by Jacob Goldstein from NPR's Planet Money about money, called aptly enough, 'Money: The Story of a Made Up Thing'. I doubted that anyone could possibly write an entire book about Money and make it interesting, but I was wrong. I didn't trust Crypto before reading this. Now I don't trust ANY money. Paper, Gold, Stones, Shells, Crypto...it all has a fatal flaw in that it only has value if someone else values it.

[www.amazon.com]

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MacResource User Map: [www.zeemaps.com]#

"Now I don't trust ANY money. Paper, Gold, Stones, Shells, Crypto...it all has a fatal flaw in that it only has value if someone else values it. "

Owen values his whiskers ...

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ztirffritz
it all has a fatal flaw in that it only has value if someone else values it.

The thin veneer of civilization.

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Fritz
"Now I don't trust ANY money. Paper, Gold, Stones, Shells, Crypto...it all has a fatal flaw in that it only has value if someone else values it.

But of course that was true BEFORE “money”. That chicken you want to use to barter for grain only succeeds if “someone else values it”.

But at least back in the gold and silver standard days here in the US, the gold and silver had actual value worldwide.

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The police have no duty to respond. See Castle Rock v. Gonzales, 545 U.S. 748 (2005) or Warren v. District of Columbia[1] (444 A.2d. 1, D.C. Ct. of Ap. 1981)

[www.youtube.com]

I keep hoping someone will hack the block chain and ruin all bitcoins.

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=wr=

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wave rider
I keep hoping someone will hack the block chain and ruin all bitcoins.

I doubt it would matter. The blockchain is just an excuse that makes Bitcoin “valuable”.

It's not a lot of their assets, but still...

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The pension fund for Houston’s firefighters is tip-toeing into cryptocurrency investing.

The Houston Firefighters’ Relief and Retirement Fund, which has $5.5 billion of assets, said it invested $25 million in Bitcoin and Ether through NYDIG, a Bitcoin-focused subsidiary of asset manager Stone Ridge.

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Racer X
But at least back in the gold and silver standard days here in the US, the gold and silver had actual value worldwide.

Only if someone else wants gold or silver. Otherwise, they're just another metal with good electrical and thermal conductivity properties, poor mechanical properties, and high density. If there's a famine, what's worth more? Gold or Chicken?

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MacResource User Map: [www.zeemaps.com]#

Well, gold and silver will always have value unless we get knocked back to the 19th century tech. Even then it will have at least modest value.

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The police have no duty to respond. See Castle Rock v. Gonzales, 545 U.S. 748 (2005) or Warren v. District of Columbia[1] (444 A.2d. 1, D.C. Ct. of Ap. 1981)

[www.youtube.com]

This is why I only stick with Bitcoin and Etherium (they’re the biggest players) and why I only deal with their equivalent ‘ETFs’ (GBTC & ETHE) instead of holding coins directly (a lot less likely to be scammed).