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Surprised that no one noted this cryptocurrency scam
Posted by: pdq
Date: November 04, 2021 06:18AM
Gizmodo:

Quote

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.
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Re: Surprised that no one noted this cryptocurrency scam
Posted by: deckeda
Date: November 04, 2021 07:21AM
Saw it. To me they’re all scams one way or another if they involve cryptocurrency.
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Re: Surprised that no one noted this cryptocurrency scam
Posted by: pdq
Date: November 04, 2021 07:43AM
Another scam - a more prosaic phishing crypto-related scam has stolen $500k over the last few days.
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Re: Surprised that no one noted this cryptocurrency scam
Posted by: Fritz
Date: November 04, 2021 07:45AM
crypto Nigeria



!#$@@$#!
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Re: Surprised that no one noted this cryptocurrency scam
Posted by: robfilms
Date: November 04, 2021 07:49AM
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
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Re: Surprised that no one noted this cryptocurrency scam
Posted by: Fritz
Date: November 04, 2021 07:51AM
what rob said x2



!#$@@$#!
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Re: Surprised that no one noted this cryptocurrency scam
Posted by: ztirffritz
Date: November 04, 2021 08:45AM
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]#
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Re: Surprised that no one noted this cryptocurrency scam
Posted by: Fritz
Date: November 04, 2021 09:30AM
"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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Re: Surprised that no one noted this cryptocurrency scam
Posted by: Lux Interior
Date: November 04, 2021 10:05AM
Quote
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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Re: Surprised that no one noted this cryptocurrency scam
Posted by: DeusxMac
Date: November 04, 2021 10:17AM
Quote
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”.
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Re: Surprised that no one noted this cryptocurrency scam
Posted by: Racer X
Date: November 04, 2021 11:20AM
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]
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Re: Surprised that no one noted this cryptocurrency scam
Posted by: wave rider
Date: November 04, 2021 11:54AM
I keep hoping someone will hack the block chain and ruin all bitcoins.



=wr=
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Re: Surprised that no one noted this cryptocurrency scam
Posted by: pdq
Date: November 04, 2021 01:02PM
Quote
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”.
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Re: Surprised that no one noted this cryptocurrency scam
Posted by: freeradical
Date: November 04, 2021 01:32PM
It's not a lot of their assets, but still...


Quote

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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Re: Surprised that no one noted this cryptocurrency scam
Posted by: ztirffritz
Date: November 04, 2021 02:48PM
Quote
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?



**************************************
MacResource User Map: [www.zeemaps.com]#
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Re: Surprised that no one noted this cryptocurrency scam
Posted by: Racer X
Date: November 04, 2021 06:26PM
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.



********************************************
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]
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Re: Surprised that no one noted this cryptocurrency scam
Posted by: Carnos Jax
Date: November 05, 2021 03:26AM
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).
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