- Jun 12, 2001
Squid Game crypto plunges to $0 after scammers steal millions of dollars from investors
A digital currency based off the popular Netflix series "Squid Game" is trading at $0 after its creators cashed out, effectively stealing an estimated $2.1 million from investors.
For those who aren't aware, there is a massive trend of pump and dump schemes among meme cryptos, with SQUID being just the latest example. All of them are scams, and will go to $0. Yes, even Elon's beloved DOGE.
While blockchain is valuable technology, the fallacy behind cryptocurrencies lies in the belief that they are an alternative of fiat currencies when in fact they are all fiat currencies, but without the backing and credit of any kind of accountable governing body.
As such, they are all purely speculative investments, most of which are controlled by only a tiny percentage of their respective investor pools. And as the only real value of cryptos, besides speculation, is for the facilitation of criminal activities, it is inevitable that regulation will eventually put an end to these ponzi schemes.
Enjoy the ride while it lasts.