This is what is going to happen to all meme cryptocurrencies

[Vic]

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.

www.cnn.com

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.

 

[SmCaudata]

Not to mention the massive impact on the environment this is having. I don't really think it's possible to consider yourself concerned about the environment while engaging in the crypto market.

 

[Lost_in_the_HTTP]

Lock'em up!!!

 

[hal2kilo]

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.

www.cnn.com

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.

Almost sounds like the collectables market.

 

[UNCjigga]

Trick question—which cryptocurrency *isn’t* a meme crypto?

 

[interchange]

Trick question—which cryptocurrency *isn’t* a meme crypto?

Ethereum as a platform has real applications and is transitioning to proof of stake to validate the ownership instead of proof of work drastically cutting down the energy impact.

In my view none are currency. Just commodity.

 

[Homerboy]

screw crypto currencies. I don't care one bit if people investing $1 or their life savings get taken wiped out. Get rid of them all for good.

 

[SmCaudata]

Ethereum as a platform has real applications and is transitioning to proof of stake to validate the ownership instead of proof of work drastically cutting down the energy impact.

In my view none are currency. Just commodity.

Cardano was proof of stake before that. Reduced energy, but still high.

You are also right in that none are currencies. Too volitile for that.

 

[HomerJS]

Ethereum as a platform has real applications and is transitioning to proof of stake to validate the ownership instead of proof of work drastically cutting down the energy impact.

In my view none are currency. Just commodity.

What do you mean Eth has real applications. I'm kinda ignorant on a lot of this crypto stuff

 

[HomerJS]

Cardano was proof of stake before that. Reduced energy, but still high.

You are also right in that none are currencies. Too volitile for that.

Didn't energy reduce because after a transition to proof of stake the mining difficulty increases thereby making it a lot less profitable to mine so people stop?

 

[SmCaudata]

Didn't energy reduce because after a transition to proof of stake the mining difficulty increases thereby making it a lot less profitable to mine so people stop?

I'm not an expert, but my understanding is that it is time based, rather than computational based. This means those power hungry rigs didn't give you a leg up. It's possible then those miners moved away from Eth, but Eth has increased since switch to proof of stake.

 

[brycejones]

Didn't energy reduce because after a transition to proof of stake the mining difficulty increases thereby making it a lot less profitable to mine so people stop?

Proof of stake cutover for eth doesn’t happen until next year now. But yes they are expecting to cut network power consumption by more than 90% once that is done.

 

[Zorba]

Almost sounds like the collectables market.

I don't fully disagree, but at least there is a tangible item with collectables that usually has limited availability.

 

[Thump553]

There is always a need and desire for hucksters and the latest fad, whether it be the Franklin Mint, Beany Babies or crypto currency. Frankly I never understood the appeal of a fiat currency that lacks even the backing of a government.

 

[Vic]

I don't fully disagree, but at least there is a tangible item with collectables that usually has limited availability.

I agree with you, except that a problem with collectibles is that a large number of the items are not actually rare, and many of the grading and auction companies go to great lengths to hide that from retail consumers. There's also a great deal of price manipulation, such as large collectors of certain items will outbid any auction below a certain price.
Just look at what's going on with the Wata Games scandal with classic video games. Granted, those old games probably aren't going to $0, but a lot of folks are still standing to lose a lot of money.

 

[Shmee]

Coins are good. Well, some of them anyway. I myself like ETH, and there are some other interesting ones for sure. Anyone who says to ban them needs to have their head examined. Or have the govt take all their assets, see how they like it. Crypto is the future!!! Also I love Dogecoin, so cute.

 

[Fenixgoon]

Coins are good. Well, some of them anyway. I myself like ETH, and there are some other interesting ones for sure. Anyone who says to ban them needs to have their head examined. Or have the govt take all their assets, see how they like it. Crypto is the future!!! Also I love Dogecoin, so cute.

notsureifserious.gif

 

[Zorba]

Nm

 

[DisarmedDespot]

While blockchain is valuable technology,

Nope.

We're well over a decade into the blockchain age and the only real use-case that isn't blatantly illegal is crypto speculation. There's a reason Microsoft dropped its blockchain offering and why IBM's stopped all development for theirs. Blockchain is a crappy old tech that really doesn't do anything useful and no one wants it once the hype isn't in the picture.

 

[Vic]

Nope.

We're well over a decade into the blockchain age and the only real use-case that isn't blatantly illegal is crypto speculation. There's a reason Microsoft dropped its blockchain offering and why IBM's stopped all development for theirs. Blockchain is a crappy old tech that really doesn't do anything useful and no one wants it once the hype isn't in the picture.

Well, in that case, I'd say even BTC is going to $0, but money laundering and tax evasion are valuable things too to the right (wrong?) people.
We'll see how this works out but all of the markets are looking awfully bubbly to me. Cryptos especially as there doesn't appear to be any prospect of ROI besides hoping that the next guy is willing to pay more than you did.

 

[Moonbeam]

25 Therefore I say unto you, Take no thought for your life, what ye shall eat, or what ye shall drink; nor yet for your body, what ye shall put on. Is not the life more than meat, and the body than raiment?

26 Behold the fowls of the air: for they sow not, neither do they reap, nor gather into barns; yet your heavenly Father feedeth them. Are ye not much better than they?

27 Which of you by taking thought can add one cubit unto his stature?

28 And why take ye thought for raiment? Consider the lilies of the field, how they grow; they toil not, neither do they spin:

29 And yet I say unto you, That even Solomon in all his glory was not arrayed like one of these.

30 Wherefore, if God so clothe the grass of the field, which to day is, and to morrow is cast into the oven, shall he not much more clothe you, O ye of little faith?

31 Therefore take no thought, saying, What shall we eat? or, What shall we drink? or, Wherewithal shall we be clothed?

32 (For after all these things do the Gentiles seek; for your heavenly Father knoweth that ye have need of all these things.

33 But seek ye first the kingdom of God, and his righteousness; and all these things shall be added unto you.

34 Take therefore no thought for the morrow: for the morrow shall take thought for the things of itself. Sufficient unto the day is the evil thereof.

 

[njdevilsfan87]

Nope.

We're well over a decade into the blockchain age and the only real use-case that isn't blatantly illegal is crypto speculation. There's a reason Microsoft dropped its blockchain offering and why IBM's stopped all development for theirs. Blockchain is a crappy old tech that really doesn't do anything useful and no one wants it once the hype isn't in the picture.

Neither Microsoft nor IBM can simply just create a functional blockchain that is anywhere near as secure as the current Bitcoin and Ethereum networks, and in any sort of cost effective manner. It's better to just build on top of existing networks. That's why Ethereum is being referred to as internet 2.0. Because everything is going to built on top of Ethereum once it can scale.

Even if you need your entire own blockchain, do it on a shard of Ethereum once that update arrives, or even a parachain of Polkadot which are just being released. Because the pre-existing network security and validators are already all there, and all you have to do is pay for the transactions. There's no infrastructure you need to setup, as Microsoft and IBM probably learned the hard way, and thus have deferred for the technology to evolve a little more on its own.

 

[DisarmedDespot]

Neither Microsoft nor IBM can simply just create a functional blockchain that is anywhere near as secure as the current Bitcoin and Ethereum networks, and in any sort of cost effective manner. It's better to just build on top of existing networks. That's why Ethereum is being referred to as internet 2.0. Because everything is going to built on top of Ethereum once it can scale.

Even if you need your entire own blockchain, do it on a shard of Ethereum once that update arrives, or even a parachain of Polkadot which are just being released. Because the pre-existing network security and validators are already all there, and all you have to do is pay for the transactions. There's no infrastructure you need to setup, as Microsoft and IBM probably learned the hard way, and thus have deferred for the technology to evolve a little more on its own.

Which Eth update are you talking about? The PoS fork? There's already PoS coins, why is Eth special besides having a higher price?

 

[TheVrolok]

Not to mention the massive impact on the environment this is having. I don't really think it's possible to consider yourself concerned about the environment while engaging in the crypto market.

I think the NYT recently had an article on this, it's absolutely ridiculous.

 

[ultimatebob]

Dogecoin seems to have a pretty loyal fanbase. It's been around for years now, and I don't think that it's going away any time soon.

Those lameassed Dogecoin clones like SHIB and Floki are probably going to end up becoming worthless, though. Like the Squidgame token, they're likely going end up being remembered as a pump and dump scam. Hell... most of these Dogecoin clones aren't even real cryptocurrency, and are just Ethereum tokens that were created as a smart contract on the Ethereum blockchain. Any wannabe scammer with a rudimentary understanding of JSON and a couple of hundred bucks for the smart contract creation fee can create one of these in an hour.

Hell, I created two of them myself just to prove how easy it was a few years ago. One of those was Coolcoin, which I used to hand out as rewards for cool ATOT posts.