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Squid Game Token Plunges From $2856 to $0 in Minutes, Scammers Steal Millions

Scorpio

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Squid Game Token Plunges From $2856 to $0 in Minutes, Scammers Steal Millions​

By
Mark Arguinbaev
-
November 1, 2021

squid game token
As with every mainstream trend, there will always be a token created for it. Unless you’ve been living under a rock, chances are you’ve heard of Squid Games – the most watched show on Netflix. In dedication to the show, a token was created called Squid Game ($SQUID). The token’s price rose from $0.1$ to over $2856 within a week’s time, only to crash down to $0.003 only 10 minutes later!
squidgame lol Source: CoinMarketCap
As someone who’s been following cryptocurrencies since 2014, I can tell you I’ve never seen such a ridiculous price chart. You can’t make this up!
As awful as this sounds though, $SQUID was bound to fail from the start. The token was dubbed as a way for investors to participate in an online game inspired by the popular Korean drama.

However, there were red flags all over the place. First of all, the website had numerous spelling errors, and most importantly investors could only buy but not sell $SQUID.
Moreover, CoinMarketCap included a warning on their website about $SQUID most likely being a scam.
coinmarketcap

Tips on Avoiding Crypto Scams

While there’s no sure way to guarantee the success of a crypto project, there are a few basic checkpoints that can be verified to eliminate 99% of scams.

  • Is the code open source and available via github?
  • Has be project been verified by an unbiased third party ?
  • Does the website have good basic grammar?
These are some extremely basic requirements that any serious crypto should pass with flying colors. The biggest giveaway in these cases is that the code is not public and all the interactions are only possible via a website that can be taken down at any moment.

How much did the scammers make?

Overall the scammers made between $1-2 million on this “rug pull”. The unfortunate reality of the cryptocurrency world is that these scammers will probably never get caught.
The scammers included a 3 year liquidity lockout period for $SQUID, setting the unlock date to October 20th, 2024. As a result, nobody could ever take profits from this scam because unlike other pump and dump schemes, investors weren’t able to liquidate their SQUID efficiently.
While some news sources report that investors weren’t able to liquidate SQUID at all, this reddit thread explains how some could liquidate the SQUID using the MARBLES coin (which is part SQUID), however the process was not feasible and ended up being just another way for the scammers to get more of the users’ money.

Who’s responsible?

Usually, in cases like this all eyes turn to the exchange that hosted the sale of the token. However, in this case SQUID was traded on PancakeSwap which is a decentralized exchange, meaning anyone can list any token on the exchange provided they have enough money to begin with.
As a reminder, make sure to do due diligence and proper research before investing in any project. The unfortunately truth is most crypto projects are either scams or vaporware, however that doesn’t mean that crypto itself is doomed, it’s just the nature of the beast.

To stay up to date with the latest crypto news make sure to follow us on twitter @themerklehash

 

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The fact that any of the shit is looked at as legit is unreal. A bunch of people trading made up bullshit backed by nothing other than their belief that it is real with each other...RIP

Still trying to figure out how the Liberty dollar program was shut down but this is allowed unabated. Couldn't be by design could it?
 

ds_mustang

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That's what a chart looks like when you can buy an asset but nobody can sell it... and then the scamming creators steal all the value.

Crypto is the wild west. Anyone can make tokens and protocols and they can be released anonymously. There are a lot of cool new ideas but also a lot of stupid ideas, and a lot of scams. If you can't take responsibility for yourself, stay away. Or at least stay on coinbase.
 

the_shootist

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GOOD!
 

the_shootist

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My cigar crypto will be available soon. backed by real cuban cigars. As I smoke them the crypto will go up because there is less cigars available.
I'll take One Hundred Billion Dollars worth!

1635858835449.png
 

Buck

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The unfortunately truth is most crypto projects are either scams or vaporware, . . . . . , it’s just the nature of the beast.

when did the world get taught to view scams as "It Is What It Is"?

was it the day they stopped enforcing laws against scams like these and when they do, the victims are lucky if they get anything back?


the sheep get sheared and then they eat a cookie...
 

ds_mustang

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You guys bitching about how things are when people are actually free to do as they wish really need to do some self reflection. Do you really want what you think you want? Do you even understand what freedom looks like? Do you understand why people need to take responsibility for themselves and what that means? Or are you just pampered kids who like to talk big but can't imagine living in a reality without babysitters? Because some of ya'll sound like leftists to me when it comes to crypto.
 

Buck

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You guys bitching about how things are when people are actually free to do as they wish really need to do some self reflection. Do you really want what you think you want? Do you even understand what freedom looks like? Do you understand why people need to take responsibility for themselves and what that means? Or are you just pampered kids who like to talk big but can't imagine living in a reality without babysitters? Because some of ya'll sound like leftists to me when it comes to crypto.
you like surprises?



edit to add: it's apparent as the window on my wall, you didn't lose a dime...so...
 

the_shootist

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You guys bitching about how things are when people are actually free to do as they wish really need to do some self reflection. Do you really want what you think you want? Do you even understand what freedom looks like? Do you understand why people need to take responsibility for themselves and what that means? Or are you just pampered kids who like to talk big but can't imagine living in a reality without babysitters? Because some of ya'll sound like leftists to me when it comes to crypto.
I'm certainly not bitching about crypto scams. You constantly recommend getting into cryptos . I see too much risk in it and have chosen not to take your advice. No bitching required! You appear to be leveraging the leftist methodology against people who don't agree with you.


Just sayin...
 

ds_mustang

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I'm certainly not bitching about crypto scams. You constantly recommend getting into cryptos . I see too much risk in it and have chosen not to take your advice. No bitching required! You appear to be leveraging the leftist methodology against people who don't agree with you.


Just sayin...
I'm not recommending anything. I'm talking about what I'm doing. I spent a lot of time on it and it interests me. I haven't specifically recommended cryptos since 10 years ago when I got attacked here for suggesting it.
 

ds_mustang

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you like surprises?



edit to add: it's apparent as the window on my wall, you didn't lose a dime...so...
You think you're a genius for seeing risks in crypto? You think I don't see the risks even more clearly than you do? Here's a clue for you, there are risks in everything worthwhile. The fundamental principle of capitalism and a free society is without risk there is no reward. Communism/socialism is the opposite. Socialists want rewards with no risks (which doesn't exist and that's partly why socialism fails), and that's why you sound like an ignorant leftist to me.

Recognition of risk is just the start, the really important part is risk management. Entrepreneurs face risk and manage it to growth wealth. If you manage risk by avoiding it you'll fail at life (and be the "wicked and slothful servant" in the bible). So go tell your stories of all the scary downsides to the clueless. Some of us know the outsized rewards in crypto have been due to its outsized risks. And we know how risk can managed.
 

Buck

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you're under 35, possibly under 30...28? maybe with that silver spoon hanging out of your mouth?

as if you're tearing me apart, denigrating what i'm putting out here, that which makes you Twitch...

as if that is a bother to me...no, what's the bother to me is, why i even state my opinions here, why i would give you opportunity to Twitch a bit more...no, that would be terrible of me to violate your bubble of puppy dogs and unicorn farts


but you know, what bothers me even more is there is a night to the day...you never speak of the night

you must be asleep then

:green tea:
 

ds_mustang

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you're under 35, possibly under 30...28? maybe with that silver spoon hanging out of your mouth?

as if you're tearing me apart, denigrating what i'm putting out here, that which makes you Twitch...

as if that is a bother to me...no, what's the bother to me is, why i even state my opinions here, why i would give you opportunity to Twitch a bit more...no, that would be terrible of me to violate your bubble of puppy dogs and unicorn farts


but you know, what bothers me even more is there is a night to the day...you never speak of the night

you must be asleep then

:green tea:
I'm mid 50's, the older generation of computer scientist influenced by Space Invaders, Pac Man and the movie "War Games." I've been working non-stop since I was 16, putting myself through college because my parents couldn't afford it. However none of that has any bearing on anything.

As for "speaking of the night," there's plenty here that do that for me. The perspective that's usually missing here is the positive view, so that's what I often provide. In forums where everyone is overly gung-ho, that's where you'll find me pointing to the risks.
 

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You guys bitching about how things are when people are actually free to do as they wish really need to do some self reflection. Do you really want what you think you want? Do you even understand what freedom looks like? Do you understand why people need to take responsibility for themselves and what that means? Or are you just pampered kids who like to talk big but can't imagine living in a reality without babysitters? Because some of ya'll sound like leftists to me when it comes to crypto.
For some reason, this made me think.

It sounds defensive (maybe it's not intended that way) but it made me think.

Do we want government as the Nanny State? The Borg as Big Nurse? We just had that...still do. Incompetence, corruption, evil and a big pile of unnecessarily-dead bodies.

What DO we want? I think, Rule of Law is a shorthand summation.

Free trade, is, value-for-value. Sometimes values are misrepresented. Sometimes by a misunderstanding buyer or seller; and sometimes by fraud. Fraud cases often wind up in courts of law.

Selling a Ford Model T on time was considered value-for-value, and an enforceable contract - even though bankers of the time looked askance at buying consumer products on installments. Buying Charles Ponzi's Postal Coupons, was not considered a value trade but a fraud - and Ponzi was shut down.

Do we want unfettered trade, of anything? Without limits?

Do we know what the end result of that is? You fall into a hustle; and lose money; and then you gather up ten heavily-armed friends, and storm the swindler's home, burn it down, impale the son of a bitch, hang his wife, and feed his dead children to your dogs.

And then a hundred of the swindler's friends does the same thing to all ten of you, in a week.

No...this is why we HAVE law, and courts. To prevent anarchy, which immediately becomes Rule-By-Mob.

Here we have e-swindling. Most of us here know better than to get into this crap...but then, I knew better than to buy that damn-fool Bitcoin scam ten years ago. In my case, FOMO balances out by Fear-Of-Being-Had; but others let the FOMO urge run them. Because they're real, real smart - just ask them.

And they get looted. And only a lawless society would let such naked thefts go unchecked. And only a suicidal society would tolerate such games done in our commerce channels...it would be tatamount to buying boxes of rocks out of Best Buy's Appliance department. Take it outside, open it up, full of rocks, too bad, too sad.

No. Light, limited regulation is the best way...the kind we had before we all went SJW Woketard.
 

TAEZZAR

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The perspective that's usually missing here is the positive view
Well, that's a negative view point.
You are entitled to your opinion, no matter how wrong you are. :finished:
 

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My cigar crypto will be available soon. backed by real cuban cigars. As I smoke them the crypto will go up because there is less cigars available.

Give me a heads up please. Bill C. gave me a call, he said he is in for two.
 

Buck

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I'm mid 50's, the older generation of computer scientist influenced by Space Invaders, Pac Man and the movie "War Games." I've been working non-stop since I was 16, putting myself through college because my parents couldn't afford it. However none of that has any bearing on anything.

As for "speaking of the night," there's plenty here that do that for me. The perspective that's usually missing here is the positive view, so that's what I often provide. In forums where everyone is overly gung-ho, that's where you'll find me pointing to the risks.
thank you for that, and yes, i was hoping i was correct, for a multitude of personal reasons, but anyways...

but i kinda take offense to that last part where it does appear you're only giving us, here, one side of the coin, while you save the 'real information' and share thaat with others on other sites...almost like a pusher, regardless of the hopium being pushed, no matter the argument, we'll only get the cheerleader side of you, and your views, while discussing any crypto info here


and for that Tell...

thanks...?

:don't know:


i mean, you've got yours and i've got mine and i'm cool with it all...i'd even buy you a beer if we ever met, maybe i'd get to see a bit of what you're sharing with others...


and no, i'm not a genius...i'm a simple guy who drinks too much, is productive when i have to and will certainly call a spade a spade . . . especially if someone else is calling it a hammer

:weed:
 

gringott

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It is all good, I hope everybody gets what they want from what they get.
I personally just try to find out pro & con for my own information.
I have no need at this time for crypto. But you never know.
 

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to be fair,

many own metals or paper metals hoping on or playing the greater fool game,

wherein they will make more in illusory fiat then they spent when their time comes,

make no mistake, there are people betting big dough at risk on metals, including here on this forum

and there are quite a few who actually appreciate the metal for the long term, wherein not looking to cash it out of physical, but to pass it on to the next generation, hoping it may help them out along the way

and even some of those also play the game, shucking and jiving to make additional fiat, while getting all butthurt when the paper doesn't behave as they perceive it should or hope it would.

I used to take a hard line against any and all cryptos.

I no longer do. That is because I actually looked at myself and what I was doing. Seeing no difference than me playing paper metal games vs the crypto. Now, I do both.
 

ds_mustang

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thank you for that, and yes, i was hoping i was correct, for a multitude of personal reasons, but anyways...

but i kinda take offense to that last part where it does appear you're only giving us, here, one side of the coin, while you save the 'real information' and share thaat with others on other sites...almost like a pusher, regardless of the hopium being pushed, no matter the argument, we'll only get the cheerleader side of you, and your views, while discussing any crypto info here


and for that Tell...

thanks...?

:don't know:


i mean, you've got yours and i've got mine and i'm cool with it all...i'd even buy you a beer if we ever met, maybe i'd get to see a bit of what you're sharing with others...


and no, i'm not a genius...i'm a simple guy who drinks too much, is productive when i have to and will certainly call a spade a spade . . . especially if someone else is calling it a hammer

:weed:
I'm happy to discuss anything about gold or crypto. But many posts here are still at the level of "crypto is a scam" and most the world got past that quite a few years ago. Crypto isn't a scam, but there are many scams in crypto. Crypto is new, unregulated, quite anonymous and there are scams going on within crypto constantly. Luckily most people won't run into them because you have to be rather sophisticated to even know where and how to buy things like squid game tokens. So if you know enough to buy silly tokens like that, you should have some idea about the risk you're taking and should know not to put more into it than what you can afford to lose. Everything in crypto is like that to varying degrees. Even the big coins like Bitcoin and Ethereum, though well established might be regulated, banned, hacked, have a bug, or any number of other things that could drop their price. Smaller crypto are even more risky. You also might also lose passwords, send crypto to wrong addresses, or do other things where you lose your crypto. And of course price can just drop 80% over a year for no reason other than it went up 500% the year before--crypto is volatile.

Why would anyone take these risks? Because crypto, like gold, is another hedge against a failing fiat system. It also has incredible potential and is worth the time spent looking into it. It's also regularly been the best performing asset since it was invented.

I've been very clear on here crypto is like the wild west and isn't for everyone. To manage the risk nobody should put more in than they are willing to lose. You have to accept that it is high risk, with the potential for high return. For non-technical people that ask how to get it, I've suggested on this forum to just buy stuff on Coinbase and leave the crypto there for Coinbase to manage. I think that's rather low risk (beyond the always possible price drop). You're not going to run into scam squid game tokens on Coinbase (though there are still stupid tokens like Dogecoin on there).
 

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I never heard of squid game until 5 minutes ago.



:don't    know2:
Where you been? It's taken the spot on Netflix as their most watched show. And there's a lot of focus on debt and class warfare in it to teach the kids how evil capitalism and rich people are.
 

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Where you been? It's taken the spot on Netflix as their most watched show. And there's a lot of focus on debt and class warfare in it to teach the kids how evil capitalism and rich people are.
I am happily under a rock. Never paid for teevee in my life and never will. I do know what netfix is though my wife gets netflix DVD's in the mail all the time. I told her I'd watch zombieland if she would get it and so far I haven't seen it. I asked for it years ago.


.
 

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Where you been? It's taken the spot on Netflix as their most watched show. And there's a lot of focus on debt and class warfare in it to teach the kids how evil capitalism and rich people are.
I've been ignoring netflix on purpose and have been scanning Tubi for documentaries.
 

hammerhead

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I am happily under a rock. Never paid for teevee in my life and never will. I do know what netfix is though my wife gets netflix DVD's in the mail all the time. I told her I'd watch zombieland if she would get it and so far I haven't seen it. I asked for it years ago.


.
I requested A Fist Full of Dollars and Gran Torino and the wife got me them.
 

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I requested A Fist Full of Dollars and Gran Torino and the wife got me them.
Apparently watching a movie about zombies is stupid, but watching a bunch of actors act like they won't get to eat if they don't complete some kind of stupid pet trick is high class serious viewing. I don't think I'm missing much, but shooting zombies sounds like fun!


.
 

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I bet they bought BTC with the money...
 

Irons

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I bet they bought BTC with the money...
I would have stuck with Hookers and blow. Can't go wrong there!


:2 thumbs up:
 
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to be fair,

many own metals or paper metals hoping on or playing the greater fool game,

wherein they will make more in illusory fiat then they spent when their time comes,

make no mistake, there are people betting big dough at risk on metals, including here on this forum

and there are quite a few who actually appreciate the metal for the long term, wherein not looking to cash it out of physical, but to pass it on to the next generation, hoping it may help them out along the way

and even some of those also play the game, shucking and jiving to make additional fiat, while getting all butthurt when the paper doesn't behave as they perceive it should or hope it would.

I used to take a hard line against any and all cryptos.

I no longer do. That is because I actually looked at myself and what I was doing. Seeing no difference than me playing paper metal games vs the crypto. Now, I do both.
I can only speak for my own motivations.

I owned stonk because I wanted the profit, the revenue stream. And, yes, to grow my money - as happens with a successful, growing firm.

I started stonk ownership as a 17-year-old...an aging, eccentric relative gave me ten shares of Merck. Merck back then was a small player; not anywhere near the size of the major pharma companies. And the whole industry, back then, was run under what we now would think of as old-fashioned ethics. What we have today, would never have been tolerated back then. Ethics MATTERED.

I got the stock because the relative was liquidating his estate before death - before he even got sick. He had a sort of charitable remainder trust for the bulk of it, and gave his house to his son and started paying rent; and all the peripheral relatives who'd get token legacies, got them, then. His CRT paid him income to death, and then the charities got what was left.

Anyway. I got this stonk; and of course, my mother, his neice, wouldn't let me touch or see any of it. Wise move on her part. So it sat. And grew. The $5 quarterly dividends became $50, and then more. The value of the stonk went from $500 to $29,000. That was before their failed statin issue...cripes, what was the name of it?

I kept the stock, or, it was kept for me, and then I kept it, to grow it. And it did so.

Later I bought into M-funds with the same purpose, but by then we were partially Financialized. I got hit on the 2009 GFC, hard, and got out.

But it wasn't Bigger Fools I was looking for, but genuine, economically-sound growth.

Holding gold? I hold it for the same reason people used to hold dollars. As a sound store of value. Yes, I want to see the price of gold increase - but only because I KNOW the value of DOLLARS is DECREASING. And because I know that everything, now, is manipulated; and it would give me joy to see that their manipulation of the market-price of real money is not successful.

Just as it would give me joy to see their rigging of the capital markets, blow up in their faces. It will, and probably soon; but it sours me that they've been able to keep the fraud going for so long.

But I'm not looking for Bigger Fools. Just stability - the kind I can no longer get with stawkx.
 

Casey Jones

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I would have stuck with Hookers and blow. Can't go wrong there!


:2 thumbs up:
I can do without the blow.

But...I used to have a line in my budget, "Entertainment." It didn't mean Saturday movies.

It meant when I took a train to Columbus, Indianapolis, or Buffalo, or later, Pierre or Helena...and I used a number out of the Little Black Book...I had the wherewithal to cover the cost of admission, as it were.

Moderation in all things. Including your degrading habits.
 

Buck

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And there's a lot of focus on debt and class warfare in it to teach the kids how evil capitalism and rich people are.
i just finished the first season, at lunch today...

it's not an original idea, getting the donkey to move towards a carrot

humans have been portrayed as being worth either nothing or worth all-of-it, with very little / nothing in-between, for quite a long time

and the more people who have to suffer, in order for that human to 'get there', well, that leaves more room for misplaced empathy, more drama

in the squid games, i liked the concept of making people die, through creative means, it is entertaining, i've been participating in that, for decades...take a risk, die, another life concept / lesson of what not to do...plus i'm usually eating a tub of popcorn which makes the lesson go down that much easier


now, how it all connects to crypto, without installing the word Fad in here, somewhere, is some marketing gimmick that i don't even want to begin to understand...nope
 

Zed

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I would have stuck with Hookers and blow. Can't go wrong there!


:2 thumbs up:

Hmmmm... sounds like an epic crypto currency. Hookers & Blow for all the stuff that the wife don't know!
 

ds_mustang

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I would have stuck with Hookers and blow. Can't go wrong there!


:2 thumbs up:
Hookers, blow, and BTC. (The hooker and drug dealer probably prefer BTC anyway).
 

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This goes back to "Imma git rich wit me some squids, dawg". Like Mustang said, if they know how to even buy the squids then they surely know the risks. I guarantee poor ole granny did not get hoodwinked buying the squids.

On another point, I can almost guarantee there isn't a single pro-crypto person on this site who doesn't already have a pm stack. And I often wonder why some folks continue to try and compare the two. The only true thing they have in common is neither is a unit of debt.

Speaking for myself, I only want to help and educate those who are interested in the space. I don't know much, but I think I know a tad. What I don't understand is the constant nagging and tired one liners from folks who do not like or understand this space. We get it, we got it over four years ago or more. Yes, yes, yes, yes, yes Bitcoin is a scam, it's going to zero, grubbermint made it, you don't hold it, you don't own it, blah, blah, blah, etc. etc. etc. etc.

But for those of us who took the time to understand it, research it, use it, make un-imaginable gains on it. We're hooked, and we love it. Like it or not, most of you soured naysayers have been completely wrong for 11+ years. And you'll be wrong for the next 11+ years. I guess get used to it. And for those who decide "hey, this is actually pretty cool" (and eventually it will be many of you), I and others are here to help you out however we can.
 

Tbonz

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The fact that any of the shit is looked at as legit is unreal. A bunch of people trading made up bullshit backed by nothing other than their belief that it is real with each other...RIP

Still trying to figure out how the Liberty dollar program was shut down but this is allowed unabated. Couldn't be by design could it?
BJ, don't disagree with you. "A bunch of people trading made up bullshit backed by nothing other than their belief that it is real with each other...RIP". Kinda reminds you of modern currency for the most part, I'm guessing that at some point, somewhere in time the $$$ will join Squid Coin in the graveyard.
 

Ensoniq

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Pump and dump; now for pretend currencies to
 

BeefJerky

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You guys bitching about how things are when people are actually free to do as they wish really need to do some self reflection. Do you really want what you think you want? Do you even understand what freedom looks like? Do you understand why people need to take responsibility for themselves and what that means? Or are you just pampered kids who like to talk big but can't imagine living in a reality without babysitters? Because some of ya'll sound like leftists to me when it comes to crypto.
Personally I am all for a free for all. But without rule of law there isn't much to society. Without rules and laws I am pretty sure Shiba Inu and Monkey Jizz (was another scam crypto for real) wouldn't be around much less Bitcoin. So good luck perching on your imagined pedestal.
 

chris_is_here

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You guys bitching about how things are when people are actually free to do as they wish really need to do some self reflection. Do you really want what you think you want? Do you even understand what freedom looks like? Do you understand why people need to take responsibility for themselves and what that means? Or are you just pampered kids who like to talk big but can't imagine living in a reality without babysitters? Because some of ya'll sound like leftists to me when it comes to crypto.

Quote of the Week. Bravo.