SQUID

Left-Interaction-414

Indeed. Gives me extreme SQUID token vibes

TheStellarPharmacist

SQUID

Quistiswoo

I was a crypto millionaire with SQUID but just couldn’t draw the money out. Does that count?

Strange-Scientist965

I'm assembling the cast for SQUID GAME season 2, so far we have do kwon, Su Zhu, celcius ceo, and Bill hwang

Laughingboy14

SQUID to $404 confirmed!

InvestigatorEasy1808

Just put all of my SQUID profits into this, looks very promising

pukem0n

SQUID. I wanted to be part of the meme and it was nice, but after two weeks everybody has forgotten.

Optimal_Store

Small talk dude. I’m still investing in SQUID wassup?

PrinceZero1994

By that definition, then it is a slow rug pull. It's basically a better SQUID.

lorenzomofo

Alright, what is the 95th top rated coin? Hell, what is the 50th top rated coin? It better not be something like SQUID Coin.

howmanytaylors

1 SQUID

DDaBeast4

1 SQUID

norwegianmorningw00d

From SQUID to LUNA to CEL. Biggest crypto scandals post 2020 halving. I got to be missing some though.

AlcoholicShinobi

$SQUID making a comeback. Calling all gullible people, kindly invest now!!

One_Landscape541

Tell that to SQUID

norwegianmorningw00d

SQUID

turbosecchia

All crypto investors always told me that bear markets make you rich. And I took their advice to heart, and structured my portfolio in order to maximise the chances of me experiencing a bear market. Rate my portfolio: - LUNC - SQUID - WILL SMITH SLAP TOKEN - EVERGRANDE - DOGEKWON - LEHMAN BROTHERS

Laughingboy14

SQUID 2: Electric Boogaloo

ChristianMan710

SQUID all over again

kirtash93

SQUID

CointestAdmin

#Binance Coin Con-Arguments Below is an argument written by dexe678 which won 2nd place in the Binance Coin Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Cons Arguments for BNB: > > 1. **Centralization:** > > BNB is a centralized coin, I don't think we can claim otherwise. There are only 21 validators on the BNB smart chain, and 11 on the BNB chain. Binance aims to add more to the BSC one, and bring that number to 41 but that still awfully centralized. > > The BNB chain is here for staking and governance, and elect the node that runs on the BNB smart chain. First, this means, the more BNB you have, the more governance power you have on electing node, second Binance holding the most BNB, shortcut would say, Binance choose which node get elected. Third, this is confusing, why having 2 chains and not 1. > > 2. **Innovation** > > Does the BNB brings any innovation to the blockchain eco-system? Not really, all seems to be just a copy of something already existing. Eg. BNB smart chain is a copy of Ethereum 2.0 in a way, Pancake Swap is a copy of UniSwap, and so on. > > 3. **Utility** > > Utility of the BNB coin relies mainly on Binance CEX. Now, if you use Binance exchange, sure you can get some benefit of holding some BNB. But if you're not, the only utility it brings you is just speculating on that coin, and hope it will go up or go play casino on Pancake Swap. > > 4. **Pancake Swap** > > if you look for the next shitcoin, Pancake Swap is the place. While this DEX works more or less OK, there are still some issues I encountered while using it, issue I didn't have so far with other dex. The good and the bad things regarding BNB smart chain is that it's really easy to create a token and get it listed there. This obviously brings more bad that good, with the rise of scam coins, like the famous SQUID. > > ​ > > some references I used : > > [https://bscscan.com/validators#](https://bscscan.com/validators#) > > [https://www.binance.com/en/support/announcement/854415cf3d214371a7b60cf01ead0918](https://www.binance.com/en/support/announcement/854415cf3d214371a7b60cf01ead0918) > > [https://twitter.com/WilsonWithiam/status/1381420702918664194/photo/1](https://twitter.com/WilsonWithiam/status/1381420702918664194/photo/1) > > [https://fullycrypto.com/bsc-is-centralized-ethereum-fork-says-messari-researcher](https://fullycrypto.com/bsc-is-centralized-ethereum-fork-says-messari-researcher) ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/ru2lzs/top_10_binance_coin_conarguments_january_2022/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_binance_coin=) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/v2re03/monthly_optimists_discussion_june_2022/).

NotRyanPoles

This is why I hodl SQUID. Can't lose money if you can't sell.

Deadpoulpe

Good luck with that, may I remember you that people invested a lot of money in freakin SQUID ? A shitcoin that *explicitly* announced that you couldn't draw back your money ?

EmbarrassedBlock1977

On the contrary. You best learn from others' mistakes and this place is/was good for that! SQUID, UST, LUNA, LUNA 2.0, SHIB, ELONCUM,... These made me more weary and sceptical towards others.

ersleid

It's a dead project. If there's any random pump, it'll only be due to degens pumping it. IMO, it's the same as seeing a rugged coin or project that has no active development anymore. Let's take SQUID for example. Is it a continuous straight line downward? Probably not. Will it have small spikes from time to time? Possibly. *Is it a good idea*? You can decide 😂

odinfish3933

I'm going to guess blue refinanced their house and went all in on SQUID

PrinceZero1994

Reminder that SQUID rugged not once but twice. Gamblers gamble.

CointestAdmin

#Binance Coin Con-Arguments Below is an argument written by dexe678 which won 2nd place in the Binance Coin Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Cons Arguments for BNB: > > 1. **Centralization:** > > BNB is a centralized coin, I don't think we can claim otherwise. There are only 21 validators on the BNB smart chain, and 11 on the BNB chain. Binance aims to add more to the BSC one, and bring that number to 41 but that still awfully centralized. > > The BNB chain is here for staking and governance, and elect the node that runs on the BNB smart chain. First, this means, the more BNB you have, the more governance power you have on electing node, second Binance holding the most BNB, shortcut would say, Binance choose which node get elected. Third, this is confusing, why having 2 chains and not 1. > > 2. **Innovation** > > Does the BNB brings any innovation to the blockchain eco-system? Not really, all seems to be just a copy of something already existing. Eg. BNB smart chain is a copy of Ethereum 2.0 in a way, Pancake Swap is a copy of UniSwap, and so on. > > 3. **Utility** > > Utility of the BNB coin relies mainly on Binance CEX. Now, if you use Binance exchange, sure you can get some benefit of holding some BNB. But if you're not, the only utility it brings you is just speculating on that coin, and hope it will go up or go play casino on Pancake Swap. > > 4. **Pancake Swap** > > if you look for the next shitcoin, Pancake Swap is the place. While this DEX works more or less OK, there are still some issues I encountered while using it, issue I didn't have so far with other dex. The good and the bad things regarding BNB smart chain is that it's really easy to create a token and get it listed there. This obviously brings more bad that good, with the rise of scam coins, like the famous SQUID. > > ​ > > some references I used : > > [https://bscscan.com/validators#](https://bscscan.com/validators#) > > [https://www.binance.com/en/support/announcement/854415cf3d214371a7b60cf01ead0918](https://www.binance.com/en/support/announcement/854415cf3d214371a7b60cf01ead0918) > > [https://twitter.com/WilsonWithiam/status/1381420702918664194/photo/1](https://twitter.com/WilsonWithiam/status/1381420702918664194/photo/1) > > [https://fullycrypto.com/bsc-is-centralized-ethereum-fork-says-messari-researcher](https://fullycrypto.com/bsc-is-centralized-ethereum-fork-says-messari-researcher) ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/ru2lzs/top_10_binance_coin_conarguments_january_2022/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_binance_coin=) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/uvunu3/britains_crypto_list_heres_who_to_watch/).

coinsRus-2021

Do Kwon or whatever his name is still labels himself “master of stable coin”. Promotes this stuff non-stop. Slimy POS, but he’s banking on SQUID-type investors getting back in.

topcatjdm

We shouldn't really be surprised. Even when SQUID went down the pan there were still people buying it. It won't be any different this time round with LUNA 2...

hashzzz

Honestly, anyone who fell for anything after SQUID token is just brain dead

Shaz170

Yea. As if a legit coin or token is actually going to be named after money pox. Wtf did people think the use case was? Or did people imagine a quick pump, and believe they'd dump in time, only to find they couldn't sell? See also: SQUID.

naji102

They couldn’t figure out that SQUID games was a rugpull even it was mentioned in their description.

sgtlark

I'm not even throwing $SQUID at this shit

frstrtd_ndrd_dvlpr

SQUID 2.0

ssckek

I don't see how that's going to work at all. $SQUID holders are still waiting at the bottom of the lake. What people lost is gone. This project is going to have to regain the trust they lost. For many people, that broken trust is irreparable. But moving forward, depending on what happens, there's one saying that always rings true: winning cures all.

Maxx3141

Is this like the second peak of SQUID?

_TheWolfOfWalmart_

100% in SQUID

turbosecchia

In order to reduce my risk, I decided to diversify. Rate my diversification: LUNA, UST, DOGEKWON, SHIB, SQUID, WILL SMITH SLAP TOKEN.

AutisticGayBear69

So I guess I should stop buying SQUID?

Modern_Orange

I remember that. But everyone kinda knew from the beginning that SQUID was gonna be a rugpull. LUNA was seen as a legitimate coin by a lot of people for the longest time.

MyzMyz1995

Why are you putting CRO in there with LUNA and SQUID ? CRO is not even close to those, you have some deeper issues to resolve here friend.

arcalus

SQUID was the most forthcoming coin of the year, people just can’t be so inconvenienced to read the docs. Blaming Matt Damon is like blaming Elon Musk, if people are so quick to jump on shitcoins without a base level understanding of what’s going on - they deserve it. Do you blame the person or the slot machine if someone sits down and just starts losing, all the while thinking it’s going to end up well?

Seki-Ray

$SQUID is a rugpull. $LUNA is just badly designed coin. Both made people lost a lot of money but $SQUID was planned and done on purpose to transfer money from the investors to the founders.

Aegontarg07

Stfu SQUID bad, MOON good /s

Laughingboy14

Just has 0 liquidity lol. It's kinda like being up on SQUID

nDreCoelho

Don't remember me how people fell for SQUID

DebonairJayce

When I'm on my exchange, I'm afraid to DCA Cause I might open my eyes and find Do Kwon ran away People say I'm crazy (crazy), just a little scuffed Or maybe LUNA reminds me of SQUID Game too much

wombo23

It’s official. SQUID is worth more than Luna LOL

Onelinersandblues

Had someone who put money in SQUID tell me today that “the writing was on the wall with LUNA” hahahaha gotta love this

SunnyWynter

Might as well just buy some SQUID

MuffinMan12347

SQUID did actually crash a lot harder and a lot quicker than this. But SQUID was 100% a scam so it’s not as comparable.

CONSOLE_LOAD_LETTER

SQUID was bad but most people involved knew they were gambling on something stupid and likely only put in what they could actually comfortably lose completely. LUNA/UST is different as many were deluded into truly believing there was minimal risk and that the stablecoin was a safe place to store savings.

gustavossj

I want to take the crown from SQUID

deathtolucky

And here I was naively thinking nobody could take the crown from SQUID

Dragnier84

That’s why I never sold SQUID. Technically can’t, but semantics

Shaz170

Surely this would be the ultimate bad investment history 😄 Maybe they put a sneaky 5% into SQUID too.

HopefulManInChrist

The charts are looking like a mild version of classic rug pulls like SQUID GAME token.

MrCarey

Everyone buying alts in the bear market have been supplying SQUID COIN 2.

_TheWolfOfWalmart_

At least 50% SQUID or ngmi

norwegianmorningw00d

Just a old some LUNA for some SQUID

One_Landscape541

Well luna welcome to the hall of shame, ICP, SQUID, safemoon, and many others

sbebgbsthfw-rhhhte

Ust is turning into SQUID

Proud-Pop-1365

He's the one who start buying SQUID just after the rugpull

_TheWolfOfWalmart_

SQUID dip looked juicy. Just went all-in.

Shaz170

Or, may I interest you in SQUID?

nDreCoelho

Thanks! I'm going against the grain and buy some SQUID now :)

PricklyyDick

I think a key point of that logic, is having a finite asset that you can actually sell. Which SQUID fails.

_TheWolfOfWalmart_

SQUID is on a nice dip.

Proud-Pop-1365

You're 97% down, there are people who bought SQUID and lost 100%

Isopropyl-Alcoholic

That's why I only invest in safe coins like SQUID or USDT. /s

frstrtd_ndrd_dvlpr

Never forget that after the literal rugpull of $SQUID some people still bought it. Human stupidity knows no bounds.

diadem

Right. But there's more to it then that. Let's take a seemingly unrelated situation that many people deal with for an example why her idea still may be off base. Quite a few people worked for a startup at some point in their lives, especially in their 20's. They were likely offered options instead of RSU's. Options for stocks that have no liquidity. Sure, there could be a VC valuation, which could put it in a funding round where they could hire folks, but the $40,000 of valuation in stocks could be monopoly money if there's now way to execute and turn it to cash. This is the type of situation even someone their age likely faces. Not knowing how to transform something's theoretical worth to "straight cash" is a big issue. Especially if the people you trust as experts repeatedly tell you that this is a scam. And the only news you get about crypto is stuff like the SQUID token or misinformation. Also, side note - she's freaking wasted and already made her decision by the time that was brought up.

LiamGTR

Praise scammer too, right, because at least they got people and their money into crypto. Like SQUID, praise their creators too, at least they got people on board before they dumped. See how stupid that argument sounds when you say it for what it really is?

x_lincoln_x

Yes, I remember. OP said he finally has a coin that only goes up. SQUID couldn't go down except by the scammers.

x_lincoln_x

SQUID

BradVet

I thought SQUID would make me a millionaire, my sold house, wife, children and cat say otherwise

naji102

People also thought SQUID game wasn’t a scam.

cj-tb

Yeah my boy hooked me up with some SQUID I'll give it to u for 10 bucks come over here *places in hand* alright we good

naji102

Are you selling some SQUID Game?

abermea

>Main argument is that it is a scam, but ofc no one can logically answer why, they act like medieval peasants toward "witch". No knowledge, just the same emotional repeated lies that crypto is dangerous, people lose money and my "favourite" that everyone should grow up and work in 9-5 instead of wasting money and thinking about getting rich In all honesty, it's hard to argue this isn't the case. CoinMarketCap lists \~10,000 cryptocurrencies. Of those, maybe 8-10 are worth looking into. The rest are dead projects, scams, or rugpulls. Every couple of weeks you get a new SafeMoon or SQUID. Even if they have no argument, that statistic alone is enough to scare people away.

reaglesham

From Investopedia: “Regardless of the technology used in the Ponzi scheme, most share similar characteristics: 1. A guaranteed promise of high returns with little risk 2. A consistent flow of returns regardless of market conditions 3. Investments that have not been registered with the Securities and Exchange Commission (SEC) 4. Investment strategies that are secret or described as too complex to explain 5. Clients not allowed to view official paperwork for their investment 6. Clients facing difficulties removing their money” Let’s go through these: 1. BTC and crypto in general is universally considered a high-risk, high-volatility asset - far more so than other investment assets. 2. BTC is (in)famous for 90% crashes, and protracted bear markets or “crypto winters” that last years. 3. I couldn’t find whether or not Bitcoin as an investment strategy is registered with the SEC, but the SEC do not classify Bitcoin as a Ponzi scheme. They do caution that the more private nature of cryptocurrencies can make them attractive for fraudsters, and have noted that Bitcoin has been used in Ponzi schemes (SEC v. Shavers) but do not consider Bitcoin, nor digital currencies in general, a Ponzi scheme. [https://www.sec.gov/files/ia_virtualcurrencies.pdf] 4. I don’t think Bitcoin is a difficult concept to explain, nor understand. While some cryptocurrencies definitely are pretty arcane, BTC is a pretty simple one: it’s a currency with a limited supply, and the lower the available supply, the higher the value of the remaining Bitcoins. 5. The blockchain is public and you can view every BTC transaction, to the point where scammers can be tracked and caught through their transactions (Coffeezilla’s recent Safemoon video comes to mind). 6. BTC can be easily bought and sold. If I wanted to sell 100% of my Bitcoin right now I could. There are recognised cases of CEXs blocking transactions or going offline at opportune times to sell, but this applies to stocks as well (Robinhood and GME), and falls on the exchanges themselves. It is a problem, but the fault doesn’t lie with Bitcoin as an asset. Some cryptocurrencies do have such problems - for example, last year’s SQUID scam; in which investors found that they were unable to sell their SQUID until a lock-up period had passed, and in this time the creators of the project were able to sell their SQUID, run away with the money and crash the price of the asset back to near zero. So, at least from Investopedia’s checklist of what constitutes a Ponzi scheme, I don’t think Bitcoin is even close to meeting that definition. It can be *used in* Ponzi schemes, but then so can a massive variety of things. It might be difficult for some people to grasp (“it’s not real money, why would it be worth anything?”) but it’s ultimately not difficult to ascribe value to digital assets in an era where more and more elements of our lives are being completely digitised. And there may be some Exchanges that make removing funds difficult, but as stated earlier, this is an issue with multiple investment markets. Hell, I’ve been blocked from withdrawing my own money from my bank account more often than I have had any issues with crypto! In short, I don’t think that by definition you can class Bitcoin as a Ponzi scheme. That doesn’t mean you have to like it, and you can definitely have other problems with it, but it doesn’t seem to fit the description in this case.

Blooberino

Put all your gains into SQUID.

Hulluja_Ajatuksia

Great time to buy some SQUID then?

One_Landscape541

Honest question was anyone in here a SQUID millionaire before the rugpull?

ilikemypenisandhis2

So SQUID it is.

surrender_the_juice

SQUID really exploded overnight…

AutoModerator

Post is by: Satoshi-Buterin and the url/text [ ](https://goo.gl/GP6ppk)is: /r/CryptoCurrency/comments/u2pfdf/types_of_scams_explained/ 1. Pump and Dump' Scam "Pump and dump" scams aren't unique to cryptocurrency, but without the regulation enjoyed by stocks traded on major U.S. exchanges, for instance, the Wild West of finance suffers with a good degree of fraud, including the pump-and-dump scam Such scams, which are also primed to occur in the stock market in penny stocks, are characterized by a small group of insiders who own a given asset – in this case, a digital currency. These thinly traded assets are then hyped up through publicity, whether it be through social media, word of mouth or other forms of promotion. When the unknowing investing public rabidly buys up the cryptocurrency, which is often newly issued with little trading history, the insiders begin to sell, or dump, the shares at high prices, sparking a steep sell-off and profiting at the expense of the duped masses. In one case from June 2021, some members of FaZe Clan, one of the world's most popular esports organizations, were involved in promoting a new cryptocurrency called Save the Kids, with a portion of proceeds promised to charity. It took mere days for the coin to plunge, and the members of FaZe involved with the launch were all either suspended or removed from the group, which distanced itself from their activity. The team member who was dismissed tweeted that he had "no ill intent" in promoting the cryptocurrency, but some investors accused the group of taking part in a pump-and-dump. Rug Pull' Scam "One particular scam to avoid is 'rug pulls,'" says Vincent D'Agostino, head of cyber forensics and incident response at BlueVoyant. Rug pulls happen "when a cryptocurrency's promoters pump their new coin to get prices up before disappearing with the funds. Investors are left with a valueless token," D'Agostino says. "This especially happens with coins with zero fundamentals and no real future."One key difference between a pump-and-dump scam and a rug-pull scam is that the latter often doesn't even allow the non-insider owners to sell, with the token coded in such a way as to allow only insiders to exit. There are several other ways insiders execute these scams, which are specific to cryptocurrency. The rug-pull scam got a lot of attention in late 2021, when a newly debuted cryptocurrency known as Squid Game – named after the suddenly popular Netflix Inc. series about a game in which all contestants are killed except one, who emerges with riches – lived up to its name and disallowed selling. SQUID, the ticker for the coin, began selling at one cent, then rocketed above $90, before immediately plunging back toward zero when the scammers "rugged" the masses. Airdrop Crypto Scam Another scam, prominent in the decentralized finance, or DeFi, field, is related to something in crypto called an airdrop. "More recently popular, nefarious actors have grabbed ahold of the popular trend of airdropping tokens, which is typically done to start and grow a grassroots community," says Alan Eschweiler, chief revenue officer at Stacked, a simplified crypto investing platform. An airdrop literally drops tokens in your digital wallet as a reward for taking certain actions with a given platform or software. The scam works like this: "An entity will airdrop you a token that appears to have value, and when you go to exchange that airdrop for another more well-known token, you give a protocol more permissions than you realize," Eschweiler explains. This "allows the hacker to access all of the assets in your wallet," he says The simplest way to avoid this scam? "Never give an unknown user permission to your decentralized wallets," Eschweiler says, "without understanding the abilities you are granting this person. Phishing Scam One of the most common scams in cryptocurrency is the phishing scam, which, like the classic pump-and-dump, is not specific to digital currency. "Simply put, it means tricking the victims into revealing sensitive details like passwords, keys, etc.," says Marie Tatibouet, chief marketing officer at Gate.io, a digital cryptocurrency trading platform. Keys refer to the "private keys" needed to open any secure crypto wallet. It's equivalent to your password and is the only thing that gives you exclusive access to your funds. Phishing scams, which are also used in run-of-the-mill identity theft and various types of corporate fraud, often come via email, with scammers posing as some authority and asking for credentials. These schemes also proliferate on social media. "Please do not click any random link that you see on Twitter," Tatibouet says. Often, "attackers promise riches and 'yields' in return for" sensitive information, Tatibouet warns. "Double-check the Twitter handles or the Discord ID," Tatibouet says, referencing another popular communication platform. "Make sure that you are sourcing links from real and verified" accounts. "It takes a bit of time, but it is extremely worth it," Tatibouet says. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*