A back in the saddle GOOD MORNING!!! to you all! Yup, back in the saddle! Or, rather back on the mat. Was finally able to get back into the gym for my mistress Juji-Tsu! Very welcome and super exhausting! LOVE IT!
Think About it Thursday Ed-vise today. Cause it’s THURSDAY! Time to think!
Still on the crypto thing. Can’t help it but I seem to have started down the rabbit hole.
If you recall a few weeks ago I pointed out that anyone can create crypto currency. Well, as usual, I was right. Damn this curse of knowledge!
There was a crypto that came on the scene called “Squid.” It was named after the show Squid Game. The crypto came into being on 26 OCT and was trading at about .01 (a penny). By 29 OCT it was trading at $7.59. Just for the crypto coin.
On 1 NOV, the people behind Squid were supposed to roll out a series of online games that mirrored the games found in the Netflix show. Well, they didn’t. And when attempts to contact the developers failed, the buyers of the crypto were left holding what they purchased: NOTHING! “Scammed” out of some $3.5 million.
It’s value shot to the “moon” because of the pump on social media platforms. A “Meme Coin” as they say in the crypto world.
Couple of things to Think About on this one in order to avoid being scammed should you decide to jump on the Crazy Train of Crypto.
First Red Flag: you could not buy Squid with fiat currency. “Fiat” being traditional dollars and cents from whatever country you might be from. In other words, you could not go to the Squid webpage and enter your credit card or bank card number and purchase the tokens. I see this as a flag because if you were able to involve the bank, they would want some things from the Squid folks that would identify who they are.
Second Red Flag: you could not sell the crypto. The company apparently said on their website that they had an anti-dumping program in place. That statement has a double edge to it. See, anti-dumping should keep large accounts from buying a bunch of coins, driving up the price, and then dumping them all back on the market, subsequently driving the price back down. Depending on the program, that could also mean you, as a “Small Fish” cannot re-sell your crypto. You would want to find out how big a “dump” is allowed.
Third Red Flag (should be the first): a poorly written white paper. This one is actually a pretty big one for me as I look to investing in crypto. I am kind of anal about grammar and spelling. In the crypto space, the companies putting out the crypto will write up a “white paper” which details what the company is doing and the purpose of the crypto coin. It is the public facing confession, so to speak, describing the coin. Whenever a company, or ANY professional organization, is putting out information to the public, I lose my ever loving mind when I find a typo or a poorly written sentence. Unless it is written in jest. If a company cannot take the time to proof read their stuff, well, they kind of suck. VERY MUCH LIKE NEWS AGENCIES!
So, before you invest, Think About It. Read the white paper. If it looks like shit, the underlying company probably is as well.
I’m just saying
That’s it for today. Take care of yourselves. Check in on each other and remember Lady Justice is blind but not deaf. That’s why they have (snicker; snicker)…HEARINGS!!! AHAHAHAHHAHAHAHAHA! (Inspired by my friend College!)