Many times I have heard the phrase: "real life is capable of surpassing fiction", in this case, I am completely sure that it is a true phrase. I must admit that I have not yet seen the series that the title of this publication mentions, not for now, although I understand the argument of it.
The Squid Game is a Korean fiction series whose plot revolves around a group of people who, in great need of getting quick money, join a particular game in which they must participate in a series of "childish" challenges, the prize For whoever can win these challenges it is approximate of 38 million dollars. Sounds good right ? the very bad side of this game is that whoever loses ... pays with his life.
Greed, the engine of all financial ills
Many feelings move within every investor when making any investment, joy, expectation, curiosity, fear, and of course… greed. Greed can be defined as: "the desire to possess many riches for the sole pleasure of hoarding them without sharing them with anyone." What is behind this feeling is not only obtaining an economic benefit or owning something but owning it in excess, hoarding it if possible, owning everything.
Many times blinded by the desire to obtain exorbitant income, even above what financial logic indicates, many are those who have ventured to make the most disastrous decisions, from risking their lives (as in the series), risking their freedom (incurring illicit) or risking all their capital. This feeling is so powerful that, together with fear, they are the two feelings with which the state of the crypto market is defined, being extreme greed that indicates a bull market with a tendency to buy and fear, a bear market. with a tendency to sell.
The avarice breaks the bag
The above is a very popular saying in Latin American countries, refers to the farmer who, eager to be able to carry in his "sack" as many products as possible ends up "breaking" it, losing the entire harvest. That is a very clear picture of the consequences that can be generated by not having the control to be able to determine when too much is too much.
For all those who want to be investors, especially in the crypto market, one of the elements that you should always consider is not to fall precisely into the traps of greed or fear, avoid at all costs both FOMO and FEAR, both are feeling very damaging that may be able to end, in the blink of an eye, with all our effort and of course, with all our capital. An example? read on.
The Squid Game, a real-life tragedy
Although it was inspired by fiction, a few days ago we were participants in how the series moved to real life, in this case within our blockchain environment, excessive greed, mixed with despair and ignorance, gave way to the most recent fraud and one of the most mediatic, in recent times, the cryptocurrency fraud: SQUID.
The cryptocurrency SQUID is the token of the The Squid Game project, which according to the portal Coinmarketcap.com is:
The Squid Game project is a crypto play-to-earn platform on the BSC chain inspired by the Korean hit series on Netflix about a deadly tournament of children's games. SQUID is the only token that can be used in Squid Game. You will need SQUID to participate into a game or get a restart after you fail the game.
In the beginning, like any recently started project, many expectations were generated regarding this game, above all because "for some reason" investors associated this coin with the popular Netflix series and "assumed" that it was a project of the very popular platform, although at no time was the existence of said relationship made official.
The beginning of the end
The token was listed on Coinmarketcap.com with a value of $0.012 as of 10/28/2021, however greed and the FOMO fell prey to a crypto market eager for experiences similar to those of DOGDE and SHIBA, but this time with a crypto game instead of a meme coin.
In a single day, the value of the token began to skyrocket in an "unusual" way, its value not only exceeded the dollar but began to climb in such a way that many "influencers", "financial specialists" and even large information networks such as CNBC and BBC echoed the “new trendy cryptocurrency”, one that made us dream of such a frenzied success as that of the famous series, so much was the greed of the market that the value of the SQUID reached $ 2,861 per coin, All crazy !.
Screenshot taken from the portal Coinmarketcap.comSome alerts left by the project were useless, such as the project website (now deleted) was plagued with spelling and grammatical errors, or that its Twitter account did not allow interaction with its followers or that its official Telegram channel The possibility of being able to give an opinion was disabled, in short, there was no contact with the developer team and the whole “boom” of the cryptocurrency was due to the false expectations generated within the market. The result? All the liquidity of the project was emptied, the creators pocketed some millions of dollars, and those who invested in the project, "died" (just to make an analogy with the series).
The SQUID scam leaves us learning that we should not get carried away by greed or the FOMO, before investing in any project instead of being "blinded" by all the commotion it may generate, the best thing is to invest in solid, developed projects by teams of recognized experience and, above all, that we have been able to carry out a rigorous fundamental and technical study that allows us to decide based on coherent investment criteria.
Now I would like to know your opinion: did you know about this fraud? Do you agree with me regarding the danger of greed and FOMO? Would you tell me about a similar experience that you have lived? I hope I can read you in the comment box.
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