A cryptocurrency was launched on 28th October 2021, Whose starting price was 0.01 $ After next 11 days, the value of this cryptocurrency gets 2816 $
Where all the investors were celebrating, in the next 15 minutes to it value of the same cryptocurrency gets 0 $ And 22 crores rupees are vanished from the market, That coin is none other than
The Squid game coin.
Now the question arises that Neither Elon Musk tweeted about this coin nor a great hype was created of this coin on social media, But still then how this coin reached to 2816 $ from 0 $ in just 11 days?
And most importantly, how the value of this coin came to 0 $ from 2816 $ in just 11 days?
So this story begins on 17th September 2021, when a show named Squid game was released on Netflix Where 456 players need to play a game of life & death to win 45.6 billion dollars.
Squid game is the most successful show of Netflix with 142 million views, And this show gained 4.4 million subscribers for Netflix.
Interestingly, Squid game show wasn’t connected/related to Squid coin by any means, And even every investor investing in Squid coin knew this thing very well.
And if it’s like this, then the question arises that why & how people got scammed?
And we can do to avoid resulting as victims of these scams?
So, let it be any scam but there are three things in every scam which make it successful
And the secret of this scam is hidden in the fame & exit strategies of scammers.
How Did Squid Game Crypto Scam Start?
On 17th September, Squid game was launched on Netflix & spreads in whole world in just few days,
And observing this, scammers used a technique whose name is Fame jacking.
In simple words, using someone’s or something’s fame for own benefit.
But while performing fame jacking, many people think that use name of any famous thing or person, And BOOM, you hit a jackpot.
But nothing like this happens. So, fame jacking is not done only by using anyone’s name as to perform it these three things are very important.
Name of whichever thing or whoever person you are using, what’s the influence of it on the society.
Look, there can be popularity but it doesn’t mean that it’s influence is also there.
There is a great difference in having popularity & having influence.
If we talk of her popularity then she is very popular but influence is almost nothing.
Name of whoever person or whichever thing you are using, it’s influence matters more than it’s popularity in this society.
Fame jacking will work for anyone, When there’s any relevance between the thing created or told by them with the thing’s or person’s name they are using.
So look how this works. For an example, if I come to you & say that if you want to invest in any cryptocurrency then use any trusted platform.
Like Huobi Global, which is second largest crypto exchange of this world, And here coins list earlier than other platforms.
Now, it’s possible that after listening this thing you will start using Huobi Global.
Why? Because There’s No Relevance.
There is no relevance in Dhindora & his cryptocurrency endorsement.
But if I am telling you that thing that if you want to do investment in cryptocurrency then use Huobi Global then there is it’s relevance.
If there’s no takeaway for other person, in your fame jacking activity then fame jacking won’t work for you as well.
For an example, Joginder uses name of Lakshay Chaudhary & other youtubers very often to do fame jacking, And to increase his fame.
But no one gets any value from his content that’s why people won’t like to watch it for long term.
So whether he do limitless fame jacking in today’s date but it won’t be beneficial for him ever.
That’s why people fail even after performing fame jacking because there isn’t any takeaway for others in their fame jacking.
So Squid game coin came at two places, firstly it listed on Binance & secondly came on website squidgame.
Cash Squid game coin was a play to play token i.e, you were able to use squid game tokens to play games on website, If you won the game then you will get even more squid coins.
So look, players of this game first purchased squid game coins through Binance So that they can use those coins as an entry fees on squidgame.
Cash Where these players use to play this game to win more coins.
Squid Game Coin Scam Entry Point
So this game was designed as squid game only, As it was done this way because people playing this game were majorly viewers of squid game.
Now those who have completed watching squid game, When they are playing this game then a mentality of survive or win is already fixed in their brains.
i.e, if they survived in this game and they won they will get a reward.
Because there is same concept in squid game as well as there are 456 players who need to play a game of life & death.
The one who survives will get the money.
When people started playing this game, their mind was already up with the mentality of survive & win.
Scammers designed this game very strategically as firstly they hit on their phycology.
Second thing- They observed that those who are viewers of squid game, mostly we will get those people only.
So they made a very strong combination of relevance & takeaway.
Relevance with the thing they have done watching already & takeaway with the reward that they will get after playing this game.
And as I told that fame jacking works successfully only when there is combination of influence, relevance & takeaway.
Interestingly, there were lots of loopholes in the website squidgame.
Like unprofessional look of this website, existence of typo & grammatical errors in this website, Even comments were disabled as well on their telegram & twitter handles.
But the question arises here is that after all these things why no one was able to identify & understand it?
So reason to it is, Trust vs Belief.
Now, how this thing works? So look, for an example If lots of influencers say you that Huobi Global is a trusted platform where you get welcome bonuses of 170 $ , if you perform some tasks.
Then there are very high chances that when you will hear this thing from many influencers then you will start believing this thing.
But if you get some facts along with this information like Huobi Global is never hacked till date, On Huobi Global, you will get exchange rates always less than Indian exchanges.
As it’s an International exchange, so there’s no issue regarding liquidity & you can buy & sell any day you want.
And here there is a program for refer & earn as well, link is in the description so go & download it.
If you will refer your friends then you will get referral income as well.
Now when you will get this information with these facts Then you will download Huobi Global through the link given in the description, Slowly slowly when you will start using Huobi Global then you will start building your trust on this platform as well.
Squidgame Crypto Scam Hook
So look there’s a difference of very fine line between trust & belief.
Belief builds when you hear a thing from many people, Trust builds when information & facts both are combined & simultaneously when you experience that thing,
Then you will start trusting on that thing.
If want to belief in anything then you need people, not facts.
But if you want to trust on anything then you need facts along with your personal experiences.
And this brings us to the second element of the scam, whose name is Volume.
As squid game cash was such a rewarding thing, so people started telling others as well regarding the same.
When this happened then demand of it started rising suddenly among people, As it’s demand climbed, it’s prices climbed to sky as well.
As it’s price climbed, media started covering it and as this thing got media coverage, Belief of people started rising in it more & more.
It wasn’t trust, it was belief which started increasing more & more, More the people started believing in it, more they started to put their money in it.
Do you know when squid coin was launched on 28th October 2021, then its value was only 0.01 $ Do you know it’s value in next three days?
4.42 $ i.e, in only three days, in 72 hours – value of a coin climbed by 4000% But the question is, when people saw such a great jump in this cryptocurrency in only 72 hours,
Then why did people put money in this thing?
Didn’t they felt this thing dangerous?
So the answer to it is – The phycological effects of fear of missing out, i.e, FOMO.
This is such a dangerous thing that it can destroy even a very careful & a lot informed investor as well.
So look, most of the investors know the story of DOGE coin & recent SHIBA INU very well.
So they are more interested in becoming the part of people who made lots of profit through SHIBA INU instead of losses faced in it.
And they saw this same opportunity in the form of squid game coin.
But this scam wouldn’t be successful if it lacked even a bit in it’s third element which is Exit strategy.
So look, consider if a thief enters your house and even robs but is caught by the police then it’s of no use.
In the same manner, a exit strategy is very important in every scam.
Squid Game Crypto Scam Exit Strategy
How these people took exit?
So look, on 1st November 2021 i.e, after 11 days of launch of the coin, As soon as value of the coin reached 2816 $, these people exchanged all the tokens for BNS tokens, i.e, swapped the coin.
Squid coins went out & BNS tokens came in, BNS tokens means Binance coins.
After that these Binance coins were transferred to 3000 multiple wallets, After that from those wallets, this money was encashed, i.e, by selling coins converted them into cash.
Now this money is untraceable, why? Because all these transactions are completed in cryptocurrency.
And in cryptocurrency, all the information is secured by cryptography, block chains.
So finding out this information is almost impossible that where the money went?
Now question arises that how can we duck these scams?
So look, most of the people will give you a same & single advice in this situation that “Bro, do your own research”.
But this is the worst advice & why am I saying this?
So look, whenever you will go to do research, you will search on google & most of the information isn’t correct on google.
Because anyone can put information on google.
You yourself make any website & put anything.
I will give you an example, even if you have cough just go and google it.
Search on google for 10 mins, I will guarantee you that google will declare cancer to you.
What does this mean?
Do you have cancer?
So look, what to do in situations like these.
Answer to this is hidden in two things.
1. Trends don’t make money
Anything, any trend won’t earn you money, because look trend is established when lots of people start believing in a thing.
Trend is not related to logic & fundamentals of money by any means.
2. Nothing grows overnight
Neither you can be intelligent in a day, nor you can develop your body in a day through gym.
And neither you can be rich in few nights.
If you overserving anything growing overnights then my advice is, stay away from it.
Because if you are fallen into that thing then even by your will you will be unable to quit that thing.
Because pain of your loss is always three times than your happiness of profit.
Thanks For Reading, I love You Guys.