Cryptocurrency 'rug pulls' cheated investors out of $8bn in 2021

https://www.theregister.com/2021/12/16/cryptocurrency_rug_pulls/

by belter • 5 years ago

16 4 5 years ago

I hope this reaches mass internet consciousness, and people start consolidating their time and effort into projects that won't make them 1000x, but will bring society more efficiency and durability, instead of wasting times memeing shit coins in and out of existence.

Also, data like this gives educators a good opportunity to discuss the importance of trading volume and float. I keep having a hard time getting this concept into people's heads, the price of the stock doesn't matter at all if the float and volume are tiny.

inostia• 5 years ago

Crypto is the greatest wealth transfer of this generation alright - transferred directly from the bamboozled suckers who work real jobs for their money, and right into the pockets of the many crypto platforms charging fee after fee.

When the value of the coin in the wallet inevitably drops as markets start "dumping" rather than "pumping", the crypto platforms that took advantage of the hype will be rich as hell (and in "real" money, too).

mrkramer• 5 years ago

Governments need to protect "bamboozled suckers" in order to not get scammed for money, shaming them publicly won't help.

morpheos137• 5 years ago

Seems to me cheated should be in quotes too.

Cryptocurrency 'rug pulls' cheated investors out of $8bn in 2021

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