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How to lose 100% of your money in under a month

by , 10 November 2021
How to lose 100% of your money in under a month
Did you hear?

Some unfortunate crypto investors/traders lost everything.

And that's not hyperbole.

In just under a month, one crypto exploded 83,000%. Only for it to erase all these gains just a couple of weeks later.

So what happened?
 
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The hype and FOMO ruined unsuspecting investors/traders
 
Last month, a new altcoin entered the market, inspired by the hit TV show, Squid Game, Netflix’s most popular series.
 
It’s the latest example of scammers using pop culture to get media attention.
And it worked.
 
People rushed to buy this coin. My guess is it was due to fear of missing out (FOMO). In the past, meme coins like doge rallied +1,000%. So crypto investors and traders maybe thought this was another chance to make big gains, quickly.
 
But that was not to be.
 
After hitting a high of $2,860 on Monday 1 November, it immediately crashed to basically $0.
 
In the crypto world, this is called a “rug pull”.
 
This is when founders of a crypto abruptly abandon their project and take investor funds with them by swapping the project coin for cash. The crypto ecosystem is rife with them.
 
Unfortunately, many people who can’t afford to lose money end up falling for “rug pulls”.
 
In the case of SQUID coin investors, they lost every cent. In fact, CNBC reported that one Shanghai man lost his entire life-savings!
 
The SQUID coin red flags were in plain sight…
 
For instance, SQUID’s official website was filled with bizarre spelling and grammatical errors…
 
Their Telegram channel didn’t allow comments from outsiders…
 
The coin’s Twitter account made it impossible to reply to posts…
 
And worst of all…
 
There were reports that investors couldn’t sell their SQUID holdings to lock in any gains!
 
From CNBC,
 
SQUID is trading at $2.22, up nearly 2,400% over the last 24 hours, and its market capitalization is above $174 million.
 
However, those interested in taking part may want to exercise caution before jumping into trading squid.
 
CoinMarketCap has issued a warning, saying it’s received “multiple reports” that users are not able to sell this token on Pancakeswap, a popular decentralized exchange.
 
It is unclear why some users are unable to sell their tokens, but the white paper describing the coin does lay out an anti-dumping technology that prevents people from selling their coins if certain conditions are not met.
 
CNBC reached out through contact information listed on the Squid website to ask whether the developers were aware of the problem and working to fix it, and didn’t immediately hear back.
 
Despite all these red-flags, crypto investors stampeded into SQUID, sending its price stratospheric.
 
At the end of the day, SQUID coin was a scam. And investors lost everything!
 
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The truth is, you don't need to know a SINGLE THING about trading theory in order to make gains of 212%, 85% or 235% in less than a month from the global financial markets...
 
So if you want to learn about trading, stop reading now. This letter isn't about teaching you - I just want to make you money.
 
 
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The lesson to learn from SQUID’s crash
 
There’s a huge difference between an altcoin that can soar based on hype, and an altcoin that provides real benefit. 
 
That’s why you need to do your own research. I can’t stress that enough. Many crypto speculators ignore this in pursuit of quick returns.
 
Lastly, there’s one more extremely important lesson to learn from this unfortunate story. And it’s something we constantly tell crypto traders/investors to keep in mind. And that’s…
 
ONLY invest/trade with money you CAN afford to lose!
 
Otherwise, you could find yourself in a situation where your entire life-savings vanish.
          
See you next week.
 
Joshua Benton,
Managing Editor, The South African Investor


How to lose 100% of your money in under a month
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