TL;DR

Cryptocurrency memes promising unrealistic returns are classic pump-and-dump schemes, preying on greed and fear of missing out. The result is predictable: financial devastation for the many, massive profits for a few.

Story

The image shows a screenshot of a cryptocurrency meme, promising ridiculously high returns. Sounds familiar? It should. This isn’t some novel scam; it’s just another iteration of the oldest trick in the book, dressed up in digital sequins. It’s a pump-and-dump scheme, ‣ Pump-and-dump: Artificially inflating an asset’s price to sell it at a higher value and make a quick profit. wrapped in the glitzy veneer of crypto. Like a Ponzi scheme ‣ Ponzi scheme: A fraudulent investment that pays profits to earlier investors using funds from more recent investors. on steroids, it relies on hype and FOMO ‣ FOMO: Fear Of Missing Out. to lure in naive investors. They buy the worthless shitcoin, driving up the price, and then the creators dump their holdings, leaving everyone else with worthless digital scraps. Remember Enron? ‣ Enron: A notorious example of accounting fraud and corporate corruption. Remember the 2008 financial crisis? ‣ 2008 Financial Crisis: A major global financial crisis triggered by the collapse of the housing market. This is the same playbook, re-skinned for the crypto age. We’ve seen this movie before, and the ending is always the same: financial ruin for the majority, and obscene wealth for a select few. John, a retiree, saw the meme and was convinced he was going to solve all his financial issues with just a few clicks. He had just lost everything he had worked for in his life. Thousands of others shared the same fate.

Advice

Treat any investment promising guaranteed, outsized returns with extreme skepticism. If it sounds too good to be true, it almost certainly is.

Source

https://www.reddit.com/r/CryptoCurrency/comments/1nd8wx3/new_script_is_loading/