SQUID token lost 99% of its value in 5 minutes last night ($2,861 to $0.0007) as its creators scammed investors out of $2.5M.

This is how it happened...
$SQUID launched last Tuesday promising to use to the tokens to fund an online play to earn game based on the show.

Prices rose from $0.01 to $4.42 in 3 days.

Top media outlets covered it and more people aped in due to FOMO and false association with the show.
People started to realize that they couldn't sell the token.

So they were forced to hold as prices surged to $2,861.
Five minutes after reaching $2,861, the prices dropped 99% to basically nothing.

The token's website and social media accounts all disappeared.
A fake excuse on Telegram from the scammers:

"Squid Game Dev does not want to continue running the project as we are depressed from the scammers and is overwhelmed with stress... Squid Game will enter a new stage of community autonomy."
This is why it's so important to provide basic web 3 education so people can make informed decisions instead of aping in to the latest hot token.

There will only be more scams like this in the future.
Working on a beginners guide to cryptocurrencies (and how to avoid scams). Follow me at @petergyang and subscribe here to read it soon creatoreconomy.so

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More from @petergyang

1 Nov
According to Reddit, here are the 9 best life hacks for buying cryptocurrencies that everyone should know about...
1/ Triple check all addresses before sending any coins from one place to another.

One wrong character and all your money could be lost.
2/ Remind beginners that they can buy less than 1 bitcoin.

In fact, the smallest amount is 0.00000001 btc.
Read 11 tweets
27 Oct
You need a crypto wallet to start your web 3 journey.

Here's a single thread the explains like I'm five:

1. What is a wallet?
2. Which wallet should I get?
3. How do I set up a wallet?
4. How do I secure my wallet?
5. Bonus: Eth domain

Let's dive in...
creatoreconomy.so/p/curious-begi…
1/ What is a wallet?

A wallet stores your:

1. Public key to send and receive transactions.

2. Private key that proves you own the assets in your address. Your seed phrase lets you easily access your private key.

Never share your private key or seed phrase with anyone.
2/ Wallets don't store your actual assets. Instead, they let you access your assets on the blockchain using these keys.

If your wallet was your bank account, your public key would be your account number and your private key would be your pin.
Read 19 tweets
15 Oct
I spent 100 hours studying the habits of the world's top billionaires.

Here are 8 habits that have dramatically changed my life...
This morning, I had breakfast with my family. They were using these tiny spoons to scoop up cereal.

I sat down, planted my face in the milk, and finished the whole bowl in 3 big slurps.

"Eat like a lion, not like a cow."
After breakfast, I always brush my teeth.

Except I don't use the toothbrush - no I prefer the toilet brush.

Disgusting? You bet. But I do it because I want to:

"Get comfortable with being uncomfortable every day."
Read 10 tweets
12 Oct
You all seem to be as curious about DAOs as me so here are 5 links to explore further...
1/ @AnnikaSays wrote a 3 part series on her DAO journey.

It's a great measured take on how to contribute to a DAO:
annika.mirror.xyz/p3_DJ6t7FlVgeg…
2/ @rafathebuilder wrote an excellent step by step guide on how to create a DAO with a list of tools that he used.

I've been looking for this type of guide for a long time:
creators.mirror.xyz/862A5rBtKX3BC8…
Read 6 tweets
11 Oct
What is a DAO?

Let me try to explain using an example:

Imagine that you want to work for a hot tech startup...
1/ Instead of applying for a job, you can just join this startup's Slack with one click.

There's no real onboarding - you see dozens of channels right away.

It's overwhelming but you start exploring...
2/ You introduce yourself and another person reaches out.

They point you to two different ways to work for this startup:

1. Bounties
2. Teams
Read 12 tweets
29 Sep
New to web 3 and want someone to "explain like I'm five" how crypto works?

I've written a single post that breaks down:

1. Web 3
2. Blockchain (wallets and keys, proof of work vs. stake)
3. Tokens
4. Bitcoin
5. Ethereum
6. NFTs
7. DAOs

Let's dive in...
creatoreconomy.so/p/curious-begi…
1/ What is web 3?

Let's compare web 2 to web 3:

Web 2 is the internet today. It's dominated by middlemen that extract value from creators and users by sitting in the middle.

Web 3 is built off a peer-to-peer network of computers that talk to each other without middlemen.
2/ Learn more about web 3:

@cdixon on why web 3 matters:


@patrickxrivera on crypto fundamentals:
docs.google.com/presentation/d…
Read 35 tweets

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