GREED Code is not a crypto scam, but a lesson in how you can get scammed amidst the Meme coins mania

In S**tcoin Spring, any pointless cryptocurrency with a Twitter account could lure thousands of traders into playing musical chairs with meme coin. By throwing money at the wall and putting logic out the window, they let greed get the best of them. Sometimes literally.

Last week, a social experiment called GREED got the best possible speculators on the Solana blockchain. Instead of wealth, they get bupkis — with a side of public shame to boot.

It’s a story that showcases the dark soul encouraged by those unique tales of meme-currency fortunes. For every lucky speculator that gains 5,000,000% on Pepcoin (PEPE), there are thousands of gamblers losing money on insiders and trading bots. Some fall for malicious codes that are designed to steal all the money in their wallets, not just the poker chips they previously had.

GREED could be one of those. To get GREED, more than 43,000 Twitter accounts this week allowed one man in Croatia to tweet on their behalf. Another 55,306 wallets signed a deliberate-looking deal that, in theory, might have allowed him to drain their wallets.

But the creator of GREED EXPERIENCE doesn’t plan on stealing their money (nor can it; its developers never built that code). However, Ivor Ivosevic, better known as Fushi to the Solana community, would slander a lot from those Twitter accounts.

In an interview with CoinDesk, Voshy said he wants to teach cryptocurrency traders a lesson focused on internet security — perhaps with a dash of ethics and sensitivity as well. This thing is called greed, after all.

Voshy didn’t set out to write a tale about the dark side of cryptocurrency.

For five days he watched in encrypted chat rooms as people conjured up complete garbage symbols—”the dollar sign in front of the name of the fruit”—garbage they sold to their friends and fired, at which point “everyone goes and the symbol goes to zero.”

A week ago, he became disillusioned with this offer, and wrote a sarcastic tweet.

He went to bed that morning (Voshy’s first tweet was a sleeplight at 6am a**tpost) planning to post a follow up calling out a bunch of people stupid enough to buy his bullshit.

“I woke up with another 2,000 followers,” he said of a Twitter account that previously only had 2,700 followers. “Nice joke,” one person told him, but the rest seemed eager to invest. “I’m like, f**k, this didn’t go as I planned.”

Annoyed but unfazed, Voshy told his growing flock to spread his gospel and tweet the message “DO THIS BECAUSE OF $GREED” to get the token. He fell back asleep. His tweet went viral.

Voshy woke up to hundreds of direct messages from Twitter friends asking to buy GREED before he released his non-existent coin to the public.

The so-called “pre-sale” is one way that speculators try to make money from meme coins. By buying a token before it goes viral, they hope to raise its initial pump and dump it for a profit. They are willing to pay big money for greed; Voshy said he has received offers for his non-existent code which has been added to the seven digits.

No one asked me what the token was or what it would be. Everyone immediately threw an a**king with a number that they were willing to send me right away. He wasn’t going to take their money, but decided to make GREED real.

Over the following days, Voshy occasionally dropped hints on Twitter about an unmatched token. GREED will not have internal allotments or advance sales. It will be against bots. It will be free. Meme coin traders are starting to take notice and add GREED to lists of tokens to watch.

As the hype for GREED grew, so did Voshy’s Twitter following; It topped out at nearly 33,000. They were fueled by ads about how greed leads people to do stupid things.

“I started retweeting and writing things along the lines of ‘the only people who get richer through tokens are the founders.’ Watch your greed. ‘Greed can consume you,’” he said. It didn’t work.

“People are becoming more optimistic the more I hold back.”

Behind the scenes, Voshy started building GREED. Crucially, it would have a lock-up mechanism to prevent holders from taking it out of their wallets, making speculation impossible. He worked with developers Marcos Collado Martín and Petar Podbreznicki, and is an employee of Voshy’s crypto consulting firm BlstCtrl.

It probably worked too smoothly, so he asked them to “make it look more crystalline red” in an effort to discourage people from doing so. In fact, some have become concerned about the questionable security concessions they’ll need to make to get GREED, like handing over their Twitter.

Fauci said he was asked, “Why am I giving you all these permissions? Will you grant these permissions?” His answer: “No, never.” But his warnings were not enough.

said the owner of GREED going through the abyss on Twitter.

The escalation came with the Grid airdrop on Friday. When speculators pressed the claim, two things happened: They were airdropped 8,007,320,330 GREED, and their Twitter account automatically tweeted an embarrassing warning to others.

Voshy’s Twitter API network discovered some unruly accounts, including that of Slope Finance, the mobile wallet service Solana whose social media went silent last August after leaking critical user data to hackers. Whoever runs this Twitter account has apparently used it to try to claim greed. The result: they posted Fushi’s message (and later deleted it).

Fauci plans to continue tweeting warnings about greed from the accounts of people who let him do so. (It also posts information on how to revoke permissions, and encourages people to do so.)

“I always feel that if I get a chance to teach them something, maybe at least a few will benefit from it and I think it’s worth it. And people would tell me I would get a lot of hate for this, and that people would never forgive me. So far so good. Everyone loves it* * the king “.

Whoever is human, that is. While the cost of Voshy’s “social experiment” is negligible to regular users, the bots that tried to game the system lost more, contributing to the 120 SOL that would be lost forever because of it.

“So GREED actually has more utility as a symbol than most,” Voshy said.

#GREED #Code #crypto #scam #lesson #scammed #Meme #coins #mania

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top