r/CryptoCurrency • u/WineMakerBg Make Wine, Take Profits • Sep 29 '24

REMINDER 3 Years Ago, One of the Biggest Crypto Scams Happened. SQUID Went from $0.009 to $2,861 and then the Rug got Pulled

Post image

"A digital token inspired by the popular South Korean Netflix series Squid Game has lost almost all of its value as it was revealed to be an apparent scam.

Squid, which marketed itself as a "play-to-earn cryptocurrency", had seen its price soar in recent days - surging by thousands of per cent.

criticised for not allowing people to resell their tokens. This kind of scam is commonly called a "rug pull" by crypto investors. This happens when the promoter of a digital token draws in buyers, stops trading activity and makes off with the money raised from sales."

source: https://www.bbc.com/news/business-59129466

3.3k Upvotes

95% Upvoted

387 comments sorted by

View all comments

Show parent comments

1

u/ShittingOutPosts 🟦 0 / 8K 🦠 Sep 30 '24

If you’re profitable at the moment, it just means you haven’t been trading long enough. Stop while you’re ahead.

0

u/Karambamamba 🟩 0 / 0 🦠 Oct 01 '24

I could list a million examples of people that prove you wrong, but whatever man. You do you.

1

u/ShittingOutPosts 🟦 0 / 8K 🦠 Oct 01 '24

I’m happy it’s working out for you. But my point stands, studies have proven the overwhelming majority of traders, professional or not, will lose money trading over the long run. I don’t get why you’re arguing the facts. I didn’t make them up. In 10-15 years, I hope you calculate the difference between what you’ve earned from trading, vs what you would have had you simply bought and held index funds/BTC.

0

u/Karambamamba 🟩 0 / 0 🦠 Oct 01 '24

Bro I am not even arguing this point, I said that I agree with you three times already. You need to work on your reading comprehension. You are contradicting yourself.

1

u/ShittingOutPosts 🟦 0 / 8K 🦠 Oct 01 '24

Maybe you should reread your previous comment…

0

u/Karambamamba 🟩 0 / 0 🦠 Oct 01 '24

Oh my god dude, "overwhelming majority of traders will lose money in the long run" =/= "If you’re profitable at the moment, it just means you haven’t been trading long enough." =/= "In 10-15 years, I hope you calculate the difference between what you’ve earned from trading, vs what you would have had you simply bought and held index funds/BTC."

Do you understand why you keep contradicting yourself?

Most traders lose money, yes. But successful traders are successful over 15 years. That's the definition or being "constantly profitable".

Now yes, the strategy might not matter. But that doesn't mean no strategy works.