This TikToker’s ‘SCAM’ Cryptocurrency Took Off and He Can’t Believe It

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    • #421068
      eridani
      Participant
      • Total Posts: 8,630

      https://www.vice.com/en/article/m7eeq8/this-tiktokers-scam-cryptocurrency-took-off-and-he-cant-believe-it

      As cryptocurrencies have grown in popularity and valuation, both parodies and obvious schemes have cropped up with occasionally little distinction. But nothing up until now has prepared you for SCAM, or Simple Cool Automatic Money, the wild creation of a TikToker who goes by Dre and is very open about having no clue what he’s doing as the founder of a new cryptocurrency with a $2.5 million market cap.

      “I don’t know how to do none of this shit, I just made the coin as a joke,” Dre, real name Andre Lewis, said in one of his many TikToks promoting SCAM while simultaneously ripping into other, more “serious” cryptocurrencies and relishing in the ridiculousness of his own creation that, for one reason or another, some people have actually invested in.

      Dre said in an interview that he created SCAM to poke fun at other “shitcoins” or cryptocurrencies that are clearly pump-and-dump schemes, but at the same time make some money for people willing to put money behind it without any lofty talk to convince people anything more noble is going on. In doing so, SCAM is speedrunning the path of many cryptocurrencies: It hit a $70 million market cap (the snapshot current value of all tokens in circulation) almost immediately after launching, then slumped to $7 million, then $5 million, and now sits at $2.5 million.

      “When motherfuckers made ASS, that was the last straw for me, though,” Dre told Motherboard in an interview. “Real talk, these people were just being assholes, so I said fuck it, how are people deploying these coins? I looked it up, looked at the Ethereum, at BSC, at Pancakeswap―I don’t have a fancy computer, so ETH was out of the window. BSC though, that shit was simple, so I just fucked around and made a coin.”

      Jesus: Hey, Dad? God: Yes, Son? Jesus: Western civilization followed me home. Can I keep it? God: Certainly not! And put it down this minute--you don't know where it's been! Tom Robbins in Another Roadside Attraction

    • #421121
      xyzse
      Participant
      • Total Posts: 1,764

      Link does not work.  Wait, scrap that.  It’s the network I’m connected to.  They don’t want me in Vice.

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