16th May 2023 > > Greed.

tl;dr

Wen lambo?

Market Snap (at time of writing)

Market Wrap

Glassnode Analytics reports that the number of wholecoiner wallets (wallets with at least 1 BTC) is closing in on one million in total. I can only assume that the overwhelming majority of these wallets are held by readers of the CCC.

Curious Cryptos’ Commentary – GREED

An entertaining if slightly scary story of how FOMO around meme coins could be so easily exploited by a malicious actor.

…

Twitter user @voshy sent out a joke tweet (the clue is in the name of the coin) to his 2,000 followers:

“Are you guys ready for $GREED? Notifications on, next post is the most important one for the airdrop. All interactions with this tweet will be recorded.”

Two hours later an additional 2,000 followers were asking for more information, with just one writing “nice joke”. Voshy then asked new followers:

“Do you want an aidrop (sic)? If you do, quoteRT this tweet with a message "Doing it because of $GREED"

Which garnered even more attention.

Up to this point, Voshy has intended this all as a joke, but now he set about ramping up demand in a unique way – by warning people NOT to get involved:

“I created a simple cheat sheet for playing the shitcoin season. Enjoy!

1. Are you the person who created the shitcoin? If yes congrats, you make money. If not, please see 2.

2. Are you a bot? If yes, congrats, you make money. If not, please see 3.

3. Don't.”

With his Twitter following now at 33,000 and hype building, Voshy created a new coin with two distinguishing features. The first of these, unknown to everyone, was that once airdropped the coin could not be transferred out of a wallet, making speculation impossible and guaranteeing the value would always be zero.

The second, which was made very clear to anyone who wanted to claim the airdrop, was that full permission of the claimer’s Twitter account would be handed over:

A bit of a red-flag one might think but that didn’t stop people signing over all the functionality listed above.

For instance, @ayo-ylx responded with:

“I just claimed the tokens as a proof of my greed. I'm so happy to be a part of The $GREED Experiment. Good luck @voshy!”

…

In the run-up to the airdrop Voshy tweeted:

“It’s almost time to expose all the $GREED. The claim period starts in around 8 hours. This is the last requirement to prove your eligibility. QuoteRT this and say "My $GREED is endless".

Which is exactly what so very many did, including Iqbal Hossain, who tweeted in response with zero discernible sense of irony:

“My $GREED is endless This project looks so inovative and impactfull happy to take participate in such huge project.” (sic)

…

8,007,320,330 GREED coins were airdropped to each participant which were all greedfully received, and simultaneously the associated Twitter accounts started tweeting warnings about being greedy.

If you are curious as to why that exact number of coins was airdropped, I am reliably informed it is the phone number for the SEC (Securities and Exchange Commission).

…

I will leave you with a mea culpa whose brutal frankness is worth thinking about.