Conjecting
Banned - Multiple Rules Violations
- Oct 31, 2021
- 759
- 1,554
I’m no cryptocurrency expert, so please excuse my ignorance here. Just a curious guy.
My understanding of a “rug pull” operation is when a person releases a new coin with the sole intention being to run it up and dump their shares at the peak price. The coin has no fundamental value or purpose whatsoever other than to enrich the developer.
My question is this… Don’t people who invested in the coin make money as the price skyrockets as well? And if so, why is there such a negative stigma behind crypto rug-pulls? I remember when dogecoin spiked and supposedly teenagers living in their mom’s basements made tens of thousands of dollars.
Now obviously, if the creator somehow limits retail’s ability to sell, it’s flat-out robbery and you’d have to be a real piece of shit to do that. But the only instance I could find of this was in the “Squid Coin” situation, which happens to be one of the biggest rug pulls of all time.
Enlighten me.
My understanding of a “rug pull” operation is when a person releases a new coin with the sole intention being to run it up and dump their shares at the peak price. The coin has no fundamental value or purpose whatsoever other than to enrich the developer.
My question is this… Don’t people who invested in the coin make money as the price skyrockets as well? And if so, why is there such a negative stigma behind crypto rug-pulls? I remember when dogecoin spiked and supposedly teenagers living in their mom’s basements made tens of thousands of dollars.
Now obviously, if the creator somehow limits retail’s ability to sell, it’s flat-out robbery and you’d have to be a real piece of shit to do that. But the only instance I could find of this was in the “Squid Coin” situation, which happens to be one of the biggest rug pulls of all time.
Enlighten me.
