The cryptosphere must shun the air of a casino
$6,000 Welcome Bonus
Light wagers at social dos are part of India’s festive spirit around Diwali and there are safe ways to join the fun. Log onto the internet and peer into the cryptosphere, however, and one can detect the distinct air of a casino. The hustle-bustle of crypto trades has had little if any supervision, and now much seems amiss. Consider this week’s crash in the value of a token named after Squid Game, a mega-hit survival serial on Netflix. After zooming to a peak of about $2,860 per coin, it reportedly dropped to a fraction of its $0.01 issue price, all within the span of a week. This Squid coin was marketed online as a “play-to-earn" token for theme games, digital affairs that presumably had nothing to do with the horrors portrayed on the dystopian show, but its value soon rose on a wave of demand that probably attracted crypto punters and inflated a gigantic value bubble. The losses left by this internet replay of ‘tulip mania’ are scandalous because many buyers may not have known what exactly they were buying, let alone weigh the risks. Similar problems of mistaken identity arise if a crypto token surfaces that looks as if it’s backed by a widely-trusted brand, as happened with Tata.
