So earlier today on the @substratum twitter Huge news was tweeted out that would have shaken the whole cryptosphere.
Being the first ERC-20 token on coinbase would place them on a platform that could not be touched. Everyone was super excited and it really showed in terms of price action on the exchanges.
So the question is, with news like this why would the price take such aviciouss downward spiral so soon after the announcement hit? Usually there is a small correction followed by even more buying. That was not the case in this instance and it was for good reason.
They are claiming to have been hacked and that the information tweeted was false. This is ironic, how can we expect them to secure our network if they cant secure their own twitter.
If you go through the Twitter you will find tweet of people who lost money buying into the hype and falling into full blown FOMO. I really like the response of the last guy in the string.
At the end of the day losing money in crypto is not like losing money in monopoly. There are real ramifications and everyone should be vigilant of their investments. Hope this is a lesson learned and something not repeated.
Follow me @crypto2crypto
Sucks for the guy who lost it, but Mr. Sabbithi and you are both right. I tend to be more careful with my crypto then with cash, because unlike money in my wallet crypto has the potential to grow or shrink, or even be stolen without me ever touching it. I don't think everybody thinks about it before they make rash decisions. So I think this is a very fair message and a great warning to give to people. I hope it serves as a reminder to everybody. And I think if it helps prevent one guy or girl from making a rash or quick bad decision then it is definitely worth you spending time on to put it out in our community. It is a very thoughtful warning for you to give everybody. So as always my man thank you. And I send all my love your way and asked for our creators blessings for you and all of yours.
OT: I have a surprise for you. ☺ It isn't much and it isn't money. But you'll know when you get it. To someone of your magnitude, It may not amount to much, but I do hope you enjoy it. Consider it a token of my gratitude and appreciation for you.
Always insightful and much appreciated. I noticed you speak of our creator. So I assume you are a believer?
I believe we were created. I can look at a basketball, and tell it was created. So naturally I look at something like a human and I figure it's also got to be created. Personally for me that one's a no-brainer. But maybe I'm wrong. But I also believe that I were creator is love. I just think that this world and its ways and systems has gotten in the way of people's ability to connect directly to our creators love and allow it to flow through them to everybody else. I don't know, Maybe I just went too deep. I hope that I did not offend you. And if I did I do apologize. My grandpa always said if you want to pick a fight just start talking about religion or politics.
Am sure the team will release info on what actually happened. Tbf if anyone bought at 11000 just hodl and in afew weeks they will be thankful they fomo’d in 👍 feel sorry for people losing money but its no ones fault but their own
They will just have to hold and hope for the best. Better that then to sell at a loss.
This is a perfect example of price manipulation and fake news. Even if that news was true, I would not buy it after it came out. In many cases the price falls as you mentioned. I would wait for price to recover if anyone is interested in investing in it. This crash can be painfull to many people.
Yea sometimes you have to know when to let a train leave without you. To many opportunities to chase any one coin.
These people used people for their pump and sold their holdings🙏
No one told anyone to rush into a rising candle
You have to accept that you’ll win some and lose some in crypto! You can’t assume a gain. But I do agree with your point regarding it being real money! Because you can’t see it, people often treat it as imaginary money, likes trial trading account!
Incredible heist for pump and dump. Scumbags.
We posted it on Telegram immediately after it happened and was clarified by Substratum.
What did they say?
Justin Tabb has confirmed Substratum Twitter has been Hacked and the tweet was fake news.
Of all the tokens to target. Fat chance.
I already visited their twitter account...Many people are frustrated. And there is no doubt about it.
There is clearly showing in the pictuer below that one guy just loose his $2000 . how shocking is this!! how could their acoount hacked by someone else
I doubt they were hacked, good way to dump coins though.
It might sound harsh, but anyone who lost money on this alleged news deserves to lose money. Twitter, Reddit and Facebook should not be used as investment advice, even if it comes from a legitimate account.
People need to learn to fact check. In this situation, people could have saved themselves from loss by going and looking for an official Coinbase announcement, instead of a Tweet.
Another warning sign is Coinbase said a couple of months ago that all ERC20 tokens would be listed on GDAX first, and then chosen selectively to be added onto Coinbase.
Now I understand how fake news worked in the US presidential election in 2016. People are so gullible, they believe everything at face value.
No sympathy here either. If people would do proper research we would have less of this.
I agree but still feel sorry for those ppl. Crypto space is so packed with scams, pnd groups, mass manipulation. I wish all this were eradicated one day. Scumbags.
hahaha :p :/ WTF :/
how their account could be hacked :/
@crypto2crypto
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SUB seems to keep making missteps, sketchy sketchy
Never ending 😂
Ouch! a hard hit for them and a very big loss for users.
The question is, where they really hacked or just a misunderstanding?
But it's pretty interesting how a simple tweet can magically change the price of a concurrency. Here it is, the power of media at its finest! :)
Doubt it was a hack. Seems like a inside job
Oh boy, poor people who bought at the top. They just have to hope for price to get back and then even higher. “Hope” in investing is never a good thing though.
No actual sympathy from me. Lessons need to be learned.
Gotta agree with the harsh but true "it is their own fault."
I was not on top of the tweet, you showed it to me and within less than a minute I had confirmed it was a hack before their official tweet on the matter. I found it odd that coinbase wouldnt say it themselves first, or that we wouldnt have heard whispers or seen greater price action (obvious there was some leading up to it by the pumpers, but not the same we saw for bitcoincash insider trading). Those few seconds may have cost me some profit had the tweet been for real, but look how much it saved to find out it wasn't.
Twitter has become so rife with scams that its hard to take much seriously frmo that outlet anymore. Unless of course its from our president lolol.
tough for those who lost money, not really a issue I have sympathy for.
Wow I can't imagine what people that invested because of that announcement felt after the price dropped miserably.I mean I know it's their fault that they didn't do any research after recieving the tweet but still.Now I wouldn't buy Substrantum any time soon because like you said " how can we expect them to secure our network if they cant secure their own twitter."😕
Questions that demand answers.
I do not see any hacking here, it may be some price manipulation by their internal team.
Yup
I will not swear that I will never be the victim of greed of FOMO but I am very cautious.
I did read most of the white papers before I did invest into a coin, not only this but I also did set a max purchase price. If the price is to high, to bad for me and I will let the train leave without me!
All of the above did not protected my for buying into coins which I regret now!
Fomo has gotten us all, even if it was just a little, but researching and believing in a product will keep us from making any stupid mistakes.
The rules you set forth are simple and effective when put into play. Sadly most will not.
this is news of the day. it is so funny and tragic
Haha well said. Doesn't exactly inspire confidence.
Thank you for the great information
It 's really ridiculous how it can penetrate accounts
great post sir
Thanks for sharing
From now I will become more vigilant and careful
1 Iain Stewart's version of proof of burn
1.1 Introduction and motivation
1.2 Technical sketch of proof of burn: "Burnt coins are mining rigs!"
1.3 Economic implications
1.4 Coin-burning as a tool for transition between cryptocurrencies
2 Earlier work suggesting a role for the burning of coins
3 Implementations
3.1 Slimcoin
3.2 Other implementations
3.3 Use for bootstrapping
4 See also
5 References
Thanks for sharing! Let it be a warning for all of us!
Great tips in this post it's so important to do those stuff i'm 100% agree with you
I think the events controle the prices and the analysis become not important that a lesson for us .
Oh damn that sucks. Hackers manage to screw things up a lot of times. But I guess people should've been more careful since there were no official announcements from coinbase.
Personally I don't believe things without facts, this is so baseless to me.
In fact, let me not say much.
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@crypto2crypto
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Resteemed! Thanks for the advice and reminder. We MUST be diligent in verifying information.
We need to always buy with our logic and not with our emotions.
Definition of fraud