I saw a tweet a few days ago about a guy who claimed he put over $7 million on a regular meme coin based on Solana and it was rugpulled. I was not sure if it was true or if he wanted to farm Elon Musk's money, but after looking around, he appeared to be a regular crypto guy with some money to throw around.
However, if he did lose such a large sum of money, it demonstrates that people are always on the lookout for the next dumb money that will multiply their initial investment by 1000.
You would think that a person with seven million dollars was finally free, and that if they wanted to invest, they would put that money into a solid project that would gradually increase the value of their investment over time; however, even wealthy people can be greedy.
However, the seven million dollars may not have been earned through hard work; this man may have made that money from other regular coins, become extremely lucky, and then decided to tempt fate by gambling all of it in one fell swoop.
This is the tactic that usually makes gamblers very poor: they get extremely rich from gambling and then, instead of taking a break, they decide to throw all of their money in and hope to become the next Jeff Bezos, but the market can only take so much.
There is no way a hard worker would invest seven million dollars in a meme coin; it is simply impossible. That money in BTC in 6 to 8 years would be life-changing; in fact, a utility cryptocurrency could do even more, and this guy chose to invest it in an unproven meme coin. I really do not feel sorry for him.
I do not know the whole story, but I believe this guy did not mention the part where he became very greedy, or the source of the seven million dollars, but I am sure he was one of the people who were very fortunate to be blessed by whatever coin he had initially invested in.
He claimed that the person who asked him to invest the seven million dollars told him that the coin would bring him unimaginable wealth, and of course, greed took over, and he refused to conduct this research. If this was all he had, he would have to return to poverty.
People like this might become crypto antagonists as a result of such losses.
They will be the ones who constantly spread memes saying negative things about cryptocurrency, but they will forget to tell people how they once made it big and lost everything due to greed.
There is a lot of stupid money out there, and there are even bigger, well-packaged scams.
Many of them were meme coins with sophisticated marketing, but they mostly rugpulled and left their investors empty-handed. Most people in the space are not looking for utility or something to build with. They do not want slow money or to wait for the market cycle to turn a profit. In fact, some people underestimate the potential of cryptocurrency by only assigning monetary value to it.
Although I believe that financial gains are the most appealing aspect of cryptocurrency, there are other benefits. This "more" is what generates the utility that sustains it.
Hive is one of the most undervalued projects out there. A $7 million owner may not notice any of this because they are only concerned with multiplying their investments. People with the most money in the game are always the greediest, and while you could argue that their greed is what brought them the money in the first place, I believe greed should have an elasticity limit.
A Limit To Greed
There should be a limit in people's minds; a line they know they will not cross, but when it comes to cryptocurrency profit, people may be burned. Unfortunately, more people want to be burned, unaware that this is exactly what they intend to do. Losses like the one the guy suffered are one of the reasons why we should appreciate Hive; it is not greener out there, and the illusion of missing out blinds people to the possibility that it is.
Interested in some more of my works
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