It’s Crypto Literacy Month and the Squid Gaming Token Price Drop 99% in Minutes Proves Why Crypto Literacy Matters

British philosopher and statesman Francis Bacon wrote: “Knowledge itself is power.” This saying basically means that the more you know and understand something, the more control you can exercise over your own destiny and the surrounding circumstances regarding that area of ​​knowledge. Applied to cryptocurrencies, knowledge of space certainly provides some power. Conversely, a lack of knowledge in cryptography usually has the effect of ceding your power to others.

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Squid Game token collapse wipes out 219,000% of winnings

For example, yesterday thousands of people who invested millions in a sketchy crypto token launched just seven days ago lost almost all of their funds. The project was something called the Squid Game Token – named after the hugely popular Netflix series but in no way directly affiliated with the Korean-produced series or Netflix itself. Regardless, within days of its debut, the Squid Game token rose from less than a dime to over $ 2,856 per unit on Monday, driven almost exclusively by the hype and “fear. to miss something “. Then, in the span of five minutes yesterday morning, the price fell over 99%, wiping out over 219,000% of gains for each unit.

In the Squid game Netflix series, there has been only one winner and everyone else has been permanently “knocked out” for losing a children’s game series. Ironically, this appears to be the similar result of the wiped funds invested in Squid Game Tokens over the past few days – a truly surreal example of life imitating art.

Either way, it is highly unlikely that any of these Squid Game token investors took the time to conduct proper due diligence or necessary research into the project to protect themselves. Again, for lack of proper knowledge, they seemingly ceded their power to others.

Why cryptocurrency literacy is more important than ever

Clearly, this uplifting tale demonstrates that the crypto industry has work to do to equip investors with the knowledge and tools to participate in this new asset class. This is the raison d’être of Crypto Literacy Month, an initiative that strives to raise awareness among consumers about Bitcoin, cryptocurrencies in general, the concepts behind them, as well as the means by which investors can wisely integrate digital assets into their portfolios.

“In cryptocurrency, we have the opportunity to do better and Crypto Literacy Month is really focused on creating that space to focus on education and awareness of the fundamentals of digital currency and blockchain technology,” said the CEO and co-founder of Coinme and Crypto Literacy Month. , Neil Bergquist, in a telephone interview with me. “The goal is to really help people understand the underlying value of digital currency beyond what they can read in the headlines, which can be confusing and lead to false assumptions.”

Crypto Literacy Month takes place every November – and it’s its first launch. Each week in November, will highlight a specific topic on crypto, starting with Bitcoin. The following weeks will focus on non-fungible tokens (NFT), decentralized finance (DeFi), and important security basics that every crypto investor should know.

Test your knowledge of cryptography is also the official crypto literacy quiz site. Readers can take a short 17-question survey to assess their cryptocurrency knowledge, or lack thereof, as well as use the quiz and individual results as a talking point with friends and family members to help broaden understanding of this increasingly important digital asset class.

Bergquist says that one way they will measure the success of this education-focused campaign is to increase the number of people taking part in the survey, as well as to raise awareness of the importance of owning cryptocurrencies. “We found in the survey results that people who own cryptocurrencies scored higher than those who did not. This reinforces a saying we have in space -“ The best way to find out more about Bitcoin is to buy it. “If we can help people understand the value of digital currency and how it works, they can reap its benefits, while reducing their risk,” he told me.

Unfortunately for those who poured funds into questionable Squid game tokens without the necessary knowledge and understanding – their greed made them gullible. For them, Crypto Literacy Month came a few days too late. Hopefully, for the rest of us, we can equip ourselves with the knowledge we need to successfully invest in crypto, now and in the future.

About Shirley L. Kreger

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