The first iteration of the $GREED project tricked people into tweeting an embarrassing message. This time, their money is frozen – but earning money.
Last year, a social experiment called $GREED aimed to teach crypto enthusiasts a lesson, tricking them into tweeting an embarrassing message.
The project is back. This time, there's real money involved – a lot of it.
"In Sh*tcoin Season, any pointless cryptocurrency with a Twitter account can enchant thousands of traders into playing memecoin musical chairs. Throwing money at the wall and reason out the window, they let greed get the best of them. Sometimes literally."
That is how I started my May 2023 story about $GREED, a social experiment that duped crypto traders hoping to score a quick buck into embarrassing themselves on Twitter (now X). It was a lesson in good judgment disguised as a money-making opportunity.
The story's moral did not stick. In less than a year, speculators' memecoin greed prompted them to once again trade their good judgment for too-good-to-be-true returns. Presale scammers pitching exclusive memecoins earlier this year stole $122 million from wannabe get-rich-quick degens, according to on-chain sleuth ZackXBT.
It was a devolution of the zero-sum casino games that give crypto a shady reputation. Forget about exchange tokens that traders believe have value, or well-known memecoins that have graduated from pure joke to, well, billion-dollar jokes like DOGE or SHIB. These presale tokens were literal scams. But people were willing to suspend their disbelief to get in early.
"This is so stupid, people are just going to get rugged," $GREED's creator, who goes by Voshy, said in an interview. "How do you teach these people a lesson?"
He decided to recreate his social experiment with a twist. Last time, his nonexistent $GREED token made a mockery of its "victims" without costing them any capital: He duped them into giving him access to their Twitter accounts, letting him shame them by posting an embarrassing tweet about their succumbing to their own greed.
This time, like last, $GREED would not cost its participants anything, nor would there be a token at all. Instead it would be the lure for a surprisingly lucrative staking freeze. $GREED's unwitting participants would lock their own SOL in a staking account, safe from presale predators. While their money was working for them, it would also work for $GREED: an education initiative that Voshy hopes will teach the entire space a lesson.
For part two of $GREED, Voshy started by tweeting vague promises of what seemed like an upcoming airdrop of a GREED token. It caught on. Just like in 2023, crypto traders started angling for a token they knew nothing about.
Soon, Voshy upped the ante with a website with wallet-connection capabilities. People could now seemingly commit their SOL to GREED. But for what? The website didn't say it was conducting a presale. It made no promises about what it was for, or what people would get. Details didn't matter; in the first hour, 1,527 wallets pledged 6,220 SOL (currently worth about $1 million).
That's where Voshy's experiment diverged from the scammy sh*tcoin presales. Instead of taking people's money in exchange for a token (or in exchange for nothing, as scammers do), Voshy's website had prompted them to stake their SOL tokens to a Solana validator. When they signed the transaction, they...
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