The Squid Games Crypto | $SQUID Token

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down below does expire tonight the

popular show on netflix squid games has

now inspired an official cryptocurrency

called the squid token which you can

then use to enter virtual squid games

competitions to earn more squid tokens

by winning prize pots by of course being

the last player standing out of groups

of 456 and while playing the squid games

game you can also earn marbles you'll

earn more marbles if you're not violent

to others in the game and these marbles

are really important because if at any

point you want to sell your squid token

which you've invested in to play the

squid games if you want to sell out of

the squid token you're going to need

marbles because without marbles you

won't be able to sell

hey everyone me kevin here look if you

are confused intrigued worried if you

think this is a scam if you have no idea

what the heck this is and you just like

squid games and now you hear there's a

cryptocurrency associated with it and

you want to know wait is this something

you should buy you should watch this

video all right let's get into this so

first things first from its initial

price the token squid token uh dollar

sign squid is up 80 000

if you go to coin market cap coin market

cap only shows this coin as of october

26th it shows it uh at approximately

five cents around uh two cents five

cents bouncing around here potentially

as low as what we got here 1.2 cents on

october 26th and it's just gone

parabolic since then right now we're

sitting at

11.74 cents per token up 416 percent

just in the day we've got about 12.5

million dollars of 24 hour volume and a

total market cap of about 9.3 billion

right now 9.3 billion dollars

the squid games token is currently

ranked uh the 2778

largest token on coin market cap and

there is a banner here that quote we

have received multiple reports that

users are not able to sell this token in

pancake swap this might have to do with

those marbles which we'll talk about

soon please do your own due diligence

and exercise caution while trading this

project while clearly inspired by the

netflix show of the same name is

unlikely to be affiliated with the

official intellectual property and this

is our expectation as well we do not

think this is an affiliated coin this

appears to be an unofficial coin

in fact it's so unofficial that coin

gecko has preferred to stay away from

squid saying quote this token did not

meet our listing criteria hence it will

not be listed on coin gecko

it's most likely

a scam says coin gecko coin founder

bobby ong as he told the coin telegraph

in an interview he also stressed that

coin gecko is not the squid game token

partner as it's mentioned on its website

uh the co-founder of coingecko says this

is most certainly not true and we are

not a partner nor are we affiliated with

squid game

so a lot of sort of

misleading information potentially

starting out but what is this and how

does this work well if we want to know

more we can go to squidgame.cache

and here you're going to find

a website and one of the first things

that you'll find are pictures of the

actual squid game that you might be able

to play they say this is built on six

different games you start with the red

light green light game and then you go

on to uh the game on cutting out the

little food puzzles and uh there are 456

players per game one winner takes the

pie worth noting that they have a banner

here that says elon musk shield 4 squid

game dollar signs squid token to the

moon

and they have a few pictures here uh or

actually they just link directly to uh

the tweets here where somebody wrote

squid game uh world of engineering

tweeted what's the most overhyped thing

of 2021 squid game elon musk replies

laughing emoji no direct relation there

to uh this squid token

and here's a link that says isps want

more money because so many people are

streaming squid game those are internet

service providers elon musk says squid

game is squid game for isps internet

service providers

so uh no direct relation here to the

squid token

so kind of seems a little shady on the

website that they would say that elon

musk is shilling for dollar sign squid

when he didn't say anything about dollar

sign squid

but anyway uh you get pictures of the

games that could be played here if you

go to the play button and you try to

play you'll find that these are actually

just coming soon right now so we can't

actually play these game yet games yet

they're listed as coming

soon

and uh the founders it can't really be

found anywhere which is also kind of

interesting because if you scroll down

over here to uh it just says member

uh and it says here the ceo

cmo

uh cto chief marketing officer it's

chief executive officer chief technology

officer right developers designers or

whatever i google reverse imaged a few

of these pictures

so for example i took kanye's picture

here i saved it i uploaded it to google

reverse images i did the same thing with

danny i did the same thing

with dave over here with steve over here

i could not find that these pictures had

ever been used before and that made me

think two things one either they're fake

pictures because they're not real people

uh or these people are just really

private and this is the first time

they've ever they took a new picture and

this is the first time they've put this

picture out but i also can't find

anything on those same named peoples

when i when i did a googling on those

names so i can't seem to find anything

about these people

uh it is worth noting that nvidia about

three years ago created this website

and it is an algorithm website called

this person does not exist dot com

seriously try it go to this person does

not exist dot com and they basically

create people's faces every time you

refresh so every time you refresh the

page you get a different human

that is not real these these are not

real people these are like

computer generated pictures

of people

um yeah

kind of interesting because in some way

they could potentially look like profile

pictures as well

so worth noting that this person does

not exist.com is a real website created

by nvidia to use algorithms to create

people that do not exist

uh again can't find these individuals on

uh online also uh worth noting that if i

go to the twitter

handles here

uh the squid games bsc twitter handle

which is go go squid game is now

temporarily restricted because there's

been unusual activity from the account

they have they don't follow anyone you

can't comment on any of their stuff

and they just post sort of updates uh on

the squid games market cap or whatever

that's this one which is the official

link twitter from this website if i go

to the next twitter handle that one's

just straight up suspended

if i go to uh the telegram or discord

the discord doesn't actually allow you

to chat and neither does the telegram

which is kind of sus

so then i thought okay well let's go to

the white paper and try to understand

why would people buy this thing like

what's the theory what's the thesis

so let's look at the white paper for the

squid game

all right so the squid game

this is a play to earn platform

apparently which they're trying to

really leverage the the uh popularity of

axey infinity right now in fact they're

going to do a direct reference here to

axe infinity i actually invest in the

axe infinity token uh i'm still very

much a novice on axe infinity though so

i've got a lot of work to do on that one

very high risk investment i tell her

it's like that could just go down 50

percentage like gg right but anyway

uh so

this basically just gives you the

overview that 456 people will be able to

join and the more people join the

expectation is the larger the prize

money will be which makes sense because

if you have 10 people versus 456

obviously

there's gonna be more potential for

prize money i do think it's interesting

that they say here your experience will

not reflect deadly consequences but

instead it says your experience will

only reflect the joy of winning rewards

and the sorrow of losing money when the

game fails

so the reason they say that is because

you have to buy to get into the game so

you have to hold squid token and you

have to pay 456 squid to get into round

one of the game well it's gonna cost you

now because squid has gone up so high

it's literally gonna cost you five

thousand three hundred and twelve

dollars to enter the first round

and if you don't have enough money to

get to the last round you're you're

guaranteed already lose money right

because the only way to make money

playing the games is by making it to the

last person standing

all of these fees

ten percent of the fees go to the

developers as a profit which i kind of

think are fake people

and ninety 90 of the money goes to the

pool so the price pot right

so the first is the red light green

light game that you're going to play

the second is the candy game and you

have 30 seconds to cut out the shape of

the honeycomb candy just like in the

real squid games

and if you win the players that win here

are going to get a certain candy nft

here but beer bear in mind it's going to

cost you

six 11

dollars right now to enter level round

two

to enter around three it's going to cost

you twenty three thousand two hundred

dollars

and you win the tug of war based on the

frequency of clicking they do say at the

end of this white paper that they're

going to do whatever they can to make

sure uh that uh they will ban bots

good luck with that one uh there's so

many click bots

uh you do also have quite a few typos

that end up coming out extra dots and

misspellings in various different places

of this paper

then you got to play marbles based on

also the squid games game and uh you you

the entry fee is actually 4 000 squid

plus the nft that you win in a level two

which is the candy nft so you have to

spend your candy nft to enter uh

the next the round number four plus

forty six thousand dollars

uh then you have to to play the glass

stepping stone game uh you need to uh

spend your nft from the previous round

along with 93 000

and then you're gonna win another nft if

you win the glass stepping stone game

and then the final game is gonna cost

you a hundred seventy four thousand

seven hundred dollars right now to join

or fifteen thousand squid plus your nft

from the prior game

and then when you win

technically you win the big bonus here

and these are gonna be groups of 456

players

and then they're going to be five

different series like this would be a

series of nfts based on sort of your

progress in the game apparently or or

how well you do in the game like an

achievement space thing

i do find it interesting that there is

expected to be about a total supply of

724

million of these squid uh that's and i

basically got to that by subtracting out

the admin and marketing and the burning

although technically i suppose admin and

marketing could be part of of the burn

uh or it could be part of supply so

somewhere between 79 or 24 million and

800 well less than 800 be like uh minus

14 million so eight uh 786 million

roughly around there so 724 to 786 is

the circulating supply for the squid

token

and here then they introduce you and

this is where things get a little

confusing so first you're going to buy

squid to enter this game for the right

to buy it right every time somebody buys

squid it is going to allow somebody else

to sell it using marbles at

to start with a two to one ratio so

you're gonna need two marbles to sell

one squid

so this gets convoluted yeah i know i

get it so let's say you had a hundred

squid

in order for you to actually sell that

squid you're going to need 200 marbles

but for you to get marbles you either

have to buy them or you have to play the

games but playing the games gives you uh

455 out of 456 chance of losing all your

squid right because one out of 456

actually win right

so that's that's not so good this is a

56 i want to make sure i got the number

right there

but uh let's go to the front page here

so it is yeah 456 players exactly

okay good so now

when you have marbles which you get from

playing

you'll be able to sell your other squid

so if you put like 10 000 squid in here

let's just do that math here really

quickly if for some reason you're like

oh i'm gonna buy 10 000 squid and you

have an expectation

of winning one out of 456 times

but 10 000 squid

isn't even enough to get you through

uh level

uh one

see level one's gonna cost you 456 level

two is gonna cost you a thousand two

thousand four thousand eight thousand

you're not even going to be able to get

to level five of the games so ten

thousand squid isn't even enough to play

the game so basically if there it's not

enough for you to play the game there's

no way you're going to be able to earn

marbles instead you'll have to buy

marbles for the right to sell your squid

and then those marbles get burned so if

you had 10 000 squid token right now you

would need roughly 20 000 marble but

this math gets funky i'll tell you about

that in a moment you need about 12 20

000 marbles which sell for about three

dollars and 30 cents right now which

means you would have to somehow have 60

000

66 000

in marbles just to be able to sell

uh 10 000 times 11 so about a hundred

eleven thousand dollars worth of squid

so you're gonna lose 66k just trying to

sell your squid

let alone playing the game with a

massive odd of losing

okay massive probability of losing

doesn't sound like good but anyway they

refer to this as marbles being inspired

by slp from axi infinity this is what

you earn when you win the game in axi

infinity uh actually infinity is really

interesting it's highly highly risky and

speculative but anyway very interesting

and marbles is a token that's uh

basically

really its sole purpose is to make it

harder for you to sell and dump squid

that's pretty much the argument here

and what i calculated because of the

math they give you here is that they're

only putting out 900 000 marbles a day

and the initial supply is 21 million but

wait a minute if you have if you go over

here and you have

724 million squid which we learned here

you're gonna have at least 724 million

in circulation

724 million in circulation would require

about 1.4 billion marbles to sell at two

to one

but they're only issuing 900 000 a day

so that would take you around four years

to actually have enough marbles for all

squids to circulate

one time

to be able to sell one time so in other

words people who are putting their money

into this are really going to be heavily

incentivized to play the game because

it's going to be really difficult to get

your money out of this even if you win

it's going to be really expensive to get

all the marbles that you need to get out

which is kind of interesting probably

why coin market cap has that banner uh

and an alert about this but anyway then

uh they talk a little bit more about the

features some addresses how to sell uh

again right now they mention that uh you

you sell with a two to one ratio with

marbles but there are a lot of folks on

reddit right now who are actually

complaining that they sold

uh one squid they sold one squid token

they had 12 marbles but after they sold

the one squid token

five marbles actually burned so they

ended up with seven

which is kind of odd because that either

means the gas fee was changed or

the amount of marbles you burn when you

sell squib is pegged to some sort of two

to one ratio between the initial price

of squid and the initial price of

marbles

and then it fluctuates and they're sort

of tethered together somehow very very

funky i don't fully understand that part

but anyway

uh then they talk about how they're

going to market this how they want to

look at this you will see countless

memes flooding your news feed on every

social media app including twitter

facebook instagram tick tock and of

course all the major cryptocurrency

forms

okay including uh they mentioned here

coin gecko which it's worth noting that

coin gecko purposefully excluded them

uh and uh major communities in telegram

will discuss about qui squid and then we

will hold five airdrop activities to

gauge or to stage interest

they also then talk about an audit how

they're gonna provide their audit report

which they did but this audit report is

really just a pdf thrown together by

coin scope and uh like basically

the bottom line is that they give them a

92 score on the team and the contract

and the domain info like really you're

gonna rate them based on their domain

info like that seems kind of shady and

sus

but anyway uh coin coin scope uh is it

put together this information

and

if you just google

coin scope audits you could review

coinscope.co

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and if you go to

coinscope.co

you can get an audit and the way you

would do this is you would submit

a a

form basically to get your coin audited

you could either email them or you could

add your coin right here

and my assumption

is they they just charge a fee

and then they'll audit your coin and

rate you but for them to collect more

revenue they probably have an incentive

to give people good ratings so that they

keep getting used

this is to me kind of like the rating

agencies that really helped fuel the

2008 financial crisis where we had

rating agencies incentivized to rate

bonds that were junk bonds at aaa just

to get more fees

okay interesting so so far we've got a

lot of things that are quite sus

now a question that comes up often is

how do you buy it well this is also a

little sus so

to buy coins that are not presently on

the market or regular like exchanges

like coinbase pro or voyager oh my gosh

voyager has been so good to me like i've

been transferring all my coins over

there worth noting that uh you can sign

up for voyager digital and get uh

substantial yields on your

cryptocurrency for the best uh promotion

and the fastest way to set up your

account go to medkevin.com voyager and

then use code kevin so medkevin.com

voyager use code kevin but anyway

pancake swap would let you trade coins

that are usually otherwise not available

and so uh i could go in here and i could

trade uh let's say i'm gonna take eth

and i'm gonna go buy i don't know alpa

token or alu whatever i don't know a lot

of these tokens some of them look

familiar

bell protocol whatever there are there

are hundreds of them listed on here

marsh unmarshall math mobox whatever

in order to get squid to show up you

have to click squid here by squid

and then it'll show up here but you get

this warning that there's an it's an

unknown source token and to import this

which you could just hit import here it

would then allow you to in theory by

some squid so for but i don't have a

balance on here right now but in order

to get money over here you'd have to

connect your meta mask which i highly

recommend metamask metamask is a pretty

good decentralized wallet

but now

i think it's worth at this point trying

to come up with some kind of conclusion

on what i think about this right after i

mentioned that open c

has a totally unofficial

squid gamers

merchandise

or nft collection

of of characters wearing merch and it's

all 456 of the characters apparently

what i did find interesting is that they

almost all look the same they almost all

have exactly the same nose

and it's just the hair and like the

number on the shirt

this is uh something else

okay so uh that is the squid token

now

what's my verdict on this

well

i would not recommend you buy this

i think if you put money into this

the odds of you winning in the squid

game are one out of 456 and because

other people are probably going to cheat

i would say your odds of winning are

negative

like zero to negative

uh even if you did win i think you would

find it impossible to find enough

marbles to actually

get your squid token out

and ever make money on the token so

unfortunately i'm concerned especially

since the developers aren't reachable

and it looks kind of shady i'm concerned

that anybody who's bought squid token

might end up getting stuck in this

network because if everybody all of a

sudden wants to sell squid token because

they they don't like this anymore and

the squid token price plummets

and the price for marbles skyrockets

you're gonna get screwed

because see you get screwed doubly that

way consider that for a moment if you

play the game you're gonna lose your

squid because your chance of winning is

next to zero

if you don't play the game and you just

want to cash out you need marbles but if

people realize the odds of winning are

next to zero everybody's going to want

to cash out driving the price up

of marbles

driving the price down of squid because

who's going to want to buy squid if they

realize there's next to no chance of

buying so nobody's going to want squid

so demand is going to plummet demand's

going to skyrocket for marbles which

means the price of marbles goes to the

moon but you don't want to hold marbles

because the only thing that marbles

really does for you i mean other than

you being able to potentially trade it

and speculate it if you could even get

your hands on it uh which you might only

be able to do by playing the game which

would be dumb because you'd lose a lot

of money in squid which is also dumb but

anyway uh i mean i'm sure there are ways

to actually trade marbles as well but

you'd have to find people who are

holding it i can't seem to get marbles

to work on uh on pancake swap see when i

click on buy marbles right here even

though it implies that you should be

able to do it it just never actually

shows up for me i could only figure out

how to get squid so it kind of also

makes me concerned

oh hey it actually came up okay okay so

it actually came up that's that's

impressive okay in fairness marbles

actually came up so maybe there is a way

to buy and sell it through through this

you got the same warning though but

anyway my expectation is the price of

squid's going to plummet the price of

marbles is going to skyrocket as people

try to get out of here i do think

there's a good chance that people are

going to speculate on the price of

marbles which could lead to a lot of

volatility in the price which means it

could actually go down even in the short

term uh but

yeah i i don't know about this because

again the only utility of marbles is

getting your squid out so i would not

want to touch squid for the life of me

if you wanted to trade something i'd

probably want marbles

uh unless and here's the other risk

factor okay here's where it gets crazy

though

because there's going to be a flip so

watch this

you're going to have a flip at some

point

if marbles

are worth three dollars right now for a

marble

and a squid token is worth 11

well it makes sense to pay two marbles

or six dollars to get my eleven dollars

out right

but at some point you'll probably get to

this weird parody where what might

happen actually is you might actually

end up seeing the squid token go down to

let's say two dollars

and if marbles is at three dollars

nobody's gonna buy marbles because why

would you buy marble other than to trade

it why would you buy a marble just to

unlock your squid token because you

would now be paying six dollars to

unlock two dollars that'd be dumb it'd

be a neck net negative four dollar trade

right so that would mean the price of

marbles would have to go down to uh

probably somewhere around two dollars or

somewhere around one dollar and now you

have this break even which that doesn't

make sense either so you'd probably have

to see marbles go down to somewhere

around point five cents

now it would make sense for people to

want to unlock their squid again so in

other words

this is like horrible from every way i

look at it if the price of squid goes

down marbles has to go down

at least in the short term though

there's going to be this weird potential

pump and drive for people wanting

marbles so they can get their squid back

out

but then they're burning a lot of money

on their squid and if they play the game

they're screwed everything about this

literally feels like a trap like it

feels like a like a chinese handcuff

like once you stick your finger in you

can't get it out

and there's no way you can squeeze in

using another hand to get to get your

finger out uh it's uh it's a disaster

so i don't recommend it it's not

affiliated from anything that i could

tell with the actual netflix and i would

steer clear anyway hopefully you

appreciated that explanation and we'll

see in the next one thanks bye

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you