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YouTube channel “TechLead” creator has created a crypto and pulled the rug

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Re: YouTube channel “TechLead” creator has created a crypto and pulled the rug

#121

Post by ALittleLight »

It is not at all clear to me that this is a scam or a rug pull. The uniswap pool[1] seems to show there is more than a million USDC left (unless I'm misreading this) and that is all that TechLead guaranteed - that you could sell the token back for 1 dollar minimum. You still can, right? In fact, the price is still up.

I think cryptocurrencies generally are scams, but this one doesn't seem like any more of a scam than any other token. Maybe TechLead is selling some - but why wouldn't he? It's a gimmick token.

1 - https://info.uniswap.org/#/pools/0x84383fb05f610222430f69727...

Re: YouTube channel “TechLead” creator has created a crypto and pulled the rug

#122

Post by thaumasiotes »

mola wrote: post #100
thaumasiotes wrote: post #62

Earlier quoted context omitted.

I have a question: > we picked a few stocks, and sold them to each other for a very low price, and then bought all of them up as the other students watched the trends. We repeated this for 1/2 of the stocks in the simulation. I can see how you could use this strategy to exchange a fairly low amount of money for these stocks. But that would mean you have less money than you started with, and more stock. > We then sold…

You go to the bank leverage your amazing portfolio, now you have real money. And when everything comes crushing down, you're too big to fall, so the govt/banks bail you out. Amazing system we got.

I'm talking about the game. In reality, stocks don't have a maximum value.

But it also sounds like it's worth noting here that in reality, you cannot borrow money based on a stock valuation set by a very low-volume trade to which you were a party.

Re: YouTube channel “TechLead” creator has created a crypto and pulled the rug

#123

Post by imtringued »

dgb23 wrote: post #101
Kiro wrote: post #92

After watching his videos on this, it's pretty obvious to me that he created the coin as a joke/satire to show the absurdity. Yet most comments are talking seriously about this and comparing it to actual pump'n'dump scams. What's the deal?

The deal is that he is a comedian first but also gives advice that is often superficial but serious enough so there is some value to it for beginner developers. It’s both satire and seemingly genuine encouragement. Most importantly he seems to be very good at YouTube marketing. Apparently many have watched his videos, even in this crowd, which means he knows how to attract views. My intuition is that this is a stunt,…

It started out as a stunt. When he realized there is real money to be made he probably changed his opinion.

Re: YouTube channel “TechLead” creator has created a crypto and pulled the rug

#124

Post by dna_polymerase »

phendrenad2 wrote: post #75

Hate to be "that guy" but I have no idea how crypto works. What does it mean to "remove liquidity"?

He removed money from Uniswap. Uniswap is a decentralized exchange. At the heart of it there is the ability to provide liquidity by funding the exchange wallets.

Imagine Dollar and Apples as our currencies. The exchange rate is 1 to 1 for this example. So in order to provide Uniswap with liquidity you give them 100 dollar and 100 apples. People can trade against those assets, in turn you get a small fee for every trade. If person A comes along and buys 40 Apples, the Uniswap wallet now contains 140 dollar and 60 apples. These still belong to you, as they represent your share in the wallets.

What Techlead did is, he created a coin (like our Apples) and provided Uniswap with his coin and USDC (basically a coin tied to the dollar). This way people could buy his coin. No, after them buying he pulled out money from the wallets, now his shares are predominantly in USDC. By removing the liquidity the pools are now incapable to provide sellers of his coin with USDC, therefor the market is dead.

Re: YouTube channel “TechLead” creator has created a crypto and pulled the rug

#125

Post by andi999 »

thinkloop wrote: post #94
pengwing wrote: post #68

I want to assess this situation by facts and not by sentiments for or against TechLead. Could someone please help me understand some facts: - The reddit post only provides an etherscan link to the transaction in which he adds liquidity. Where did he remove liquidity? - Permanent removal of liquidity clearly breaks the promise of 1MM for at least 1 USDC. But a temporary removal does not, correct? - As long as more peo…

> I flat out don't understand the "selling without selling" part. He HODLS 1M in his wallet in solidarity with the community to show he is not selling, but simultaneously secretly sells inflation to profit the same - is what the author is claiming.

If he wouldn't sell how could anybody buy? (or maybe I do not understand this coin) (I assume he owned all initial coins, or didnt he?)

Re: YouTube channel “TechLead” creator has created a crypto and pulled the rug

#126

Post by pengwing »

yoz-y wrote: post #90
pengwing wrote: post #68

I want to assess this situation by facts and not by sentiments for or against TechLead. Could someone please help me understand some facts: - The reddit post only provides an etherscan link to the transaction in which he adds liquidity. Where did he remove liquidity? - Permanent removal of liquidity clearly breaks the promise of 1MM for at least 1 USDC. But a temporary removal does not, correct? - As long as more peo…

How can one just remove liquidity? Why is that even technically possible?

Anybody can provide liquidity to a uniswap liquidity pool and withdraw it at any time (ofc you will stop earning rewards). In uniswap v2 an LP is tied to a token pair. Here: (MM, USDC). In v3 there are some additional pricing range factors.

Re: YouTube channel “TechLead” creator has created a crypto and pulled the rug

#127

Post by pengwing »

thinkloop wrote: post #94
pengwing wrote: post #68

I want to assess this situation by facts and not by sentiments for or against TechLead. Could someone please help me understand some facts: - The reddit post only provides an etherscan link to the transaction in which he adds liquidity. Where did he remove liquidity? - Permanent removal of liquidity clearly breaks the promise of 1MM for at least 1 USDC. But a temporary removal does not, correct? - As long as more peo…

> I flat out don't understand the "selling without selling" part. He HODLS 1M in his wallet in solidarity with the community to show he is not selling, but simultaneously secretly sells inflation to profit the same - is what the author is claiming.

I don't understand. First, naturally he is selling (and also buying) in the sense that he participates in a MM-USCD liquidity pool. Second, inflation of the token price happens due to social media hype and has no relation to him selling. Third, of course the whole project is profitable for him - cannot see anything wrong with that.

Re: YouTube channel “TechLead” creator has created a crypto and pulled the rug

#128

Post by monkeybutton »

paulgb wrote: post #86
monkeybutton wrote: post #42

Earlier quoted context omitted.

Sounds like you need to build some passive income streams and generate wealth. Please buy the online course I'm hucking on YouTube because I'm such an expert in these topics. Seriously though, it pains me to see the young and naive fall for these scams. Also, wasn't there a data science YouTuber recently that was busted for more or less plagiarizing their content?

> Also, wasn't there a data science YouTuber recently that was busted for more or less plagiarizing their content? You might be thinking of Siraj Raval? https://mobile.twitter.com/AndrewM_Webb/status/1183150368945... (Or not, I’m sure there’s been a dozen other cases of this in data science alone)

Yes! That is who I'm thinking of. For anyone else reading, the scandals go beyond the one twitter thread: https://www.plagiarismtoday.com/2019/10/16/why-siraj-ravals-...

Re: YouTube channel “TechLead” creator has created a crypto and pulled the rug

#130

Post by netizen-936824 »

gowthamgts12 wrote: post #129

"And I think what makes MillionToken a powerful and genius idea as a ex-google, ex-facebook tech lead myself. you know i'm a genius" - https://youtu.be/-pN8jCpEFy0?t=142 god. do people actually fall for this crap?

I watched a couple of his videos, but the way he flaunted his titles really put me off.
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