Tag Archives: finances

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Cryptocurrency Rug Pull Scam Makes Owner Big Bucks

By: Harrison Young-Glatz

Recently, a cryptocurrency coin called “Squid Coin ” took a one-of-a-kind journey from 40$ a coin to 2,850$ a coin in 4 hours, then 5 minutes after its peak, plummeted to 0.0008$. But how did this happen?

On October 20th, 2021, a crypto coin SQUID, which was pitched as a pay-to-earn crypto coin for an upcoming Squid Game online game (inspired by Squid Game, a Netflix show released September 17th, 2021), Climbed 310,000% in its first 10 days from investors and crypto traders going all in. 

5 minutes after SQUID’s peak of $2,856.64 USD, it sank all the way down to $0.0007926 USD. As Charlie Bilello, CEO of Capital Advisors, and an avid investor, pointed out in a tweet published on November 1st, 2021:

Squid Game Crypto Coin Today…

1:35am: $38.19

2:35am: $89.91

3:35am: $93.64

4:35am: $434.70

5:35am: $2,856.64

5:40am: $0.0007926”

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Why did nobody sell earlier? There were supposedly many red flags to deter people from buying into the coin in the first place, like the website for SQUID being filled with typos and spelling errors. CoinMarketCap, the world’s most referenced price tracking site for cryptocurrencies warned before the scandal that SQUID was a scam, and not to invest in it; yet the biggest red flag was the fact that you could never sell the token. You could only ever buy in, but never sell.

People invested regardless of all of these warning signs in hopes of earning profit from the game they were investing in, but because the founder and creator of SQUID coin set it up so that only they could sell, they banked out an estimated $2,100,000 USD on the backs of crypto investors.

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Bye-Bye Bitcoin…Hello Again?

Bitcoin Stocks Plummeting

Hailey Chase

NEW YORK STOCK EXCHANGE— On April 17, 2021, people involved with the Bitcoin stock market were sent to a frenzy when the market experienced an immense drop, as the Treasury Department was honing in on cryptocurrency as an outlet for money laundering, and a $16 billion change of ownership of Dogecoin occurred via RobinHood. 

The “inevitable” decline, beginning at 7:00pm on Saturday, April 17, was Bitcoin’s largest monetary drop in history—yet it was not the highest percentage drop. In the month of April, the highest recorded price per Bitcoin was over $64,000, and in a short nine days, that price had dropped to under $48,000 by April 25th. The $16,000 drop in price per Bitcoin brought the entire market to a panic and many people sold their shares in fear of an even further decline.

On May 10, 2021, the price per Bitcoin continued to fluctuate by the second, yet the market was steadily recovering. From mid-April to early May, the decay had leveled to only about a 4.5% decrease, and the prices for the past week have only declined .60%.

However, on May 12, Tesla Co-founder and CEO, Elon Musk announced that Tesla will no longer accept Bicoin as a viable form of currency to pay for any Tesla products. At the time of the announcement, Bitcoin was around $56,000, then it took a steep decline of nearly 25% and is hovering around $43,000 as of May 17, 2021.

What does this mean for the future of Bitcoin? Like any cryptocurrency, the market is fast-paced and has the potential to change significantly every day. However, Tesla pulling out of Bitcoin is a major change that the market may not be able to sustain. While some say this crash was to be expected, others say that an even larger price per Bitcoin can be expected in the future. 

College Tuition is Far Too Expensive

Ms. Taylor Filardi

America is the land of opportunity. Anyone who is passionate and driven enough to want a college education should be given the chance to at least try. It would be great if we could make a college education free just like we do a high school education, but each of us in our right mind knows this dream will not be come true in the near future, if ever.

According to the NY Times, the soaring cost of college, a 1,225 percent increase since 1978, is far outpacing any other price the government tracks including food, housing, cars, gasoline, TVs, you name it.

Tuition has increased at a rate double that of medical care, usually considered the most expensive of human necessities, as well as crushed a generation of college grads with debt.

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Increases in College Cost

Mr. Dane Whitcomb

Between 2001–02 and 2011–12, prices for undergraduate tuition, room, and board at public institutions rose 40 percent. It seems ridiculous how fast the price of college tuition is increasing. This is a bad trend because education needs to be something affordable to everybody.

Today it is 400% more expensive to go to college in the United States than it was just 30 years ago. Obviously it should go up from thirty years ago but 400% percent is just way too much. In another 10 years, tuition averages could double, and the number of people that attend college will decrease because people just can’t afford it.

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