Last year, the social experiment known as $GREED aimed to teach cryptocurrency enthusiasts a lesson by tricking them into posting embarrassing messages on Twitter. Now, the project is making a return with a new twist—this time involving substantial financial stakes.
“In Sh*tcoin Season, any trivial cryptocurrency with a Twitter handle can lure thousands of traders into a memecoin frenzy. By throwing money at speculative assets and disregarding reason, they let greed cloud their judgment—sometimes with literal consequences.” This is how I began my May 2023 article on $GREED, a social experiment that exposed the folly of quick-money schemes by fooling traders into publicly embarrassing themselves.
The intended lesson from that story seems to have faded quickly. In under a year, the greed-fueled rush for memecoins led to $122 million being swindled from eager speculators through fraudulent presale schemes, as reported by blockchain investigator ZackXBT.
The situation deteriorated into a classic example of crypto’s zero-sum nature, where many participants willingly ignored red flags for the chance to strike it rich. Unlike established exchange tokens or well-known memecoins like DOGE or SHIB, these presale tokens were outright scams. Yet, many were eager to believe in their potential rewards.
“This is so ridiculous; people are just going to get scammed,” said Voshy, the creator of $GREED, in an interview. “How do you make these people see their mistakes?”
To address this, Voshy has revamped the $GREED experiment with a new approach. Instead of a fictitious token designed to embarrass its victims, the updated $GREED initiative will involve real financial stakes. Participants will be encouraged to lock their SOL in a staking account—a move designed to protect their assets from presale scams. While their funds are safely earning rewards, they will also contribute to $GREED’s educational mission.
Voshy hopes this new strategy will not only safeguard participants’ investments but also provide a valuable lesson in financial prudence. The goal is to educate the broader crypto community about the dangers of speculative greed and the importance of due diligence in the volatile world of digital assets.
