This past week a ripoff token has been created. It was inspired from a known TV series. This token is Piedpiper.
The token has made talks all in the crypto world as it was assumed to be backed by the company behind the said TV series. It gained popularity because people got curious about it and the thought that it is from the show, it must be good and has fundings for development by its mother company. Plus, they gave the tokens for free through airdrops.
Few days later, the token has been traded in Forkdelta. The price went on an upward trend. The holders are happy and of course, the owner of the project. Posts of price increase were posted all over twitter making waves of curiosity from crypto community.
This prompted the people to do a research.
And the result....
The project don't have a website; no abstract as to what is the token for; no whitepaper; and above all, no real backing from the tv show or its mother company. These things got some people worried and concluded that this token is a SCAM. Tweets of calling it a copycat and a scam started to surface.
While others continued to tweet positive things about it and accumulate more.
A scam.... this is a common term in the crypto industry. How do we define a scam anyway? What makes a project as one?
If I am to define the word scam, it will be this way : a scheme of illegal or dishonest activity to take advantage on people, most commonly in a form of money. While presenting an entity to be something or promising things in return from monetary / service involvements but failing to do so, is what makes a project a scam.
Now, let us take a look at the project Piedpiper :
- No website
- No whitepaper
- No backing from big company
- A copycat
- Free distribution of tokens
- Already trading in FD
With the above things about Piedpiper, did it meet any of the definitions to a SCAM? Not even close. Piedpiper is just one of the unconventional tokens out there that proved us two things :
Airdrop is an effective way to market your tokens. It gives the people a sense of ownership and involvement in a project. It gives the people the power on how to deal with whatever they have.
The community will always have the final say on how the project will do. The token holders has the power to either hodl on their tokens or dumped those. Once the people decide to beleive in something, they'll do anything to make it work.
So, no matter what others say about Piedpiper, as long as the community keeps on growing and believing in it - no amount of whitepapers or website can stop them. The trading price will keep on soaring until such day that the nay sayers are gonna cry for missing out the train.
If you call getting tokens for free with no strings attached and the value keeps on hitting an ATH each day, a SCAM..... it is up to you. As for me and other members of the PPI community, we are gonna keep on hodl and see its value make us tons of money from SCAM.
I don't mind getting scammed by Piedpiper. 😂
P.S. they have just announced partnerships. 😁
I like what you did here... I opened the article expecting to get angry because in my eyes a free airdrop that one didn’t pay for can’t be a scam, but this was quite the opposite and you pretty much echo my sentiments. I sold off 100 of my ppi for .09 eth to cover my butt just in case it tanks I won’t feel bad, but IMO I don’t think it’s going down anytime soon. It’s been a real treat to watch this coin grow the past week or two. I’m interested to see where it is in a few months. Good read!
Yes, we all have the same sentiments. The intention of this post is for the butt hurts saying this and that simply because they didn't get any PPI or they sold at a cheap price. For them to realize there are more Hodler than those who Fuds. Well, thank you for reading this piece. 😁
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