Baby Musk Coin

We're not there yet, not by a long shot. That is, if our goal is to gain mainstream trust and adoption of useful and legit cryptocurrencies. Just for fun I occasionally visit the "Token Sniffer" website, just to see what the latest scam coins are, and today the rug was pulled from under Baby Musk Coin, which was launched on 21 January...

Maybe you will say it's unfair of me to immediately suspect a scam whenever Elon Musk's name is attached to a new crypto project. It's just that Musk himself is a walking, talking billboard of empty promises and outright lies, so it doesn't surprise me if his sycophantic followers are endowed with much of the same qualities. A while back I posted about one of the many Squid Game Scams; its almost customary to attach a well known, well liked and well trusted name to scam coins in order to lure in unsuspecting victims, and despite his many lies and scams Elon Musk is just that, and has a large and loyal fan-base.

If you're not yet familiar with the Token Sniffer website, bookmark it now and look up any new token you plan on investing in. At the time of writing this, there were 5 new tokens listed in the last hour, one of them being another one attempting to leech of Elon Musk's popularity, "ELONS REWARD"; that was 23 minutes ago now and I can already guess where this coin is going... But please, check it out for yourself, maybe this one's different...

I would link the Baby Musk Coin website and their Twitter account but unsurprisingly these have been pulled. Here look for yourself: Baby Musk Coin. There, I've gone and linked the website even though I said I wouldn't... The stated goal on the site was to "pique Elon's interest enough for him to join the project," and to "Revolutionize the MEME industry." That should be the first red flag, apart from Elon Musk's name being attached: no functionality whatsoever, no problem that's being solved. The amount of tokens being released is staggering; 5 in the last hour listed on Token Sniffer. And 99 percent of them are worthless and / or outright scams. Baby Musk Coin is a prime example of this sad truth. And in the cover image of this post you'll see proof that only a couple of days ago this scam coin was on the number 2 spot of CoinMarketCap's "Trending" list, together with "SpookyShiba" and "GamingShiba"...

Baby Musk Coin was launched with all the regular fan fair, promising a deflationary token with a high initial total market cap and the promise that 50% of the tokens would be burned to ensure a rising price per token. On 21 January the whitelisted buyers were able to trade in BNB tokens, and on 28 January the token sale was open for the general public on PancakeSwap, Binance Coin's decentralized exchange. I don't know what the initial price was, but it was less than $0.000000000001. After an all time high of $0.000000000053 today on 9 February, 4 hours and 20 minutes later the price dropped to $0.000000000052, and only minutes after that it plunged by more than 99% to less than $0.000000000001 again. Again, I don't know how much less than $0.000000000001 the initial price was, but I do know that on 4 February Yahoo! Finance reported that:

"Baby Musk team is pleased to inform the community regarding achieving over $2M during the ICO sales, which the team aims to use into the marketing campaign, in attempt to spread the word across."
_{source: Yahoo! Finance}

So even if we say that $1 million was used for other things, that still leaves $1 million being multiplied 52 times at the time the rug was pulled: that's a rather successful scam if you ask me. This one flew under the radar, which is fortunate and unfortunate at the same time. Fortunate because it didn't damage the public image of cryptocurrencies too much, unfortunate because people need to be made aware of these shameless scams, which is why I spent the time writing this post. If we, the crypto-community at large, ever want to be taken seriously by the mainstream, we must let go of the idea that money, economy and people's lives are a free-for-all wrestling match. If you read the report on Baby Musk Token at the Token Sniffer website, you'll see that it's a cloned smart contract, just like most NFTs are cloned smart contracts; anyone can create these things, which can be a blessing, but too often turns out to be a curse. I have no solution to this conundrum. Are we so detached from each other that we don't care if lifes are destroyed as long as "I got mine"? You tell me...

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