Crypto : Tata, Hakuna and other Shitcoins

The Synopsis

Tata Sons went to the Delhi high court a few months back after discovering a fairly dubious plot. They were alerted to the fact that two businesses (located in the United Kingdom and the United States) were circulating crypto tokens under the name $Tata. And, although you would assume that this is a basic play on the Tata brand's popularity and goodwill, things aren't quite that simple.

One of the defendants in the case maintained a website named www.hakunamatata.finance, which has a "tata" at the end of the name if you look closely. Hakuna Matata is also a Swahili expression that approximately translates to "don't worry." As a result of the phrase's popularity in the film "Lion King," there's another viewpoint worth considering.

Tata Sons, on the other hand, claimed that both firms targeted Indian citizens while selling and buying this strange coin. A charity partner headquartered in India is mentioned in the whitepaper detailing the $Tata coin. Even if the corporations weren't headquartered in India, you might argue that the court had jurisdiction over the dispute since the website attracted an Indian audience. However, after lengthy consideration, the court decided not to intervene because Tata Sons could not show beyond a reasonable doubt that the corporations intended to target Indian clients through their websites. "I do not see any purpose, covert or overt, to target clients in Delhi in the aforementioned pages on the different social media accounts of Defendant 1," the court stated. If they target consumers at all, it's customers all over the globe."

As a result, Tata was unable to persuade the courts to support them. But that isn't the case in this case. The plot revolves on shitcoins, or cryptocurrency with little or no value. These are coins that have been promoted by a group of persons who are attempting to defraud investors of their hard-earned money. They usually always appear to follow the same script, just like Tata coin. This is the kind of playbook I'm talking about.

To create a new currency, use a platform like Waves. If you're good at it, you may be able to complete the early formalities in under 15 minutes. This should give you an idea of how straightforward it is to set up your own coin.

The second, and most crucial, point is as follows: Make a beautiful name for yourself. You must choose a name that has a great ring to it, whether it is a play on "Hakuna Matata" or the "Tata brand name." If you want to be more imaginative, you may use the names of other well-known people. Perhaps a politician or a well-known cricketer. Allow your imagination to go wild.

Create a whitepaper that explains the cryptocurrency's vision. Don't care about being accurate as long as you utilise all the fancy keywords like "PancakeSwaps." And here's the kicker: nobody is going to read it in the first place. You aren't even required to compose it yourself. On Upwork, there are a number of specialists that will write it for you, and some of their fees seem to be really reasonable.

Finally, if you want to take shitcoins to the moon, you must advertise them. Make a topic on Reddit about how this will transform the world. Create a Telegram group and use a lot of emoticons to promote your freshly created shitcoin.

And after you've gotten enough people to believe into the notion, take all of the money that people have so generously given you, and you'll be able to get away with it.

Simple. That's all there is to it. And if this all seems too wonderful to be true, believe me when I say it isn't. Here's what occurred with Squid, a new digital token based on the Netflix programme Squid Game. The makers announced the new cryptocurrency after promising to create a "play-to-earn" game based on the TV programme, and when enough people bought into the concept, they earned over $3 million. It's insane.

And if you're curious about what happened to Tata Coin, check out this YouTube comment: "I went to my hakuna matata token on trust wallet while I was simply checking all my tokens and found that my investment in hakuna matata sank by 90% haha."

The statement goes on to mention a developer who defrauded investors when launching the project, so it's no surprise that those who purchased Tata Coin had the rug pulled out from under them. They had been duped. So, if you're banking on a new cryptocurrency with a flashy name and a cryptic description, keep the playbook in mind. 

Remember how simple it is to create and sell a shitcoin?

(Source: Finshots)