Gaming News 29 Apr 2021 9:20 AM +00:00

MrBeast's fans believe he has misled them into a Refinable crypto scam

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MrBeast backed Refinable, a Cryptocurrency that has cost its backers so much money that he is accused of misleading his fan base. MrBeast didn't just mention it casually; he allowed his image to be used for marketing this cryptocurrency. Since being released on the 27th, the currency has fallen by six dollars.

Refinable's stock dropage. It goes from a middle eight dollars to a very low two dollars
click to enlarge
The drop is steep

Cryptocurrencies are only as valuable as they are perceived to be, and if they are not widely used or their creators are selling them, they will rapidly decline in value. The opposite is also true; the value of Dogecoin is made more valuable because Elon Musk endorses it. In this case, MrBeast's name was not enough to keep the currency growing.

What is wrong with this cryptocurrency?

I won't debate whether cryptocurrencies are good or not; that is neither here nor there. The issue is with this particular cryptocurrency and how rapidly it is falling. Refinable was planned to launch at $0.33, but the hype caused it to launch at $8.35, and at the time of writing, it is at $2.01.

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Several people think that MrBeast and the founders of Refinable were setting up a "pump-and-dump" scheme. That means people behind the scenes try to raise the price of cryptocurrency before launch artificially and then sell when the token becomes one of the most valuable. MrBeast is in an unusual position to support a currency that has declined so swiftly.

In addition to all of that, many people could not sell their cryptocurrency, claiming they lost thousands or even their life savings. This is a lousy position for anyone to be in. There has yet to be any reaction from MrBeast to the backlash, but he must come up with a good response for everyone involved.

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