So I have done this all wrong, I have talked about episode 2 of this series and looking at the synopsis of the other 2 episodes I probably won't talk about episode 3 and 4 anyway. Kind of like how I watched the avengers films until I sat down and watched them all from start to finish and became a big fat geek.
Can read about what I thought of episode 2 here -https://read.cash/@Themoneyearner/watching-money-explained-on-netflix-clear-how-mass-adoption-can-be-achieved-bc195509
Anyway episode 1 of the series, I found as equally as insightful as the one about credit cards that got me thinking all sorts.
This one was all about scams, and then although I didnt want to touch them with a barge pole, I saw all these very similar Ideas pumping through my Twitter and invading my DM's (You don't get this nonsense on noise.cash - instead of people taking my money can get paid for it.)
It made me also realise how it is horribly inevitable that with Crypto, we are going to be swamped with scams. Since the bull run, there are tonnes literally tonnes.
Advance fee scam:
This is the old classic - the Nigerian prince, who just needs a bit of money from you to release all of their other money and then you get a nice handsome reward
See a lot of these as well, give some joker your crypto they will turn it into more, like how are they going to do that .... THINK
Pump and dump schemes:
This is so prevalent in the crypto world, I even got invited to a discord group doing just this, people buy the coin at rock bottom price, then pump news about the coin everywhere, by loads of people buying it all at one time, people just buy instantly without thinking about what they are buying at all, once it gets to a certain point ..... the people in early sell sell sell and the price of the coin goes back to what it was before, people have just lost a tonne of money.
I know some people who have tried this on discord some say they got a tonne of money, some say they got burned themselves, it all depends on how quickly you know about it.
I mean I suppose this could happen with anything but with the way the crypto markets are it is so easy to use crypto for this.
It gives it a bad name there are people out there that think the whole market is a big pump and dump. In time the volatility will calm down..... eventually. But due to peoples FOMO this is easy money for the unscrupulous.
Obviously, this sort of thing is illegal in the stock market, mass market manipulation, but in the unregulated crypto world, who is going to stop you.
How do you stop this market manipulation I don't think you can, but we can sure as hell educate people to not fall for it. How many people are going to go off crypto if they fall for some of these.
Ponzi scheme:
A Ponzi scheme is a fraudulent investing scam that generates returns for earlier investors with money taken from later investors.
You google ponzi scheme, and there are A LOT of people who say Bitcoin is a Ponzi scheme, again I think misunderstood, and naive, yet they are the ones calling us naive, I suppose this is like having an argument with a flat earther.
But I can see some peoples point, but now that you can buy stuff with it, and soon will be able to buy more and more. People will see the true value.
It's massively revolutionary .... again the solution is education!
Coaching:
Coaching is the last one I am going to talk about, and not so much crypto but a big ass rant about the people on my twitter, these people snuck up on me.
All I see is people selling their 'affilitate marketing' courses which will teach you to earn money from affiliate marketing - I am pretty sure all it teaches you to do is teach you how to sell the course to others.
Like go away I don't want to buy your course so that I can sell your course, sure I want money, but I am also not going to start cold calling people trying to buy crap.
You see these courses in so many avenues and it is always the same crap, 'let me tell you how i became rich' buy this and I will tell you, the secret is to go tell people how i became rich job done.
Ugh really, all the people that bought the course will say it is great so that they can sell it. no honest reviews, that the course is actual crap, I mean surely it is because nobody has explained one little thing about whats in it other than you should buy it.
The rug pull:
This is the biggest one that worries me for crypto now the rug pull coins, there are going to be a lot of coins out there, that have no utility no use no future nothing. People will buy and buy and buy, and then GONE nothing no coin no nothing gone.
You tend to see warnings galore if you try to get some of these coins on pancake swap or something, but nppe people will still listen. But they can always pop up on exchanges as well.
I mean this happens with investments sometimes, invest in a start-up company folds bye bye money. But in this climate it is so easy to do this, people will make money if their project folds, if they sell early.
So again you have got to do your due diligence.
Why crypto?
There are lots of reasons why crypto will attract these scams, there's money in it it is new, if you had invested wisely (or luckily) you could have made a lot of money on crypto, so people knowing this think ah it must be easy, scammers take advantage of this.
Also, the big worry is the decentralisation, you cant regulate this stuff can you?, so you can't stop the pump and dumps, if the exchanges were to intervene they'd be questioned for market manipulation, there is no way to stop this?
This is a bit of a worry, but it is going to be the greedy and unsavvy that will fall for this. We can educate as much as possible but with the internet and folk popping into your DMS how can you stop them?
I genuinely have no idea
but the golden rule......
