Watched a YouTube channel of a heavily invested cryptocurrency, ex financial bank trader, literally condemning the banks for fraud and telling his followers to think for themselves and take control of their financial freedom by intelligent choice of where to invest their money. Hint: into cryptocurrency firms like Bitcoin or dogecoin.
I wrote a number of blogs about the subject in the past, one about Terra and its Stablecoin which was far from stable. Eventually the company collapsed and the Korean owner came up with another sort of Ponzi scheme that promised the world whilst experts said it makes sense to join him. What brings them to supporting him? Do consumers really fall for such tactics?
My in-depth research drew me to the conclusion of being completely against the idea of putting my hard-earned cash into a bottomless pit. At one of Bitcoin's lowest points, I even wrote a poem about crypto madness. Investors, won’t admit losing all their money due to pride and not wanting others to realize the mistake they made, as they would be embarrassed.
Another cryptocurrency, Dogecoin that the likes of Elon Musk invested into and has promoted to even McDonald’s to except as payment for over-the-counter fast-food shows that even highly successful businessmen have fallen victim to this craze which promotes on the basic concept of determining where your money goes without banks involvement as its digital exchange.
Digital exchange means to take out the middle man and digitally move money to another’s control. The idea is fantastic and it works if the receiver accepts. At this point, so many people have been burnt that the potential is lower, as to become mainstream crypto needs every commerce to accept payment digitally which is never going to happen. However, for some of those investors who got in early, it is in their interested to protect their investment by encouraging others to capitalize.
If you have your savings in crypto then good luck, you need it!
Have a great day!
Prof. Carl Boniface
Vocabulary builder:
Ponzi scheme (n) = is an investment fraud that pays existing investors with funds collected from new investors. Ponzi scheme organizers often promise to invest your money and generate high returns with little or no risk. But in many Ponzi schemes, the fraudsters do not invest the money.
Bottomless pit (n) = something that holds a very large amount of something. My brother's always hungry. His stomach is a bottomless pit. The Internet is a bottomless pit of information.