How Do You Tell Legit Crypto From A Scam?
May 5, 2022
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3:21Now PlayingHow Do You Tell Legit Crypto From A Scam?
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as posted by the channel99% of cryptos are a scam to take advantage of the little guy. Check out the video to learn what to look for!
Welcome back to Bold TV with Philip Michael. Be sure to like, comment, and subscribe to Bold TV for other crypto news, and all things Bold.
The fundamental premise and spirit of cryptocurrencies is to decentralize the entire monetary system, making it accessible to anyone and ungoverned by anybody. Following that, you had Bitcoin, Ethereum, and other cryptocurrencies emerge, and they rose to such heights that people had FOMO.
Fraudsters and scammers take advantage of people's gullibility whenever there is a case of FOMO.
These con artists inflate the prices, and once they reach a certain level, the person who owns the most, who is the one who began it all, will cash out, sell everything, and the value will plummet to zero.
It's comparable to the pump-and-dump schemes depicted in the film Wolf of Wall Street. You inflate these stocks and force others to buy. Because the stock is worthless to begin with, the owner sells it, and it decreases to zero. It's useless since it doesn't have any intrinsic value.
It's all just speculation and wishful thinking about the future. And you see this a lot with cryptocurrency.
So, what are you looking for?
The key consideration is utility. You must consider the underlying value. What is the purpose of cryptocurrency? If it's simply a bunch of people buying it because they believe it's hot, you might be looking at something that's prone to that kind of volatility, where it goes up and down quickly.
Should this deter you from investing in cryptocurrency? No, absolutely not. The fourth-quarter game is still in the second quarter. There is no such thing as a true expert.
However, we do know that a large number of individuals are arriving. They are and always will be taking advantage. So be cautious when you see it.
If they make mistakes in their marketing content and materials, it's a dead giveaway that something is wrong. On the other hand, if you find a cryptocurrency with a lot of partnerships and a lot of utility, it gets used in a variety of locations, including collaborations with banks and other institutions. There might be some merit to that.
Make sure you've done your homework, understood the underlying value, and aren't swayed by FOMO.
What do you think? Let us know in the comments!
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