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Alternative Investing Strategies Options Trading, Day Trading, Peer to Peer Lending, Franchising, Etc can all be discussed here.

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Old 07-28-2017, 07:45 PM
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Default Watch Out For Cryptocurrency Scammers

Just recently there was a huge cryptocurrency "pump and dump" type scam. Here is a summary of what happened:

https://storeofvalue.github.io/posts...haincoin-scam/

For a lot of people, cryptocurrency seems like an attractive opportunity, but you need to be sure to exercise due diligence. Anytime there is a big ramp up in an asset class and you don't have regulation, scammers will try to work the system. So, don't forget to do your homework.
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Old 08-11-2017, 07:40 AM
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This is exactly why people need to avoid shi+coins and ICOs... Just BTC and ETH for me. The volatility presents enough risk already.
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Old 08-11-2017, 09:58 AM
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Yea crypto currencies are fascinating.

I feel like there is a huge opportunity to put a stake in BTC or ETH. But I am too nervous in the volatility to purchase any, especially when I was close to pulling the trigger back when it was only 1,000$/1btc. Now it's ran away up to ~3,500/1btc. That massive drive up almost seems too aggressively gaining.

I have heard of estimates that BTC could eventually reach the value of 100,000/1btc. This will need full maturity, strong acceptance of use, and greater public understanding of how to hold & use btc.

I think I will use bitcoin in future. But currently I want wait for it all to equalize and become stable. Then I'll just use it as a currency instead of as an investment.
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Old 08-12-2017, 03:35 AM
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The Cryptocurrency world has historically been plagued with individuals seeking quick profits at the expense of others. Most of these have resulted in fraud through ponzi schemes, security negligence, and most recently fake ICO’s.

The two largest scams to watch out for:

Exchanges: Watch out for immature exchanges with a lack of transparency, advanced security features and regulatory standards set in place. Most exchanges in the last few years have come a long way to seek out regulatory compliance with governments and installed industry grade security features.

ICOs: This new source of funding is currently in the regulatory grey and as such is susceptible to many fraudulent companies. The past few months have seen some standard best practices emerge in the industry. DO NOT invest in a company with an informal or weakly structured white paper. Do your research and make sure the transparency of the team and their build is a top priority and there are real people backing the company. Smith and Crown has done a good job at vetting current ICO prospects and weeding out the fakes.

Proper education is the solution. Many fake currencies will not be backed with sound mathematical principles promising unrealistic returns on investment that only come from new investor’s money.
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