Hey Jesscammers
South African retail investors like most developing nations are still in the primordial phase of investing, we're not big stock market investors both locally or internationally and we don't have much of a history of active investing.
It has improved drastically in the past decade with the growth of the internet and trading platforms but it's still a small subset of retail having active portfolios in various tradable assets.
Cryptocurrency has also started to make waves in the country and because it's still quite the unknown and financial education is not a priority for most South Africans, it comes as no surprise that many have been sucked out of millions by snake oil salesmen and women.
History tends to repeat itself...If you pay attention
In 2019 there was the BTC global scam as well as another Bitcoin scam that blew up and ended badly for investors. It quieted down for a bit but as BTC continues to increase in price so too will the fraud and scammers.
We have a few local Ponzi schemes running, I won't mention their names but a quick Google should uncover them for you. In recent days Vaultage Solutions looks to have run off with $13.35 million and Mirror Trading International has reportedly seen one of their management team members pull off an exit scam.
Lessons learned when fingers are burned
The sad thing about all this is that Bitcoin tends to take the fall for this shitty scams and people feel hard done by investing in crypto, which I totally get, the personal responsibility element of crypto is a mind shift not all of us are ready for and to be swindled right out of the gates is an expensive and painful lesson to learn.
I don't understand why people want to risk their Bitcoin for returns when it already has so much upside potential just by holding it, it seems silly to risk your entire holdings for a few percentage point promises, sure you can try risking here and there but giving your entire pot over to be managed is nuts.
The not your keys not your coins mantra comes to mind and it's why I always advocate for first learning to manage your coins before you go into investing with them, the active managing of money is an uphill battle that takes years.
No ones going to hand you profits without taking profits of their own, so why bring a middle man into something you can do yourself. A few hours a week of your time could be the difference in losing a lot of money.
The more you learn the more you earn, but LEARN comes first, EARN comes later.
Have your say
What do you good people of HIVE think?
So have at it my Jessies! If you don't have something to comment, comment "I am a Jessie."
Let's connect
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@chekohler Nice post ! Happy New Year my friend!
I just subscrided for your fanbase :)
Can I ask you how you did this link to go direclty to your fanbase?
I would want to do the same thing. Thanks in advance :)
Thanks, man, glad to have you aboard, always appreciated :)
To set up a fanbase
so for yours, it would be
Thanks man! You have a very successful 2021 🍺
Scammers are everywhere and especially now with the btc reaching to to 30k+ we gonna see way more than usual
I agree with you but sadly there are people that literally have no time. I was talking with a friend of mine just this morning (the one with the forex question :P) and he was basically wanted to invest money but at the same time without doing anything or investing even an hour per week.
Not because he doesn't want to but because he literally has no time, as we work 2 jobs among other things. He asked me about cryptos i gave him 2-3 "solutions" that will require close to 0 of his time and we'll see. I mentioned that to show you why people may want a middle man :P
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Working 2 jobs is tough I've never done that before so I can't say what that's like but I would say, then rather go into risk off assets, buy some gold, buy some USDT and put it into a staking platform, and just start to earn some passive returns.
If time is really the issue perhaps even getting a broker could be an option, yes they take fees but their job is to get you a return.
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There are both type of people in the market. I won’t trust any online business with my currency.
Surely, I would do my research and only go with well recognised and reputed company.
If something looks to good to be true it’s probably not true 😀
Happy new year 🥳
LOL, most of the time that feeling is right, so I stick with it, no sense in trying to cheat time and think you going to find wealth without work, it's never worked in history why now?
When people are dumb with money, it makes it easy for us boring HODL'rs to earn so I am not too concerned with it from a personal stand point
I just wish people would be more careful
I understand people wanting to risk their BTC I mean sometimes it can be boring to just hodl I mean s little risk once in a while sponsored by greed hahaha. But then this isn't really an excuse. As for the middle man stuff, People want things to be done for them total decentralisation is something people will take long to get used to.
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That's why a part of me sees this as a good thing, people need to learn to manage their own money, take responsibility, do research and those lessons aren't learned for some unless they get burned or someone they know gets burned
I saw the headlines yesterday, this will continue and we have people that don't listen. I'm not the smartest when it comes to crypto but I have been rekt years back on my BTC and I advise against investing your BTC in some "mining" companies where they promises ridiculous returns.
A friend is no longer picking my call or returning my text he bets his life on BTC Vault which I advised to be cautious with, I hope he is still making profit 😃
The other started buying Bitcoin as I showed him. After a couple of times he told me he invested in some company where he gets returns.
For the past 3 months I have been saying trying to withdraw your Bitcoin and let me know. No answer yet.
Our people don't listen!
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Sadly greed makes fools of us all, we all think we discovered the secret to the chocolate factory and don't want to be told otherwise. If people are promising returns better than warren Buffet has EVER had in his lifetime, I turn the other way and run.
It's really sad, but if you make the choice to throw your money into a fire, that's on you. Like you say, theres no point trying to reason with people, bes to let them find out the hard way.
I mean I am targetting 7%-15% for the year and I am going way out the risk curve to do it, and happy to fall short, and I do tonnes of research and then some one will come to me oh im getting 1% a day with some stupid ass ponzi schema and im just like gosh, this is going to hurt.
Funny thing is many of them could have gotten out early with an okay return but greed keeps them coming back until they lose it all or most of it, then they want to cry for legal and government help
@chekohler, That's why Knowledge Is The Key but definitely it's hard to spread awareness completely. Everything have it's other side (Side Effect), duality side.
Happy new year and stay blessed.