Virgin Air founder Sir Richard Branson warned about investing in dubious trading schemes in a blog post on May 3, 2018. He advised people to not believe or invest their hard earned money in a trading scheme that sounds too good to be true. There have also been several instances in the past where misleading advertisements posted online have shown the billionaire endorse such projects.
‘Do not Believe in such Scams’
The English business magnate repeatedly about the pitfalls of investing in get-rich-quick schemes. These advertisements generally try to lure amateur investors to dish out their money by painting a colorful background of the past returns of bitcoin.
Richard Branson said, “I have written several times warning people about the growing problem of fake stories online linking me to get-rich-quick schemes, fake pages, misleading ads, false endorsements and fake binary trading schemes.”
The fake stories are placed alongside articles of genuine news outlets or on their homepages to make them appear more authentic. These links then redirect to scam sites such as which are shown to be endorsed by other personalities.
Twitter Has also Been Targeted by Scammers
Elon Musk’s were also by fraudulent accounts promising bitcoin giveaways in exchange for an entry fee. Musk’s tweets would be replied to by several accounts impersonating him with the same name and profile picture. Such scammers often operate multiple Twitter accounts that retweet and like such tweets to boost their perceived legitimacy.
Reporting such tweets to Twitter was mostly ineffective as they would return from a new account. The Independent that:
“The rapid rise of digital currencies is leading many criminals to trick innocent people out of their newly valuable assets. And perhaps the most high-profile of them is a scam that sees people pretend to be famous people offering digital money, but actually stealing it from anybody who replies.”
Twitter announced that it would take steps to prevent further such instances in the future. “We’re aware of this form of manipulation and are proactively implementing a number of signals to prevent these types of accounts from engaging with others in a deceptive manner,” read an announcement from the social media company.
grew so frustrated with fake impersonators promoting giveaway scams using his online identity that he changed his name on Twitter from ‘Vitalik Buterin’ to “Vitalik ‘Not giving away ’ Buterin.”
Facebook Ban on Crypto Advertising
In a policy update announcement on its website on January 31, 2018, social media giant Facebook that it would impose a blanket ban on all advertisements related to financial instruments, initial coin offerings () and binary trading in the cryptocurrency ecosystem across its platform.
The statement read, “We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception.” The company added, “the enforcement will begin to ramp up across our platforms including Facebook, Audience Network, and Instagram.”
Within the months that followed, and Google also announced their platform-wide bans against digital currency-related advertisements.
The post appeared first on .
In an interview on May 3, 2018, Wensheng Cai, a successful domain flipper and entrepreneur, told fellow entrepreneur Wang Feng, the founder of among a handful of other associations, that he has finally acquired 10,000 bitcoins.
Achieving a Personal Target
Cai is currently worth according to Forbes. He is also an active in Chinese startups. He made a in domaining business back in the 1990s.
The chat session featured discussions on numerous topics both within and outside the world of blockchain. At the current , Cai’s holdings amount to ~$98.5 million.
The value of bitcoin as institutional investors flood the market in anticipation of a bull run.
(Source: )
Cai stated that the 10,000 bitcoins represent the achievement of a personal milestone. Before the purchase, he had only one , but he wanted a more significant stake in the market. This decision to acquire more happened when he realized that blockchain and bitcoin held the keys to the future.
“At the time of the peak in December [2017], I personally thought that the price was a bit high and I did not buy it. Later, with the decline in prices towards the end of January, I continued to build positions, continued to buy. Now, this small goal has basically been achieved.”
At the start of 2018, the crypto market, in general, was struggling to attain the heights set by mid-December 2017. In the midst of this bear run, Wenshang made his move beginning at the end of January. He continued to buy more bitcoins even as the price dropped to in February 2018.
In for the Long Hodl
Cai also explained that he is in for the long . During the , he offered a clear distinction between investing and speculating. According to him, being able to detach oneself from speculating and focusing on investing is the key to succeeding in the crypto market. He went on to say:
“I think the biggest difference between investment and speculation is that when you buy a stock or a digital currency and the price keeps falling, your mentality is more or less positive, and you can make up short positions. That’s investment and vice versa. Getting deflated and complaining about price capitulation is speculation.”
Since April 2018, bitcoin has been on a resurgent price increase which has carried on into May. Charlie Shrem, the founder of the bitcoin Foundation, even declared that May would be last month that bitcoin would trade below the $10,000 mark.
May 2018 will be the last time we ever see under $10,000
— Charlie Shrem (@CharlieShrem)
Blockchain is Like the Tech Boom of the 90s and 2000s
Cai also made the standard comparison that the crypto market is similar to the of the late 90s and early 2000s. He identified a pattern of boom and bust cycles within the market that mirrors the tech bubble saying that many projects will fail and only a select few will survive.
He went on to say that what mattered most was betting on the right project. When the tech bubble burst, a new generation of internet commerce was born. Cai believes that the right crypto projects can yield returns that are beyond imagination.
On the subject of the altcoin market, the internet entrepreneur said that he was invested in about a dozen cryptos. He listed projects like Cortex, Zipper, Dxchain, and Ontology as among some of the startups in his investment portfolio.
Cai then said that some of these investments had earned him reasonable returns while others have resulted in losses. He, however, admitted that the nascent market was still maturing and thus, there are still little commercial applications for many of the projects. He urged investors to exercise patience, saying that in the long run, the industry will become mostly profitable.
The post appeared first on .
Die Finanz-Aufsichtsbehörde (FSS) in Südkorea hat mit Yoon Suk-heun einen neuen Chef. Noch bevor dieser am 8. Mai seine Arbeit aufnimmt, äußerte sich Yoon Suk-heun laut Korea Times positiv zu Kryptowährungen. Was bedeutet das für einen der größten Krypto-Märkte der Welt? „Kryptowährungen betreffend gibt es einige positive Aspekte,“ sagte Yoon direkt nach seiner Ernennung durch…Der Beitrag erschien zuerst auf .
