It's not safe to be a crypto influencer

moneystery

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Quote from: Jawhead999 on March 19, 2023, 04:29:28 AM

Quote from: https://beincrypto.com/investors-sue-crypto-influencer-bitboy-for-promoting-ftx/

A new class-action lawsuit alleges crypto influencers, including Ben Armstrong, aka BitBoy, promoted FTX without disclosing compensation.

It's better to read the news first before jump into conclusion if Bitboy was sued because he's promoting FTX, but he was sued because he's not disclosing his compensation for promoting FTX. Let's imagine FTX is still exist until now, Bitboy will still get lawsuit because he's hiding his compensation, he want to avoid paying high tax and it's considered as illegal for U.S.

What's make become a crypto influencer isn't safe because he will become a target by $5 wrench attack Robbery that attacks Bitcoin Holders.

It wouldn't be a problem if he reported the income he received from promoting crypto projects, but the problem is that he doesn't report it and doesn't feel guilty for it. He could be exposed to multiple articles from this case, such as tax evasion and fraud and this is a pretty serious case. He must hire a reliable lawyer so that he can be safe from the punishment that will be imposed on him.

Bollexz1

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Even Satoshi that built bitcoin chooses to be anonymous, I do not catch a glimpse of why these influencers choose to reveal their identity and all, well maybe it's just a way of showing off. I know the exchange owner's case could be different as the identity revealing is part of their selling point. But how I'm earth would someone have it all in just one coin, that's just way too dumb though.

GiftedMAN

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Quote from: Ketesnuko on March 19, 2023, 03:50:19 AM

I don't know if you've heard about how a 1Billion lawsuit is on some YouTube influencers' heads right now, Bitboy for example is one of them.

Honestly, I don't see why the need for this lawsuit because they won't ever see it coming that FTX could end up the way it does.

The project looks very promising when it came out, and these influencers also hold some bags too, this is why I will never be a crypto influencer because you can't predict what will happen to the project you are promoting.

If this is happening with influencers, how about crypto investors? This is why investors and crypto newbies need to be careful with altcoins they plan to keep or hold, Luna and FTX cases will never erase from the history of crypto.

Few people lose their life because of FTX and Luna's demise, because they focused all their money and attention on one project, avoid doing this, diversity brings less grief and more hope. Be safe.

If you choose not to be a crypto influencer then no problem but you need to know that there are lots of influencers that are making money from the work with new sets of influencers joining the queue. When you are advising people to invest in a particular project you need to tell them the risk they are going into and with a disclaimer of not going to be liable for any loses incurred by any investor. Stating this will make investors to be aware of the risk they would br going into if they invest in the project and you will not be responsible for any lose. This is the best way to state your opinion as an influencer.

Peanutswar

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That's why projects willing to pay for the influencers to promote so there's a lot of people make come to their project but it's their responsibility if they want to grab the opportunity or not. Being influencer you must need to take the responsibility of the project you are dealing with to promote.

That's why making a verification if the project you are promoting is not a scam or possible rug the project.

Pokapoka124

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Quote from: Getmon on March 25, 2023, 09:23:36 AM

It should be fine as long as the influencer plays it safe and knows the rules. Crypto influencers have a great opportunity to introduce their followers to a number of promising projects in the crypto industry. But first, influencers should remind their followers that they are not financial advisors and that investing carries risks, that they should conduct in depth research if they are interested in a project, and that they should only invest the sum of money that they can afford to lose. Anyhow, I am not watching these influencers because doing so will only skew my decisions about a particular project.

You would be shocked how many people make decisions based on what their favorite celebrity does or says. I have noticed most influencers on YouTube and instagram add a disclaimer in the captions but it’s very subtle in my opinion. How many people read captions? It would be better if they made a disclaimer at the beginning or end of the video.

Awaklara

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I will not put my money on assets due to influencers. because influencers only make a small marketing campaign to attract new users to the project they are promoting. truth and risk it will still be our responsibility to do due diligence before investing.
what can we charge influencers? fine or refund? they are not part of the project. they have no power whatsoever other than finding new users.

Getmon

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It should be fine as long as the influencer plays it safe and knows the rules. Crypto influencers have a great opportunity to introduce their followers to a number of promising projects in the crypto industry. But first, influencers should remind their followers that they are not financial advisors and that investing carries risks, that they should conduct in depth research if they are interested in a project, and that they should only invest the sum of money that they can afford to lose. Anyhow, I am not watching these influencers because doing so will only skew my decisions about a particular project.

suzanne5223

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Yes, BitBoy may not see the FTX coming but the SEC is going hard on the influencers because most of them are like the virus to the newbie investor's.
I believe if BitBoy places his card alright by following the SEC rules and regulations when representing the company there's no way he is slammed with the 1Billion dollar lawsuit. An example is the celebrities that worked for Justin Sun in the illegal touting TRX and BTT

Pokapoka124

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Quote from: Lucius on March 20, 2023, 05:26:21 AM

Quote from: Pokapoka124 on March 19, 2023, 11:39:35 AM

~snip~
Most of these influencers or signature participants do not use the service or product they advertise. It’s common to see someone wearing a casino signature but doesn’t gamble.

As far as I know, all sig campaigns that promote gambling require their participants to be active in the Gambling board, so it's a bit strange that someone who doesn't gamble and doesn't know the business can successfully advertise anything. However, it seems that quality and knowledge are not too important in this case, because after altcoins boards, that part of the forum is polluted with the most spam.

Yeah that’s true but sometimes when there are not many qualified applicants, campaign managers may accept non gambling participants based on merits, and the participants will attempt to change their posting habit to fit the campaign. This is one of the reasons the gambling board is polluted with spam posts, I’m active on the football threads and it’s easy to identify those who know the game and those who are posting for reach signature quota. I appreciate members like Igehhh, Jollygood and others who are fighting to reduce the spam and moderating their own threads.

Findingnemo

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I definitely disagree because they are living a luxurious life from the money which actually they are making because of their social media influence so they also need to assess the risk before doing any promotion or should have proper contract with the company from your side about not having any responsibility in case if the company fails, etc..

Some of the crypto enthusiasts are raising their voice against these influencers because these people were misguided by celebrity to invest on a shit projects.

BIT-BENDER

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Well it’s actually easy to be a crypto-currency influencer and have nothing against the law, firstly there is no where you have a crime against crypto-currency influencers or any where it’s an offense.

The downside in being a crypto-currency influencer that is free from attacks is that you don’t get much from being an influencer. Scam projects, fake projects or projects that needs you to just act like you holding their coin when you aren’t won’t approach you. Is that easy just do what’s right.

Vaculin

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Quote from: Jawhead999 on March 19, 2023, 04:46:29 AM

Quote from: Saisher on March 19, 2023, 04:41:06 AM

diversity is good but lessening the risk by picking the top coins that have proven their worth in the market for many years and checking signs if the project is going down, you should know when the boat is about to sink so you cut your losses.

Top coins price are only following Bitcoin price, except it's a stable coin. So what's the reason to diversify if all the coins follow Bitcoin price? it's same if you just invest in Bitcoin. Diversify only work if you choose to invest in other commodities where it doesn't have any relation with Bitcoin e.g. gold, real estate, stock etc.

As long as you're not a trader, I don't see any reason you need to cut your losses.

You only need to diversify if you think you are investing in less potential coins but if you’re with bitcoin, everyone knows that it dominates the whole crypto market so no need to diversify but at least invest in bitcoin with an amount you can afford to lose. You can only diversify if you are also thinking to invest in other assets like gold, stocks, bonds or real estate, as that will bring additional profits if these investments paid off.

Asiska02

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I don't see why they should go after YouTubers who promote projects on their channels. Unless there's another reason they're being pursued that the general public is unaware of. I believe that promoting projects is their own way of making a living. If there are no written agreements to be a part of the project or face a lawsuit if it becomes a scam or fails, they should not be penalized for the project's failure.

Should someone be penalized for the failure of a project because he or she participated in its promotion but was not a member of the team that created it?
To avoid being blamed later for promoting a scam project, all YouTubers should include a disclaimer in any project they promote to their followers, stating that they should only invest at their own risk after conducting exclusive research on the project. And all scam projects appear genuine from the start.

cryptoaddictchie

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This is depends. Bitboy might be compromise since he is a known influencers but some small timer who also did the same are probably doing this for payment and of course higher authority might focus on those big shot. They are the one earning big from these shilling and promotions without thinking the consequence when the project they promoted rugged or go down in financial aspect.

Obari

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Quote from: OcTradism on March 21, 2023, 09:29:13 PM

Quote from: Obari on March 21, 2023, 02:22:11 AM

As an influencer, there should always be a disclaimer on your content boldly pointing out that "you have no affiliations with the project so far and you're only bringing out what you feel is a good coin and anybody wanting to invest in such project would be doing so at their own risk as this isn't a financial advice".

To be influencers, they actually spent enough time in cryptocurrency market, long enough to aware about instinct of altcoin projects. How they start and how they usually end.

Yeah and that is why even with the disclaimer, they are still held responsible for every wrong they cause.
In some cases I think some of this influencers are at some point part of a building team for a project and all they have to do is shill the, get people to help bump the project and just make a huge profit from the project and dump it at the expense of their loyal fans and followers.
One reason I don't ever get engaged with Altcoins or better still shit coins I'd the fact that I've always known this projects as a pump and dump project and the moment I put in money in an Altcoin, I'm pulling out the money at the slightest of profit.

KiaKia

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Crypto influencers should prioritize their reputation, because if you maintain your reputation, you will have many people standing by you.

Some influencers intentionally shill pump and dump projects, to enrich themselves since they are one of the earliest buyers, yet they will tell the world not to take their advice as investment advice, to safe them from possible law menace.

I don't bother trusting anyone of them, even the top well talked about YouTubers, I only watch their videos like seeking for information, it's on me if I am going to ever invest in same project they invest.

OcTradism

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Quote from: Obari on March 21, 2023, 02:22:11 AM

As an influencer, there should always be a disclaimer on your content boldly pointing out that "you have no affiliations with the project so far and you're only bringing out what you feel is a good coin and anybody wanting to invest in such project would be doing so at their own risk as this isn't a financial advice".

Such disclaimers can help influencers to be free from legal cases against them. However, if they are not sure projects they are shilling good or bad, scam or not scam, they should not shill it.

Sometimes they shill big projects, big platforms without awareness that they are deeply scam like FTX exchange. Most of times they shill altcoin projects and I am sure they do know how altcoin projects are very scam and unsustainable with time. To be influencers, they actually spent enough time in cryptocurrency market, long enough to aware about instinct of altcoin projects. How they start and how they usually end.

Mate2237

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Op from what Jawhead999 said Bitboy was not sued because he was promoting the platform but he running away from paying a big taxation. In a country law enacted by the government all citizens must declare their assets clearity to pay tax and other benefits, and that is why population census is one of the important events in a country but the third world Nations are using it for political purpose.

Concerning you (OP) said about the influencers. Telling people about cryptocurrency is not a bad thing because you are giving them awareness and there is no harm in that. But whereby the influencer ask the influenced to invest and in the process the platform the particular site collapsed then the influencer has to do all his best to calm the situation. It is good to tell people about crypto and not to invest but can invest if they like it.

Obari

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Quote from: Ketesnuko on March 19, 2023, 03:50:19 AM

I don't know if you've heard about how a 1Billion lawsuit is on some YouTube influencers' heads right now, Bitboy for example is one of them.

Honestly, I don't see why the need for this lawsuit because they won't ever see it coming that FTX could end up the way it does.

The project looks very promising when it came out, and these influencers also hold some bags too, this is why I will never be a crypto influencer because you can't predict what will happen to the project you are promoting.

If this is happening with influencers, how about crypto investors? This is why investors and crypto newbies need to be careful with altcoins they plan to keep or hold, Luna and FTX cases will never erase from the history of crypto.

Few people lose their life because of FTX and Luna's demise, because they focused all their money and attention on one project, avoid doing this, diversity brings less grief and more hope. Be safe.

As an influencer, there should always be a disclaimer on your content boldly pointing out that "you have no affiliations with the project so far and you're only bringing out what you feel is a good coin and anybody wanting to invest in such project would be doing so at their own risk as this isn't a financial advice".
I'm sure if any influencer boldly points this disclaimer out then I don't see any reason to why they would face a 1 billion lawsuit and I'm sorry for Bitboy and some other influencers who are facing some shits trying to help the society.
Most of this influencers don't really do a very deep research in the projects they promote but rather try to do what others are doing by following trends and end up messing themselves up.
Life in general is a risk and successful people are risk takers and all profession has their own risk

Z390

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Is Bitboy_Crypto not the same guy that went after Sam the CEO of FTX when he went missing? I believe Bitboy is capable of defending himself if the law goes after him, a crypto influencer who is smart is capable of coming out clean, a good example is how they always tell their viewers how their advice is never financial advice, this word alone is very powerful enough to cancel ❌ and threat from the law.

Topic: It's not safe to be a crypto influencer (Read 327 times)