It's not safe to be a crypto influencer - page 2.

Alisha-k

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Quote from: Ketesnuko link=topic=5
Diversity brings less grief and more hope. Be safe.

[/quote

also heard that diversity brings confusion and lack of concentration??
So what's it going to be??
Discover what works well for you and stick to it, our brains do not accumulate and assimilate information at the same proportion.

royalfestus

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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.

Bitboy_Crypto plans to respond with a countersuit. Is there any update on that? Does he have a good chance of defending himself? The majority of influencers do this for projects and most of the time the project always approaches the influencer for promotion. It is hard for influencers to put to the public what they are already compensated for, and I don't think anyone aware of this wouldn't consider their opinion to be biased already.

Crypt0Gore

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Quote from: Dr.Bitcoin_Strange on March 19, 2023, 05:22:55 PM

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

this is why I will never be a crypto influencer because you can't predict what will happen to the project you are promoting.

Some influencers and advertisers do not warn people about any risks before promoting any project. I suggest the best way to influence or promote is to always tell them to carry out due diligence research before investing in or using the project. Some influencers would assure you with full confidence, telling you to invest, that your investment would not be a waste, but they don't know what the full plans of the project they are promoting are. Logically, I think some projects that fail did so on purpose, while others never did so on purpose but rather because they faced some challenges or bankruptcy and could not keep up and ended up failing. I don't think influencing is dangerous, but it depends on how you are influencing.

I watch YouTube videos, a lot, because that's the fastest way to know which project is getting the latest attention, and I have never for once seen any crypto influencers not protecting himself by saying "not a financial advice, do your own research before investing" they all always do.

This is not enough to save their asses if anything happens, at least that's what it looks like to me.

I knew about some new crypto projects through them and some are pump and dump, but if you apply your own skill of research you will be able to figure out if the project will survive or not, the risk won't vanish due to research but will save you from scam projects at least.

Lucius

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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.

Dr.Bitcoin_Strange

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

this is why I will never be a crypto influencer because you can't predict what will happen to the project you are promoting.

Some influencers and advertisers do not warn people about any risks before promoting any project. I suggest the best way to influence or promote is to always tell them to carry out due diligence research before investing in or using the project. Some influencers would assure you with full confidence, telling you to invest, that your investment would not be a waste, but they don't know what the full plans of the project they are promoting are. Logically, I think some projects that fail did so on purpose, while others never did so on purpose but rather because they faced some challenges or bankruptcy and could not keep up and ended up failing. I don't think influencing is dangerous, but it depends on how you are influencing.

passwordnow

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IMHO, there's nothing wrong if someone wants to be a crypto influencer but it's better to be on the technical side and explaining things how this xx project is good based on what it is showing and roadmap but not based on how the token is on the hot topics and being trending.
I thought that this topic is something else about the safety of being a crypto influencer as if someone knows you and you go to places and then warning everyone that you might get harmed for being known as a crypto influencer because people know that you've got money through crypto assets.

Die_empty

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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.

Thank you @Jawhead999 for your clarification. This was the same case with Kim Kardashian when she failed to disclose the money she received from the EMAX token to advertise the token on one of her social media accounts. It seems she was also avoiding to be the tax on the $250,000 she received from the crypto company.

There should be a law that makes these social media influencers responsible to some extent for the loss of funds of customers incurred because of the failure of the firms they promoted. Sometimes these influencers don't care about the integrity or prospects of the firms they are promoting because they only care about their endorsement fees. They end up misleading their followers and when they are scammed, these celebrities will exonerate themselves from the firms.

It is also possible that some of these influencers connive with the scam firms they are promoting to defraud their followers. There is nothing greed and selfishness cannot cause.

Coyster

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

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.

FTX was an exchange, and the solution to people who lost their entire net worth to FTX crash isn't diversification, except you are advising people to diversify funds across different exchanges, rather the solution is for people to use non custodial wallets and should not hodl their funds in exchanges.

Having said that, Luna was a native token, should people even have been hodling such, let alone diversifying with some of it in their stash, the solution is for people to hodl a crypto that has a real utility like Bitcoin and diversify with other assets/commodities/businesses that are not intrinsically related to crypto.

dimonstration

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Dimon69

It’s safe if you knew exactly how to NOT violate the law. Most of the crypto influencers is shilling and blatantly advice their viewer to buy certain tokens that they are promoting that always result to scam or rug pull.

Bitboy is the most popular influencer that keeps violating the law by scamming his viewers to by the token he is shilling. Bitboy deserves a jail time for the damage he done to many crypto user that follows him.

Being an influencer doesn’t mean you need to shill. You just need to share crypto project that has a promising feature without encouraging your viewer to invest. Always. Play safe on your words and you will be good with the law.

Pokapoka124

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Quote from: Lucius on March 19, 2023, 06:37:33 AM

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

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.
~snip~

But even at this moment you are in some way an "influencer" because you have something in your signature, don't you? Most projects can turn into a scam at any moment, and even those that are not can be misused in such a way that someone uses them for bad purposes. In principle, I agree that we should be careful how we influence others, although it is not the tool's fault that someone uses it in the wrong way.

I do agree. That’s why users who knowingly promote scam projects or casinos are red tagged as a consequence of their action. It’s your responsibility to do your due diligence before renting your avatar or signature to any service, though most times the responsibility falls mainly on the campaign manager. 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.

Zaguru12

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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.

Although it is bad to hold someone just accountable for what they don’t have much knowledge on. But FTX and Bitboy saga aside, in general influencers needs to ask more questions from the people they help promote their products or projects. Or rather they could just state it clearly that such and such project should be invested with a proper research, rather than following the scripts given by the promoters, as this will save them from being forced into sagas like this

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

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.

I see long term holding of this Altcoins as not diversification because they certainly have much risk to hold than bitcoin they could go down any moment should they encounter any downside. More so I noticed that if bitcoin moves for like 1% the likes of ETH, Solana or Matic moves beyond 3% and when they dump they fall way lower than bitcoin so I also don’t see them as diversification

Smack That Ace

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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.

There are many people who are misinterpreting the concept of portfolio diversification. They invested in bitcoin and then added altcoin options and stated that they are diversifying to reduce risk. That is actually a complete misconception, as the entire crypto market follows the movement of bitcoin. In the case of bitcoin plummeting, those altcoins may never have a chance to recover.
This is proof of what people call portfolio diversification with altcoins.

elevates

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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.

Karma is a Bitch!

Last year in the month of November many big celebrities got sued and now it is time for social media influencers. I would say they need to drag those politicians too who were part of this fraud. I think this is how everyone should treat anyone who has the power to influence. This lawsuit will set an example for any celebrity to think twice and do a research before promoting any financial projects.

Husires

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

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.

This seems to be a convincing reason because it is illogical to try to hold someone who wants to promote a project accountable without knowing that it is scam, especially if he has cleared the responsibility.

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

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

The difference is the amount of pumping and the speed of pumping, as many altcoins rise after the rise of bitcoin, that is, they follow the price, so if you are fast enough, you will make a profit in bitcoin and quickly convert it to altcoins to catch the train.
So you are correct.

Lucius

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

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.
~snip~

But even at this moment you are in some way an "influencer" because you have something in your signature, don't you? Most projects can turn into a scam at any moment, and even those that are not can be misused in such a way that someone uses them for bad purposes. In principle, I agree that we should be careful how we influence others, although it is not the tool's fault that someone uses it in the wrong way.

Jawhead999

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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.

Saisher

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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.

They can only be charged if they are part of the decision-making of the company which they are not, I've seen a lot of influencers as investors also and they want to hype the project they've to invest in because this is their way to make a profit

Quote

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.

Because investors need to blame for their decision to invest, the cardinal rules in investing here in the Cryptocurrency market is only invest what you can afford to lose and dig deep and always get an update on your investment they failed to follow this so they are in a blaming game.

Quote

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.

There are a lot of risks in becoming an influencer, they only thank you if you help them choose the right project to invest but if they lose you will get a lawsuit.

Quote

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.

You have to educate yourself on how to properly invest in the market it's not all profit, 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.

Jawhead999

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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.

Ketesnuko

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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.

Topic: It's not safe to be a crypto influencer - page 2. (Read 327 times)