Topic: Philippines SEC warns against crypto investment. (Read 1110 times)

Phillipines is regarded as a nation that is not entirely a first world nation and their poverty rate somehow is significant. I think that the SEC warning against crypto investment is necessary as the citizens might intend to jump into crypto as a get rich quick scheme and then it ends up beating their expectation.

Good to know that the government is doing its job to take care of its people. I think they’re on the right path this time by giving a warning to Filipinos to avoid getting scammed by these unauthorized investments.

Right now, there are many cases regarding scams and frauds here in Ph. There’s this investment company called Forsage that is really widely known here in Ph to be a kind of ponzi scheme. Many fell victim to this kind of scam. Even after the news aired, there are still a lot of members continuing to invest and recruit. Maybe that’s why the SEC called the attention of the Filipinos to tell them to be vigilant from such type of organizations. I think the SEC means no harm at all on cryptocurrency community  in general and only pertains to those who are taking advantage.

However, the reputation of cryptocurrency world would be tarnished over and over again if these people would be so gullible to invest in such and blame the whole community.

I hope this would be a wake up call to those who are believing easily when they encounter and told to earn a large sum of money in an instant.  Not everything offered happen to be built on blockchain is not a scam. This is a good reminder to always be smart on where to invest your money. Like what they said, if it’s too good to be true, it probably is.

And I agree to that.

I know I am being confusing but hear me out. These people don't deserve to be scammed but they needed it to learn. I know that these people really needed the money that is why I am saying they don't deserve it but they needed it in order to learn, to wake them in this world that it is not easy. I get that.

If seen this a lot, they stating about work from home but when you inquire the concept is the same like pyramiding earning thru comission and doing some catcha's. Before around 2014-2017 I did alot of that and I earn but nowadays it is more like a fraud.

Not just those living in average standards, but even those educated ones, rich people, or something they can afford to lose that invested amount, can easily fall on those scams. Even with the warning from the SEC itself, they ignoring it since they saw someone living proof on the big returns of those schemes. They will only stop until they experience the real scam to themselves.

A sad truth in the Philippines. Passive income at any means thru illegitimate and untrustworthy companies as long as it has payment proofs.

Typical Pinoy quote about those scam and Ponzi schemes: Nagbabayad naman a. Bakit tinatawag na scam? Inggit lang yang mga walang pang-invest.
Translation: They are paying. Why is it called a scam? These people are just jealous because they can't afford to invest.

The funny thing. Once they seen that someone is already gaining from this kind of scheme people are easy to be allured.

By giving some proof those greed people will jumped without digging for more information, scam can easily performed after
huge amount of money already flowing inside the system, time will reveal this. Once there's no longer joining it will collapse.

When it comes to investment then we can say that there were already lots of people are already aware on such scams but there are still who do get fooled just because of too good to be true offers
on where human greed is really hard to fight on.

Adoption is on the move but we cant really stop for these frauds to exist or to those scams on where it can really be a reason for people to get hesitated on making up investments due to this one
but people will eventually learn up the truth once they do already get sufficient information and knowledge towards crypto.

Right now there are si many skeptical person in terms of cryptocurrency investment and I cannot blame them especially if they heard about bitcoin scams and other bad news coming from the media itself. Maybe for getting much good adoption and to at ease the fear of the people maybe the one we needed to educate first is the mainstream so that whenever there's a scam come they will be known that big coin is currency and their headlines will be corrected.

Obviously this will impair the adoption of crypto in the Philippines considering the fact that it raises fear and doubt concerning the advantages of crypto.
The message is threatening in itself as people rather avoid crypto than go to jail or pay fine.
I only hope that this does not influence other countries in placing regulations like this on crypto as it will massively affect the adoption of crypto

Hello to all. There are many different cryptocurrency fraudulent schemes now, and like any other government agency, the Philippine SEC is obligated to warn against investing in illegal cryptocurrency schemes. I will not say that this makes me very happy or disappointing, but the fact that a huge number of investors become victims of fraud - no one will argue with this. Although, in this case, I think that it is necessary to educate people more about both the negative and how to use the positive aspects of the entire cryptocurrency movement.

The problem is many people have quick rich mindset wherein they easily be deceived by a lot of scammers that leads to them to lose their money. What the government did is good because it can prevent more people to be deceived by others. Scammers are using the cryptocurrencies for their own sake and it is the reason why the image of it as a whole is becoming bad. Financial literacy is also important, a certain person will not be scammed by others if he or she is really a financial literate. A money scheme can be prevented by investing in our knowledge and by becoming smart in every way.

I hate to say this but in order for these investors to be helped, they must experience getting scammed.

Call me toxic or anything I'll accept it but in our country, people are very ignorant and the only thing that is on their mind is the money that they can get if they invest into a particular company. They aren't thinking whether this can be a scam or not. They aren't doing any kind of research.

I saw one post regarding FORSAGE saying that they are owning Ethereum and those investors are very happy to hear it. For those investors, they don't know anything about Ethereum since the only thing that is on their mind is the fact that if they invested on the company, they will get profits from it. This is realtalk. People here in our country are too dumb when it comes to investing in different companies. They don't know which is a ponzi scheme or not. They are easily attracted by the huge profits that they can get that is why scammers choose PH as a place to scam people.

I don't think this warning or the SEC's action against ponzi schemes for that matter is going to negatively affect bitcoin adoption in the country. If anything, it will help weed out swindlers and primp bitcoin's reputation as the community becomes a little bit safer.

This is not an attack on bitcoin if that's how you interpret it. They have the same, if not tighter, regulations on other kinds of investment schemes (or those that involve other types of currencies) and that makes investors, especially the neophytes, feel a tad bit secure. Simply put, it sounds like a good thing.

On the contrary, I don't think this is the last time we're ever going to hear from SEC. Let's expect the leash to be increasingly tighter as they become aware of how much control they are bound to lose as cryptocurrency overturns the centralized financial system.

I don't think they deserve it.

It is true that they fall to their schemes, it is true that they are lacking that "common sense" since they are not aware what that project is but they don't deserve to be scammed that is why we should help these people, in a way to inform them about these scams happening right now especially related to Bitcoin and other cryptocurrencies. I prevented my family from three scams, one of them is this Bitcoin Revolution.

Primary concern of the government would really be the safety of its citizens thats why we do see laws on corresponding fields to protect people.Its always been a good move to see such step on telling
the public towards frauds not only limited on cryptocurrency but also in typical fiat investment schemes.

Frauds and scams is typical thing and we know if the market does involved multi-millions or billions then expect for these criminal minds will surely find opportunities to take advantage to those
people who doesnt even know on whats crypto is all about and due to human greed which had always been the weakness of everyone where offering easy money schemes
will surely hook up people.

I appreciate what the Philippine government has done, this is to prevent the many victims of fraud that have occurred in the Philippines.
Actually, what the Philippines SEC is doing is done by other countries whose fraud related to crypto investment is quite high.This happens
due to a lack of education regarding crypto investment, so many newbies who want to make money instantly are attracted to join ponzi
crypto projects. So the steps taken by the Philippine government are correct.

Every country gives the same warning about this with every scam. Long before crypto. Like when there were mail letter scams and things the government had to warn the poor and gullible not to part with their money for promises of riches doing easy things anyone can do.


People who fall for bitcoin revolution deserve it. You can't feel sorry for these people. If you burn yourself on a hot pot and then touch it again right away who is at fault?

Not actually banning but warning those people.

There are a lot of investing scams happening in our country and people are believing in such too good to be true schemes by the scammers. One of which is this Bitcoin Revolution that became popular for a while. In their endorsements, they are using popular artists of the country including Manny Pacquiao which is not true.

https://pia.gov.ph/press-releases/releases/1045466

I assume they only ban acts of promoting PONZI crypto projects. Currently, the Philippines as well as other developing countries do not have a legal corridor for crypto. It may take some time for these countries to start crypto education and incorporate crypto into their legislation.

The possibility only applies to organizations that do not have legal rights and based on the explanation it is not only crypto but in all identified fields that do not have authorized of their government. I think this will have an impact if there are crypto exchangers or unauthorized crypto investments, I also don't know how many organizations are in the crypto field in that country. This regulation was also issued with an impact which in my opinion is good for preventing scammer, especially in the current Covid-19 crisis.