Philippines SEC warns against crypto investment. - page 2.

In the silence

sr. member

Activity: 1297

Merit: 294

''Vincit qui se vincit''

Quote from: larus on August 22, 2020, 12:37:46 AM

SEC of all countries are against crypto because they hate and afraid of it

They are not against it, they only make sure that small investors dont fall this tricks, social networkings are very rampant all over the country so they are warning the people who do not have enough knowledge on pyramid schemes.

larus

jr. member

Activity: 236

Merit: 1

SEC of all countries are against crypto because they hate and afraid of it

Janation

hero member

Activity: 1722

Merit: 528

Quote from: affandi on August 21, 2020, 11:13:28 PM

Actually the aim of the Philippine government is to try to warn individuals and groups there to be careful in choosing an investment, maybe even this warning exists in every country. and again, cryptocurrencies that are victims of greed. Ponzi schemes scams have been going on for a long time in the crypto world, and we can see "cryptocurrency is still doing well even getting more developed". this is where the importance of learning, knowledge of how cryptocurrency and technology works, this is all for the good of all of us as a crypto community.

There are a lot of those scams that are actually using Bitcoin as a scapegoat.

They say that the money they are investing are going into Bitcoin which will increase as time pass and the more they invite, the more they will be earning. When the price drops, they will be taking the money and run with it leaving those people that have the impression that they are scammed by Bitcoin but actually it is the people. That is the reason the government are warning those new investors and users to these groups that might be an investment scam.

affandi

hero member

Activity: 672

Merit: 500

Actually the aim of the Philippine government is to try to warn individuals and groups there to be careful in choosing an investment, maybe even this warning exists in every country. and again, cryptocurrencies that are victims of greed. Ponzi schemes scams have been going on for a long time in the crypto world, and we can see "cryptocurrency is still doing well even getting more developed". this is where the importance of learning, knowledge of how cryptocurrency and technology works, this is all for the good of all of us as a crypto community.

J.Amador

jr. member

Activity: 69

Merit: 1

Yes your right. Many people in our country is hesitate to join bitcoin. For no good reason they think they may get scammed that's whay they afraid to try bitcoin.Here in Philippines many rich get richer and poor get poorer.In view of the fact that they scared to invest their money and it will go for nothing. And another reason some of poor people is lazy they only want to sit and money will come to them. Or maybe our government say that because they scared.In view of the fact that they can't claim any big taxes in cryptocurrency.

kayvie

sr. member

Activity: 1022

Merit: 257

Quote from: FlightyPouch on July 19, 2020, 08:44:07 AM

I've read about this and told my friends and co-teachers about it though I can't confirm anything since I have no experience and source of information about it. I warned them still since I am also aware about forsage. Thanks for sharing, people are desperate to earn these days and these sick people are trying to scam others for them to earn for themselves in an unfair way.

Same here, mate, I just heard this from my friend and they are about to actually invest but before that, I made a research and stop them from investing. Then this news was spread and my friends are very thankful that I stopped them from investing.

raidarksword

member

Activity: 2044

Merit: 16

Quote from: Fredomago on July 07, 2020, 12:26:18 AM

Quote from: raidarksword on July 06, 2020, 10:22:26 PM

I've seen this new crypto ponzi scam keeps appearing on my facebook timeline which is a very alarming to people don't know the real reason behind it and people new to this scheme is just want to ride the hype train without conducting research.

The possibilities to be entice is higher to those who didn't bothered to review and research the essence of this kind of investment, most of them got easily attached, both greed and lack of knowledge bring them to made a big mistake supporting this Ponzi schemes.

Quote from: raidarksword on July 06, 2020, 10:22:26 PM

Supporters of this scheme are merely blinded and keep denying that it will not turn scam, they have much faith on that one but everything will end for a reason and that's greed will be the ultimate proof of it.

True. Greed drive them to participate and hope that they'll be able to ride with the train knowing that risk is really waiting for them.

Quote from: raidarksword on July 06, 2020, 10:22:26 PM

I pity to people who joins the last, they will always be the victim no matter what.

They are also the person that will cry out voicing that crypto is just a scam types of business.

Yes, only time will tell when founder of this scheme have enough funds collected from investors then it's the time when they plan to exit scam to it and more likely they reason out that their website has been hacked or going maintenance. But the truth be told they are gone for good and leaving people out of nowhere with despair and disappointment. Hoping for members to move on and let that be a big lesson in life that regret will always be in the end.

KnightElite

sr. member

Activity: 924

Merit: 275

Quote from: k@suy on July 19, 2020, 08:32:16 AM

Quote from: Pamadar on July 17, 2020, 10:55:17 AM

Quote from: Alert31 on July 17, 2020, 09:11:27 AM

I think Philippine SEC just warn people to be careful when joining investment project because of those scam projects they mentioned.

It's better than let the people being blinded to continuously support this kind of scheme, there are many reported cases
that's why it's time for the government to state their sentiments regarding to
this scamming business.

Quote from: Alert31 on July 17, 2020, 09:11:27 AM

But i think it will not affect to the cryptocurrency in the country and also the people in the Philippines will still use crypto and invest on it for sure.

It won't affect crypto as it's pointing to the ponzi types business and not diretly to crypto. If you are into trades or investment
which is not realted to any scheme where you can get percentage per day
or a double in a short period of time.
You are safe to go if you fully understand how crypto works, no need to worry about this warning.

The government are simply warns the nation to be observant and careful to avoid involvement on any scams because people nowadays are too thirsty to earn money on just a shortest period of time and many of them are very easy to be encouraged to join on investments that's why it serves as an opportunity for the scammers.

What the government did is good because they understand that many of their citizens will become a victims of this shitty investment. The scam projects nowadays are continue to increase and grow and it is not only in the Philippines but all over the world. It is sad because many people see cryptocurrencies as scam because it has now a bad image created by those scammers and hackers.

If we want to not get scammed, be sure that we know what we are getting into. We should also change our mentality and avoid having a quick rich mentality mindset because it is really dangerous.

FlightyPouch

sr. member

Activity: 1638

Merit: 300

Quote from: cryptoaddictchie on July 13, 2020, 02:23:07 AM

Aside from forsage ponzi scheme here is someone in our Local board share also the same style and possibly could expand like whats happening on forsage too. But I do hope, we warned others about this new one called LionShare. ^{Thanks @LogitechMouse for sharin this on our local community.}

Warning: Another ETH Based Investment Scheme

I doubt our Filipino communities who eagerly wanted to earn will listen to such warning once more. Hope they not ignore these precautions

I've read about this and told my friends and co-teachers about it though I can't confirm anything since I have no experience and source of information about it. I warned them still since I am also aware about forsage. Thanks for sharing, people are desperate to earn these days and these sick people are trying to scam others for them to earn for themselves in an unfair way.

k@suy

sr. member

Activity: 882

Merit: 269

Quote from: Pamadar on July 17, 2020, 10:55:17 AM

Quote from: Alert31 on July 17, 2020, 09:11:27 AM

I think Philippine SEC just warn people to be careful when joining investment project because of those scam projects they mentioned.

It's better than let the people being blinded to continuously support this kind of scheme, there are many reported cases
that's why it's time for the government to state their sentiments regarding to
this scamming business.

Quote from: Alert31 on July 17, 2020, 09:11:27 AM

But i think it will not affect to the cryptocurrency in the country and also the people in the Philippines will still use crypto and invest on it for sure.

It won't affect crypto as it's pointing to the ponzi types business and not diretly to crypto. If you are into trades or investment
which is not realted to any scheme where you can get percentage per day
or a double in a short period of time.
You are safe to go if you fully understand how crypto works, no need to worry about this warning.

The government are simply warns the nation to be observant and careful to avoid involvement on any scams because people nowadays are too thirsty to earn money on just a shortest period of time and many of them are very easy to be encouraged to join on investments that's why it serves as an opportunity for the scammers.

Pamadar

legendary

Activity: 2982

Merit: 1028

Quote from: Alert31 on July 17, 2020, 09:11:27 AM

I think Philippine SEC just warn people to be careful when joining investment project because of those scam projects they mentioned.

It's better than let the people being blinded to continuously support this kind of scheme, there are many reported cases
that's why it's time for the government to state their sentiments regarding to
this scamming business.

Quote from: Alert31 on July 17, 2020, 09:11:27 AM

But i think it will not affect to the cryptocurrency in the country and also the people in the Philippines will still use crypto and invest on it for sure.

It won't affect crypto as it's pointing to the ponzi types business and not diretly to crypto. If you are into trades or investment
which is not realted to any scheme where you can get percentage per day
or a double in a short period of time.
You are safe to go if you fully understand how crypto works, no need to worry about this warning.

amishmanish

legendary

Activity: 1904

Merit: 1159

On the surface it seems like a warning to those three operating in a ponzi manner, as judged by the officials, of course. The fillipino community is pretty active but have also suffered from multiple scams. The ICO and IEOs and bounty hunters parading these projects on their social media pages has been all the rage. That is why, the part where it says:

Quote

imprisonment of 21 years or both await those who act as salesmen, brokers, dealers or agents of entities engaged in unauthorized investment schemes

So who will they judge as salesmen, brokers, dealers or agents? The community manager who manages those telegrams. The bounty hunters who splatter twitter with hashtags and tweet-storms? A simple thing is that if the community of crypto enthusiasts doesn't find a way out of these crazy sounding ICOs that continue to lure newbies, it is always going to be ethically and legally, a grey area. The self-correction should have happened. Some of it has happened but human greed is too boundless for these effects to disappear altogether.

Alert31

member

Activity: 1041

Merit: 25

Trident Protocol | Simple «buy-hold-earn» system!

I think Philippine SEC just warn people to be careful when joining investment project because of those scam projects they mentioned. But i think it will not affect to the cryptocurrency in the country and also the people in the Philippines will still use crypto and invest on it for sure.

Traderbtcc

full member

Activity: 1190

Merit: 123

★Bitvest.io★ Play Plinko or Invest!

I just hope this wouldn't change or affect the adoption rate of crypto in the Philippines, because this will really change the mindset of alot people who wanted to start using crypto, but on the other hand I think these warnings should apply to every country around the globe, because 99% of all these crypto investment schemes are scams, none of them works,in my country, I have seen alot of crypto ponzi schemes going on, and the government haven't said anything about it, there's this one they all forsage an ethereum doubling scheme Roll Eyes

, I don't know much about it since am not a fan of any crypto doubling or investment schemes I didn't try signing up for it, because I don't want to lose my money Grin

.

Quote from: Gotumoot on July 16, 2020, 07:29:59 AM

Shouldn't we appreciate it?

LOL,mate you guys are even lucky, here in my country the government doesn't show concern about anything ponzi related, they already have enough on their plate to deal with, so they don't care about we the citizens.

Gotumoot

sr. member

Activity: 1372

Merit: 261

Shouldn't we appreciate it? I mean at least we know that they care about us and warn us about the investment schemes.
I don't think that there would be a negative impact at all because they are just making sure that we would avoid those schemes.
Both Fiat and crypto are being used in investment schemes there is nothing new in this.

arwin100

hero member

Activity: 2632

Merit: 787

Jack of all trades 💯

Quote from: cheezcarls on July 16, 2020, 06:26:05 AM

Quote from: Oasisman on July 16, 2020, 06:15:18 AM

Quote from: maldini on July 15, 2020, 06:59:03 PM

I have a friend in the Philippines and I learned some information from him. The fact is that the Philippine government does not want any people in their country to be harmed. I welcome it because people are being scammed every day. In general, however, those involved in cryptocurrencies have not been much affected in the Philippines.

These scammers and ponzi schemes are constantly using the term "cryptocurrency" and "Bitcoin" and even dragging big names in business industry to deceive the investors . We might not been affected by this but what I'm afraid of is when the Philippine government decides to ban crypto related transactions in the country due to these series of HYIP's and other form of fraudulent investment schemes that mostly involves Bitcoin. Though It will undergo a due process, but I'm still worried about the possibilities, since people here are too unaware what cryptocurrency is and got easily fooled by these scammers.

Now, the people was so fed up with fake Bitcoin investment scheme, then they switch up to Ethereum so It would sound new to them.

And the list goes on. There’s also a scammish opportunity using TRON smart contract. So these scammers are targeting coins or tokens having the feature where we can create our own smart contract.

Just recently, big media newspaper Philippine Star published a headline about the latest Twitter hack. In their sub-headline, they have mentioned “Bitcoin scam”, which makes me sick to my stomach. It’s like when a lot of people are reading this, they would generally think that Bitcoin is actually a scam without even taking time to research on their own about the real and positive use cases of it.

I just don’t know when will these foolish media sites would stop using the “Bitcoin scam” term.

It's so sad bitcoin is tag again as scam since it is been used by those scammers, for sure many people will get skeptical again by reading those articles and I really hope there's proper education regarding on this kind of scam attacks as well with bitcoins so that people will not mislead on the wrong information shown on the internet.

Those idiot media's should do their proper research since they create confusion here.

cheezcarls

hero member

Activity: 2282

Merit: 659

Looking for gigs

Quote from: Oasisman on July 16, 2020, 06:15:18 AM

Quote from: maldini on July 15, 2020, 06:59:03 PM

I have a friend in the Philippines and I learned some information from him. The fact is that the Philippine government does not want any people in their country to be harmed. I welcome it because people are being scammed every day. In general, however, those involved in cryptocurrencies have not been much affected in the Philippines.

These scammers and ponzi schemes are constantly using the term "cryptocurrency" and "Bitcoin" and even dragging big names in business industry to deceive the investors . We might not been affected by this but what I'm afraid of is when the Philippine government decides to ban crypto related transactions in the country due to these series of HYIP's and other form of fraudulent investment schemes that mostly involves Bitcoin. Though It will undergo a due process, but I'm still worried about the possibilities, since people here are too unaware what cryptocurrency is and got easily fooled by these scammers.

Now, the people was so fed up with fake Bitcoin investment scheme, then they switch up to Ethereum so It would sound new to them.

And the list goes on. There’s also a scammish opportunity using TRON smart contract. So these scammers are targeting coins or tokens having the feature where we can create our own smart contract.

Just recently, big media newspaper Philippine Star published a headline about the latest Twitter hack. In their sub-headline, they have mentioned “Bitcoin scam”, which makes me sick to my stomach. It’s like when a lot of people are reading this, they would generally think that Bitcoin is actually a scam without even taking time to research on their own about the real and positive use cases of it.

I just don’t know when will these foolish media sites would stop using the “Bitcoin scam” term.

Assface16678

full member

Activity: 1484

Merit: 136

★Bitvest.io★ Play Plinko or Invest!

This is not new came from the Philippines because most of the people right there are does not have enough knowledge of the world of crypto currency but the problem right there even they know it is already a scam they still continue this kind of investment and they not learn from their mistake which is the reason why the Philippines are one of the highest percentages of the victim of the Ponzi scheme.

Recently there is another organization right here which is the use of the religion I don't wanna tell which is the one but still there is a lot of people making an investment on it even this is a pyramid scam this is the common word used for this kind of action and investment one of the problem is the last investors because they are the one who loses a lot of money and the oldest got their commission right enough.

Oasisman

hero member

Activity: 2716

Merit: 552

Quote from: maldini on July 15, 2020, 06:59:03 PM

I have a friend in the Philippines and I learned some information from him. The fact is that the Philippine government does not want any people in their country to be harmed. I welcome it because people are being scammed every day. In general, however, those involved in cryptocurrencies have not been much affected in the Philippines.

These scammers and ponzi schemes are constantly using the term "cryptocurrency" and "Bitcoin" and even dragging big names in business industry to deceive the investors . We might not been affected by this but what I'm afraid of is when the Philippine government decides to ban crypto related transactions in the country due to these series of HYIP's and other form of fraudulent investment schemes that mostly involves Bitcoin. Though It will undergo a due process, but I'm still worried about the possibilities, since people here are too unaware what cryptocurrency is and got easily fooled by these scammers.

Now, the people was so fed up with fake Bitcoin investment scheme, then they switch up to Ethereum so It would sound new to them.

gamer4156

sr. member

Activity: 1008

Merit: 250

As far as I know, similar warnings have been issued in some Asian countries by their governments. The reason for doing this is to save the people of the country from scamming.
The governments of all these countries think that Cryptocurrency is involved in many illegal activities. I think the Philippine government has been forced to do this because of these scams.

Topic: Philippines SEC warns against crypto investment. - page 2. (Read 1110 times)