Philippines SEC warns against crypto investment. - page 5.

XCANA

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Quote from: aprilnot on July 06, 2020, 10:01:36 AM

Quote from: Hypnosis00 on July 06, 2020, 06:54:00 AM

The Philippine SEC warned those who were involved in crypto schemes could face a fine or 21 years of imprisonment or both."[/i]

is this also applied to those who trade crypto there?
if yes, this is very bad. then crypto will be completely illegal there.

You should have read a little bit further mate, this isn't what you think about but entirely different from your thoughts. This is just a ponzi scheme from untrustworthy group and the government of the Philippines had to warned their citizens against. Traders are free to trade irrespective of their chosen coins to trade or to make investment with reputable organizations. This is the first time am seeing and hearing from Philippine SEC warning their citizens against such dubious ponzi scheme from unknown source.

rodskee

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Quote from: Mulann2 on July 08, 2020, 05:05:30 PM

This is making sure people are safe, maybe they will only ban those projects that looks suspicious and can be a possible scam, banning crypto entirely won't be a good idea in my opinion, like someone mentioned above, maybe very soon regulation of crypto will begin to make it safe for everyone, every government in any country will also say this for citizens to be careful.

It's really necessary for the government to interfere with this kind of scheme, it will helps
people who are new to this types of investment.
It will lessen the chance of become a victim if the government already provide precautions
and proper advise to prevent them in joining.
Scammers will always find the best way to trick and scam people, whatever platform or venue
they will bring involvement to lure participants.

Eugenar

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Its seems like there are many scammers in this crypto world, there are many scammers who are creating fake websites for investment because as like we all know investment websites are what others looking for because they want to save their money and make it profitable as well so the higher the demand for it, the higher the number of fak websites that will be created by the scammers, just like me I've been scammed of Ponzi scheme, I forget the link but it is entitled as Crypto-Pandemic, my friend told me about this website and he gave me the proof that he made a profit on it but once I invested, nothing happens, I just lost my money because of believing that it was a legit investment website.

DabsPoorVersion

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Quote from: meanwords on July 08, 2020, 10:42:02 PM

To be honest, there's not going to be a huge effect on the cryptocurrency here in the Philippines because most people that is involve in those businesses doesn't even know that it is a cryptocurrency. Maybe a little negativity but it won't affect the adoption of Bitcoin or cryptocurrency in the Philippines.

The thing about the news is that this warnings are directed to scam cryptocurrency which we all know is a lot around the world. The news said that 3 businesses are illegal, due to lack of license and legitimacy, are being publicized by the government to make people stop investing in this illegal cryptocurrency business. This is pretty common in the Philippines even without the involvement of cryptocurrency.

I disagree with you. It has a huge effect since many people have heard about this news,

Even if you think that those involved do not know that it is a cryptocurrency, since this news was published to the public, they already know it by now. And if this kind of ponzi or scheme will increase, the adoption that you are talking about might not happen anymore

meanwords

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To be honest, there's not going to be a huge effect on the cryptocurrency here in the Philippines because most people that is involve in those businesses doesn't even know that it is a cryptocurrency. Maybe a little negativity but it won't affect the adoption of Bitcoin or cryptocurrency in the Philippines.

The thing about the news is that this warnings are directed to scam cryptocurrency which we all know is a lot around the world. The news said that 3 businesses are illegal, due to lack of license and legitimacy, are being publicized by the government to make people stop investing in this illegal cryptocurrency business. This is pretty common in the Philippines even without the involvement of cryptocurrency.

Quote from: HotRod4Life on July 08, 2020, 07:27:41 PM

Have the Philippines ever been kind of a significant place for the crypto world? Well anyway, this is a sign from one more government. All watchdogs desire to grab the crypto space and make it centralized and legal or prohibited at least

Although Philippines might not be in the top list, there are still cryptocurrency users there and it's growing because of how the SEC accepts legitimate businesses that involves cryptocurrency.

samputin

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Quote from: chaser15 on July 08, 2020, 06:55:57 PM

Quote from: Hypnosis00 on July 06, 2020, 06:54:00 AM

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But these warnings got always ignored. The sad truth is, most people don't really care about being crypto-related or not as long as they will just invest and expect that the money will grow without doing nothing.

Yeah, and maybe that's the problem. They always get lured by the idea of earning money without even a single drop of sweat. If it's sounds promising to them, they dive right into it without doing some investigations. Then, when they end up being scammed, they will put the blame on others and what's worse is they blame the crypto involved when in fact, they're the ones who did that to themselves.

This is not the first news about schemes like this in the Philippines. So Filipinos, as well as other people all around the world, should be more cautious especially when it comes to things involving money 'cause we're the ones responsible for all our actions.

HotRod4Life

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Have the Philippines ever been kind of a significant place for the crypto world? Well anyway, this is a sign from one more government. All watchdogs desire to grab the crypto space and make it centralized and legal or prohibited at least

vermigerous

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I think that the Philippine SEC is only concerned to their fellow people about growing ponzi scheme of cryptocurrency. But this doesn't mean that crypto would be ban on Philippines in the future, however this truthful fact can warn scammmers and fraudsters in crypto business and also a good advise for the beginners in crypto business.

chaser15

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Quote from: Hypnosis00 on July 06, 2020, 06:54:00 AM

I don't know how this will affect the adoption here in the Philippines but it something will give a negative impact as people will also think negatively when they hear and read for this.

Would like to hear your thoughts especially for Filipino members here.

If people will think of this SEC's warning as negative then "RIP reading comprehension" to them.

The warning does have a clear intent, to make people aware of the crypto-related scam.

But these warnings got always ignored. The sad truth is, most people don't really care about being crypto-related or not as long as they will just invest and expect that the money will grow without doing nothing.

finaleshot2016

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In these three, Forsage, RCashOnline, and The Saint John of Jerusalem Knights of Malta Foundation of the Philippines, Inc., I'm only familiar with Forsage because my friend asked me about it if it's okay to invest on it. As usual, I don't want to recommend and 3rd party investments that act as networking, or should I say a Ponzi scheme.

There's a lot of YouTube videos created by many Filipino creators about Forsage, https://www.youtube.com/results?search_query=forsage
which is very disappointing 'cause instead of investing directly in Ethereum, they're investing to the other platform that requires referral to increase their profit. I watched few videos and some of them aren't a crypto enthusiast to determine if it's a scam or legit, the common contents of those creators are to attract them and promote their own referrals.

I remember the BNL project or Bitrobo where a lot of Filipino invested on it, many scammers are using cryptocurrency now to attract people to invest in their platform.

maxreish

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There is actually effect not only for the adoption but also for the bitcoin's reputation. I wanna share my friend's real experienced. Those fake company saying that you invest your money and they will do some trading then give back double or tripled your money is kinda attracting. One person seems to be legit and gain the trust of my friend. They knew each other for so many years.

To make the story short, they created a story that their company is not doing well, lose trade and closing. Indeed EXIT SCAM. and that is not the only one investment scheme in the Philippines.

lienfaye

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Quote from: blockman on July 06, 2020, 07:40:29 AM

It is the Forsage and I'm happy that the PH SEC is giving warning to the people because many of them don't listen to individuals that are warning them. And lately, it's also a cause of the network congestion of Ethereum because many are investing on the scam.
Many blind followers are encouraging others to join them not understanding what the scheme is all about.

My neighbor invest in forsage, he is not a crypto enthusiast but like to invest in different platform online which he think is profitable. He often talk to me about forsage and encouraging me to invest as well but I didnt bite his offer specially its an investment that needed to have an invite which I really dont like.

I think people with knowledge about crypto are not affected by this SEC announcement however its different to those unaware of crypto existence. They might really think bad towards crypto and refrain themselves from using/investing since they already see the negative sides even without searching deeply and knowing the facts.

Mulann2

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This is making sure people are safe, maybe they will only ban those projects that looks suspicious and can be a possible scam, banning crypto entirely won't be a good idea in my opinion, like someone mentioned above, maybe very soon regulation of crypto will begin to make it safe for everyone, every government in any country will also say this for citizens to be careful.

dunfida

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Quote from: Hypnosis00 on July 06, 2020, 06:54:00 AM

Last July 1, The Security and Exchange Commission warns the Filipino community in regard to the crypto investment scheme as a claim like a Ponzi scheme.

This is their claims...

"Philippine SEC warns against investment schemes including one based on the Ethreum blockchain it says is a Ponzi scheme.
The Securities and Exchange Commission (SEC) of the Philippines has warned the public against individuals and groups engaged in unauthorized crypto investments and trading, according to an announcement on July 1.

The Philippine SEC warned those who were involved in crypto schemes could face a fine or 21 years of imprisonment or both."

You can read the entire article: https://cointelegraph.com/news/philippine-sec-warns-against-crypto-schemes

I don't know how this will affect the adoption here in the Philippines but it something will give a negative impact as people will also think negatively when they hear and read for this.

Would like to hear your thoughts especially for Filipino members here.

This isnt something new and this havent been just happening in Philippines but this is an issue that do happen globally where scams and ponzi schemes do lurk out and pretending to be a legit stuff
and fooling out people that doesnt have much knowledge towards it which is mostly victim of these ponzi stuff.When people do see big amounts of returns then they do easily get hooked up without even knowing on what are the things theyve been dealing with.For PH government its just good that they do make out such warnings before that investment scam would able to extract huge amount of money of people that are tending to join.

FlightyPouch

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Some might say this as bad news but I think this is good news for me. Now we know that we are under the protection of the government and now we have someone to run to when we fall victim to these scammers. If they don't want crypto currencies, I think they will say that they will reconsider the use of it in the country but they didn't. It is nice to know that they are not against cryptos, I hope it would make people use or adopt it.

pixie85

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Quote from: acdc on July 06, 2020, 01:33:23 PM

I think this is a completely normal warning to people from scams. In fact, many governments around the world are also warning people to be wary of cryptocurrency scams.
This warning does not indicate that the Philippine government is against or banning cryptocurrencies, they are only trying to protect people from scams.

The EU Central bank has issued similar statements on more than one occasion. I think there's nothing to worry about and it will not decrease adoption in the Philippines.

The banks are expected to warn people of investments that are risky and popular because people expect it and don't understand that some things are not yet regulated and cannot be stopped by the government. They think all investments come from companies that have to register with the authorities but it's not that simple with cryptocurrencies.

Anonylz

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Well to me this shows the government are concerned about the welfare of it's citizens, we can't deny it, crypto is full of scam project, it is very easy for newbies and naive people to still fall into victims, better to be safe than be sorry, at least this warning can prevent many people making a big mistake.

teosanru

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Quote from: Hypnosis00 on July 06, 2020, 06:54:00 AM

Last July 1, The Security and Exchange Commission warns the Filipino community in regard to the crypto investment scheme as a claim like a Ponzi scheme.

This is their claims...

"Philippine SEC warns against investment schemes including one based on the Ethreum blockchain it says is a Ponzi scheme.
The Securities and Exchange Commission (SEC) of the Philippines has warned the public against individuals and groups engaged in unauthorized crypto investments and trading, according to an announcement on July 1.

The Philippine SEC warned those who were involved in crypto schemes could face a fine or 21 years of imprisonment or both."

You can read the entire article: https://cointelegraph.com/news/philippine-sec-warns-against-crypto-schemes

I don't know how this will affect the adoption here in the Philippines but it something will give a negative impact as people will also think negatively when they hear and read for this.

Would like to hear your thoughts especially for Filipino members here.

I am not quite a Fillipino member but I think almost every country sooner or later will come up with such warnings and even banning law. i don't think there are many years of cryptocurrencies left without regulations. Soon we would see some regulations on it. We have already seen USA making kyc necessary for all operating exchanges. If countries follow that model i feel there soon would be zero anonymity in crypto world. But yes there is one thing in which I would support these government that is raising funds through ICO it's completely irrelevant and scam.

Fredomago

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Quote from: Anonylz on July 08, 2020, 12:07:40 PM

Well to me this shows the government are concerned about the welfare of it's citizens, we can't deny it, crypto is full of scam project, it is very easy for newbies and naive people to still fall into victims, better to be safe than be sorry, at least this warning can prevent many people making a big mistake.

It will be more wiser to investigate first before investing, and like what you have said the government is giving this showing
that they are concern with the possibilities that many citizens will fall to this ending up to see people screaming and asking for assistance where the government is unaware of, this kind of so good to be true offers needs to be avoided.

Leviathan.007

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In my own idea, you don't need to be worry because it's not just about your country. These warnings are in all over the world in all countries. It doesn't mean they are against crypto currency and blockchain, they just want to help people and aware them from scams in this digital world. Since many people don't have these information the governments need to do something about it. However, sometimes they will publish bad new about crypto to make people to invest in local stocks instead of crypto in order to take some advantage from the investments.

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