If an influencer has clocked a billion views on TikTok promoting an unknown private coin, does that make the coin authentic and very less likely to be a scam?
TikTok is a tech that can be used with destructive power, and influencers are doing their bit to attract crypto investors here. A research by dappGambl reveals hardly any (one in ten) actually warn investors about the risks of losing their money in crypto investments. Not that any such warning would actually deter an investor who hopes to make dream returns like a hundred or more.
There is nothing like money to attract money. Cryptocurrencies have shaken the world of finance and money like no other technology, and continues to do so. Private money is a chimera, though. Anyone with a computer and internet connection can create their own private money in a few minutes with few regulations and enforcement to save investors. A green pasture made of hope as well as greed of investors for scammers to graze upon freely.
On TikTok, bitcoin promotion and influencer message for investing in crypto have clocked billions of views, over six billion as per research cited above. Bitcoin was a favorite banner or symbol to attract attention in one third of such promotions.
A recent warning on the risks and the sheer hype around crypto investments comes from Billy Markus, the co-founder of Dogecoin, the private, joke-like project catapulted to sky high fame by tweets of Elon Musk. Markus recently tweeted about how bad crypto investments are, and also included the craze of NFTs, calling them all a form of gambling.
The ordinary investors seems to realize that they are gambling when they invest in crypto with hopes of extraordinary returns. It is when they lose money and realize the scam that reality hits home.
Some regulations have now been placed to stop influencers from blatantly promoting crypto projects in paid messages. The famous cases that have been in the limelight are Kim Kardashian, Jake Paul and Soulja Boy.
In India, it is now common to see reports with titles like ‘Businessmen loses money in Bitcoin investment’ and app frauds. There is also intense speculation about prices of Bitcoin, and the topic that has most recently kindled hope in the minds of investors is the next expected halving of Bitcoin mining rewards.
Last year, Markus had revealed that he stopped investing in cryptocurrencies a long time back, over nine years ago. He has also rubbished the BSC token.
The token economy may or may not become a reality, but mainstream or public world of investors has again revealed its major weakness of being driven by fear or greed. In olden days, it used to be rubber plantations. Today it is the next crypto coin or token that will return 1000x. For proof, check the number of Telegram members. They all can’t be fools.
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