Crypto Investing #71 – When Is A Cryptocurrency A Scam?

Tai Zen: What’s up guy. This is Taizen. I’m broadcasting from downtown Atlanta. I don’t have LeonFu.com with me today. However, I have one of the team member, who wants to remain anonymous at this moment. He goes by the Skinny. Say hello Skinny

Skinny: Hello

Tai Zen: In this video, I won’t talk about a fact that every cryptocurrency you invest in, even Bitcoin is accused of being a scam and what to do about it.

In the history of every cryptocurrency on the market, some point in their lifespans, it will be accused of being a scam.

Every day, when you search for any cryptocurrency, its name and the word ‘scam’ are going to be tied together. Therefore, don’t be surprised.

Skinny: We have people that join the Slack page and suddenly get instant credibility because they heard their uncles, cousins said that that coin was a scam. You always have to do your due diligence.

Tai Zen: First, we have to define what is a scam. I think we did this in the video called what is Bitcoin maximalist (part 2).

The scam is when somebody promises a product or service to you in exchange for some funds. In other words, they ask you for some money and they tell you they’re going to do some A, B, and C. Then, when they get the money, they don’t do those things. They never have any plans to do it. That’s a scam. It means that they are tricking or deceiving you.

If somebody gets money from you and work on A, B and C product or service and it turns out to be poorly done, that’s not a scam. That’s incompetent. That’s the risk that you take for investing in these projects.

If they’re competent, they’re going to build something like Ethereum, which is worth $4,000,000,000. If they are not, it’s only worth $40,000.

Whenever our team invests in a cryptocurrency, the first thing that we want to make sure is the people that we donate money to don’t run off with it. They have to actually make an effort to build the software that they claim that they’re going to build.

If they do that, we’re fine, but if they do a piss-poor job of it, that’s the risk that we take.

Whenever you research any cryptocurrency, you will always find that cryptocurrency is accused of being a scam. Just get over it.

What you want to look for is whether these guys are reputable and whether they have done other projects with other reputable people before.

For, Vitalik Buterin, the founder of Ethereum, it doesn’t make sense to him to vouch for someone that he doesn’t believe. That doesn’t mean he is perfect. He could pick the wrong person.

DAO hub is a typical case for that. It was a disaster. We invested in it and we lost money, but that’s ok. They did not rip us off. They wrote code that had bugs in and they didn’t review it clearly before it was released to the public. Then, everybody got hacked.

After you get over the fact that cryptocurrency is accused of being a scam, look at the people that are involved with it and see if they know.

Usually, if somebody is speaking in a conference or anything like that, that kind of help out because at least you can hear from the people developing it about their project.

Skinny: As a donor or investor, you want to know whether it is going to happen or whether this person is competent enough to do it.

Tai Zen: You also need to know who they are surrounded with.

For example, we get approached almost every month by different ICO projects that ask us to be an escrow. What does it mean?

The wallet they use to get a donation from investors usually is set up as 2 out of 3 signatures. 2 out of 3 people have to sign off before the money can be moved.

Every month, they contact me and LeonFu.com since we’re well-known in cryptocurrency investing community. They know that by having us be one those signature has a lot of value to their projects.

The community is going to see if I or Leon vouch for it, be one of the key holders and to sign off on the money. If we do, it must be legit.

Till this day, we just decide not to do that because we don’t want to be responsible for those projects. That’s very difficult for our team to accept that kind of risk and lose our credibility.

More than anything else, when you hear people accusing of being a scam, looks for facts, numbers, people behind the projects.

If somebody says that they feel the project is a scam or the guys are not good, there is not enough evidence.

For example, there are a few guys accusing some of the projects of being scams in the altcoin discussion forum on Bitcoin talk. Somebody came along and said one of the major that accuse everybody of being a scam that: “You’re the scammer because you asked for help from me to save of the tokens that you lost. I did it and you never paid me”.

The guy said he never promised that. The other guy uploaded the screenshot to the actual forum where they had the conversation. Then, the accuser admitted.

When you have something like that, you can clearly say that this guy is a scammer.

I just want to share that with you in this video. If you find it helpful, gives me a thumbs up. If not, give me a thumbs down.

If you have any friends, family, and colleagues that want to learn how to invest in cryptocurrency, share this video with them and follow us at www.cryptocurency.market/newsletter. That’s where we send out all the most updated information.

Thank you for watching this video and I’ll look forward to seeing you in a future video.

 

 

 

 

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