Archives for June 2017

http://www.zerohedge.com/news/2017-06-25/bitcoin-buyer-beware

It’s almost like the HYIP scam world all over again.

Initial coin offerings are what they sound like and you expect them to be. They are IPO’s (initial public offerings) that are completely unregulated. So that means sharks, fraudsters, thieves, and all sorts of scammers will come in, doctor up amazing graphics and dreams of limitless ingenuity, but they have no infrastructure, you don’t know who the people are, and they ask for a shit ton of money up front.

So unless it’s coming from a reputable website or person that has been active and YOU’VE seen them do their work RELIABLY online or in real life for say, 1 to 2 years, just assume all ICO’s are scams. And even if they do fulfill this randomly generated criteria I just made up, the “legit” people or company can be in the process of SCAMMING YOU.

I suppose an exception to this is if the ICO itself actually generates money via proof of stake, then at least it has some inherent value. But don’t invest too much into it; most ico’s go bust after they steal everyone’s money or their “project” fails.

Bottom line, stay away from ICO’s unless the person or company offering it is extremely legitimate like gab.ai or  walmart offer an ICO. Then if they do go scam you can at least retaliate by lawsuit and boycotts/fed involvement etc. The rule is if you can’t retaliate (legally and practically) against the ICO offerer then the ICO is probably a scam or will become a scam as there is no recourse for you. Mine your own bitcoin and altcoins instead if you want money.

Check out my latest book, Mine Bigly – How to earn 200%-808% percent returns mining bitcoin for less than $5 a month in electricity costs because it’ll change your life and you won’t have to invest in scams anymore.