The Scams Are Heating Up

in LeoFinance2 months ago

I don't know who said it, but there's an old saying "The market is never wrong" you need to figure out what it is trying to tell you. One telltale sign of a fragile economy has always been the number of scams running around at any given time, and I can only speak from personal experience. Still, wow seriously the number of scam ads I am getting on Youtube lately if I am not using an ad blocker is insane.

When economies are in the shitter, people are desperate and hurting some may not have income some may have income that they want to invest in something that can bring them greater returns because banks are teasing debt strain with lower interest rates forcing people further out the risk curve.

These conditions are ideal for scams to proper, traditional finance is also locked up by the limitations of a market in a recession so they cannot promise crazy gains, in many instances your larger investment firms will be down as they are so tied to the macro environment.

So if you're getting a shitty yield and your capital isn't doing much in preserving its purchasing power, and some dude or chick pops up on your screen because they target your search results, you may think its divine intention. Still, they're just building up a funnel of vulnerable people of which supply has grown exponentially and sucker them to enrich themselves.

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Scam busters

Scams are on the rise from getting rich quick scams, Ponzi schemes, trading scams, exit scams, pump and dumps, course selling and a whole lot of other bullshit. It's gotten so bad that there are now YouTube channels like Coffeezilla and Mike Winnet that are dedicated to calling this bullshit.

The product doesn't matter, but the pitch is usually the same, some bullshit rags to riches story, then some secret that has been unearthed which has reproduced wealth for early adopters and now this oh so altruistic business person wants to share it with your dumbass on YouTube and other social media sites.

Wealth without work

If someone is pitching you wealth without work on the internet, if they're pitching some secret formula and you have to buy it, I think you really need to take a look at yourself and say why does this work on me. How does someone I don't even know on the internet think they can solve your problems?

The sad reality is they can't; all they want is for you to feel like they can and to charge you for that feeling. As humans we're so desperate for affirmation we'll do all sorts of crazy things to get it.

These conmen and women know this and create attractive narratives, that tug on peoples heartstrings and weak points and get them to part with their hard-earned money to help them fund the lifestyle they showcase to you.

Scams like this have a lifespan; people can only do it for so long before they run out of suckers, get caught or cash out, that's the nature of the game. So while they here today, gone tomorrow, you'll still be left in the same position you were before you followed them.

The secret to wealth

Do I know what it is? Of course, I do not, or I'd be wildly rich, but those that do, I highly doubt they are running ads to try and sell courses or programs online.

If that were the case, I'd be buying Elon Musk's course tomorrow.

Have your say

What do you good people of HIVE think?

So have at it my Jessies! If you don't have something to comment, comment "I am a Jessie."

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Well said Che, even the bitcoin scams are around. People think they are buying into bitcoin but it's a scam investor or something like that. I will check out those scam buster YT sites you suggested.

In my area on the Garden Route locals are involved in something called "Loom" or "Dreamweaving" which looks like a massive pyramid scheme, where you have to lure in two people to buy in below you. I am trying to get them to see the scam but they refuse to look at links calling it out. They are suckers for an easy quick buck.

I heard there was this mirror trading people were mentioning and then someone told me about another thing I can't remember the name also "Bitcoin", but you get paid in Rands, which made no sense to me.

Obviously being in the space I can smell something fishy quicker than someone that isn't, but it really is a shame how they use the crypto name, scam people and then crypto takes the fall, oh it was a "Bitcoin scam" no, it wasn't you just fell for a scam and a con artist, Bitcoin didn't play a role in that.

I haven't heard of those scams yet, will check them out, I know 1crowd or something like that was also big here a while back. I've had friends and family fall for this stuff, there's no talking them out of it, you just have to let them get burned unfortunately

Yes it's unfortunate that bitcoin gets the bad reputation.

You just can't convince people that they are in a scam sometimes because they struggle to admit the y were fooled, and they struggle to admit because it means their money is gone, and they want to hang on to the hope that they will still profit. I have shown people evidence of the crime of a scam but they are either too far into it or actually malicious themselves.

I just posted my experience on one of these scams yesterday. HYIP scams!

I totally agree with what you said about "they know this and create attractive narratives, that tug on peoples heartstrings and weak points." I even wrote in that article about how it succeeded on me:

Then why? Why Intelligent people like myself fall for this?

  • Short Answer: Because we're not using our brains enough!

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I'm sorry to hear you got scammed, Its a tough realisation and can be an expensive lesson, and one I hope we all don't have to repeat. I think we all long for a little bit of guidance once we leave school and you're on your own and some offer that mentorship only to get into your pockets

I actually look at it more like s a lesson I needed to learn, because I really should've seen it coming.

One born every minute!

LOL you say it's like fiat money, a sucker is never in short supply