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What are Crypto Scammers saying now!

What are Crypto Scammers saying now!

Greetings, 

It seems like everywhere you look these days there is another absurd claim being made about the profitability of Bitcoin and other crypto-currencies.  From mining to increasing your bitcoin wallet 10 times a day GUARANTEED!  First off lets start with simple math.  If $1 were to be doubled every day for a mere two months that would yield more money than has ever been printed in the history of the world!  If you start out with $5000 or even $500 that number is reached in less than a month!  Yet these claims keep pouring in and apparently there are people out there who believe these absurdities based on false hope and promises. 

This is preying on the weak and truly the most abhorrent endeavor a person can partake in to earn money for themselves.  There can be little to no doubt that those that disseminate such ridiculous claims are well aware of the grossly misleading statements they are either making themselves or that they are having others make for them.  Let’s take a look at the value of bitcoin over the last 20 trading sessions. 

   

As is clearly evident from the recent chart above, no interest in bitcoin other than short-selling, could have remotely resulted in any type of profits.  That is unless the sale itself was to scam people out of their money.  Any actual investment that entailed buying bitcoin necessarily resulted in significant losses over the past 20 trading sessions.  In fact, in the cash market alone the value of bitcoin is 1/3 of what it was last month.  If we add leverage to the equation the losses become catastrophic.  Please do not buy in to such hollow and self serving claims.  If it sounds to good to be true, and you can not observe it through direct observation before it occurs, any claim of significant returns should always be scrutinized with great skepticism. 

The never ending influx of absurd claims related to these products with little to no intrinsic value have compelled me to hammer this point home and hope that it resonates with those that are only told about the opportunity in the newly found bitcoin market and in mining such products (a topic we will save for another day. 

Be careful my friends and remember that the proof is in the pudding!

Stay well and we hope you have the wisdom to trade like a Wizard!

Bay Chen-  Editor of the “Weekly Wizard”