One of the main characteristics of a Ponzi scheme is the ability of its founders and promoters to offer mouth-watering returns with little or no risk.
Many of them also assert that they will deliver positive returns regardless of market conditions.
Due to the volatility of cryptocurrencies, many people believe and see them as Ponzi schemes, a bubble that will burst one day.
๐๐จ๐ง๐๐ฌ๐ญ๐ฅ๐ฒ, ๐ข๐ญ ๐ฆ๐๐ฒ ๐๐ ๐ญ๐ซ๐ฎ๐ ๐จ๐ซ ๐๐๐ฅ๐ฌ๐ ๐๐๐๐๐ฎ๐ฌ๐ ๐ง๐จ๐ญ๐ก๐ข๐ง๐ ๐ฅ๐๐ฌ๐ญ๐ฌ ๐๐จ๐ซ๐๐ฏ๐๐ซ.
Remember, there was a time we used cowries, metal, cows, and gold as a medium of exchange. Today we use fiat currency (paper money) as a medium of exchange.
We also used gongs, but today information is transferred efficiently through emails and SMS.
How many of the first search engines are still in use?
This stage in the blockchain and Crypto industry may be likened to the gold-standard era of money evolution before we had fiat currency in its form today.
๐๐๐ซ๐ ๐ข๐ฌ ๐ฐ๐ก๐๐ญ ๐ฒ๐จ๐ฎ ๐ฌ๐ก๐จ๐ฎ๐ฅ๐ ๐ค๐ง๐จ๐ฐ:
DON'T FOCUS ON VOLATILITY INSTEAD DISCOVER ABOUT the utility of cryptocurrencies.
If you don't understand the specific use case of the cryptocurrency, then it is likely to be a scam.
The crypto market is similar to traditional markets.
It is also entirely dependent on the hope of returns.
The crypto market is relatively young when compared to FOREX.
Factors such as wars, historical events, and policy reviews also affect it.
However, unlike the FOREX market, the price fluctuates owing to amateur players and regulatory concerns.
Many criminals in this promising and amateur industry prey on the ignorance of the unsuspecting public and introduce scam projects.
These scam projects are more prevalent in places where people lack basic crypto knowledge fueled by the idea of Get-Rick-Quick.
These scam projects work like Ponzi schemes promising very high returns with little or no risk.
Their marketing is also very aggressive with social media and sometimes influencers.
Despite these issues and flaws, new technologies and policies are being deployed in the crypto space to prevent rug pulling, track transactions, and capture criminals.
If you learned something, click the LIKE icon, SHARE, and follow the page.
REGISTER LUNO FOR FREE:
https://www.luno.com/en/invite/GT3W2
