We have entered a period where the price of Bitcoin is steadily rising again, and the last quarter was truly impressive. However, as the appetite for risk in cryptocurrencies increases again, so does the magnitude of dangers awaiting investors. The biggest risk here is pyramid scammers.
Crypto Amir 2023
Netflix recently released a new film that quickly caught the attention of cryptocurrency investors. This film resembled previous productions about scammers like OneCoin, but the underlying messages could be helpful for investors in the coming period.
Let’s briefly talk about what happens in the first part of the film. We have a family that has migrated from Egypt to Amsterdam, and they own a restaurant that serves Mexican food. Amir and his father live together, and Amir handles the restaurant’s delivery service. However, 20-year-old Amir dreams of becoming a millionaire and tries various methods, including using expired cream that supposedly grows beards on teenagers.
Eventually, he delivers an order to a hotel and encounters a meeting similar to OneCoin’s hotel meetings (In those days, we constantly warned our readers about OneCoin at COINTURK) where he comes across CryptoCore Capital’s program. The speaker at this event is CryptoCore Capital’s founder Roy, who makes the following magical statement:
“Everyone can be financially free. Banks and the current system don’t want you to achieve this, but with CryptoCore Capital, you can reach your goal.”
And we hear many more nonsensical claims. I say nonsensical because CryptoCore Capital is a system that promises daily returns of 1% or 2%. They collect money from people with the story that expert investors trade with your money and achieve a daily return of 1%. The problem is that if you earn 1% every day, in a few months you will have a massive compound gain, which is not sustainable.
Moreover, the story of guaranteed profits in crypto is a lie that only those who do not understand cryptocurrencies could believe. Amir falls for this story and, after arguing with his father, goes to Roy’s office. Amir, who is extremely skilled at convincing, persuades a potential special customer there and convinces him to become Roy’s client.
Amir, who has caught Roy’s eye, no longer does delivery. Instead, he looks for customers who will deposit money with Roy for a daily 1% return. One day, at another poolside event, someone comes up to Roy and his friends, accusing them of betraying crypto and scamming people, saying:
“You should read the Bitcoin standard, Bitcoin is more than wealth, you are enemies of its philosophy.”
I imagine someone saying this to the faces of fraudsters like SBF, Zu Shu, Do Kwon. They probably can’t mock the person who says this by throwing them into the pool because they are already disgraced.
Amir invests his father’s money and his own earnings into this system, and then Roy Warners gets arrested. It turns out that Roy, the spoiled child of a rich father, had previously scammed people through a real estate fund.
Lessons to Learn and the 2024-2025 Bull Market
- Cryptocurrencies will not make you rich and are not, and will not be, a system that enables everyone to achieve financial freedom.
- You should not be scammed by people who promise fixed returns for certain periods and use cryptocurrencies to embellish their story.
- A daily fixed return of 1% is not sustainable in cryptocurrencies. If you are involved in such a system, you can sleep peacefully until you find out that you have lost all your money.
- A significant part of the crypto industry is made up of scammers like Roy and clueless investors like Amir. To protect yourself from the likes of Roy, you need to escape being like Amir by improving your literacy in this field.
- People who constantly talk about getting rich, making money, and high-leverage transactions share a common trait: they do not care about the philosophy of cryptocurrencies. Staying away from them is in your favor because they see you as a customer, and at some point, you will see the losses.
- Continue to disbelieve incredibly great-sounding offers in 2024-2025.
Watch Crypto Amir to get a glimpse of those who want to use the new financial revolution as a mousetrap. Cryptocurrencies are not the swamp or Ponzi scheme that its enemies describe, but it is not a place without scammers either. We have lived through days when many malicious players wiped out investors’ capital, and we will see more.
Always be the person who stands up against Roy and his friends, calling them to read the Bitcoin standard and understand the philosophy of this field, and who ends up being thrown into the pool. At least you will have the competence not to fall for fraudsters like Roy who use crypto to embellish their scam stories.
