Hey Jesscammers
South African retail investors like most developing nations are still in the primordial phase of investing, we're not big stock market investors both locally or internationally and we don't have much of a history of active investing.
It has improved drastically in the past decade with the growth of the internet and trading platforms but it's still a small subset of retail having active portfolios in various tradable assets.
Cryptocurrency has also started to make waves in the country and because it's still quite the unknown and financial education is not a priority for most South Africans, it comes as no surprise that many have been sucked out of millions by snake oil salesmen and women.
History tends to repeat itself...If you pay attention
In 2019 there was the BTC global scam as well as another Bitcoin scam that blew up and ended badly for investors. It quieted down for a bit but as BTC continues to increase in price so too will the fraud and scammers.
We have a few local Ponzi schemes running, I won't mention their names but a quick Google should uncover them for you. In recent days Vaultage Solutions looks to have run off with $13.35 million and Mirror Trading International has reportedly seen one of their management team members pull off an exit scam.
Lessons learned when fingers are burned
The sad thing about all this is that Bitcoin tends to take the fall for this shitty scams and people feel hard done by investing in crypto, which I totally get, the personal responsibility element of crypto is a mind shift not all of us are ready for and to be swindled right out of the gates is an expensive and painful lesson to learn.
I don't understand why people want to risk their Bitcoin for returns when it already has so much upside potential just by holding it, it seems silly to risk your entire holdings for a few percentage point promises, sure you can try risking here and there but giving your entire pot over to be managed is nuts.
The not your keys not your coins mantra comes to mind and it's why I always advocate for first learning to manage your coins before you go into investing with them, the active managing of money is an uphill battle that takes years.
No ones going to hand you profits without taking profits of their own, so why bring a middle man into something you can do yourself. A few hours a week of your time could be the difference in losing a lot of money.
The more you learn the more you earn, but LEARN comes first, EARN comes later.
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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