I'm in the airport in London on my way to Lisbon. My flight is delayed I thought I'd do a quick video.
Recently I've been talking to many people interested in getting involved in crypto. I've noticed two trends.
The lure of fast-cash
First, there are alot of people getting lured into HYIP (high-yield investment program) and MLM (multi-level marketing) schemes. I see the temptation. Understanding Cryptocurrency can be a bit of a mindfuck. To draw an analogy, in crypto most people think they need to learn the mechanics of what is under the hood of the car when they should just be learning how to drive. All these HYIP/ MLM by contrast are simple to to understand. Put in some cash and get your 1% interest a day. The irony is that a lot of these schemes are semi-sustainable (in the short term) because of bitcoin's massive bullrun. The reality is most people (bar the uber referrers) would have done just as well keeping their money in bitcoin.
These schemes look fine until that day you visit the site and it no longer exits because the founders exited. A few months back someone told be about Control Finance. I went to check out the site and it was a typical HYIP. I went back a couple o weeks later and the site had vanished! All I can say is if you're getting into these schemes, good luck. But that's a risk too far for me.
The FOMO is real
The second group are people getting bitcoin fomo. They heard bitcoin was over-valued at $3000 only to find that it's $6000 today and raising. They have people around them adamant that bitcoin is going to 10k or 20k. I feel like Mr Buzz Kill telling them to 'pump the brakes.' The best advice I can give is have a plan for if bitcoin moons AND a plan for if it dumps. If you're absolutely screwed if bitcoin dumps then you may want to revise your strategy!