Bitcoin Forum

There are influencer for almost every product possible, people who recognize with a particular niche and have a large community of loyal followers.

The same can be said of cryptocurrencies. Cryptocurrency influencers are becoming more common in the crypto space today with community of thousands of followers across multiple social media platforms.

While these influencers often start out by sharing honest reviews, opinions and news about cryptocurrency projects, it has now gotten to a time where crypto influencers are getting paid to promote projects to their community.

The result of this is biased reviews and misleading people into investing in low grade projects and investors almost always losing their money in the process.

I have had my fair share of losses (thousands of dollars) while following the reviews and recommendationz of cryptocurrency influencers to make investment decisions.

Dont make the same mistakes i did.

Do your own due diligence and only invest when you are sure that you are making the right decision and not based on the result of some influencers reviews

This is so true. I made a mistake similar to what is stated here when i just started investing in ICOs. I was a huge fan of ian balina and i followed his lead to invest 2,000 worth of Eth in sparkster. That turned out to be my worst investment ever, it had the worst team any project could have, the tokens were locked for over a year and when it was released it lost over 90% of its value on the first day.
I lost it all the money i invested in sparkster and i learned a big lesson from it.

This kind of problem is really spreading. There are a lot of platforms nowadays that they are using for spreading their shills. Not only social media account, like twitter or facebook. 
They are even now on Youtube like they will contact that particular channel or youtube content creator to advertise their product (crypto/non-crypto) which even some of those channels didn't even know how it will harm the people especially on financial.

Just like this UPStake is Scam and offers Ponzi membership(UPStake Edge) (https://bitcointalk.org/index.php?topic=5124000.msg50286495#msg50286495UPStake is Scam and offers Ponzi membership(UPStake Edge))(Scam Accusation) which advertised by some famous Youtube channel on their video. They even paid some content creators which not really into crypto just to advertise their product.

BitConnect is a perfect example why we should be wary of these influencers. I remember some people on youtube and twitter trying to defend this ponzi project because they were paid good. Good thing they were slapped with multiple lawsuits.

Most mistakes that occur in this industry are as a result of inability to carryout own research before proceeds to invest. Rather for them to do more research, they keep the wwords of these scammers you term "Influencers", the result of not be able to research is the result if you or an investors loosing his/her hard earned money to these scammers.
It pays to read and do due diligence before invest.

well i think its just laziness to do the real work and what they stand to gain from. personally i always learn from the past i have being involved in a couple of failed project due to bad advice, now i am smarter

A crypto influencer is no different from those Instagram models advertising shoes, purses or underwear. If you pay them you will get your product advertised and that is it. It is a paid review and it shouldn't be looked at as a recommendation or investment advice.

A great reminder. The scammers are coming once again. See tweet below for an indication of what they are getting paid ...

https://i.imgur.com/8fgO0TD.png

Read the thread here: https://twitter.com/aantonop/status/1141634217945849857

The market has been blooming again and this is the reason why they are coming in. These influencers are all in for the money whether they understand or not the product/project that they are advertising.

I've seen those paid sponsorship with those vloggers and I was like 'do they really know what's this website?'.

Influencer reviews - one of the reasons why the majority got wrecked investing in ICO during the 2018 bear market. They think that starting from 2017, no such thing as the bear market will happen.

These so-called influencers, as always, will remain positive and will disregard the real market condition f the market. Since they are full of hopes, investors will feel the same without knowing that no one excludes on the wrath of the bear market.

And now with the rally of BTC price this year, expect that they will back again at business. Hope this time, people now learn.

Its mostly true when talking about influencers in general. But there are exemptions. For example Andraeas Antonopolous, he is influencer but not like any other commercial and fake influencer. He is one of a kind, honest, telling truth always and won't lie for money like 99% of influencers.

I wouldn't touch any coin/token introduced by these influencers who are obviously paid a good amount of money to shill the said product into their followers. Due diligence and doing one's own research is still the best way to know whether a project/token is a good one and a legitimate one, not by other people's persuasion that X is a good product because influencer Bob uses/tried it. We all know how much money was burned from newbies back in 2017 during the boom of the ICO market due to influencers, and we don't want that to happen anymore.

Influencers are basically shillers really because this has happened time and time again and each time the result is always the same. Investors end up losing money, influencers make money, they claim its just one of those loses and then the cycle repeats itself again.

influencers often put up a positive outlook for Projects and will disregard the real market conditions. Since they are so sure with hopes, investors will feel the same without realizing that nobody excludes on the fury of the bear market. It is important to remember that they are paid and their reviews will always be biased

When people have lot of followers, he can do anything with their account like give fake reviews for money. I never trust influencer anymore after one of them create a FOMO and FUD post on their social media. I know, not all influencer like that, but i believe, we can do better with learning than follow what influencer says.

The bold font in the quote above about sharing honest reviews, opinions and news doesn't mean it's guaranteed 100% when you invested in what they influence you to do. It is better not to get influence by them instead of doing your own investigation of a project or a research and have your own conclusions. You can also compare their reviews to other reviews that you can find. You should do your own research if the project you want to invest is worth to invest because of the project's goal and the project can survive in a long run and legit of course.

Sad to say but it's true.

I always watch some vlogs of some famous vloggers here in my country but sad to say, they are being paid by some local exchanges and platforms with false details. Me, as a member of this community and knows a lot about cryptocurrency, I'm very disappointed because they are easily manipulated by sponsors. Since their fans doesn't know something about it, they will bite the false advertisement and now people will just waste time for trying the platform. The reason why the influencers keep gaining a lot of money is because of the referrals. 

That's the easiest way to earn more, some of the influencer use their network just to encourage someone to patronize on their own cryptocurrency, or perhaps, they have are may gain big sum of money if they advertise the cryptocurrency without really understanding it's purpose.

Thanks for the write-up OP. I have fallen prey to some influencers reviews in the past. I didn't even know they were paid to do the job at first, because it seemed they had the interest of people. It's sad when an advert is sold as a honest review. It indeed shows that we live in a dishonest world.

Just learn for the bitcoin's sake to think with your own brain and process informations in a critical and cognitive way.

If you don't learn this first there will always be someone which will trick you down.

That's what hurts your money the most for newbies, thinking that watching reviews and believing what other people say is the worst kind of “analysis” to do in a market saturated by subpar projects. You need to separate believing the hype and actual research for you to see if an ICO is any good for your money. Just by listening to what others say because they have a thousands of views in the internet isn't really enough for you to have a commitment on any project, you'll just end up losing all your money because of it.

  I agree, everyone looking for easy money.

I think that if you decide to buy something, it's your decision, not someone else's. I agree that you can be influenced by many people but stop blaming others for your mistakes. I do enjoy browsing on social media, and I do have my favorite Influencers. Yes, most of the time their videos are sponsored, and they promote something to their followers, but this doesn't mean that I don't research if I want to buy something they suggested. I think this kind of marketing is ok, as long as the opinions are honest. I want to open a business in a year or so, and I consider reaching out to the tiktok agency (https://theinfluencermarketingfactory.com/tiktok-influencer-marketing-agency/) for promotion. Why not, if this marketing strategy is successful.