Bitcoin Forum

I don't know if you've heard about how a 1Billion lawsuit is on some YouTube influencers' heads right now, Bitboy for example is one of them.

Honestly, I don't see why the need for this lawsuit because they won't ever see it coming that FTX could end up the way it does.

The project looks very promising when it came out, and these influencers also hold some bags too, this is why I will never be a crypto influencer because you can't predict what will happen to the project you are promoting.

If this is happening with influencers, how about crypto investors? This is why investors and crypto newbies need to be careful with altcoins they plan to keep or hold, Luna and FTX cases will never erase from the history of crypto.

Few people lose their life because of FTX and Luna's demise, because they focused all their money and attention on one project, avoid doing this, diversity brings less grief and more hope. Be safe.

It's better to read the news first before jump into conclusion if Bitboy was sued because he's promoting FTX, but he was sued because he's not disclosing his compensation for promoting FTX. Let's imagine FTX is still exist until now, Bitboy will still get lawsuit because he's hiding his compensation, he want to avoid paying high tax and it's considered as illegal for U.S.

What's make become a crypto influencer isn't safe because he will become a target by $5 wrench attack Robbery that attacks Bitcoin Holders. (https://bitcointalk.org/index.php?topic=5441672.0)

They can only be charged if they are part of the decision-making of the company which they are not, I've seen a lot of influencers as investors also and they want to hype the project they've to invest in because this is their way to make a profit

Because investors need to blame for their decision to invest, the cardinal rules in investing here in the Cryptocurrency market is only invest what you can afford to lose and dig deep and always get an update on your investment they failed to follow this so they are in a blaming game.

There are a lot of risks in becoming an influencer, they only thank you if you help them choose the right project to invest but if they lose you will get a lawsuit.

You have to educate yourself on how to properly invest in the market it's not all profit, diversity is good but lessening the risk by picking the top coins that have proven their worth in the market for many years and checking signs if the project is going down, you should know when the boat is about to sink so you cut your losses.

Top coins price are only following Bitcoin price, except it's a stable coin. So what's the reason to diversify if all the coins follow Bitcoin price? it's same if you just invest in Bitcoin. Diversify only work if you choose to invest in other commodities where it doesn't have any relation with Bitcoin e.g. gold, real estate, stock etc.

As long as you're not a trader, I don't see any reason you need to cut your losses.

But even at this moment you are in some way an "influencer" because you have something in your signature, don't you? Most projects can turn into a scam at any moment, and even those that are not can be misused in such a way that someone uses them for bad purposes. In principle, I agree that we should be careful how we influence others, although it is not the tool's fault that someone uses it in the wrong way.

This seems to be a convincing reason because it is illogical to try to hold someone who wants to promote a project accountable without knowing that it is scam, especially if he has cleared the responsibility.

The difference is the amount of pumping and the speed of pumping, as many altcoins rise after the rise of bitcoin, that is, they follow the price, so if you are fast enough, you will make a profit in bitcoin and quickly convert it to altcoins to catch the train.
So you are correct.

Karma is a Bitch!

Last year in the month of November many big celebrities got sued and now it is time for social media influencers. I would say they need to drag those politicians too who were part of this fraud. I think this is how everyone should treat anyone who has the power to influence. This lawsuit will set an example for any celebrity to think twice and do a research before promoting any financial projects.

There are many people who are misinterpreting the concept of portfolio diversification. They invested in bitcoin and then added altcoin options and stated that they are diversifying to reduce risk. That is actually a complete misconception, as the entire crypto market follows the movement of bitcoin. In the case of bitcoin plummeting, those altcoins may never have a chance to recover.
This is proof of what people call portfolio diversification with altcoins.
https://i.imgur.com/6PDUldD.png

Although it is bad to hold someone just accountable for what they don’t have much knowledge on. But FTX and Bitboy saga aside, in general influencers needs to ask more questions from the people they help promote their products or projects. Or rather they could just state it clearly that such and such project should be invested with a proper research, rather than following the scripts given by the promoters, as this will save them from being forced into sagas like this


I see long term holding of this Altcoins as not diversification because they certainly have much risk to hold than bitcoin they could go down any moment should they encounter any downside. More so I noticed that if bitcoin moves for like 1% the likes of ETH, Solana or Matic moves beyond 3% and when they dump they fall way lower than bitcoin so I also don’t see them as diversification

I do agree. That’s why users who knowingly promote scam projects or casinos are red tagged as a consequence of their action. It’s your responsibility to do your due diligence before renting your avatar or signature to any service, though most times the responsibility falls mainly on the campaign manager. Most of these influencers or signature participants do not use the service or product they advertise. It’s common to see someone wearing a casino signature but doesn’t gamble.

It’s safe if you knew exactly how to NOT violate the law. Most of the crypto influencers is shilling and blatantly advice their viewer to buy certain tokens that they are promoting that always result to scam or rug pull.

Bitboy is the most popular influencer that keeps violating the law by scamming his viewers to by the token he is shilling. Bitboy deserves a jail time for the damage he done to many crypto user that follows him.

Being an influencer doesn’t mean you need to shill. You just need to share crypto project that has a promising feature without encouraging your viewer to invest. Always. Play safe on your words and you will be good with the law.

FTX was an exchange, and the solution to people who lost their entire net worth to FTX crash isn't diversification, except you are advising people to diversify funds across different exchanges, rather the solution is for people to use non custodial wallets and should not hodl their funds in exchanges.

Having said that, Luna was a native token, should people even have been hodling such, let alone diversifying with some of it in their stash, the solution is for people to hodl a crypto that has a real utility like Bitcoin and diversify with other assets/commodities/businesses that are not intrinsically related to crypto.

Thank you @Jawhead999 for your clarification. This was the same case with Kim Kardashian when she failed to disclose the money she received from the EMAX token to advertise the token on one of her social media accounts. It seems she was also avoiding to be the tax on the $250,000 she received from the crypto company.

There should be a law that makes these social media influencers responsible to some extent for the loss of funds of customers incurred because of the failure of the firms they promoted. Sometimes these influencers don't care about the integrity or prospects of the firms they are promoting because they only care about their endorsement fees. They end up misleading their followers and when they are scammed, these celebrities will exonerate themselves from the firms.

It is also possible that some of these influencers connive with the scam firms they are promoting to defraud their followers. There is nothing greed and selfishness cannot cause.

IMHO, there's nothing wrong if someone wants to be a crypto influencer but it's better to be on the technical side and explaining things how this xx project is good based on what it is showing and roadmap but not based on how the token is on the hot topics and being trending.
I thought that this topic is something else about the safety of being a crypto influencer as if someone knows you and you go to places and then warning everyone that you might get harmed for being known as a crypto influencer because people know that you've got money through crypto assets.

Some influencers and advertisers do not warn people about any risks before promoting any project. I suggest the best way to influence or promote is to always tell them to carry out due diligence research before investing in or using the project. Some influencers would assure you with full confidence, telling you to invest, that your investment would not be a waste, but they don't know what the full plans of the project they are promoting are. Logically, I think some projects that fail did so on purpose, while others never did so on purpose but rather because they faced some challenges or bankruptcy and could not keep up and ended up failing. I don't think influencing is dangerous, but it depends on how you are influencing.

As far as I know, all sig campaigns that promote gambling require their participants to be active in the Gambling board, so it's a bit strange that someone who doesn't gamble and doesn't know the business can successfully advertise anything. However, it seems that quality and knowledge are not too important in this case, because after altcoins boards, that part of the forum is polluted with the most spam.

I watch YouTube videos, a lot, because that's the fastest way to know which project is getting the latest attention, and I have never for once seen any crypto influencers not protecting himself by saying "not a financial advice, do your own research before investing" they all always do.

This is not enough to save their asses if anything happens, at least that's what it looks like to me.

I knew about some new crypto projects through them and some are pump and dump, but if you apply your own skill of research you will be able to figure out if the project will survive or not, the risk won't vanish due to research but will save you from scam projects at least.

Bitboy_Crypto plans to respond with a countersuit. Is there any update on that? Does he have a good chance of defending himself? The majority of influencers do this for projects and most of the time the project always approaches the influencer for promotion. It is hard for influencers to put to the public what they are already compensated for, and I don't think anyone aware of this wouldn't consider their opinion to be biased already.

Is Bitboy_Crypto not the same guy that went after Sam the CEO of FTX when he went missing? I believe Bitboy is capable of defending himself if the law goes after him, a crypto influencer who is smart is capable of coming out clean, a good example is how they always tell their viewers how their advice is never financial advice, this word alone is very powerful enough to cancel ❌ and threat from the law.

As an influencer, there should always be a disclaimer on your content boldly pointing out that "you have no affiliations with the project so far and you're only bringing out what you feel is a good coin and anybody wanting to invest in such project would be doing so at their own risk as this isn't a financial advice".
I'm sure if any influencer boldly points this disclaimer out then I don't see any reason to why they would face a 1 billion lawsuit and I'm sorry for Bitboy and some other influencers who are facing some shits trying to help the society.
Most of this influencers don't really do a very deep research in the projects they promote but rather try to do what others are doing by following trends and end up messing themselves up.
Life in general is a risk and successful people are risk takers and all profession has their own risk

Op from what Jawhead999 said Bitboy was not sued because he was promoting the platform but he running away from paying a big taxation. In a country law enacted by the government all citizens must declare their assets clearity to pay tax and other benefits, and that is why population census is one of the important events in a country but the third world Nations are using it for political purpose.

Concerning you (OP) said about the influencers. Telling people about cryptocurrency is not a bad thing because you are giving them awareness and there is no harm in that. But whereby the influencer ask the influenced to invest and in the process the platform the particular site collapsed then the influencer has to do all his best to calm the situation. It is good to tell people about crypto and not to invest but can invest if they like it.

Such disclaimers can help influencers to be free from legal cases against them. However, if they are not sure projects they are shilling good or bad, scam or not scam, they should not shill it.

Sometimes they shill big projects, big platforms without awareness that they are deeply scam like FTX exchange. Most of times they shill altcoin projects and I am sure they do know how altcoin projects are very scam and unsustainable with time. To be influencers, they actually spent enough time in cryptocurrency market, long enough to aware about instinct of altcoin projects. How they start and how they usually end.

Crypto influencers should prioritize their reputation, because if you maintain your reputation, you will have many people standing by you.

Some influencers intentionally shill pump and dump projects, to enrich themselves since they are one of the earliest buyers, yet they will tell the world not to take their advice as investment advice, to safe them from possible law menace.

I don't bother trusting anyone of them, even the top well talked about YouTubers, I only watch their videos like seeking for information, it's on me if I am going to ever invest in same project they invest.

Yeah and that is why even with the disclaimer, they are still held responsible for every wrong they cause.
In some cases I think some of this influencers are at some point part of a building team for a project and all they have to do is shill the, get people to help bump the project and just make a huge profit from the project and dump it at the expense of their loyal fans and followers.
One reason I don't ever get engaged with Altcoins or better still shit coins I'd the fact that I've always known this projects as a pump and dump project and the moment I  put in money in an Altcoin, I'm pulling out the money at the slightest of profit.

This is depends. Bitboy might be compromise since he is a known influencers but some small timer who also did the same are probably doing this for payment and of course higher authority might focus on those big shot. They are the one earning big from these shilling and promotions without thinking the consequence when the project they promoted rugged or go down in financial aspect.

I don't see why they should go after YouTubers who promote projects on their channels. Unless there's another reason they're being pursued that the general public is unaware of. I believe that promoting projects is their own way of making a living. If there are no written agreements to be a part of the project or face a lawsuit if it becomes a scam or fails, they should not be penalized for the project's failure.

Should someone be penalized for the failure of a project because he or she participated in its promotion but was not a member of the team that created it?
To avoid being blamed later for promoting a scam project, all YouTubers should include a disclaimer in any project they promote to their followers, stating that they should only invest at their own risk after conducting exclusive research on the project. And all scam projects appear genuine from the start.

You only need to diversify if you think you are investing in less potential coins but if you’re with bitcoin, everyone knows that it dominates the whole crypto market so no need to diversify but at least invest in bitcoin with an amount you can afford to lose. You can only diversify if you are also thinking to invest in other assets like gold, stocks, bonds or real estate, as that will bring additional profits if these investments paid off.

Well it’s actually easy to be a crypto-currency influencer and have nothing against the law, firstly there is no where you have a crime against crypto-currency influencers or any where it’s an offense.

The downside in being a crypto-currency influencer that is free from attacks is that you don’t get much from being an influencer. Scam projects, fake projects or projects that needs you to just act like you holding their coin when you aren’t won’t approach you. Is that easy just do what’s right.

I definitely disagree because they are living a luxurious life from the money which actually they are making because of their social media influence so they also need to assess the risk before doing any promotion or should have proper contract with the company from your side about not having any responsibility in case if the company fails, etc..

Some of the crypto enthusiasts are raising their voice against these influencers because these people were misguided by celebrity to invest on a shit projects.

Yeah that’s true but sometimes when there are not many qualified applicants, campaign managers may accept non gambling participants based on merits, and the participants will attempt to change their posting habit to fit the campaign. This is one of the reasons the gambling board is polluted with spam posts, I’m active on the football threads and it’s easy to identify those who know the game and those who are posting for reach signature quota. I appreciate members like Igehhh, Jollygood and others who are fighting to reduce the spam and moderating their own threads.

Yes, BitBoy may not see the FTX coming but the SEC is going hard on the influencers because most of them are like the virus to the newbie investor's.
I believe if BitBoy places his card alright by following the SEC rules and regulations when representing the company there's no way he is slammed with the 1Billion dollar lawsuit. An example is the celebrities that worked for Justin Sun in the illegal touting TRX and BTT

It should be fine as long as the influencer plays it safe and knows the rules. Crypto influencers have a great opportunity to introduce their followers to a number of promising projects in the crypto industry. But first, influencers should remind their followers that they are not financial advisors and that investing carries risks, that they should conduct in depth research if they are interested in a project, and that they should only invest the sum of money that they can afford to lose. Anyhow, I am not watching these influencers because doing so will only skew my decisions about a particular project.

I will not put my money on assets due to influencers. because influencers only make a small marketing campaign to attract new users to the project they are promoting. truth and risk it will still be our responsibility to do due diligence before investing.
what can we charge influencers? fine or refund? they are not part of the project. they have no power whatsoever other than finding new users.

You would be shocked how many people make decisions based on what their favorite celebrity does or says. I have noticed most influencers on YouTube and instagram add a disclaimer in the captions but it’s very subtle in my opinion. How many people read captions? It would be better if they made a disclaimer at the beginning or end of the video.

That's why projects willing to pay for the influencers to promote so there's a lot of people make come to their project but it's their responsibility if they want to grab the opportunity or not. Being influencer you must need to take the responsibility of the project you are dealing with to promote.

That's why making a verification if the project you are promoting is not a scam or possible rug the project.

If you choose not to be a crypto influencer then no problem but you need to know that there are lots of influencers that are making money from the work with new sets of influencers joining the queue. When you are advising people to invest in a particular project you need to tell them the risk they are going into and with a disclaimer of not going to be liable for any loses incurred by any investor. Stating this will make investors to be aware of the risk they would br going into if they invest in the project and you will not be responsible for any lose. This is the best way to state your opinion as an influencer.

Even Satoshi that built bitcoin chooses to be anonymous, I do not catch a glimpse of why these influencers choose to reveal their identity and all, well maybe it's just a way of showing off. I know the exchange owner's case could be different as the identity revealing is part of their selling point. But how I'm earth would someone have it all in just one coin, that's just way too dumb though.

It wouldn't be a problem if he reported the income he received from promoting crypto projects, but the problem is that he doesn't report it and doesn't feel guilty for it. He could be exposed to multiple articles from this case, such as tax evasion and fraud and this is a pretty serious case. He must hire a reliable lawyer so that he can be safe from the punishment that will be imposed on him.