Philippines SEC warns against crypto investment.

[Hypnosis00]

Last July 1, The Security and Exchange Commission warns the Filipino community in regard to the crypto investment scheme as a claim like a Ponzi scheme.

This is their claims...

"Philippine SEC warns against investment schemes including one based on the Ethreum blockchain it says is a Ponzi scheme.
The Securities and Exchange Commission (SEC) of the Philippines has warned the public against individuals and groups engaged in unauthorized crypto investments and trading, according to an announcement on July 1.

The Philippine SEC warned those who were involved in crypto schemes could face a fine or 21 years of imprisonment or both."

You can read the entire article: https://cointelegraph.com/news/philippine-sec-warns-against-crypto-schemes

I don't know how this will affect the adoption here in the Philippines but it something will give a negative impact as people will also think negatively when they hear and read for this.

Would like to hear your thoughts especially for Filipino members here.

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[sheenshane]

I hope there's no effect in using crypto in our country (Philippines) instead, they were directly seized the groups that implement this Ponzi scheme business which is obviously scam. Just like Forsage investment scheme which is now very well known here in the Philippines. However, you can also read this SEC pdf memorandum regarding those Ponzi scheme operators.

As of now, I can't give a clear insight into what will exactly happen to cryptocurrency adoption. People should learn how to use crypto in a good purpose not for these Ponzi scheme investment that has sweet promises of high returns of your investment using crypto.

[Haunebu]

These warnings apply to all countries around the world because scams in the crypto world are not exclusive to the Philippines. Warnings don't mean that the government is discouraging their citizens when it comes to crypto adoption.

They are just trying to help them avoid scams which is why I wouldn't worry too much unless the government announces a ban or something which still isn't a big deal since there are methods to bypass these bans.

For example, the Indian government banned crypto sometime back, but that only affected a couple of exchanges while people continued to trade using methods like OTC trading etc. Recently, the ban was lifted and trading crypto is considered legal there currently.

[blockman]

It is the Forsage and I'm happy that the PH SEC is giving warning to the people because many of them don't listen to individuals that are warning them. And lately, it's also a cause of the network congestion of Ethereum because many are investing on the scam.
Many blind followers are encouraging others to join them not understanding what the scheme is all about.

[Maus0728]

Not familiar with these two  "RCashOnline and "The Saint John of Jerusalem Knights of Malta Foundation of the Philippines, Inc." but the other ponzi scheme who used to be called "Forsage" does really make a noise which eventually managed to persuade numerous Filipino citizen including few of my acquaintances.

As far as I know, the founder of forsage pyramiding x crowdfunding x ponzi scheme is also the founder of smartway.run and Million Money which also turns out to be a vaporware project that promotes matrix or pyramiding cycle with no existing product to offer.

Forsage is just another BS that uses referal program to earn; as long as you are at the top of the chain you have the advantage to earn as much compare to people who are late to join the boat.

Remember that not all projects which uses "blockchain" are all legit.

[SquirrelJulietGarden]

There are many PONZI in all industries, not only in crypto. Governments have not yet banned all industries because of PONZI. I believe they will not do it on crypto industry.
Similarly, there are fake fiats and governments have not yet made a death penalty for fiats.

New laws, new regulations that should be stricter would be go into effects to protect citizens and investors but crypto industry will be here with us. It is our future.

[Hypnosis00]

Not familiar with these two  "RCashOnline and "The Saint John of Jerusalem Knights of Malta Foundation of the Philippines, Inc." but the other ponzi scheme who used to be called "Forsage" does really make a noise which eventually managed to persuade numerous Filipino citizen including few of my acquaintances.

As far as I know, the founder of forsage pyramiding x crowdfunding x ponzi scheme is also the founder of smartway.run and Million Money which also turns out to be a vaporware project that promotes matrix or pyramiding cycle with no existing product to offer.

Forsage is just another BS that uses referal program to earn; as long as you are at the top of the chain you have the advantage to earn as much compare to people who are late to join the boat.

Remember that not all projects which uses "blockchain" are all legit.

Not even familiar with two as you've mentioned. And unlikely it was happening how these people (scammers) ruin the image of crypto and take advantage of the NO-HOW investors who been fooled with.

They are just trying to help them avoid scams which is why I wouldn't worry too much unless the government announces a ban or something which still isn't a big deal since there are methods to bypass these bans.

I'm glad also to hear how the SEC reacts to the situation where there is an increase in fraudulent and scamming activities around. This really alarming... And we should be vigilant enough by not letting these scammers will succeed. 

[mk4]

I'm actually surprised that the Philippines' SEC actually knew that Ethereum Dapps exist LOL. But whatever, Forsage actually is a ponzi scheme, so this is a step in the right direction.

I don't know how this will affect the adoption here in the Philippines but it something will give a negative impact as people will also think negatively when they hear and read for this.

This types of negative impact is a net positive. It's not like the warning was FUD though, it was a valid warning. News like this would hopefully make Filipinos think twice when putting their money anywhere as Filipino masses aren't really the best in terms of tech and financial literacy.

[Tipstar]

I'm really surprised to see that Philippines is going towards this direction. I thought they were crypto friendly nation but turns out their government agencies knows nothing about crypto. I've heard of exchanges like Coins.ph for some years now and the Filipino community are one of the most forward ones in every crypto sector. And there were also news that the central bank of Philippines is regulating crypto exchanges.

[ultrloa]

I hope there's no effect in using crypto in our country (Philippines) instead, they were directly seized the groups that implement this Ponzi scheme business which is obviously scam. Just like Forsage investment scheme which is now very well known here in the Philippines. However, you can also read this SEC pdf memorandum regarding those Ponzi scheme operators.

As of now, I can't give a clear insight into what will exactly happen to cryptocurrency adoption. People should learn how to use crypto in a good purpose not for these Ponzi scheme investment that has sweet promises of high returns of your investment using crypto.

The said site hasn't been reported yet and it's spreading like a virus on social media since there are networker's joining the system so expect there are so many of them will get scam. This kind of site will not benefit on cryptocurrency since if this investment site will scattered in Philippines the adoption and hard regulation will surely be imposed and that would be bad for crypto users in PH.

[Maus0728]

I'm actually surprised that the Philippines' SEC actually knew that Ethereum Dapps exist LOL.

I don't know if it's a good sign though..but the fact they are aware to the extent that the ETH Dapps are existing might result to good and bad outcome LOL

I'm really surprised to see that Philippines is going towards this direction. I thought they were crypto friendly nation but turns out their government agencies knows nothing about crypto.

I am not certain but the fact that they are operating crypto exchange/wallet such as coins.ph under the regulation of Bank of the Philippines while knowing that they are aware that ETH Dapps are existing is clear sign that they have an idea (of course!)

[TommyGunnaB]

The Philippine authorities also listed three unauthorized crypto Ponzi schemes, one of which uses a protocol based on Ethreum blockchain: Forsage, RCashOnline and The Saint John of Jerusalem Knights of Malta Foundation of the Philippines, Inc.

[DevilSlayer]

I hope there's no effect in using crypto in our country (Philippines) instead, they were directly seized the groups that implement this Ponzi scheme business which is obviously scam. Just like Forsage investment scheme which is now very well known here in the Philippines. However, you can also read this SEC pdf memorandum regarding those Ponzi scheme operators.

As of now, I can't give a clear insight into what will exactly happen to cryptocurrency adoption. People should learn how to use crypto in a good purpose not for these Ponzi scheme investment that has sweet promises of high returns of your investment using crypto.

The said site hasn't been reported yet and it's spreading like a virus on social media since there are networker's joining the system so expect there are so many of them will get scam. This kind of site will not benefit on cryptocurrency since if this investment site will scattered in Philippines the adoption and hard regulation will surely be imposed and that would be bad for crypto users in PH.

I will not surprised to see that the SEC and the Philippine Government will impose new regulations about cryptocurrencies, the victims of different scammers are keep increasing and for sure that the government will now make a move to protect their citizens from those scammers.

Many scam investments are spreading through social media platforms during this pandemic, there are a lot of people who are easily believe to this investment because they are not financial literate where they want to gain big amount of money in just a short period of time.

[stompix]

First they ignore you, when they fight you..

Yeah, yeah, we already know everyone who gets to fight wins, bulletproof logic, it happened all the times, no exception recorded in human history.

Saint John of Jerusalem Knights of Malta Foundation, although it was registered with the SEC, it didn’t comply with its reportorial requirements and was revoked over 17 years ago.

Are those scams with those names still round?
The moment an organization that poses as charity is asking for money to make your earn more money it should be an instant red flag, why would a religious order involve itself into such investments? Even if it would have been the real Order of Saint John it would have been extremely fishy.

Whenever I hear about those orders, templars, knights it's 99.99% a scam

I'm actually surprised that the Philippines' SEC actually knew that Ethereum Dapps exist LOL. But whatever, Forsage actually is a ponzi scheme, so this is a step in the right direction.

I would be more surprised if they don't already have a special team dealing exactly with those types of scams, Ponzi, money laundering etc.
People have a tendency to think that the governments are slow to adapt, easy to fool, but the takedown of SR proved they are pretty fast to learn.

[BrewMaster]

this is pretty much the same warning that every country and even every experienced member of crypto community has given others.
the platforms such as ethereum and all the tokens on it are terrible for investment and majority of them are indeed scams (by definition a Ponzi scheme). and also we always warn people no to invest more than they can afford to lose in bitcoin as it is volatile and unpredictable.

it is just news sites that are trying to be sneaky and change the context a little bit or use vague language to appear as if the warning is something different!

[Sanugarid]

I hope there's no effect in using crypto in our country (Philippines) instead, they were directly seized the groups that implement this Ponzi scheme business which is obviously scam. Just like Forsage investment scheme which is now very well known here in the Philippines. However, you can also read this SEC pdf memorandum regarding those Ponzi scheme operators.

Some of my friends messaged my about this FORSAGE, so I got curious what it is and then found out that it is an investment company. Upon searching about it, there are already circulating articles warning people to stay away from this company, most of people might want to give it a shot coz it only needs 0.05 ETH to become one of their participants. Imagine with that minimum, they can get 0.05x500 000 ETH from their investors and that's only a minimum. seeing those x3, x4 , x5 multiplier from the investment made me sure about it is a scam.

As of now, I can't give a clear insight into what will exactly happen to cryptocurrency adoption. People should learn how to use crypto in a good purpose not for these Ponzi scheme investment that has sweet promises of high returns of your investment using crypto.

Now this is an answer why people keep doubting the cryptocurrency, aside from they are unaware of it, they are blinded with easy money schemes.

[mk4]

I would be more surprised if they don't already have a special team dealing exactly with those types of scams, Ponzi, money laundering etc.
People have a tendency to think that the governments are slow to adapt, easy to fool, but the takedown of SR proved they are pretty fast to learn.

Well, it's not that I don't think they can't do their jobs, but their information technology sector though in the past, well.. let's just say there have been "a few" government-related database leaks in the past..

[sheenshane]

I'm glad also to hear how the SEC reacts to the situation where there is an increase in fraudulent and scamming activities around. This really alarming... And we should be vigilant enough by not letting these scammers will succeed.  

The Philippine SEC was really doing their job here, even not related to crypto investment Ponzi scam they have been fully stopped any related to scam operators in the Philippines just like what happened to the KAPA when SEC announced and warning to the public about this Ponzi scam. People will not learn unless they will not have massive losses in their investment. The same thing in crypto Ponzi scam and fiat Ponzi scam. Probably the government knows about this that not only fiat has been used in Ponzi scam also in crypto.

I hope there's no effect in using crypto in our country (Philippines) instead, they were directly seized the groups that implement this Ponzi scheme business which is obviously scam. Just like Forsage investment scheme which is now very well known here in the Philippines. However, you can also read this SEC pdf memorandum regarding those Ponzi scheme operators.

Some of my friends messaged my about this FORSAGE, so I got curious what it is and then found out that it is an investment company...

The same thing as here sounds funny when I was acting blindly that I didn't know what is Ethereum and how it will work and why FORSAGE used ethereum and claiming they are decentralized that no one was holding the fund. When I asked who is the founder of Ethereum they even don't know, so they are diving into an investment without knowing how it will work as long as they will earn as the Ponzi scheme company promised.

[aprilnot]

The Philippine SEC warned those who were involved in crypto schemes could face a fine or 21 years of imprisonment or both."[/i]

is this also applied to those who trade crypto there?
if yes, this is very bad. then crypto will be completely illegal there.

[tsaroz]

Reading through all of it, what I realized is the SEC is warning people about the ponzis that are happening in the crypto world, basically about the hyip/high-risk dapps on Ethereum and similar platform that promises large rewards and works by paying money to old investors at the cost of new.
The SEC is not calling the crypto as scam. And they are totally correct about the ponzi dapps which may easily deceive naive investors.

[yazher]

Thankfully we are only getting this kind of treatment from our government, it'll be better like that. Unlike the other countries where they totally banned it because according to their own research, crypto will only lead to lose of investment because there are many victims of scams in this industry. To be safe, they totally banning the use of it in their countries. Some of them made some proper research and have concluded to renew their views about it. mostly the other countries are only warning their own people from engaging in it.

[Maus0728]

When I asked who is the founder of Ethereum they even don't know, so they are diving into an investment without knowing how it will work as long as they will earn as the Ponzi scheme company promised.

The problems with people is that they do not invest their time searching and studying what is the company's process of generating profit overtime. If the business is focusing only in recruitment of people and with every join has a fee, then it is basically an indication that a certain company's main source of profit is from join fee not from their product itself.

You can't recruit all people and ask them to sell your products to each other lol

[harizen]

I don't know how this will affect the adoption here in the Philippines but it something will give a negative impact as people will also think negatively when they hear and read for this.

The warning is good especially for those people who want a quick-rich scheme and overnight profit in crypto like happened in the past. It's good to release such warnings to educate those people about crypto.

If people will think of that as negative then so be it. Clearly, they don't read carefully what's written in the context.

is this also applied to those who trade crypto there?
if yes, this is very bad. then crypto will be completely illegal there.

Of course, NO.

Only applies to those projects or companies engaged in unauthorized use of crypto, taking advantage of any means to get money from the people.

[vtanwar001]

Many countries do not regulate cryptocurrencies. Some counries warns against crypto investment. Cryptocurrency investment are very dangerous but if you have experience cryptocurrency investments can become very profitable and there are a lot of traders and trading volumes on the exchanges are very big.

[plvbob0070]

I have already seen a lot of warnings given by SEC (even made a local thread for their past warnings), so I don't think it will give such a huge negative impact on crypto adoption here in the Philippines.

People should also know and understand that schemes are rampant on the internet, that is why SEC is always telling people to be cautious in dealing with investments. I think they are just doing their job advising the public, but it does not mean that they don't want people to get involved in crypto-investment generally. It's also a warning for those who are involved in these schemes and the possible consequences they could face once they got caught.

This kind of news might cause doubt for other people but if you are really interested in learning and investing in crypto, you will be willing to learn to avoid Ponzi schemes.

[blockman]

Many countries do not regulate cryptocurrencies. Some counries warns against crypto investment. Cryptocurrency investment are very dangerous but if you have experience cryptocurrency investments can become very profitable and there are a lot of traders and trading volumes on the exchanges are very big.

It's true that cryptos are not regulated in most countries but they are not warning directly the people about crypto investments as said in the OP. The SEC is giving a warning to those investment schemes that are fooling the investors and making them believe that they are legit. Dangerous word is I think inappropriate to describe cryptocurrencies. It's risky and volatile but not that harmful if you are well-informed and you understand the legit and projects you must avoid because they are scams.

[Rosilito]

The Philippine SEC warned those who were involved in crypto schemes could face a fine or 21 years of imprisonment or both."[/i]

is this also applied to those who trade crypto there?
if yes, this is very bad. then crypto will be completely illegal there.

No, not unless they are unauthorized to do so.

Worry not, crypto in Philippines is highly regulated. The government isn't seem to be totally opposite either. They came up into this since, such news -- forsage, and the likes of it is really prevalent in social media specially in facebook. Considering Filipinos ranks number 1 on using social media, before, not sure about now.

-
This kind of news might cause doubt for other people but if you are really interested in learning and investing in crypto, you will be willing to learn to avoid Ponzi schemes.

Perhaps it is. But apparently, it is good to cause some doubts rather than not. Now they'll have a new layer of security in terms of investing  . So sometimes, second guessing is good specially with these cases.

[acdc]

I think this is a completely normal warning to people from scams. In fact, many governments around the world are also warning people to be wary of cryptocurrency scams.
This warning does not indicate that the Philippine government is against or banning cryptocurrencies, they are only trying to protect people from scams.

[coinfinger]

Sometimes our governments keeps acting like they are so dumb, it’s so damn annoying . Seriously why are they fighting against cryptocurrency? What exactly is wrong with people making use of cryptocurrency? They are forgetting that cryptocurrency has become a means for so many people to make income, especially at this difficult times.

So, why are they just being so dumb? The way I see it, they don’t really understand, they know nothing about it. The only thing they know is that cryptocurrency is volatile, and just because it is volatile, they have decided to call it a scam. I hope they get to understand this someday, that cryptocurrency is not a bad thing. They should put this energy in helping to curb the level of scammers we have.

[Yatsan]

I think there is nothing wrong about that and it seems to be a good thing for the warning will surely gives shivers or scare those people who were using cryptocurrency for schemes to scam people. It is just a good thing that the government of the Philippines is just being aware and getting concern for its people that is why it is giving out such warnings so that it would keep its people safe.

This is a great move that the Philippines will be doing so that those people who wanted to initially get into cryptocurrency will have no fear and worry less because they are much sure that they won't fall into scam schemes because of this warning. It is just good to have this because people tend to be seeking possible ways of earning online which includes getting into cryptocurrency related investment so that once they got into investing, they will not be afraid for a proper cases would be filed against those scammers. But still even there is such a warning, keeping yourself safe from scams will still be relying on you so do not just get into investment without knowing all the needed information to state its legality and legitimacy.

[Utoy101]

Would like to hear your thoughts especially for Filipino members here.

There are lot of ponzi scheme sprouting out of recent using the good name of ethereum and smart contracts to deceive people, some of them are million money and forsage (the ones popular around here). I think the only way to stop this is schemes from playing on the intelligence of people is if those interested in crypto related investments are well sensitize about the real cryptocurrency investments and the HYIP or ponzi so that they'll know the clear difference. This is really a dent to crypto adoption among the Filipino community as people would bw scared to go against the law which might possibly leands to 21 years imprisonment or a huge fine

[Yamifoud]

The Filipino community deserves to have this warn and so we will think that the government had taken care of their people not only for their own interest. I really appreciate how they are acted in this matter knowing that scamming is already been sprouting around and the rampant show of this will actually ruin the lives of the people.

Well, I only hope that this warns serves as a lesson for all Filipino's who are investing Ponzi alike scheme ( just doubling your money in one day and etc...) to stop and learn that this all a foolish trick by scammers. And this also could help to prevent from hearing negative talks about crypto as a scam but rather to hear legit. And to finally say that SEC is really working against scams and hope people will also take this seriously because this is not only the concern of SEC but for everyone.

[Yaunfitda]

It's good that governments are stepping up the plate, just like what I reported here, Nigerian SEC warns about iBSmartify investment. And Philippines, starting to be one of safe haven for crypto and very open and welcome to its idea are really doing good by trying to curb out this kind of illegal crypto schemes in the country. I still remember that there was also a huge ponzi scheme busted early 2019, netting billions of Philippine Peso. But at least today, there are giving warnings already before investors fall for this trap.

[BuNga_cute]

Hopefully the number of scammers in the Philippines will decrease using crypto investment as a ponzi scheme, with the SEC warns.
Because ponzi scheme is very dangerous, because it can destroy the lives of many people. Victims of ponzi schemes in cryptocurrency
can lose everything, sometimes investors use bank loan money for capital following crypto investment which turns out to be ponzi.
 

[LogitechMouse]

Not familiar with these two  "RCashOnline and "The Saint John of Jerusalem Knights of Malta Foundation of the Philippines, Inc." but the other ponzi scheme who used to be called "Forsage" does really make a noise which eventually managed to persuade numerous Filipino citizen including few of my acquaintances.

I also have some friends in Facebook that is advertising that Forsage company but I don't want to invest on it. Yes they are using ETH platform and blockchain but most of them are posting "They don't do anything but they are earning" which is quite skeptical.

Even though SEC didn't post warnings about these kind of scam, I knew it already that it really is base on what the participants posts and the way they are earning . They are just rich on the dashboard and that's it .

[Harlot]

When I asked who is the founder of Ethereum they even don't know, so they are diving into an investment without knowing how it will work as long as they will earn as the Ponzi scheme company promised.

The problems with people is that they do not invest their time searching and studying what is the company's process of generating profit overtime. If the business is focusing only in recruitment of people and with every join has a fee, then it is basically an indication that a certain company's main source of profit is from join fee not from their product itself.

You can't recruit all people and ask them to sell your products to each other lol

This is really the main problem sad to say that they won't learn anything not until they get scammed by at least one of them. With a lot of new people beingbinterested in crypto and starting without any knowledge aboit it they tend to go in these kinda of ponzi scheme as the way of earning is as easy as giving your money and do nothing after that. They always see the big payout and it always cloud their reality that what the website is promoting is a scam.

[Sadlife]

This will only worsen people's perspective about Bitcoin this type of scheme's should be somehow be punished and the investors for this type of quick money scheme's should be educated on how and what are true investment opportunities is.
It took quite a while for Bitcoin to be accepted by countries, im just hoping with this countless pyramid scheme's would not make things go back to zero.

[Kemarit]

Hopefully the number of scammers in the Philippines will decrease using crypto investment as a ponzi scheme, with the SEC warns.
Because ponzi scheme is very dangerous, because it can destroy the lives of many people. Victims of ponzi schemes in cryptocurrency
can lose everything, sometimes investors use bank loan money for capital following crypto investment which turns out to be ponzi.
 

Well they could have been stop on their track with the warning from SEC, but I don't think that scammers are going to decrease, not just in the Philippines to be fair, it is a global problem crypto or fiat based. They would just reinvent themselves, probably rename everything and go with their activity as if nothing has happened.

And with Filipino crypto community growing, everyone should be really vigilant. Even the Philippines number one exchanges, coins.ph have been used as well for scamming, with phishing emails. But it's good that SEC is not letting their guards down.

[shoreno]

This will only worsen people's perspective about Bitcoin

its only a warning  but warning can lead people to worry too if they are not yet involved here or just only starting on this business  .

It took quite a while for Bitcoin to be accepted by countries, im just hoping with this countless pyramid scheme's would not make things go back to zero.

on what country philippines  ? i thought btc and crypto were already accepted on this country long time ago .  i dont know if what country are still new to crypto but i only see that most countries now are involved on it   . scams and pyramid schemes are not new in the eyes of the people , so this is not the reason why interest will become zero  .

[lionheart78]

This warning of the Philippines SEC won't have a major effect on the crypto adoption on the Philippines negatively.  It is just an awareness message to remind people that there are several companies that is exploiting the cryptocurrency industry for their own gain.  It doesn't hurt for some warnings, is it?

[mk4]

Hopefully the number of scammers in the Philippines will decrease using crypto investment as a ponzi scheme, with the SEC warns.
Because ponzi scheme is very dangerous, because it can destroy the lives of many people. Victims of ponzi schemes in cryptocurrency
can lose everything, sometimes investors use bank loan money for capital following crypto investment which turns out to be ponzi.

Scammers, whatever method they may use of tricking people, aren't going anywhere as long as there are gullible people that are being deceived. The only way to eliminate most of their schemes is for people to be more skeptical and not be greedy.

[raidarksword]

I've seen this new crypto ponzi scam keeps appearing on my facebook timeline which is a very alarming to people don't know the real reason behind it and people new to this scheme is just want to ride the hype train without conducting research.  Supporters of this scheme are merely blinded and keep denying that it will not turn scam, they have much faith on that one but everything will end for a reason and that's greed will be the ultimate proof of it. I pity to people who joins the last, they will always be the victim no matter what.

[crwth]

You know the sad part about this is, people are getting tricked by their "so-called Social Media Friends" into putting in money to the Ponzi Scheme without knowing that it is one. They put more results and results, and they are enticing people to join in that scheme, and it's the "easy" money. It's going to be disastrous, and I dislike them for doing that because it's going to make a mark on cryptocurrencies again.

People should learn that there's no easy money when it comes to life, and if there is, it's probably illegal.

I have kept warning people close to me that don't join there, and you might end up losing your investment there. Inviting people there means you are just in it for their money and don't care about what will happen to their investment there.

[Lorence.xD]

You know the sad part about this is, people are getting tricked by their "so-called Social Media Friends" into putting in money to the Ponzi Scheme without knowing that it is one. They put more results and results, and they are enticing people to join in that scheme, and it's the "easy" money. It's going to be disastrous, and I dislike them for doing that because it's going to make a mark on cryptocurrencies again.

People should learn that there's no easy money when it comes to life, and if there is, it's probably illegal.

I have kept warning people close to me that don't join there, and you might end up losing your investment there. Inviting people there means you are just in it for their money and don't care about what will happen to their investment there.

It definitely is disastrous because most Filipinos give in to peer pressure, I do not think that this will affect the adoption though it will make a cautionary tale about the dangers of schemes that can be performed. To all Filipino in this forum, be careful because your friends might be inviting you to a scheme and they might not evn know that they are being scammed.

[crwth]

It definitely is disastrous because most Filipinos give in to peer pressure

I think that's a destructive way of thinking. Giving in to peer pressure or giving pressure to someone who has better options on what to invest.

I do not think that this will affect the adoption though it will make a cautionary tale about the dangers of schemes that can be performed. To all Filipino in this forum, be careful because your friends might be inviting you to a scheme and they might not evn know that they are being scammed.

It could serve as an example for other un-aware Filipinos of this type of scheme but it's still the person's will in which they need to study and check what they are getting into. Don't get greedy in this one.

[Fredomago]

I've seen this new crypto ponzi scam keeps appearing on my facebook timeline which is a very alarming to people don't know the real reason behind it and people new to this scheme is just want to ride the hype train without conducting research. 

The possibilities to be entice is higher to those who didn't bothered to review and research the essence of this kind of investment, most of them got easily attached, both greed and lack of knowledge bring them to made a big mistake supporting this Ponzi schemes.

Supporters of this scheme are merely blinded and keep denying that it will not turn scam, they have much faith on that one but everything will end for a reason and that's greed will be the ultimate proof of it.

True. Greed drive them to participate and hope that they'll be able to ride with the train knowing that risk is really waiting for them.

I pity to people who joins the last, they will always be the victim no matter what.

They are also the person that will cry out voicing that crypto is just a scam types of business.

[acroman08]

I don't know how this will affect the adoption here in the Philippines but it something will give a negative impact as people will also think negatively when they hear and read for this.

Would like to hear your thoughts especially for Filipino members here.

I kind of gave up on what other Filipinos think of bitcoin/cryptocurrency. since in the end, their opinion will not matter to the whole bitcoin and its community. although it might affect the already slow adoption rate here in the Philippines, and I think that is fine. I'd rather have fellow Filipinos who are actually interested in bitcoin rather than people being persuaded into thinking that bitcoin is only a quick money business and nothing more. the only thing I worry about is the government's view on bitcoin/cryptocurrency here in the Philippines since the government can have an impact on how bitcoin is handled in the country.

[serjent05]

You know the sad part about this is, people are getting tricked by their "so-called Social Media Friends" into putting in money to the Ponzi Scheme without knowing that it is one. They put more results and results, and they are enticing people to join in that scheme, and it's the "easy" money. It's going to be disastrous, and I dislike them for doing that because it's going to make a mark on cryptocurrencies again.

People should learn that there's no easy money when it comes to life, and if there is, it's probably illegal.

I have kept warning people close to me that don't join there, and you might end up losing your investment there. Inviting people there means you are just in it for their money and don't care about what will happen to their investment there.

There is no best option to combat this kind of scam scheme but information drive.  I commend you on keeping on sharing what you learned and telling people what to avoid when it comes to cryptocurrency.  People who are not affected by greed will somehow come into their senses and most probably avoid scam investments but we cannot do anything on people who were blinded by their greed since they let it engulf their sense of reasoning.  This is one of the reasons why SEC keeps on sending warnings against crypto investment but the problem is that their announcement is too limited on their site if not published by media.  Rarely we have seen messaged like SEC warning to go viral on Social Media or pass on from user to user.   If only SEC are more active on spreading the news on social media platforms, it may somehow reduce the number of people falling victim to these kinds of scams.

[blockman]

I think Philippine Sec just did his job right,every Filipino deserves this warn because there are so many ponzi scams came out recently and many Filipinos are victimized. Hopefully the number of scammers in the Philippines will decreased through this.

They are. People always get into rich quick scheme and always defend themselves if they have been caught investing to scams like this. If there's no advisory from the SEC and they are only getting a reminder from an individual, they won't listen.
This is how hard-headed people are.

[Oasisman]

Saint John of Jerusalem Knights of Malta Foundation, although it was registered with the SEC, it didn’t comply with its reportorial requirements and was revoked over 17 years ago.

The moment an organization that poses as charity is asking for money to make your earn more money it should be an instant red flag, why would a religious order involve itself into such investments?

Because most of the people living in the middle class here in PH loves to engage into an investment where they just lay their money in and absolutely do nothing and expect something big in return. In short, they want to earn free money without doing any effort. Then these religious group took advantage of this people's weak financial mentality.
What's worst was, when the government ceased this kind of ponzi schemes, the willing victims are the first ones who stand up and defend these fraudster. A very familiar scenario with the religious group called "KAPA", who also bragged about cryptocurrency trading to make the investors believe to their sustainability.

People never learned.

Now, this Forsage showed up and nothing's change, they're the same faces who are willing to fall again into the same trap. It seems that the SEC advisory was being ignored by these victims.

[cheezcarls]

Since this is all about Forsage, BIT-BLENDER already started a discussion thread about Forsage scam in the Scam Accusation board.

I’ve also opened a thread in Altcoin Discussion about Forsage being the reason of Ethereum’s ridiculous high gas fees.

OpenAlexa and Voomo are also following Forsage’s scheme using Ethereum smart contract to prevent the government from shutting their system down. 

[LogitechMouse]

Hopefully the number of scammers in the Philippines will decrease using crypto investment as a ponzi scheme, with the SEC warns.
Because ponzi scheme is very dangerous, because it can destroy the lives of many people. Victims of ponzi schemes in cryptocurrency
can lose everything, sometimes investors use bank loan money for capital following crypto investment which turns out to be ponzi.

Scammers, whatever method they may use of tricking people, aren't going anywhere as long as there are gullible people that are being deceived. The only way to eliminate most of their schemes is for people to be more skeptical and not be greedy.

Unfortunately, the only way you said isn't the investors themselves but they are the exact opposite of it.

They see every investment scheme like this as an opportunity for them to grow their money not knowing the risks that they may face whenever they invested on this. People are always greedy when it comes to investments like this and when they invest, they will invest it all. I saw so many scams already here in our country and some of them invested millions of it on the scam. I feel pity for them but in order for them to learn a lesson, they must've experienced it.

[XCANA]

The Philippine SEC warned those who were involved in crypto schemes could face a fine or 21 years of imprisonment or both."[/i]

is this also applied to those who trade crypto there?
if yes, this is very bad. then crypto will be completely illegal there.

What I think the SEC are doing is fighting against those ponzi schemes around the country of Philippine. According to the news: some cryptocurrency schemes were found which seem not recognized be the SEC hence  their caution to her citizens. And anybody find involving into those ponzi schemes stand the risk of facing 21 year imprisonment. This is good, SEC warning ahead for those who have interest to scam country men should be guided and be careful not to end in prison. There are many ponzi schemes on the internet today, and many government paid deaf ears as there citizens get scam everyday, kudos to Philippines SEC for a head-up.

[arwin100]

The Philippine SEC warned those who were involved in crypto schemes could face a fine or 21 years of imprisonment or both."[/i]

is this also applied to those who trade crypto there?
if yes, this is very bad. then crypto will be completely illegal there.

What I think the SEC are doing is fighting against those ponzi schemes around the country of Philippine. According to the news: some cryptocurrency schemes were found which seem not recognized be the SEC hence  their caution to her citizens. And anybody find involving into those ponzi schemes stand the risk of facing 21 year imprisonment. This is good, SEC warning ahead for those who have interest to scam country men should be guided and be careful not to end in prison. There are many ponzi schemes on the internet today, and many government paid deaf ears as there citizens get scam everyday, kudos to Philippines SEC for a head-up.

It will be good if there's someone promoting it will be jailed for their promotions of this ponzi scheme site since even if the sec already released a huge warnings to those people still they didn't get afraid and still posting the scam site on social medias, so for this to be stopped this they should put a metal hands and imprison those offenders, for sure once this platform will run many people will cry out loud for the money what they lose to them.

[Spenjoyere3]

ICOs and IEOs and many crypto projects deserve to be fraudulent, as they are schemes to collect financing from investors to obtain tampering tokens.
New projects and codes are scams unless the news proves otherwise, the warning is logical.
Is this warning legally binding, I do not think it is legally binding because it requires some approval of Parliament and enactment of legislation, but individuals must be careful before investing.

[plvbob0070]

I think Philippine Sec just did his job right,every Filipino deserves this warn because there are so many ponzi scams came out recently and many Filipinos are victimized. Hopefully the number of scammers in the Philippines will decreased through this.

They are. People always get into rich quick scheme and always defend themselves if they have been caught investing to scams like this. If there's no advisory from the SEC and they are only getting a reminder from an individual, they won't listen.
This is how hard-headed people are.

Indeed. They get blinded by the idea of earning a huge amount of money in a short period of time which is totally too good to be true. They easily get swayed by what they see on social media as if everything is real. Even if someone will warn them about investment schemes, they won't learn until they get scammed.

SEC is just doing it right. But it would be better if they will also be active warning people in popular social media platforms because that's where usually people get victimized. Cause personally, I don't think it's enough to reach to other people about this warning.

[kryptqnick]

Last July 1, The Security and Exchange Commission warns the Filipino community in regard to the crypto investment scheme as a claim like a Ponzi scheme.

This is their claims...

"Philippine SEC warns against investment schemes including one based on the Ethreum blockchain it says is a Ponzi scheme.
The Securities and Exchange Commission (SEC) of the Philippines has warned the public against individuals and groups engaged in unauthorized crypto investments and trading, according to an announcement on July 1.

The Philippine SEC warned those who were involved in crypto schemes could face a fine or 21 years of imprisonment or both."

You can read the entire article: https://cointelegraph.com/news/philippine-sec-warns-against-crypto-schemes

I don't know how this will affect the adoption here in the Philippines but it something will give a negative impact as people will also think negatively when they hear and read for this.

Would like to hear your thoughts especially for Filipino members here.

There's indeed a lot of scam when it comes to cryptos. You mention "schemes based on Ethereum Blockchain" and it sounds like ICOs which is something to avoid. Banning trading, however, is uncalled for. And who can face up to 20 years of punishment? The scammers or also their victims and traders? Because the word "involved" can mean all of them. The article mentions some particular companies, but I suppose the point is that the warning is not restricted to them.

[Reatim]

Last July 1, The Security and Exchange Commission warns the Filipino community in regard to the crypto investment scheme as a claim like a Ponzi scheme.

This is their claims...

"Philippine SEC warns against investment schemes including one based on the Ethreum blockchain it says is a Ponzi scheme.
The Securities and Exchange Commission (SEC) of the Philippines has warned the public against individuals and groups engaged in unauthorized crypto investments and trading, according to an announcement on July 1.

The Philippine SEC warned those who were involved in crypto schemes could face a fine or 21 years of imprisonment or both."

You can read the entire article: https://cointelegraph.com/news/philippine-sec-warns-against-crypto-schemes

I don't know how this will affect the adoption here in the Philippines but it something will give a negative impact as people will also think negatively when they hear and read for this.

Would like to hear your thoughts especially for Filipino members here.

Actually just this last week this "Forsage" apps continues to flow on my facebook wall as some of my friends already entered this investment.

Without my knowledge( because these friends of mine are not knowledgeable cryptocurrency since then) i also encouraged them before but denied me but now?they have invested hundred and the other even 1 thousand dollars.

But after our zoom meeting and conversation now they have realized my concern and took out all their money and now for goodness they Put here inside crypto with their own wallet and private keys.

[skarais]

Indeed. They get blinded by the idea of earning a huge amount of money in a short period of time which is totally too good to be true. They easily get swayed by what they see on social media as if everything is real. Even if someone will warn them about investment schemes, they won't learn until they get scammed.

Blind because most of them want to get money quickly without having to work hard. They really want to get rich quick, which is why they will be very easily influenced by various Ponzi schemes both directly and on social media.

SEC is just doing it right. But it would be better if they will also be active warning people in popular social media platforms because that's where usually people get victimized. Cause personally, I don't think it's enough to reach to other people about this warning.

Of course, everyone must be selective in determining good and profitable investment. I also hope that effort will be made to prevent fraud under the guise of cryto investments classified as ponzi schemes in various media. Social media is the most potential place for scammers to get their victim, so changing the mindset and perception of these people to be more selective is a must.

[Leviathan.007]

In my own idea, you don't need to be worry because it's not just about your country. These warnings are in all over the world in all countries. It doesn't mean they are against crypto currency and blockchain, they just want to help people and aware them from scams in this digital world. Since many people don't have these information the governments need to do something about it. However, sometimes they will publish bad new about crypto to make people to invest in local stocks instead of crypto in order to take some advantage from the investments.

[Fredomago]

Well to me this shows the government are concerned about the welfare of it's citizens, we can't deny it, crypto is full of scam project, it is very easy for newbies and naive people to still fall into victims, better to be safe than be sorry, at least this warning can prevent many people making a big mistake.

It will be more wiser to investigate first before investing, and like what you have said the government is giving this showing
that they are concern with the possibilities that many citizens will fall to this ending up to see people screaming and asking for assistance where the government is unaware of, this kind of so good to be true offers needs to be avoided.

[teosanru]

Last July 1, The Security and Exchange Commission warns the Filipino community in regard to the crypto investment scheme as a claim like a Ponzi scheme.

This is their claims...

"Philippine SEC warns against investment schemes including one based on the Ethreum blockchain it says is a Ponzi scheme.
The Securities and Exchange Commission (SEC) of the Philippines has warned the public against individuals and groups engaged in unauthorized crypto investments and trading, according to an announcement on July 1.

The Philippine SEC warned those who were involved in crypto schemes could face a fine or 21 years of imprisonment or both."

You can read the entire article: https://cointelegraph.com/news/philippine-sec-warns-against-crypto-schemes

I don't know how this will affect the adoption here in the Philippines but it something will give a negative impact as people will also think negatively when they hear and read for this.

Would like to hear your thoughts especially for Filipino members here.

I am not quite a Fillipino member but I think almost every country sooner or later will come up with such warnings and even banning law. i don't think there are many years of cryptocurrencies left without regulations. Soon we would see some regulations on it. We have already seen USA making kyc necessary for all operating exchanges. If countries follow that model i feel there soon would be zero anonymity in crypto world. But yes there is one thing in which I would support these government that is raising funds through ICO it's completely irrelevant and scam.

[pixie85]

I think this is a completely normal warning to people from scams. In fact, many governments around the world are also warning people to be wary of cryptocurrency scams.
This warning does not indicate that the Philippine government is against or banning cryptocurrencies, they are only trying to protect people from scams.

The EU Central bank has issued similar statements on more than one occasion. I think there's nothing to worry about and it will not decrease adoption in the Philippines.

The banks are expected to warn people of investments that are risky and popular because people expect it and don't understand that some things are not yet regulated and cannot be stopped by the government. They think all investments come from companies that have to register with the authorities but it's not that simple with cryptocurrencies.

[FlightyPouch]

Some might say this as bad news but I think this is good news for me. Now we know that we are under the protection of the government and now we have someone to run to when we fall victim to these scammers. If they don't want crypto currencies, I think they will say that they will reconsider the use of it in the country but they didn't. It is nice to know that they are not against cryptos, I hope it would make people use or adopt it.

[dunfida]

Last July 1, The Security and Exchange Commission warns the Filipino community in regard to the crypto investment scheme as a claim like a Ponzi scheme.

This is their claims...

"Philippine SEC warns against investment schemes including one based on the Ethreum blockchain it says is a Ponzi scheme.
The Securities and Exchange Commission (SEC) of the Philippines has warned the public against individuals and groups engaged in unauthorized crypto investments and trading, according to an announcement on July 1.

The Philippine SEC warned those who were involved in crypto schemes could face a fine or 21 years of imprisonment or both."

You can read the entire article: https://cointelegraph.com/news/philippine-sec-warns-against-crypto-schemes

I don't know how this will affect the adoption here in the Philippines but it something will give a negative impact as people will also think negatively when they hear and read for this.

Would like to hear your thoughts especially for Filipino members here.

This isnt something new and this havent been just happening in Philippines but this is an issue that do happen globally where scams and ponzi schemes do lurk out and pretending to be a legit stuff
and fooling out people that doesnt have much knowledge towards it which is mostly victim of these ponzi stuff.When people do see big amounts of returns then they do easily get hooked up without even knowing on what are the things theyve been dealing with.For PH government its just good that they do make out such warnings before that investment scam would able to extract huge amount of money of people that are tending to join.

[Mulann2]

This is making sure people are safe, maybe they will only ban those projects that looks suspicious and can be a possible scam, banning crypto entirely won't be a good idea in my opinion, like someone mentioned above, maybe very soon regulation of crypto will begin to make it safe for everyone, every government in any country will also say this for citizens to be careful.

[lienfaye]

It is the Forsage and I'm happy that the PH SEC is giving warning to the people because many of them don't listen to individuals that are warning them. And lately, it's also a cause of the network congestion of Ethereum because many are investing on the scam.
Many blind followers are encouraging others to join them not understanding what the scheme is all about.

My neighbor invest in forsage, he is not a crypto enthusiast but like to invest in different platform online which he think is profitable. He often talk to me about forsage and encouraging me to invest as well but I didnt bite his offer specially its an investment that needed to have an invite which I really dont like.

I think people with knowledge about crypto are not affected by this SEC announcement however its different to those unaware of crypto existence. They might really think bad towards crypto and refrain themselves from using/investing since they already see the negative sides even without searching deeply and knowing the facts.

[maxreish]

There is actually effect not only for the adoption but also for the bitcoin's reputation. I wanna share my friend's real experienced. Those fake company saying that you invest your money and they will do some trading then give back double or tripled your money is kinda attracting. One person seems to be legit and gain the trust of my friend. They knew each other for so many years.

To make the story short, they created a story that their company is not doing well, lose trade and closing. Indeed EXIT SCAM.  and that is not the only one investment scheme in the Philippines.

[finaleshot2016]

In these three, Forsage, RCashOnline, and The Saint John of Jerusalem Knights of Malta Foundation of the Philippines, Inc., I'm only familiar with Forsage because my friend asked me about it if it's okay to invest on it. As usual, I don't want to recommend and 3rd party investments that act as networking, or should I say a Ponzi scheme.

There's a lot of YouTube videos created by many Filipino creators about Forsage, https://www.youtube.com/results?search_query=forsage
which is very disappointing 'cause instead of investing directly in Ethereum, they're investing to the other platform that requires referral to increase their profit. I watched few videos and some of them aren't a crypto enthusiast to determine if it's a scam or legit, the common contents of those creators are to attract them and promote their own referrals.

I remember the BNL project or Bitrobo where a lot of Filipino invested on it, many scammers are using cryptocurrency now to attract people to invest in their platform.

[chaser15]

I don't know how this will affect the adoption here in the Philippines but it something will give a negative impact as people will also think negatively when they hear and read for this.

Would like to hear your thoughts especially for Filipino members here.

If people will think of this SEC's warning as negative then "RIP reading comprehension" to them.

The warning does have a clear intent, to make people aware of the crypto-related scam.

But these warnings got always ignored. The sad truth is, most people don't really care about being crypto-related or not as long as they will just invest and expect that the money will grow without doing nothing.

[vermigerous]

I think that the Philippine SEC is only concerned to their fellow people about growing ponzi scheme of cryptocurrency. But this doesn't mean that crypto would be ban on Philippines in the future, however this truthful fact can warn scammmers and fraudsters in crypto business and also a good advise for the beginners in crypto business.

[HotRod4Life]

Have the Philippines ever been kind of a significant place for the crypto world? Well anyway, this is a sign from one more government. All watchdogs desire to grab the crypto space and make it centralized and legal or prohibited at least

[samputin]

<...>

<....>

But these warnings got always ignored. The sad truth is, most people don't really care about being crypto-related or not as long as they will just invest and expect that the money will grow without doing nothing.

Yeah, and maybe that's the problem. They always get lured by the idea of earning money without even a single drop of sweat. If it's sounds promising to them, they dive right into it without doing some investigations. Then, when they end up being scammed, they will put the blame on others and what's worse is they blame the crypto involved when in fact, they're the ones who did that to themselves.

This is not the first news about schemes like this in the Philippines. So Filipinos, as well as other people all around the world, should be more cautious especially when it comes to things involving money 'cause we're the ones responsible for all our actions.

[meanwords]

To be honest, there's not going to be a huge effect on the cryptocurrency here in the Philippines because most people that is involve in those businesses doesn't even know that it is a cryptocurrency. Maybe a little negativity but it won't affect the adoption of Bitcoin or cryptocurrency in the Philippines.

The thing about the news is that this warnings are directed to scam cryptocurrency which we all know is a lot around the world. The news said that 3 businesses are illegal, due to lack of license and legitimacy, are being publicized by the government to make people stop investing in this illegal cryptocurrency business. This is pretty common in the Philippines even without the involvement of cryptocurrency.

Have the Philippines ever been kind of a significant place for the crypto world? Well anyway, this is a sign from one more government. All watchdogs desire to grab the crypto space and make it centralized and legal or prohibited at least

Although Philippines might not be in the top list, there are still cryptocurrency users there and it's growing because of how the SEC accepts legitimate businesses that involves cryptocurrency.

[DabsPoorVersion]

To be honest, there's not going to be a huge effect on the cryptocurrency here in the Philippines because most people that is involve in those businesses doesn't even know that it is a cryptocurrency. Maybe a little negativity but it won't affect the adoption of Bitcoin or cryptocurrency in the Philippines.

The thing about the news is that this warnings are directed to scam cryptocurrency which we all know is a lot around the world. The news said that 3 businesses are illegal, due to lack of license and legitimacy, are being publicized by the government to make people stop investing in this illegal cryptocurrency business. This is pretty common in the Philippines even without the involvement of cryptocurrency.

I disagree with you. It has a huge effect since many people have heard about this news,

Even if you think that those involved do not know that it is a cryptocurrency, since this news was published to the public, they already know it by now. And if this kind of ponzi or scheme will increase, the adoption that you are talking about might not happen anymore

[Eugenar]

Its seems like there are many scammers in this crypto world, there are many scammers who are creating fake websites for investment because as like we all know investment websites are what others looking for because they want to save their money and make it profitable as well so the higher the demand for it, the higher the number of fak websites that will be created by the scammers, just like me I've been scammed of Ponzi scheme, I forget the link but it is entitled as Crypto-Pandemic, my friend told me about this website and he gave me the proof that he made a profit on it but once I invested, nothing happens, I just lost my money because of believing that it was a legit investment website.

[rodskee]

This is making sure people are safe, maybe they will only ban those projects that looks suspicious and can be a possible scam, banning crypto entirely won't be a good idea in my opinion, like someone mentioned above, maybe very soon regulation of crypto will begin to make it safe for everyone, every government in any country will also say this for citizens to be careful.

It's really necessary for the government to interfere with this kind of scheme, it will helps
people who are new to this types of investment.
It will lessen the chance of become a victim if the  government already provide precautions
and proper advise to prevent them in joining.
Scammers will always find the best way to trick and scam people, whatever platform or venue
they will bring involvement to lure participants.

[XCANA]

The Philippine SEC warned those who were involved in crypto schemes could face a fine or 21 years of imprisonment or both."[/i]

is this also applied to those who trade crypto there?
if yes, this is very bad. then crypto will be completely illegal there.

You should have read a little bit further mate, this isn't what you think about but entirely different from your thoughts. This is just a ponzi scheme from untrustworthy group and the government of the Philippines had to warned their citizens against. Traders are free to trade irrespective of their chosen coins to trade or to make investment with reputable organizations. This is the first time am seeing and hearing from Philippine SEC warning their citizens against such dubious ponzi scheme from unknown source.

[Janation]

That sounds bad to me.

I think that just means that there are a lot of scams happening and I know that scams and hacks are inevitable but they might think that if the number of people getting scammed continuously increases, then that just means that they might consider banning Bitcoin and other cryptocurrencies as well.

I hope that they will not end up with that decision.

[wxxyrqa]

I believe that the situation in the Philippines has nothing to do with the cryptocurrency ban. We are talking about companies that do not have the necessary licenses for their activities and the principle of their work is to pay investors to arrive, using the contribution of new investors. Since the activities of these companies are fraudulent in themselves, which work according to Ponzi schemes, they only harm not only the people, but also the normal development of the cryptocurrency market.

[blockman]

Indeed. They get blinded by the idea of earning a huge amount of money in a short period of time which is totally too good to be true. They easily get swayed by what they see on social media as if everything is real. Even if someone will warn them about investment schemes, they won't learn until they get scammed.

SEC is just doing it right. But it would be better if they will also be active warning people in popular social media platforms because that's where usually people get victimized. Cause personally, I don't think it's enough to reach to other people about this warning.

Once they have earned, they'll completely defend the scam because they were allowed to earn. Even you will give them warnings for so many times, they will defend it until they actually saw the collapsing of that scam.

My neighbor invest in forsage, he is not a crypto enthusiast but like to invest in different platform online which he think is profitable. He often talk to me about forsage and encouraging me to invest as well but I didnt bite his offer specially its an investment that needed to have an invite which I really dont like.

I think people with knowledge about crypto are not affected by this SEC announcement however its different to those unaware of crypto existence. They might really think bad towards crypto and refrain themselves from using/investing since they already see the negative sides even without searching deeply and knowing the facts.

People who knew what crypto is really all about won't be fooled by these scammers. But sadly, those who have been looking for something to earn, they'll bite this scam.

[finaleshot2016]

Indeed. They get blinded by the idea of earning a huge amount of money in a short period of time which is totally too good to be true. They easily get swayed by what they see on social media as if everything is real. Even if someone will warn them about investment schemes, they won't learn until they get scammed.

SEC is just doing it right. But it would be better if they will also be active warning people in popular social media platforms because that's where usually people get victimized. Cause personally, I don't think it's enough to reach to other people about this warning.

Once they have earned, they'll completely defend the scam because they were allowed to earn. Even you will give them warnings for so many times, they will defend it until they actually saw the collapsing of that scam.

People who're really in need of money can be easily blinded by money. So the fact that they are earning money through referrals, they will defend it and we can't blame them because they're earning through it. The problem is, they didn't know about cryptocurrency and the first thing that came to them is the networking type of investment. Unlike us, who have proper knowledge about cryptocurrency or any investment that can easily determine if it's a Ponzi. Ponzi scheme nowadays is using cryptocurrency as an asset to attract users.

My neighbor invest in forsage, he is not a crypto enthusiast but like to invest in different platform online which he think is profitable. He often talk to me about forsage and encouraging me to invest as well but I didnt bite his offer specially its an investment that needed to have an invite which I really dont like.

I think people with knowledge about crypto are not affected by this SEC announcement however its different to those unaware of crypto existence. They might really think bad towards crypto and refrain themselves from using/investing since they already see the negative sides even without searching deeply and knowing the facts.

People who knew what crypto is really all about won't be fooled by these scammers. But sadly, those who have been looking for something to earn, they'll bite this scam.

This is what I'm pointing about, if they knew about cryptocurrency and have proper knowledge about it, it's easy to determine scams. They will definitely bite it for thinking that it's an easy money but the one whol benefits a lot on this type of model is those who are on the top and have a lot of referrals.

[LogitechMouse]

My neighbor invest in forsage, he is not a crypto enthusiast but like to invest in different platform online which he think is profitable. He often talk to me about forsage and encouraging me to invest as well but I didnt bite his offer specially its an investment that needed to have an invite which I really dont like.

I think people with knowledge about crypto are not affected by this SEC announcement however its different to those unaware of crypto existence. They might really think bad towards crypto and refrain themselves from using/investing since they already see the negative sides even without searching deeply and knowing the facts.

People who knew what crypto is really all about won't be fooled by these scammers. But sadly, those who have been looking for something to earn, they'll bite this scam.

Well, that is how people in our country is. When they see people earning lots of money in an investment scheme, they will try to invest on it too hoping that they will earn what they saw on others. I'm not biting on this common way of scamming people.

I've seen lots of companies/investment schemes in social media already particularly in Facebook and I'm not entertaining every single one of them. Some of my friends also sending me a private message regarding their investment scheme. I don't give time to even seen their message to me because I know this kind of scam already.

[carlisle1]

My neighbor invest in forsage, he is not a crypto enthusiast but like to invest in different platform online which he think is profitable. He often talk to me about forsage and encouraging me to invest as well but I didnt bite his offer specially its an investment that needed to have an invite which I really dont like.

I think people with knowledge about crypto are not affected by this SEC announcement however its different to those unaware of crypto existence. They might really think bad towards crypto and refrain themselves from using/investing since they already see the negative sides even without searching deeply and knowing the facts.

People who knew what crypto is really all about won't be fooled by these scammers. But sadly, those who have been looking for something to earn, they'll bite this scam.

Well, that is how people in our country is. When they see people earning lots of money in an investment scheme, they will try to invest on it too hoping that they will earn what they saw on others. I'm not biting on this common way of scamming people.

Because of desperation to Earn even without learning they are risking their money in Hopes that their money can be double overnight.
or Like this FORSAGE now that promising dividends just by Holding your money to their platform.

I've seen lots of companies/investment schemes in social media already particularly in Facebook and I'm not entertaining every single one of them. Some of my friends also sending me a private message regarding their investment scheme. I don't give time to even seen their message to me because I know this kind of scam already.

Yeah Like what ia m doing?blocking all those i feel like wanting to scam people or reporting their account to prevent victimizing others.

[ultrloa]

My neighbor invest in forsage, he is not a crypto enthusiast but like to invest in different platform online which he think is profitable. He often talk to me about forsage and encouraging me to invest as well but I didnt bite his offer specially its an investment that needed to have an invite which I really dont like.

I think people with knowledge about crypto are not affected by this SEC announcement however its different to those unaware of crypto existence. They might really think bad towards crypto and refrain themselves from using/investing since they already see the negative sides even without searching deeply and knowing the facts.

People who knew what crypto is really all about won't be fooled by these scammers. But sadly, those who have been looking for something to earn, they'll bite this scam.

Well, that is how people in our country is. When they see people earning lots of money in an investment scheme, they will try to invest on it too hoping that they will earn what they saw on others. I'm not biting on this common way of scamming people.

Because of desperation to Earn even without learning they are risking their money in Hopes that their money can be double overnight.
or Like this FORSAGE now that promising dividends just by Holding your money to their platform.

I've seen lots of companies/investment schemes in social media already particularly in Facebook and I'm not entertaining every single one of them. Some of my friends also sending me a private message regarding their investment scheme. I don't give time to even seen their message to me because I know this kind of scam already.

Yeah Like what ia m doing?blocking all those i feel like wanting to scam people or reporting their account to prevent victimizing others.

I hope all of them get block but unfortunately they have so many accounts to  used for promotion of that scam site, let see if someone will get sued for promoting since the government already gives a warning against those violators. And hopefully people will listen to the government warning since its for their own good and they shouldn't listen to the sales talk of their uplines.

[blockman]

People who're really in need of money can be easily blinded by money. So the fact that they are earning money through referrals, they will defend it and we can't blame them because they're earning through it. The problem is, they didn't know about cryptocurrency and the first thing that came to them is the networking type of investment. Unlike us, who have proper knowledge about cryptocurrency or any investment that can easily determine if it's a Ponzi. Ponzi scheme nowadays is using cryptocurrency as an asset to attract users.

They have been introduced to crypto in a wrong way and this scam is growing through those networks and think that it's the best strategy and idea of earning crypto.

This is what I'm pointing about, if they knew about cryptocurrency and have proper knowledge about it, it's easy to determine scams. They will definitely bite it for thinking that it's an easy money but the one whol benefits a lot on this type of model is those who are on the top and have a lot of referrals.

People just have to learn about these scams and once they become a victim of it, they won't try it again, never.

Well, that is how people in our country is. When they see people earning lots of money in an investment scheme, they will try to invest on it too hoping that they will earn what they saw on others. I'm not biting on this common way of scamming people.

I've seen lots of companies/investment schemes in social media already particularly in Facebook and I'm not entertaining every single one of them. Some of my friends also sending me a private message regarding their investment scheme. I don't give time to even seen their message to me because I know this kind of scam already.

Yeah, most of those people who stayed most of their times in social medias like Facebook and active on it all of the time. They'll take the fake opportunity that's being shared to them by a random guy that posts the screenshot of the scam.

[KrisAlex18]

That's true, cryptocurrency is a ban from the Philippines, they are still not into cryptocurrency, I don't know the reason but for sure its a government's decision but there are still many people who are still using it for some online transactions, even though crypto is a ban from some transactions, there are still many people who are still using it for transactions, there are still many people who are using it for some crypto activities, like trading and investing. Actually using cryptocurrency is good but there are still many people who think that when you talk about cryptocurrency it is automatically scam, they don't even give time to put the effort into searching about the legitimacy of it.

[mezzaluna]

As far as Filipino users within the forum knows, the Philippines Government really lack knowledge concerning the Cryptocurrency Industry. They are always scared to better opportunities because they are not the first one to discover it within the country. If they learned it and knows the benefits of it, they would certainly place some restrictions for them to also have profit from it which sucks because if you are working for it, then you should also be the one who would benefit from it.

[NavI_027]

The Philippine SEC warned those who were involved in crypto schemes could face a fine or 21 years of imprisonment or both."

Pheww.. I thought all people who engage with these schemes including the investors will get punished. I'm glad it's not hehehe.  

So for the Forsage investors there or those people who are hooked in different investment platforms found on FB, now you know that you are just believing in false fantasies. Learn your lesson and don't fall on such schemes again .

I don't know how this will affect the adoption here in the Philippines but it something will give a negative impact as people will also think negatively when they hear and read for this.

Nope, I think the opposite. What I see here is that many investors will become braver to invest actually  (mainly to crypto) because they are now relieve by this news. Scammers will now be afraid to continue their tricks thus we can expect that there will be lesser victims and lesser complains in return. Props to SEC for acting fast, they are helping the crypto community in our country grow faster.

[MCobian]

I do not know the condition of cryptocurrency in the Philippines, for sure I agree with the actions of the Philippine SEC to provide
a fine or 21 years of imprisonment against anyone involved in the crypto scheme. Especially scammers who do ponzi schemes must
be given a warning and punishment.So that fraud in the world of cryptocurrency deterrent and diminishing. Because we know crypto
in the eyes of a layman of fraud, because of the many scams in the crypto world.

[LogitechMouse]

As far as Filipino users within the forum knows, the Philippines Government really lack knowledge concerning the Cryptocurrency Industry.

I think that the government is aware of the presence of cryptocurrency here in the Philippines but as of today, there are more important issues that the government must solve right now and cryptocurrency isn't one of their priorities. Well, compare to other countries the PH government isn't just reacting or doing anything that is related to crypto.

They are always scared to better opportunities because they are not the first one to discover it within the country. If they learned it and knows the benefits of it, they would certainly place some restrictions for them to also have profit from it which sucks because if you are working for it, then you should also be the one who would benefit from it.

At least we have SEC to control these type of investment scams in PH and for me that is enough already. The government right now doesn't have time to tackle this investment scams since there is SEC who are handling it. I believe that there are lots of opportunities in cryptocurrency but not like this investment schemes.

I think that after this pandemic, there will be a time that they will give some time to tackle things about crypto and maybe place some regulations (just a little chance of it to happen though).

[Fredomago]

As far as Filipino users within the forum knows, the Philippines Government really lack knowledge concerning the Cryptocurrency Industry.

Yes it is, there are only few that they've learned about this system and mostly being tagged for doing illegal practices.

They are always scared to better opportunities because they are not the first one to discover it within the country.

They are looking in the negative sides as they are only seeing volatilities, most of the people who complained are  victims of scam activities.

If they learned it and knows the benefits of it, they would certainly place some restrictions for them to also have profit from it which sucks because if you are working for it, then you should also be the one who would benefit from it.

Not sure about what you mean, if you are working for it there's no way for the government to interfere unless they'll implement rules than prohibiting the system from their jurisdiction, which not present as of now.

[Twinkledoe]

That's true, cryptocurrency is a ban from the Philippines, they are still not into cryptocurrency, I don't know the reason but for sure its a government's decision but there are still many people who are still using it for some online transactions, even though crypto is a ban from some transactions, there are still many people who are still using it for transactions, there are still many people who are using it for some crypto activities, like trading and investing. Actually using cryptocurrency is good but there are still many people who think that when you talk about cryptocurrency it is automatically scam, they don't even give time to put the effort into searching about the legitimacy of it.

I don't think it says they are banning the use of crypto. They are just giving a warning regarding crypto investments. I think it is only precautionary measures as a lot of people don't have any prior knowledge when it comes to crypto. PH is one of the countries that is allowing crypto exchanges to be registered in the CEZA area.

https://ceza.gov.ph/article/48-crypto-exchanges-approved-philippines

[Natalim]

That's true, cryptocurrency is a ban from the Philippines, they are still not into cryptocurrency, I don't know the reason but for sure its a government's decision but there are still many people who are still using it for some online transactions, even though crypto is a ban from some transactions, there are still many people who are still using it for transactions, there are still many people who are using it for some crypto activities, like trading and investing. Actually using cryptocurrency is good but there are still many people who think that when you talk about cryptocurrency it is automatically scam, they don't even give time to put the effort into searching about the legitimacy of it.

I don't think it says they are banning the use of crypto. They are just giving a warning regarding crypto investments. I think it is only precautionary measures as a lot of people don't have any prior knowledge when it comes to crypto. PH is one of the countries that is allowing crypto exchanges to be registered in the CEZA area.

https://ceza.gov.ph/article/48-crypto-exchanges-approved-philippines

Obviously @KrisAlex18 is wrong because crypto was never ban in the Philippines, in fact, Philippines is one of the country which are called a crypto friendly country, a third world country but they are adopting in crypto and because the government regulated it, they are benefiting from it.

[meanwords]

I disagree with you. It has a huge effect since many people have heard about this news,

Even if you think that those involved do not know that it is a cryptocurrency, since this news was published to the public, they already know it by now. And if this kind of ponzi or scheme will increase, the adoption that you are talking about might not happen anymore

The news  only pertains to those investment companies, not the whole cryptocurrency. What they will understand is that this companies are scams and the name of the companies will get tarnished, not cryptocurrency or specifically Bitcoin. SEC only warns about those unregistered or illegal businesses. It's not like illiterate to cryptocurrency will understand what Bitcoin is or cryptocurrency is anyway. Investment scams are pretty common here in the Philippines, having cryptocurrency involve means nothing to people who doesn't know what cryptocurrency is.

If they were to be guided and educated about simple things, people will understand that cryptocurrency is not a scam or something like a ponzi scam.

The news that the OP mentioned is a website that only crypto enthusiast or at least investors will go to anyway. Take note, what the news was talking about are illegal and unregistered business. The title of the article is just misleading. Read the actual source.

Also, only few will get to see this company anyway. This type of companies are not really advertised well to the masses. Most will just stay away from this kind of investment, even if cryptocurrency is involve or not.

Adoption will continue to rise as Philippines is a crypto-friendly country but is strict against fraud and illegal businesses. The country accepts any crypto related companies as long as they are legal and is registered. You might not know but there are stores, cafes and other businesses that accepts Bitcoin as payment for the public to use in the Philippines.

[mace15]

I do not know the condition of cryptocurrency in the Philippines, for sure I agree with the actions of the Philippine SEC to provide
a fine or 21 years of imprisonment against anyone involved in the crypto scheme. Especially scammers who do ponzi schemes must
be given a warning and punishment.So that fraud in the world of cryptocurrency deterrent and diminishing. Because we know crypto
in the eyes of a layman of fraud, because of the many scams in the crypto world.

The condition of cryptocurrency in the Philippines will surely continues and rise. The Sec just warns those doing illegal activities that will scam people. As we all know here in our country people uses this crypto currency to scam as others understanding crypto is scam and has a lack of knowledge about crypto. So this is good action to warns those people.

[Janation]

I do not know the condition of cryptocurrency in the Philippines, for sure I agree with the actions of the Philippine SEC to provide
a fine or 21 years of imprisonment against anyone involved in the crypto scheme. Especially scammers who do ponzi schemes must
be given a warning and punishment.So that fraud in the world of cryptocurrency deterrent and diminishing. Because we know crypto
in the eyes of a layman of fraud, because of the many scams in the crypto world.

The condition of cryptocurrency in the Philippines will surely continues and rise. The Sec just warns those doing illegal activities that will scam people. As we all know here in our country people uses this crypto currency to scam as others understanding crypto is scam and has a lack of knowledge about crypto. So this is good action to warns those people.

But let us not forget that there are still a lot more of people aiming to scam people out of their fiats.

It is not always cryptocurrencies, fiat is also used to scam people and in the very long time until now. The bad thing here is just that people are actually making cryptocurrencies a part of the scam. My mother told me when it was reported on the news and asking me to stop investing in it because it is a scam. I am just laughing at her while she is so mad at me. I did explain and it went well in the end.

I just hope they have their own ways to track scammers so people think they are safe using cryptocurrencies. What I am thinking is that it might get uncontrollable and they might end up banning it. I don't know how popular cryptocurrencies are in our country but I hope they would be seeing this warning to make them feel safe, in some way.

[DevilSlayer]

I do not know the condition of cryptocurrency in the Philippines, for sure I agree with the actions of the Philippine SEC to provide
a fine or 21 years of imprisonment against anyone involved in the crypto scheme. Especially scammers who do ponzi schemes must
be given a warning and punishment.So that fraud in the world of cryptocurrency deterrent and diminishing. Because we know crypto
in the eyes of a layman of fraud, because of the many scams in the crypto world.

The condition of cryptocurrency in the Philippines will surely continues and rise. The Sec just warns those doing illegal activities that will scam people. As we all know here in our country people uses this crypto currency to scam as others understanding crypto is scam and has a lack of knowledge about crypto. So this is good action to warns those people.

I'm sure that there are now a lot of citizens of the Philippines are now aware that there are really scammers all over the social media platforms because the nees are now often featuring many fraudster out there. The SEC is doing a great job because they keep reminding that people who will make investment should be careful because of the high risks. The main reason why there are people otlut there who are experienced to get scammed is because their greed is controlling them where they think that they can earn a lot of money in just short period of time.

[Negotiation]

Greed usually lowers every human being a lot in which case they are more vulnerable to greed The Philippine SEC has warned against crypto investing because people are now doing more scams.

Opposition groups called for a crackdown on cryptocurrency investments saying diplomats were fraudulently investing in the country. The Philippine SEC has already warned everyone that many will be affected.

[gamer4156]

The government of a country will not do such a thing without any reason. Behind doing it out of the hands of a vicious cycle and when the government is forced to do it. The main reason for doing this is to prevent scams. Many people invest here and will be deceived and lose everything. That is why the government does not want the people of its country to suffer. So they bans it to save people from danger.

[conhela]

They are just trying to help them avoid scams which is why I wouldn't worry too much unless the government announces a ban or something which still isn't a big deal since there are methods to bypass these bans.

This is, in my opinion, one of the biggest hurdles crypto is currently facing, look at how many altcoins have popped up that offer "special services" that end up being total scams, and people outside looking in might see these as the norm. Many scammers are artists of their craft and can dupe people very easily, all is to say, if a government takes action against these people specifically, then I'm all good for these measures to be taken.

[kayvie]

That's probably what would gonna happen. As this news spread in our country, many people will surely know about this by now. This will have a huge effect because what they will think about crypto is probably a scam. Many people around me asking me about this news if this is true, they are curious or maybe thinking that crypto is actually a scam. Right now, it will be hard to make crypto as it was before because of this kind of issue.

[matchi2011]

That's probably what would gonna happen. As this news spread in our country, many people will surely know about this by now. This will have a huge effect because what they will think about crypto is probably a scam. Many people around me asking me about this news if this is true, they are curious or maybe thinking that crypto is actually a scam. Right now, it will be hard to make crypto as it was before because of this kind of issue.

People who doesn't have any idea regarding to this investment currency will easily be moved and think that way.
It's hard to convinced them especially the government already provide information like this, it's generalized everything.
It's best to continue explaining to your friends and relatives the way you understood and enlighten them that there's
other things aside from being tag as scam, there's opportunities for them to earned in the right ways.

[cryptoaddictchie]

Aside from forsage ponzi scheme here is someone in our Local board share also the same style and possibly could expand like whats happening on forsage too. But I do hope, we warned others about this new one called LionShare. ^{Thanks @LogitechMouse for sharin this on our local community.}

Warning: Another ETH Based Investment Scheme

I doubt our Filipino communities who eagerly wanted to earn will listen to such warning once more. Hope they not ignore these precautions

[Amel]

Last July 1, The Security and Exchange Commission warns the Filipino community in regard to the crypto investment scheme as a claim like a Ponzi scheme.

This is their claims...

"Philippine SEC warns against investment schemes including one based on the Ethreum blockchain it says is a Ponzi scheme.
The Securities and Exchange Commission (SEC) of the Philippines has warned the public against individuals and groups engaged in unauthorized crypto investments and trading, according to an announcement on July 1.

The Philippine SEC warned those who were involved in crypto schemes could face a fine or 21 years of imprisonment or both."

You can read the entire article: https://cointelegraph.com/news/philippine-sec-warns-against-crypto-schemes

I don't know how this will affect the adoption here in the Philippines but it something will give a negative impact as people will also think negatively when they hear and read for this.

Would like to hear your thoughts especially for Filipino members here.

There are many countries in the world who say they will do it but do not implement it. Yes, some countries have banded crypto investment for their country. But the situation in the Philippines has gotten so bad that the government has been forced to do it. I think this is a good initiative of the government to save the people of the country from scammer.

[layoutph]

In the philippines theres a lot of ponzi scam using crypto currency as a mode of investment. I agree they must be put in jail. They are ruining the credibility of crypto currency as a whole. Some of my friends though that Bitcoin is an official money use for mafia, scam or money laundering.

Last July 1, The Security and Exchange Commission warns the Filipino community in regard to the crypto investment scheme as a claim like a Ponzi scheme.

This is their claims...

"Philippine SEC warns against investment schemes including one based on the Ethreum blockchain it says is a Ponzi scheme.
The Securities and Exchange Commission (SEC) of the Philippines has warned the public against individuals and groups engaged in unauthorized crypto investments and trading, according to an announcement on July 1.

The Philippine SEC warned those who were involved in crypto schemes could face a fine or 21 years of imprisonment or both."

You can read the entire article: https://cointelegraph.com/news/philippine-sec-warns-against-crypto-schemes

I don't know how this will affect the adoption here in the Philippines but it something will give a negative impact as people will also think negatively when they hear and read for this.

Would like to hear your thoughts especially for Filipino members here.

[Benefactor]

There are many countries in the world who say they will do it but do not implement it. Yes, some countries have banded crypto investment for their country. But the situation in the Philippines has gotten so bad that the government has been forced to do it. I think this is a good initiative of the government to save the people of the country from scmmers

[Lanatsa]

There are many countries in the world who say they will do it but do not implement it. Yes, some countries have banded crypto investment for their country. But the situation in the Philippines has gotten so bad that the government has been forced to do it. I think this is a good initiative of the government to save the people of the country from scmmers

It all varies on its citizens because no matter how they do imposed strict regulations or some sort if people of that country is still too greedy when it comes to any investment

then for sure they would really be ending up on being a victim of any scams out there not only limited to crypto  but also on traditional way of things.

People should learn up much on how these scams work and dont let themselves to fall due to their greed.

[Hypnosis00]

There are many countries in the world who say they will do it but do not implement it. Yes, some countries have banded crypto investment for their country. But the situation in the Philippines has gotten so bad that the government has been forced to do it. I think this is a good initiative of the government to save the people of the country from scmmers

It all varies on its citizens because no matter how they do imposed strict regulations or some sort if people of that country is still too greedy when it comes to any investment

then for sure they would really be ending up on being a victim of any scams out there not only limited to crypto  but also on traditional way of things.

People should learn up much on how these scams work and dont let themselves to fall due to their greed.

It is obvious they are. People who have greedy minds will surely fall into their traps. Scamming will never have an end because they will still find a way to fulfill their bad intention and they also know that greedy people will never change and still be greedy. No wonder how this will happen to them because, in the first place, they are allowing this kind of scheme to control their minds.

It was the SEC obligation to warns people and give them the possible case it happens but that also it depends on how the people will interact with it. SEC can't do anything if the people won't listen and follow their advice.

[supine]

Last July 1, The Security and Exchange Commission warns the Filipino community in regard to the crypto investment scheme as a claim like a Ponzi scheme.

This is their claims...

"Philippine SEC warns against investment schemes including one based on the Ethreum blockchain it says is a Ponzi scheme.
The Securities and Exchange Commission (SEC) of the Philippines has warned the public against individuals and groups engaged in unauthorized crypto investments and trading, according to an announcement on July 1.

The Philippine SEC warned those who were involved in crypto schemes could face a fine or 21 years of imprisonment or both."

You can read the entire article: https://cointelegraph.com/news/philippine-sec-warns-against-crypto-schemes

I don't know how this will affect the adoption here in the Philippines but it something will give a negative impact as people will also think negatively when they hear and read for this.

Would like to hear your thoughts especially for Filipino members here.

There is nothing wrong with it they have stated the investment scheme and people should also be aware of it.
I think we should be glad that they are taking crypto seriously and helping some newbie avoid being scam by this type of schemes.
Only the close minded people would take it negatively and think about crypto as an illegal money it was clear that the SEC was just helping us avoid investing in such schemes with our crypto or even our Fiat.

[qory]

I think is not fault by cryptocurrency just mistake taken by some one make project called with bitcoin and altcoin currency, when they take payment using bitcoin or altcoin many people claim they will the same with cryptocurrency, today many people get easy to use bitcoin and manipulated almost people to invest because seeing with cryptocurrency and use bitcoin label on their project,
I think is not easy how to understand many people when seeing investment site using bitcoin and cryotocurrency.

[Yaunfitda]

There are many countries in the world who say they will do it but do not implement it. Yes, some countries have banded crypto investment for their country. But the situation in the Philippines has gotten so bad that the government has been forced to do it. I think this is a good initiative of the government to save the people of the country from scmmers

It all varies on its citizens because no matter how they do imposed strict regulations or some sort if people of that country is still too greedy when it comes to any investment

Greediness + investments come hand in hand, that's why it is called investment in the first place because they wanted to grow their money. And they think that the can multiple it rapidly.

then for sure they would really be ending up on being a victim of any scams out there not only limited to crypto  but also on traditional way of things.

People should learn up much on how these scams work and dont let themselves to fall due to their greed.

And with scammers sweet talk, anyone can really fall for this trick. But at least the government is giving the warning before it is too late, so nothing is wrong with that.

[NavI_027]

then for sure they would really be ending up on being a victim of any scams out there not only limited to crypto  but also on traditional way of things.

People should learn up much on how these scams work and dont let themselves to fall due to their greed.

And with scammers sweet talk, anyone can really fall for this trick. But at least the government is giving the warning before it is too late, so nothing is wrong with that.

Yes! The government already did their part but please, for God's sake, I hope those people who got scammed multiple times before finally learned their lesson and hoping they at least familiarize how pyramiding scam works (since it is the most common existing in our country). Actually, I'm scared that our government will come to the point of passing a law prohibiting any kind of crypto investment on our country since many of our countrymen still got victimized despite of their never ending warnings tsk . If ever happened (I hope never would) then expect that our small community will vanish in a glimpse unless you are willing to face the punishment lol.

So please guys, especially the beginners, don't be hasty in earning because most of the time it leads you on making wrong decisions. So study first and plan your move.

[Debonaire217]

Perhaps, they are not hollistically claiming that all cryptocurrency based investment is a scam. Yes it is correct that there are some that uses the information about ethereum blockchain to scam others. But with the knowledge of cryptocurrency and the basics of it. One can easily distinguish if an investment is legit or not through verifying the blockchain.

there's also bunch of other so called "ethereum based blockchain app" that is appearing in the social media. Espcially from stories of random people asking for referrals and investment.

[Blackrain13]

I think Philippine government are just give warning to those scam project which are also using ethereum blockchain. But it will not totally stop using crypto as long as you avoid scam project. Philippine government are just trying to help the people not to scam and not to engage on such ponzi scheme. This news will not totally affect the cryptocurrency adoption in the Philippines.

[maldini]

I have a friend in the Philippines and I learned some information from him. The fact is that the Philippine government does not want any people in their country to be harmed. I welcome it because people are being scammed every day. In general, however, those involved in cryptocurrencies have not been much affected in the Philippines.

[CaVO32]

I think Philippine government are just give warning to those scam project which are also using ethereum blockchain. But it will not totally stop using crypto as long as you avoid scam project. Philippine government are just trying to help the people not to scam and not to engage on such ponzi scheme. This news will not totally affect the cryptocurrency adoption in the Philippines.

That's actually their message here and not really stopping their constituents to deal with crypto. Because most newbies don't know how to approach crypto investments, they are just giving precautions towards crypto investments. But if you are already adept with crypto, you already know how to avoid being scammed by these people and not to fall with the strategies of these scammers.

I have a friend in the Philippines and I learned some information from him. The fact is that the Philippine government does not want any people in their country to be harmed. I welcome it because people are being scammed every day. In general, however, those involved in cryptocurrencies have not been much affected in the Philippines.

Most of those who are already into crypto know how to deal with scammers and can readily spot a potential ponzi scheme. And for sure, they are users here in the forum, in which, they have the access to all kinds of crypto knowledge. So they know better.

[Reatim]

That's probably what would gonna happen. As this news spread in our country, many people will surely know about this by now. This will have a huge effect because what they will think about crypto is probably a scam. Many people around me asking me about this news if this is true, they are curious or maybe thinking that crypto is actually a scam. Right now, it will be hard to make crypto as it was before because of this kind of issue.

Then what is your response to those who asked you if crypto is scam?

this is not totally a crypto issue because this scammers only using crypto just to victimized their target.

specially this     Forsage   that using Ethereum to lure the people and see the increase in their investments.

But after some time?for sure this will gone and the apps will shut down and people will cry because of their own stupidity and greediness .

[gamer4156]

As far as I know, similar warnings have been issued in some Asian countries by their governments. The reason for doing this is to save the people of the country from scamming.
The governments of all these countries think that Cryptocurrency is involved in many illegal activities. I think the Philippine government has been forced to do this because of these scams.

[Oasisman]

I have a friend in the Philippines and I learned some information from him. The fact is that the Philippine government does not want any people in their country to be harmed. I welcome it because people are being scammed every day. In general, however, those involved in cryptocurrencies have not been much affected in the Philippines.

These scammers and ponzi schemes are  constantly using the term "cryptocurrency" and "Bitcoin" and even dragging big names in business industry to deceive the investors . We might not been affected by this but what I'm afraid of is when the Philippine government decides to ban crypto related transactions in the country due to these series of HYIP's and other form of fraudulent investment schemes that mostly involves Bitcoin. Though It will undergo a due process, but I'm still worried about the possibilities, since people here are too unaware what cryptocurrency is and got easily fooled by these scammers.  

Now, the people was so fed up with fake Bitcoin investment scheme, then they switch up to Ethereum so It would sound new to them.

[Assface16678]

This is not new came from the Philippines because most of the people right there are does not have enough knowledge of the world of crypto currency but the problem right there even they know it is already a scam they still continue this kind of investment and they not learn from their mistake which is the reason why the Philippines are one of the highest percentages of the victim of the Ponzi scheme.

Recently there is another organization right here which is the use of the religion I don't wanna tell which is the one but still there is a lot of people making an investment on it even this is a pyramid scam this is the common word used for this kind of action and investment one of the problem is the last investors because they are the one who loses a lot of money and the oldest got their commission right enough.

[cheezcarls]

I have a friend in the Philippines and I learned some information from him. The fact is that the Philippine government does not want any people in their country to be harmed. I welcome it because people are being scammed every day. In general, however, those involved in cryptocurrencies have not been much affected in the Philippines.

These scammers and ponzi schemes are  constantly using the term "cryptocurrency" and "Bitcoin" and even dragging big names in business industry to deceive the investors . We might not been affected by this but what I'm afraid of is when the Philippine government decides to ban crypto related transactions in the country due to these series of HYIP's and other form of fraudulent investment schemes that mostly involves Bitcoin. Though It will undergo a due process, but I'm still worried about the possibilities, since people here are too unaware what cryptocurrency is and got easily fooled by these scammers.  

Now, the people was so fed up with fake Bitcoin investment scheme, then they switch up to Ethereum so It would sound new to them.

And the list goes on. There’s also a scammish opportunity using TRON smart contract. So these scammers are targeting coins or tokens having the feature where we can create our own smart contract.

Just recently, big media newspaper Philippine Star published a headline about the latest Twitter hack. In their sub-headline, they have mentioned “Bitcoin scam”, which makes me sick to my stomach. It’s like when a lot of people are reading this, they would generally think that Bitcoin is actually a scam without even taking time to research on their own about the real and positive use cases of it.

I just don’t know when will these foolish media sites would stop using the “Bitcoin scam” term.

[arwin100]

I have a friend in the Philippines and I learned some information from him. The fact is that the Philippine government does not want any people in their country to be harmed. I welcome it because people are being scammed every day. In general, however, those involved in cryptocurrencies have not been much affected in the Philippines.

These scammers and ponzi schemes are  constantly using the term "cryptocurrency" and "Bitcoin" and even dragging big names in business industry to deceive the investors . We might not been affected by this but what I'm afraid of is when the Philippine government decides to ban crypto related transactions in the country due to these series of HYIP's and other form of fraudulent investment schemes that mostly involves Bitcoin. Though It will undergo a due process, but I'm still worried about the possibilities, since people here are too unaware what cryptocurrency is and got easily fooled by these scammers.  

Now, the people was so fed up with fake Bitcoin investment scheme, then they switch up to Ethereum so It would sound new to them.

And the list goes on. There’s also a scammish opportunity using TRON smart contract. So these scammers are targeting coins or tokens having the feature where we can create our own smart contract.

Just recently, big media newspaper Philippine Star published a headline about the latest Twitter hack. In their sub-headline, they have mentioned “Bitcoin scam”, which makes me sick to my stomach. It’s like when a lot of people are reading this, they would generally think that Bitcoin is actually a scam without even taking time to research on their own about the real and positive use cases of it.

I just don’t know when will these foolish media sites would stop using the “Bitcoin scam” term.

It's so sad bitcoin is tag again as scam since it is been used by those scammers, for sure many people will get skeptical again by reading those articles and I really hope there's proper education regarding on this kind of scam attacks as well with bitcoins so that people will not mislead on the wrong information shown on the internet.

Those idiot media's should do their proper research since they create confusion here.

[Gotumoot]

Shouldn't we appreciate it? I mean at least we know that they care about us and warn us about the investment schemes.
I don't think that there would be a negative impact at all because they are just making sure that we would avoid those schemes.
Both Fiat and crypto are being used in investment schemes there is nothing new in this.

[Traderbtcc]

I just hope this wouldn't change or affect the adoption rate of crypto in the Philippines, because this will really change the mindset of alot people who wanted to start using crypto, but on the other hand I think these warnings should apply to every country around the globe, because 99% of all these crypto investment schemes are scams, none of them works,in my country, I have seen alot of crypto ponzi schemes going on, and the government haven't said anything about it, there's this one they all forsage an ethereum doubling scheme , I don't know much about it since am not a fan of any crypto doubling or investment schemes I didn't try signing up for it, because I don't want to lose my money  .

Shouldn't we appreciate it?

LOL,mate you guys are even lucky, here in my country the government doesn't show concern about anything ponzi related, they already have enough on their plate to deal with, so they don't care about we the citizens.

[Alert31]

I think Philippine SEC just warn people to be careful when joining investment project because of those scam projects they mentioned. But i think it will not affect to the cryptocurrency in the country and also the people in the Philippines will still use crypto and invest on it for sure.

[amishmanish]

On the surface it seems like a warning to those three operating in a ponzi manner, as judged by the officials, of course. The fillipino community is pretty active but have also suffered from multiple scams. The ICO and IEOs and bounty hunters parading these projects on their social media pages has been all the rage. That is why, the part where it says:

imprisonment of 21 years or both await those who act as salesmen, brokers, dealers or agents of entities engaged in unauthorized investment schemes

So who will they judge as salesmen, brokers, dealers or agents? The community manager who manages those telegrams. The bounty hunters who splatter twitter with hashtags and tweet-storms? A simple thing is that if the community of crypto enthusiasts doesn't find a way out of these crazy sounding ICOs that continue to lure newbies, it is always going to be ethically and legally, a grey area. The self-correction should have happened. Some of it has happened but human greed is too boundless for these effects to disappear altogether.

[Pamadar]

I think Philippine SEC just warn people to be careful when joining investment project because of those scam projects they mentioned.

It's better than let the people being blinded to continuously support this kind of scheme, there are many reported cases
that's why it's time for the government to state their sentiments regarding to
this scamming business.

But i think it will not affect to the cryptocurrency in the country and also the people in the Philippines will still use crypto and invest on it for sure.

It won't affect crypto as it's pointing to the ponzi types business and not diretly to crypto. If you are into trades or investment
which is not realted to any scheme where you can get percentage per day
or a double in a short period of time.
You are safe to go if you fully understand how crypto works, no need to worry about this warning.

[k@suy]

I think Philippine SEC just warn people to be careful when joining investment project because of those scam projects they mentioned.

It's better than let the people being blinded to continuously support this kind of scheme, there are many reported cases
that's why it's time for the government to state their sentiments regarding to
this scamming business.

But i think it will not affect to the cryptocurrency in the country and also the people in the Philippines will still use crypto and invest on it for sure.

It won't affect crypto as it's pointing to the ponzi types business and not diretly to crypto. If you are into trades or investment
which is not realted to any scheme where you can get percentage per day
or a double in a short period of time.
You are safe to go if you fully understand how crypto works, no need to worry about this warning.

The government are simply warns the nation to be observant and careful to avoid involvement on any scams because people nowadays are too thirsty to earn money on just a shortest period of time and many of them are very easy to be encouraged to join on investments that's why it serves as an opportunity for the scammers.

[FlightyPouch]

Aside from forsage ponzi scheme here is someone in our Local board share also the same style and possibly could expand like whats happening on forsage too. But I do hope, we warned others about this new one called LionShare. ^{Thanks @LogitechMouse for sharin this on our local community.}

Warning: Another ETH Based Investment Scheme

I doubt our Filipino communities who eagerly wanted to earn will listen to such warning once more. Hope they not ignore these precautions

I've read about this and told my friends and co-teachers about it though I can't confirm anything since I have no experience and source of information about it. I warned them still since I am also aware about forsage. Thanks for sharing, people are desperate to earn these days and these sick people are trying to scam others for them to earn for themselves in an unfair way.

[KnightElite]

I think Philippine SEC just warn people to be careful when joining investment project because of those scam projects they mentioned.

It's better than let the people being blinded to continuously support this kind of scheme, there are many reported cases
that's why it's time for the government to state their sentiments regarding to
this scamming business.

But i think it will not affect to the cryptocurrency in the country and also the people in the Philippines will still use crypto and invest on it for sure.

It won't affect crypto as it's pointing to the ponzi types business and not diretly to crypto. If you are into trades or investment
which is not realted to any scheme where you can get percentage per day
or a double in a short period of time.
You are safe to go if you fully understand how crypto works, no need to worry about this warning.

The government are simply warns the nation to be observant and careful to avoid involvement on any scams because people nowadays are too thirsty to earn money on just a shortest period of time and many of them are very easy to be encouraged to join on investments that's why it serves as an opportunity for the scammers.

What the government did is good because they understand that many of their citizens will become a victims of this shitty investment. The scam projects nowadays are continue to increase and grow and it is not only in the Philippines but all over the world. It is sad because many people see cryptocurrencies as scam because it has now a bad image created by those scammers and hackers.

If we want to not get scammed, be sure that we know what we are getting into. We should also change our mentality and avoid having a quick rich mentality mindset because it is really dangerous.

[raidarksword]

I've seen this new crypto ponzi scam keeps appearing on my facebook timeline which is a very alarming to people don't know the real reason behind it and people new to this scheme is just want to ride the hype train without conducting research. 

The possibilities to be entice is higher to those who didn't bothered to review and research the essence of this kind of investment, most of them got easily attached, both greed and lack of knowledge bring them to made a big mistake supporting this Ponzi schemes.

Supporters of this scheme are merely blinded and keep denying that it will not turn scam, they have much faith on that one but everything will end for a reason and that's greed will be the ultimate proof of it.

True. Greed drive them to participate and hope that they'll be able to ride with the train knowing that risk is really waiting for them.

I pity to people who joins the last, they will always be the victim no matter what.

They are also the person that will cry out voicing that crypto is just a scam types of business.

Yes, only time will tell when founder of this scheme have enough funds collected from investors then it's the time when they plan to exit scam to it and more likely they reason out that their website has been hacked or going maintenance. But the truth be told they are gone for good and leaving people out of nowhere with despair and disappointment. Hoping for members to move on and let that be a big lesson in life that regret will always be in the end.

[kayvie]

I've read about this and told my friends and co-teachers about it though I can't confirm anything since I have no experience and source of information about it. I warned them still since I am also aware about forsage. Thanks for sharing, people are desperate to earn these days and these sick people are trying to scam others for them to earn for themselves in an unfair way.

Same here, mate, I just heard this from my friend and they are about to actually invest but before that, I made a research and stop them from investing. Then this news was spread and my friends are very thankful that I stopped them from investing.

[J.Amador]

Yes your right. Many people in our country is hesitate to join bitcoin. For no good reason they think they may get scammed that's whay they afraid to try bitcoin.Here in Philippines many rich get richer and poor get poorer.In view of the fact that they scared to invest their money and it will go for nothing. And another reason some of poor people is lazy they only want to sit and money will come to them. Or maybe our government say that because they scared.In view of the fact that they can't claim any big taxes in cryptocurrency.

[affandi]

Actually the aim of the Philippine government is to try to warn individuals and groups there to be careful in choosing an investment, maybe even this warning exists in every country. and again, cryptocurrencies that are victims of greed. Ponzi schemes scams have been going on for a long time in the crypto world, and we can see "cryptocurrency is still doing well even getting more developed". this is where the importance of learning, knowledge of how cryptocurrency and technology works, this is all for the good of all of us as a crypto community.

[Janation]

Actually the aim of the Philippine government is to try to warn individuals and groups there to be careful in choosing an investment, maybe even this warning exists in every country. and again, cryptocurrencies that are victims of greed. Ponzi schemes scams have been going on for a long time in the crypto world, and we can see "cryptocurrency is still doing well even getting more developed". this is where the importance of learning, knowledge of how cryptocurrency and technology works, this is all for the good of all of us as a crypto community.

There are a lot of those scams that are actually using Bitcoin as a scapegoat.

They say that the money they are investing are going into Bitcoin which will increase as time pass and the more they invite, the more they will be earning. When the price drops, they will be taking the money and run with it leaving those people that have the impression that they are scammed by Bitcoin but actually it is the people. That is the reason the government are warning those new investors and users to these groups that might be an investment scam.

[larus]

SEC of all countries are against crypto because they hate and afraid of it

[In the silence]

SEC of all countries are against crypto because they hate and afraid of it

They are not against it, they only make sure that small investors dont fall this tricks, social networkings are very rampant all over the country so they are warning the people who do not have enough knowledge on pyramid schemes.

[ufaiz50]

Last July 1, The Security and Exchange Commission warns the Filipino community in regard to the crypto investment scheme as a claim like a Ponzi scheme.

This is their claims...

"Philippine SEC warns against investment schemes including one based on the Ethreum blockchain it says is a Ponzi scheme.
The Securities and Exchange Commission (SEC) of the Philippines has warned the public against individuals and groups engaged in unauthorized crypto investments and trading, according to an announcement on July 1.

The Philippine SEC warned those who were involved in crypto schemes could face a fine or 21 years of imprisonment or both."

You can read the entire article: https://cointelegraph.com/news/philippine-sec-warns-against-crypto-schemes

I don't know how this will affect the adoption here in the Philippines but it something will give a negative impact as people will also think negatively when they hear and read for this.

Would like to hear your thoughts especially for Filipino members here.

The possibility only applies to organizations that do not have legal rights and based on the explanation it is not only crypto but in all identified fields that do not have authorized of their government. I think this will have an impact if there are crypto exchangers or unauthorized crypto investments, I also don't know how many organizations are in the crypto field in that country. This regulation was also issued with an impact which in my opinion is good for preventing scammer, especially in the current Covid-19 crisis.

[ilovealtcoins]

I assume they only ban acts of promoting PONZI crypto projects. Currently, the Philippines as well as other developing countries do not have a legal corridor for crypto. It may take some time for these countries to start crypto education and incorporate crypto into their legislation.

[Janation]

I assume they only ban acts of promoting PONZI crypto projects. Currently, the Philippines as well as other developing countries do not have a legal corridor for crypto. It may take some time for these countries to start crypto education and incorporate crypto into their legislation.

Not actually banning but warning those people.

There are a lot of investing scams happening in our country and people are believing in such too good to be true schemes by the scammers. One of which is this Bitcoin Revolution that became popular for a while. In their endorsements, they are using popular artists of the country including Manny Pacquiao which is not true.

https://pia.gov.ph/press-releases/releases/1045466

[Zionatin]

Every country gives the same warning about this with every scam. Long before crypto. Like when there were mail letter scams and things the government had to warn the poor and gullible not to part with their money for promises of riches doing easy things anyone can do.

I assume they only ban acts of promoting PONZI crypto projects. Currently, the Philippines as well as other developing countries do not have a legal corridor for crypto. It may take some time for these countries to start crypto education and incorporate crypto into their legislation.

Not actually banning but warning those people.

There are a lot of investing scams happening in our country and people are believing in such too good to be true schemes by the scammers. One of which is this Bitcoin Revolution that became popular for a while. In their endorsements, they are using popular artists of the country including Manny Pacquiao which is not true.

https://pia.gov.ph/press-releases/releases/1045466

People who fall for bitcoin revolution deserve it. You can't feel sorry for these people. If you burn yourself on a hot pot and then touch it again right away who is at fault?

[Shasha80]

I appreciate what the Philippine government has done, this is to prevent the many victims of fraud that have occurred in the Philippines.
Actually, what the Philippines SEC is doing is done by other countries whose fraud related to crypto investment is quite high.This happens
due to a lack of education regarding crypto investment, so many newbies who want to make money instantly are attracted to join ponzi
crypto projects. So the steps taken by the Philippine government are correct.

[dunfida]

I appreciate what the Philippine government has done, this is to prevent the many victims of fraud that have occurred in the Philippines.
Actually, what the Philippines SEC is doing is done by other countries whose fraud related to crypto investment is quite high.This happens
due to a lack of education regarding crypto investment, so many newbies who want to make money instantly are attracted to join ponzi
crypto projects. So the steps taken by the Philippine government are correct.

Primary concern of the government would really be the safety of its citizens thats why we do see laws on corresponding fields to protect people.Its always been a good move to see such step on telling
the public towards frauds not only limited on cryptocurrency but also in typical fiat investment schemes.

Frauds and scams is typical thing and we know if the market does involved multi-millions or billions then expect for these criminal minds will surely find opportunities to take advantage to those
people who doesnt even know on whats crypto is all about and due to human greed which had always been the weakness of everyone where offering easy money schemes
will surely hook up people.

[Janation]

Not actually banning but warning those people.

There are a lot of investing scams happening in our country and people are believing in such too good to be true schemes by the scammers. One of which is this Bitcoin Revolution that became popular for a while. In their endorsements, they are using popular artists of the country including Manny Pacquiao which is not true.

https://pia.gov.ph/press-releases/releases/1045466

People who fall for bitcoin revolution deserve it. You can't feel sorry for these people. If you burn yourself on a hot pot and then touch it again right away who is at fault?

I don't think they deserve it.

It is true that they fall to their schemes, it is true that they are lacking that "common sense" since they are not aware what that project is but they don't deserve to be scammed that is why we should help these people, in a way to inform them about these scams happening right now especially related to Bitcoin and other cryptocurrencies. I prevented my family from three scams, one of them is this Bitcoin Revolution.

[roadrunnerjaiv2025]

I don't think this warning or the SEC's action against ponzi schemes for that matter is going to negatively affect bitcoin adoption in the country. If anything, it will help weed out swindlers and primp bitcoin's reputation as the community becomes a little bit safer.

This is not an attack on bitcoin if that's how you interpret it. They have the same, if not tighter, regulations on other kinds of investment schemes (or those that involve other types of currencies) and that makes investors, especially the neophytes, feel a tad bit secure. Simply put, it sounds like a good thing.

On the contrary, I don't think this is the last time we're ever going to hear from SEC. Let's expect the leash to be increasingly tighter as they become aware of how much control they are bound to lose as cryptocurrency overturns the centralized financial system.

[LogitechMouse]

Not actually banning but warning those people.

There are a lot of investing scams happening in our country and people are believing in such too good to be true schemes by the scammers. One of which is this Bitcoin Revolution that became popular for a while. In their endorsements, they are using popular artists of the country including Manny Pacquiao which is not true.

https://pia.gov.ph/press-releases/releases/1045466

People who fall for bitcoin revolution deserve it. You can't feel sorry for these people. If you burn yourself on a hot pot and then touch it again right away who is at fault?

I don't think they deserve it.

It is true that they fall to their schemes, it is true that they are lacking that "common sense" since they are not aware what that project is but they don't deserve to be scammed that is why we should help these people, in a way to inform them about these scams happening right now especially related to Bitcoin and other cryptocurrencies. I prevented my family from three scams, one of them is this Bitcoin Revolution.

I hate to say this but in order for these investors to be helped, they must experience getting scammed.

Call me toxic or anything I'll accept it but in our country, people are very ignorant and the only thing that is on their mind is the money that they can get if they invest into a particular company. They aren't thinking whether this can be a scam or not. They aren't doing any kind of research.

I saw one post regarding FORSAGE saying that they are owning Ethereum and those investors are very happy to hear it. For those investors, they don't know anything about Ethereum since the only thing that is on their mind is the fact that if they invested on the company, they will get profits from it. This is realtalk. People here in our country are too dumb when it comes to investing in different companies. They don't know which is a ponzi scheme or not. They are easily attracted by the huge profits that they can get that is why scammers choose PH as a place to scam people.

[Savemore]

I appreciate what the Philippine government has done, this is to prevent the many victims of fraud that have occurred in the Philippines.
Actually, what the Philippines SEC is doing is done by other countries whose fraud related to crypto investment is quite high.This happens
due to a lack of education regarding crypto investment, so many newbies who want to make money instantly are attracted to join ponzi
crypto projects. So the steps taken by the Philippine government are correct.

Primary concern of the government would really be the safety of its citizens thats why we do see laws on corresponding fields to protect people.Its always been a good move to see such step on telling
the public towards frauds not only limited on cryptocurrency but also in typical fiat investment schemes.

Frauds and scams is typical thing and we know if the market does involved multi-millions or billions then expect for these criminal minds will surely find opportunities to take advantage to those
people who doesnt even know on whats crypto is all about and due to human greed which had always been the weakness of everyone where offering easy money schemes
will surely hook up people.

The problem is many people have quick rich mindset wherein they easily be deceived by a lot of scammers that leads to them to lose their money. What the government did is good because it can prevent more people to be deceived by others. Scammers are using the cryptocurrencies for their own sake and it is the reason why the image of it as a whole is becoming bad. Financial literacy is also important, a certain person will not be scammed by others if he or she is really a financial literate. A money scheme can be prevented by investing in our knowledge and by becoming smart in every way.

[online73]

Hello to all. There are many different cryptocurrency fraudulent schemes now, and like any other government agency, the Philippine SEC is obligated to warn against investing in illegal cryptocurrency schemes. I will not say that this makes me very happy or disappointing, but the fact that a huge number of investors become victims of fraud - no one will argue with this. Although, in this case, I think that it is necessary to educate people more about both the negative and how to use the positive aspects of the entire cryptocurrency movement.

[goldade]

Obviously this will impair the adoption of crypto in the Philippines considering the fact that it raises fear and doubt concerning the advantages of crypto.
The message is threatening in itself as people rather avoid crypto than go to jail or pay fine.
I only hope that this does not influence other countries in placing regulations like this on crypto as it will massively affect the adoption of crypto

[arwin100]

Maybe because of this the adoption of crypto in the Philippines will be slow because we know once they have news like that came from the government people easily trust without having any research. I hope they fair about this because crypto is legit if they do more research and honestly it is good opportunity for the Filipinos people if they know the cryptocurrency.

Right now there are si many skeptical person in terms of cryptocurrency investment and I cannot blame them especially if they heard about bitcoin scams and other bad news coming from the media itself. Maybe for getting much good adoption and to at ease the fear of the people maybe the one we needed to educate first is the mainstream so that whenever there's a scam come they will be known that big coin is currency and their headlines will be corrected.

[Oilacris]

Maybe because of this the adoption of crypto in the Philippines will be slow because we know once they have news like that came from the government people easily trust without having any research. I hope they fair about this because crypto is legit if they do more research and honestly it is good opportunity for the Filipinos people if they know the cryptocurrency.

Right now there are si many skeptical person in terms of cryptocurrency investment and I cannot blame them especially if they heard about bitcoin scams and other bad news coming from the media itself. Maybe for getting much good adoption and to at ease the fear of the people maybe the one we needed to educate first is the mainstream so that whenever there's a scam come they will be known that big coin is currency and their headlines will be corrected.

When it comes to investment then we can say that there were already lots of people are already aware on such scams but there are still who do get fooled just because of too good to be true offers
on where human greed is really hard to fight on.

Adoption is on the move but we cant really stop for these frauds to exist or to those scams on where it can really be a reason for people to get hesitated on making up investments due to this one
but people will eventually learn up the truth once they do already get sufficient information and knowledge towards crypto.

[Pamadar]

Not actually banning but warning those people.

There are a lot of investing scams happening in our country and people are believing in such too good to be true schemes by the scammers. One of which is this Bitcoin Revolution that became popular for a while. In their endorsements, they are using popular artists of the country including Manny Pacquiao which is not true.

https://pia.gov.ph/press-releases/releases/1045466

People who fall for bitcoin revolution deserve it. You can't feel sorry for these people. If you burn yourself on a hot pot and then touch it again right away who is at fault?

I don't think they deserve it.

It is true that they fall to their schemes, it is true that they are lacking that "common sense" since they are not aware what that project is but they don't deserve to be scammed that is why we should help these people, in a way to inform them about these scams happening right now especially related to Bitcoin and other cryptocurrencies. I prevented my family from three scams, one of them is this Bitcoin Revolution.

The funny thing. Once they seen that someone is already gaining from this kind of scheme people are easy to be allured.

By giving some proof those greed people will jumped without digging for more information, scam can easily performed after
huge amount of money already flowing inside the system, time will reveal this. Once there's no longer joining it will collapse.

[goinmerry]

The funny thing. Once they seen that someone is already gaining from this kind of scheme people are easy to be allured.

Not just those living in average standards, but even those educated ones, rich people, or something they can afford to lose that invested amount, can easily fall on those scams. Even with the warning from the SEC itself, they ignoring it since they saw someone living proof on the big returns of those schemes. They will only stop until they experience the real scam to themselves.

A sad truth in the Philippines. Passive income at any means thru illegitimate and untrustworthy companies as long as it has payment proofs.

Typical Pinoy quote about those scam and Ponzi schemes: Nagbabayad naman a. Bakit tinatawag na scam? Inggit lang yang mga walang pang-invest.
Translation: They are paying. Why is it called a scam? These people are just jealous because they can't afford to invest.

[paul00]

~

~

Common mindset of the toxic ones in here actually. Many are showing their fakes balances in Facebook and that's why I don't believe anymore in any of my friends there about the "do you want to earn at home with just your mobile phone?". Because I know it is just like a referral crap that they're gonna give to me, and it might not be a crypto earnings but it is still the same scheme.

If seen this a lot, they stating about work from home but when you inquire the concept is the same like pyramiding earning thru comission and doing some catcha's. Before around 2014-2017 I did alot of that and I earn but nowadays it is more like a fraud.

[Janation]

Not actually banning but warning those people.

There are a lot of investing scams happening in our country and people are believing in such too good to be true schemes by the scammers. One of which is this Bitcoin Revolution that became popular for a while. In their endorsements, they are using popular artists of the country including Manny Pacquiao which is not true.

https://pia.gov.ph/press-releases/releases/1045466

People who fall for bitcoin revolution deserve it. You can't feel sorry for these people. If you burn yourself on a hot pot and then touch it again right away who is at fault?

I don't think they deserve it.

It is true that they fall to their schemes, it is true that they are lacking that "common sense" since they are not aware what that project is but they don't deserve to be scammed that is why we should help these people, in a way to inform them about these scams happening right now especially related to Bitcoin and other cryptocurrencies. I prevented my family from three scams, one of them is this Bitcoin Revolution.

I hate to say this but in order for these investors to be helped, they must experience getting scammed.

And I agree to that.

I know I am being confusing but hear me out. These people don't deserve to be scammed but they needed it to learn. I know that these people really needed the money that is why I am saying they don't deserve it but they needed it in order to learn, to wake them in this world that it is not easy. I get that.

[AicecreaME]

Good to know that the government is doing its job to take care of its people. I think they’re on the right path this time by giving a warning to Filipinos to avoid getting scammed by these unauthorized investments.

Right now, there are many cases regarding scams and frauds here in Ph. There’s this investment company called Forsage that is really widely known here in Ph to be a kind of ponzi scheme. Many fell victim to this kind of scam. Even after the news aired, there are still a lot of members continuing to invest and recruit. Maybe that’s why the SEC called the attention of the Filipinos to tell them to be vigilant from such type of organizations. I think the SEC means no harm at all on cryptocurrency community  in general and only pertains to those who are taking advantage.

However, the reputation of cryptocurrency world would be tarnished over and over again if these people would be so gullible to invest in such and blame the whole community.

I hope this would be a wake up call to those who are believing easily when they encounter and told to earn a large sum of money in an instant.  Not everything offered happen to be built on blockchain is not a scam. This is a good reminder to always be smart on where to invest your money. Like what they said, if it’s too good to be true, it probably is.

[jpnl0006]

Phillipines is regarded as a nation that is not entirely a first world nation and their poverty rate somehow is significant. I think that the SEC warning against crypto investment is necessary as the citizens might intend to jump into crypto as a get rich quick scheme and then it ends up beating their expectation.