Philippines SEC warns against crypto investment.

[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.

[1714745072]

1714745072

[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.