Philippines SEC warns against crypto investment.

[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.

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[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.