Philippines SEC warns against crypto investment.

[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.

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[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.

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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?