Philippines SEC warns against crypto investment.

[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.

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[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.