Philippines SEC warns against crypto investment.

[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.