Cryptocurrency market is growing good,..????

[Vaskiy]

Cryptocurrency market have been growing good with more and more number of people getting into the market. By the same time there is more and more unwanted promotion being done around. In recent days more cinema professionals who aren't good enough with cryptocurrency are promoting different projects and exchanges. Recently I saw a tweet from one of the leading Bollywood actor promoting a particular project. Is this destroying the goodness of the market or it is a necessary one.

[NeuroticFish]

Cryptocurrency market have been growing good with more and more number of people getting into the market. By the same time there is more and more unwanted promotion being done around. In recent days more cinema professionals who aren't good enough with cryptocurrency are promoting different projects and exchanges. Recently I saw a tweet from one of the leading Bollywood actor promoting a particular project. Is this destroying the goodness of the market or it is a necessary one.

The harm was done long ago. Way too many ICOs, scam coins, scam businesses (ponzis - either simple, either disguised as cloud mining) and so on were promoted in a way or another in the past years.

Now, while TV stations ill most probably not allow advertising for likely scams because they'll get sued, this doesn't happen on the internet.
Google returns ads to scams in their results.
FB and Twitter don't spend much time removing posts that are advertising likely scams.
And I talk here about all scams, not only crypto.

So, does it matter that this happens also with scams related to crypto? Not much. The harm was done long ago.

About that particular ad: we don't even know if that particular project is scam or not. Crypto is more than bitcoin. People have to understand that, people have to be wiser in clicking links and (not) believing all the advertising around them.

I don't think that such ads make any difference. Not in 2022.

[ChiBitCTy]

There is absolutely something to be said about all these rich and famous people promoting the cryptocurrency markets without having any clue what they are doing or talking about. Floyd Mayweather and Kim Kardashian come to mind immediately.  I do however think overall that it’s a good thing for bitcoins growth, even if there’s some scams being promoted along the way (what’s new).

[kryptqnick]

Are you sure it's him promoting a coin? I don't know him, but I do remember that Twitter hacks and promotion of crypto scams on hacked account is a big problem, so my first guess would be that it's scammers using his profile and even making fake posters. Or maybe he just enjoys payment for advertisements, and crypto projects can afford him this way. In any case, there's a lot of harmful advertising in various areas, and many products are useless. Perhaps it's just one of those, rather than an outright scam. In that case, people simply have to stay vigilant and be skeptical about ads, just like they always should be.

[The Cryptovator]

To be honest, new cryptocurrency projects all are just HYIP. No real value nor real uses. But I will not take this negatively promoting projects by popular faces. It's because although they aren't much familiar with cryptocurrency due to promotion they will start involved with cryptocurrency. They will research more and since they have too many fans they will enter into cryptocurrency though they weren't familiar with it from the beginning. There is a lot of blind fans who will jump into crypto just for their leader there. Let them promote and keep a role in crypto revulsion.

[Dave1]

As what others says before, "good or bad publicity is still publicity" so I guess it also applies to bitcoin and crypto as a whole.

Way back in 2017 though, we have a lot of personalities digging themselves into crypto and some of them find it the hard way though that not everything that glitter here is gold, because there could be scams and pulling some rug pulls.

So I do hope that they have learn their lessons and hopefully they are going to investigate before they allow someone to used their names in behalf of a certain project.

[stompix]

Are you sure it's him promoting a coin? I don't know him, but I do remember that Twitter hacks and promotion of crypto scams on hacked account is a big problem, so my first guess would be that it's scammers using his profile and even making fake posters.

Yeah, it's legit, (youtube video) but that endorsement doesn't mean anything, just like other projects who had all those names on it and were just cash grabs and failures.

As what others says before, "good or bad publicity is still publicity" so I guess it also applies to bitcoin and crypto as a whole.

I remember the last time Elon opened his mouth on Twitter, that publicity triggered a -30% drop, so I think we could live without events like that.

So I do hope that they have learn their lessons and hopefully they are going to investigate before they allow someone to used their names in behalf of a certain project.

Do you really think football players or actors or singers have time or are interested to investigate what they are promoting?
They have agents that do all that and all the paperwork, they just come to an event, the agent hands him a note with the name of the poeple he will talk to and what he has to say, that's why sometimes they don't even say more than two phrases because they have already forgotten what this is about. How many times I've seen "celebrities" not even knowing in which town they are holding their concert or show! Sometimes they even mistake what tv station they are live on.

[Coyster]

Recently I saw a tweet from one of the leading Bollywood actor promoting a particular project. Is this destroying the goodness of the market or it is a necessary one.

I don't really care about who's promotion what, new projects will definitely continue to come out, some of them could be legitimate, some scams, others shitcoins/pump and dump etc, but the thing is that they must find a way to promote their project, some use celebrities and other popular individuals, but crypto users should know better by now, they ought to know the risk involved when investing in a new project, and that should be enough to dissuade them and for them to choose established projects, crypto users should always do their own research, cause there is of course quite a lot of scams in the network.

[Mauser]

Is this destroying the goodness of the market or it is a necessary one.

I don't think the rise in bad projects and bad advertising is destroying the crypto msekets. It's just a side effect due do the popularity and success of crypto currencies. As with any successful sector in the economy, people will try to profit from the success of others. While for the unlucky few who fall for the bad eggs it's devastating, all the others will not really be affected. For example, the whole scam business of fake amazon emails sending out invoices, is not really hurting the business of amazon itself. As with any area of the Internet, we need to be critical and not take everything at face value.

[glendall]

I think the promotion of one coin is necessary for the sake of being known to the public, because without any promotion, the public not will know that one coin exists. Before a famous artist became an amasador of one coin, there were many hunters promoting crypto projects on Facebook and other social media,
back to the original purpose of the promotion, why was the promotion held, but if something unwanted happened from the promotion it was because of the greedy individuals

[michellee]

I think the promotion of one coin is necessary for the sake of being known to the public, because without any promotion, the public not will know that one coin exists. Before a famous artist became an amasador of one coin, there were many hunters promoting crypto projects on Facebook and other social media,
back to the original purpose of the promotion, why was the promotion held, but if something unwanted happened from the promotion it was because of the greedy individuals

Hopefully, hiring a famous artist as their ambassador can help the project to gain popularity among the other artist so they can expect that their project will succeed in the future. It is difficult for the project because at least they need to hire an artist who knows about crypto and has knowledge about crypto to explain to the public from the promotion. It is normal to see that hiring people to promote the projects in some projects. But the artist is not carefully selecting the project, their popularity can reduce because the project can not give their promising to the investors.