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Author Topic: Crypto YouTubers are all financial advisors  (Read 329 times)
Outhue (OP)
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January 31, 2023, 05:03:23 PM
 #1

If someone is not a financial advisor and still go live on Youtube or Twitch to talk about how they make money investing in a project or two what does that make them?

Aren't they supposed to keep their financial advice to themselves if they don't want to be a financial advisor? Yeah, I think the perfect way to stay away from been a financial advisor is to keep your ideas to yourself, don't say a word about it.

Oh, I almost forget, it pays to be a YouTuber, you need a niche to talk about per se, and it's very easy to talk about a project even if they are going to ruin your life, the secret behind this people is you, the only ways crypto YouTuber makes money is shilling their crypto bags and waiting for new buyers, it's two ways to make money for them, YOUTUBE and CRYPTO BAG..


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January 31, 2023, 08:40:40 PM
 #2

The thing is, as a crypto investor do not take any individual as a financial advisor, or an expert in crypto trading/investing; if you take investment advise from people you are basically investing in what they have invested in, because they would try to pitch the coins in their portfolio to you, so as to pump the project/coin.

Having said that, the only way to go about investing/trading in crypto is to DYOR and be responsible for whatever would be the result of your investment decision.



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January 31, 2023, 08:48:19 PM
Merited by mprep (5)
 #3

If someone is not a financial advisor and still go live on Youtube or Twitch to talk about how they make money investing in a project or two what does that make them?

Attention whores, scammers, wanna-be traders, "influencers" living off ads?  Cheesy

Aren't they supposed to keep their financial advice to themselves if they don't want to be a financial advisor?

If you know your advice might suck, isn't it better to earn from clicks and ads and putting somebody's else money at risk? If you nail the predictions you get more views and more money if you fail completely and nobody likes you anymore at least you didn't also lose your home trading. Think of selling books on how to win the lottery!

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January 31, 2023, 08:51:20 PM
 #4

Aren't they supposed to keep their financial advice to themselves if they don't want to be a financial advisor? Yeah, I think the perfect way to stay away from been a financial advisor is to keep your ideas to yourself, don't say a word about it.
...
Oh, I almost forget, it pays to be a YouTuber, you need a niche to talk about per se,
You have the question and the answer.
YouTubers and "influencers" are paid to shill projects to their audience and hope they buy into it. And you don't assume someone to be a financial advisor cause they made a couple of videos talking about the potential outcome of an investment. On this forum price speculation is talked about a lot, and we discuss what the future of Bitcoin is going to be, that doesn't make the users here advisors, does it?

You can't expect people to stop doing what they profit from, you can only advice investors to do their own research.

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January 31, 2023, 08:58:36 PM
 #5

One thing we must understand about YouTubers is the fact that they're all chasing the bag and doing anything to attract and call the attention of their niche is all that truly matter to them and with that behind your mind, you'll always have the zeal to do your own research (DYOR).

If you read the description, there are one or two ways they try to out a disclaimer on the video and Laos stating that what they're doing isn't a financial advice a d I'm also in the stand point that just stating that the video isn't a financial advice shouldn't be a yardstick to freedom because they've already the trust of their followers and posting sure projects, their followers might wan to give it a trial and at the end loss money.
So who ever makes a video giving advice and opinions about any project should help responsible as well and I'm sure that this measure will really help

R


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January 31, 2023, 09:18:37 PM
 #6

Why stop only at youtubers? Bloggers, podcasters, twitter accounts, news sites and so on aren't that different too - if you are not paying for it, you are the product. In the world of regulated assets financial advisors must obtain a license to operate and they face punishment if they intentionally mislead their customers. Crypto advisors aren't regulated, they can easily promote scams to their customers and not face any consequences.
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January 31, 2023, 10:57:21 PM
 #7

If someone is not a financial advisor and still go live on Youtube or Twitch to talk about how they make money investing in a project or two what does that make them?
That makes them nothing. They are just a random guy who got lucky investing in a project. Youtube doesn't make them financial advisor.
Quote
Aren't they supposed to keep their financial advice to themselves if they don't want to be a financial advisor? Yeah, I think the perfect way to stay away from been a financial advisor is to keep your ideas to yourself, don't say a word about it.
A little note in the video that mentions 'this is not financial advice' allows them to talk like experts, and they actually convince their followers by their content to get into the project they get paid from.
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January 31, 2023, 11:13:08 PM
 #8

If someone is not a financial advisor and still go live on Youtube or Twitch to talk about how they make money investing in a project or two what does that make them?

Aren't they supposed to keep their financial advice to themselves if they don't want to be a financial advisor? Yeah, I think the perfect way to stay away from been a financial advisor is to keep your ideas to yourself, don't say a word about it.

Oh, I almost forget, it pays to be a YouTuber, you need a niche to talk about per se, and it's very easy to talk about a project even if they are going to ruin your life, the secret behind this people is you, the only ways crypto YouTuber makes money is shilling their crypto bags and waiting for new buyers, it's two ways to make money for them, YOUTUBE and CRYPTO BAG..


Every teenager who got lucky and made money from crypto and nfts now consider themselves to be financial experts. It annoys me when I see kids who play video games on Twitch, they have no background in finance, know very little about decentralized finance but for the sole reason that they made money from a pump they consider themselves professionals and give tips to others how to become successful like them. It’s SBF all over again.
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February 01, 2023, 02:18:03 AM
 #9

They're not financial advisors despite how much they want to portray that they are. Saying that they're financial advisors is like saying that I'm an engineer because I built a house on Minecraft.

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February 01, 2023, 02:31:29 AM
 #10

If someone is not a financial advisor and still go live on Youtube or Twitch to talk about how they make money investing in a project or two what does that make them?
If you are an expert in any area, you don't have to show yourself on Youtube. Mostly successful people like this want to have spare time, freedom and they can share their knowledge when they want but not with any regular basis like 1 video daily, weekly.

Especially if you are free financially, very successful financially, you don't waste time to make videos on Youtube.

Exceptions are only if you have love with videos and obsessed with sharing knowledge, technical support and advice to community. You want to give away your knowledge and if you are clever, you can realize that such Youtubers will mainly share video about knowledge, technical things than shilling projects.

It is very easy to watch videos and feel that Youtuber is shilling a project but not focus on knowledge. If you watch that Youtube channel playlist and find more similar videos, let's ignore that Youtuber.

I only follow one cryptocurrency Youtuber, Andreas Antonopoulos: https://www.youtube.com/channel/UCJWCJCWOxBYSi5DhCieLOLQ

R


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February 01, 2023, 08:54:29 AM
 #11

<…>
Not that I think it will get too far, but in light of all this wave of so called crypto influencers or alike, Spain has started to try to enforce rules to go by. Recently, the CNMV (National Securities & Exchange Commission), stated that they have reached out to 50 national influencers that were promoting crypto advice without the necessary background (it seems that they have to know what they are talking about, bear objectivity, and assure there are no conflict of interests in their doings).

As an initiative, It’s really a drop in the ocean though, and may only have a chance of influencing (pun intended) large national influencers. We still need to see it actually leads to something concrete, which is pretty uncertain.
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February 01, 2023, 09:03:52 AM
 #12

Oh, I almost forget, it pays to be a YouTuber, you need a niche to talk about per se, and it's very easy to talk about a project even if they are going to ruin your life, the secret behind this people is you, the only ways crypto YouTuber makes money is shilling their crypto bags and waiting for new buyers, it's two ways to make money for them, YOUTUBE and CRYPTO BAG..



Most of the youtuber gain money from their content profit and not with their crypto bags. They are just using the crypto content to attract viewers since that’s what most people want to watch and not the boring 1hr video explanation about proper investment.

Their content is obviously don’t have any good advise for investment purposes but only for entertainment to let the viewers hook on their content. I don’t see anything wrong with these since youtube is not an educational platform so content creator can post whatever they want to entertain all viewers since that platform is a social media.

.
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February 01, 2023, 04:41:09 PM
 #13

<…>
Not that I think it will get too far, but in light of all this wave of so called crypto influencers or alike, Spain has started to try to enforce rules to go by. Recently, the CNMV (National Securities & Exchange Commission), stated that they have reached out to 50 national influencers that were promoting crypto advice without the necessary background (it seems that they have to know what they are talking about, bear objectivity, and assure there are no conflict of interests in their doings).

Quote
However, other persons who are subject to certain minimum requirements may also produce and disseminate
recommendations. When such persons present themselves to the general public as having experience or knowledge regarding financial
instruments and the market, or are perceived as such by market participants, the regulations qualify them as ‘experts’, thus being
subject to additional requirements.

This looks like a mess, they will only need to meet those requirements if they are presenting themselves or are perceived as professionals., it would be peanuts to avoid such things and easy to win in court if they are ever charged.

The SEC has been doing it far easier, you promote something and you don't disclose you're getting paid by it:

Quote
"The federal securities laws are clear that any celebrity or other individual who promotes a crypto asset security must disclose the nature, source, and amount of compensation they received in exchange for the promotion,"
We all know how it ended with Kim, 1.2 million fine for takign 250k and three years to stay out of promoting crypto.

As for advice in general and not shilling, it's pretty hard to quantify those, there might be guys who nailed every price change last year and now they are not sure what day is tomorrow, even if one has the trading background if he sucks completely how do you deal with this?

.
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February 01, 2023, 04:49:29 PM
 #14

I only can say one thing, and this its.....

If you make so much money from your management of the money or your big brain in finance..... why do you need to make a YT channel or sell your course?

Yes because you are a liar and you dont make any big money from there, and your big money comes from another tube, b ut you hide it and show like it comes from your good financial management.... pure shit.

No man in the world or maybe a few  can be so altruistic to share with all the people in the world the holy grial to be rich... if they have that.

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February 01, 2023, 04:50:12 PM
 #15

I do not think it is inherently bad to create YouTube videos explaining how you turned nothing into something.  Or sharing your portfolio with others.  And I definitely do not consider this financial advice, as long as the person behind the video does not share ideas such as 'we are going to the moon', or 'this will never fail'.

Here is the problem though.  They are doing exactly that.  They are sharing financial advice and only mentioning NFA at the beginning (or end) of the video to avoid covering themselves up in lawsuits if their advice fails miserably.  And most of the time, unfortunately, it really fails.

I sometimes watch such videos.  Interesting to see how others view the market.  But I never take it as advice.  Just as an opinion.  I make my own opinion and choose things all by my own.

-
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February 01, 2023, 05:00:07 PM
 #16

If someone is not a financial advisor and still go live on Youtube or Twitch to talk about how they make money investing in a project or two what does that make them?
...

and now crypto youtuber and twitch, quite a lot of them have switched to tik tok too LOL. their goal is clearly seen to make some money from all the platforms that could potentially make them money with the videos or content they create.

Oh, I almost forget, it pays to be a YouTuber, you need a niche to talk about per se, and it's very easy to talk about a project even if they are going to ruin your life, the secret behind this people is you, the only ways crypto YouTuber makes money is shilling their crypto bags and waiting for new buyers, it's two ways to make money for them, YOUTUBE and CRYPTO BAG..

many of the crypto youtubers who make shillings or recommendations on a token (NFT - memetoken) which actually have the goal of helping pump those assets, especially those that already have a lot of viewers and also subscribers, they must first buy the tokens that they will make content ( shilling) on their youtube - twitch or tik tok account, then sell that token/crypto asset when the price goes up.



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Rainbot
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February 01, 2023, 05:26:43 PM
Merited by fillippone (2)
 #17

If someone is not a financial advisor and still go live on Youtube or Twitch to talk about how they make money investing in a project or two what does that make them?
If they don't say they are financial advisors, then they aren't... Besides FAs are professionals in their field and not self imposed! Anybody sharing their story of how they made money really isn't financial advise, but rather sharing some inspiration and motivating someone out there Roll Eyes

Aren't they supposed to keep their financial advice to themselves if they don't want to be a financial advisor? Yeah, I think the perfect way to stay away from been a financial advisor is to keep your ideas to yourself, don't say a word about it.
If someone said they are financial advisors and you took their word for it and in the end lost out.. You can actually such a person that's why many declare not  to be one.

Oh, I almost forget, it pays to be a YouTuber, you need a niche to talk about per se, and it's very easy to talk about a project even if they are going to ruin your life, the secret behind this people is you, the only ways crypto YouTuber makes money is shilling their crypto bags and waiting for new buyers, it's two ways to make money for them, YOUTUBE and CRYPTO BAG..
Many use these platforms to shill projects they have an interest in, and once price goes up they usually dump their crypto bags to jump ship and leave the customers they are onboarding with bags of shitcoins with a few success stories. Which is why we need to be smart about investments by doing our due diligence.

R


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February 01, 2023, 05:39:28 PM
 #18

~
Oh tell me about it, even in Twitter. Most of the crypto users I read there are purely "eXpErt crYptO adViser" and that is why I stay away from Twitter and Youtube when it comes to crypto. The thing is that it does not work for everyone. You could only advise so much that it is pretty much a common sense in handling your own money properly.

Considering that monetization is a thing and like goose chase for many Youtubers out there, I am not surprised that there are many bad advisors in that platform.
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February 01, 2023, 07:47:58 PM
 #19

They are advising you because they say buy this, buy that or if I had the money I'd buy this now because it's good, not a financial advice.

That's all so stupid. It's like you were talking to a person of the same sex and saying you're so pretty, I get horny looking at you, if I had a free apartment right now I'd invite you in for the night, by the way, no homo. Smiley

They include this in their videos because some stupid laws require them to but it doesn't change the fact that they're making people buy these shitcoins or put money on scam platforms. We all know who was shilling FTX so I won't even put their names here.
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February 01, 2023, 07:58:30 PM
 #20

Be careful with the so called Crypto-currency YouTubers or any other social media platforms influencers claiming to be YouTuber those guys gives a lot for the bag(payment) they are always influencing coins that would be in their interest.

I would have failed if I had actually believed in Crypt-currency YouTuber who claimed to be a successful crypto trader and it turn out to be a plot to get me scammed.
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