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LINKS FOR ADDITIONAL READING FOR THIS VIDEO & ALL INFO IN TEXT DOWN BELOW
Vietnam ICO scams: https://tuoitrenews.vn/news/business/20180409/vietnamese-cryptocurrency-scam-allegedly-deceives-thousands-to-swindle-660mn/45001.html
Fortune Article on the scams: http://fortune.com/2018/04/12/icos-cryptocurrency-scam-vietnam/
Vietnam Government Bans Crypto: https://www.financemagnates.com/cryptocurrency/news/vietnam-latest-country-announce-crypto-ban/
There have been some news reports of what could quite possibly be the most costly ICO scam yet.
There were two ICOs actually, but they were both run by the same company in Vietnam.
Basically, here’s what happened, this Vietnamese company, Modern Tech, was hosting two ICOs, iFan and Pincoin. It really doesn’t matter what these “projects” were about because ultimately they were luring investors in with guarantees of amazing monthly returns, something like 48%, but with a catch of a required minimum investment of $1000.
Oh, they also were rewarding an additional 8% bonus commission for referring investors.
That right there should have been all the red flags these investors needed to know to stay far away from this company. For those who didn’t know any better, they quickly saw their dreams of easy returns on their investment disappear when that company Modern Tech, quit paying out in cash and instead reimbursed the investors with tokens instead, which dropped significantly in value soon after. As if that wasn’t enough to scare these poor investors, they weren’t able to withdraw their cash investments either.
What’s even more sad, yet again, not surprising, is that once these investors decided enough was enough and protested outside of the Modern Tech building, the company had already been liquidated and moved out.
The numbers being thrown around as the amount of money lost by these scams are pretty big, something like more than $650 million. Whether or not this number is accurate shouldn’t matter. I say this because of how the Vietnamese government has decided to deal with this issue. Cryptocurrencies had already been banned in this country since late 2017, but with this new development, the Vietnamese prime minister has now ordered all financial institutions to refuse processing cryptocurrency related transactions. No doubt, this incident has only solidified the decision to ban cryptos in Vietnam.
It shouldn’t be that surprising to hear of more ICOs being revealed as scams. Any situation where money and uneducated investors are involved is pretty much an open invitation for con artists to show up. So the thing with scams is that they can’t work if no one is biting. A market that is full of educated investors can work pretty well to self-regulate in this sense. So here are some quick tips for those of you who are new to this space and wondering how to protect yourself from the smooth talkers who are happy to take your money.
Avoid these at all costs:
* Guaranteed ROI that seem too good to be true
* Rewards for recruitment
* A project that claims to be a game changer, yet doesn’t even have a minimum viable product, is nothing more than potential. It can be both potentially great, and equally potentially a failure. You need to be ok with this fact, don’t invest unless you can deal with the fact that you’ll lose your money.
And it’s always to check yourself:
* Don’t invest if FOMO causes you to skip doing research
* Don’t let your greed cost you in ways that you can’t afford
* Never let yourself believe an investment will be the end-all-be-all answer to your money problems.
* If you’re not sure, ask around different communities, search out people who have more to say then the cheerleaders of that project. Search for unbiased, logical viewpoints of the pros and cons of a project.
more valuable info , can you please let me know any sites, forum or document which are helpful for find trustworthy ICO projects ?
if you can't mine it chances are it ain't legit. ICO's claim to be pre-mined trash that they just "offer" and people throw their good money after it. Then they wonder why the coin disappears?
I have been extremely lucky and somehow avoided being scammed in these new ICO exit scams. I would not call it luck as much as just being a little prepared. Some tips for everyone that I use is to check at least 3-4 sources at a minimum for news, information, and previous stories on the company and its team. I also suggest trying to locate all important team members and find their profile's online in places such as Linkedin, Twitter, etc. Read their bio and see if you can cross reference their experience with the companies they say they were working for. If they say they were a marketing director for apple, well see if you can confirm this with apple. Don't just blindly believe their statements online just because they said it, verify it! I also like to use google images and search for the photos of the team members. Make sure they are not stock photos and can be verified as real people. Don't forget, its easy to Catfish people using social media…so go to their social media pages linked to the picture and study their pages carefully. I'd love to say the market is ripe with new ICO's that will all make us rich, but it really is a time for caution and not rushing blindly into the market like we did in November 2017. I am personally only invested in a few projects right now that I have vetted…Invacio, Travelblock, Howdoo, and Zeex. I took the time to make sure I was making sound investment decisions with these companies. It's tricky though, if you don't have the time to investigate them, don't invest! just my personal opinion. Hope this helps you all out. Be smart, grow wealthy, and be happy!!!
Not really an ICO, but DeepOnion smells like a scam to me. The complete lack of even slight criticism should make people suspicious, as few things are met with 99% praise. Even when that praise is paid for, as it seems to be with DeepOnion.
This is becoming one of my favorite channels!
Avoid FOMOcoin!
At this point we know there are 3 scammers watching this video.
I'm impressed with how succinctly you deliver info to us.
Nice job!
I agree with all said but is not always correct. For example being a bounty hunter i have worked for many ico. One of them was a surprise. It was promising earnings up to 83% per year in aggressive mode (it has 3 modes) using a trading bot which when i was translating i thought that this must be a scum ico and maybe i should not translate cause i do not want to be responsible for scaming people. Yet i continued and decided to keep a portion of my bounty to see if what they r saying was true. The devs are publicly exposed they kept every promise of the roadmap, they had an already working version of the bot before the ico and you could also see it trading. Up to now the coin does what it was promising. I am very sad and sceptical about the scam icos and i think they will multiply in the near future since there is no punishment for the scammers and legit ico will suffer. I love crypto space and i hate to see scams hurting people…. thank you for your time reading this
I sure hope that ERX Ico is not a scam it's called erc20 connect a trading platform with a i and all the erc20 tokens available
Stupid creatures deserves to loose just to learn, some never learn
Due diligence can be one of the best investments
Are there any risks involved if you get airdropped some tokens from an ico which later on turns out to be a scam? Im asking that myself because its still unclear what legal status these tokens have…
well done on the video, you covered a lot of good information in a short period and got to the point, totally a learning experience for me as well, thanks again sincerely a loyal follower Exciting World Cryptos
Thanks Heidi! Very informative video.
What can you do if you already got scammed
Always great videos. I generally stay away from ICO’s. Also coins that pump regularly, have no volume or crap teams are just some of the warning signs I look for.
I SMASHED the LIKE!
Heidi are you a Nordic by any chance? xD Gahhd damn.
sergey kash
Mind u, I’m only in my early 40’s
Can’t wait til the government starts garentee the principle loans and returns, that’s when bitcoin will moon!!!!!
Every time there was a social gathering everybody would go around asking each other if they found a better garentee loan and everybody would flood to that loan. People on welfare was getting in on it too.
You could buy furniture with just the white paper as proof every month someone was getting ride of old furniture and buying new, they would leave there crap out in the sidewalks and when the bubble pop in late 80’s to early 90’s. Homes were foreclosed on, everything was just dumped onto the streets.
It was callled the 80’s thrift bubble.
The 80’s savings and loan bubble started out like this, only difference is the banks where doing the lending. I remember people buying a home with just the white paper as proof. I remember long lines at the banks at the beginning of the months for people waiting in line to collect their garentee loans every month
Каковы общие перспективы для воска? Вчера я получил жетоны из их десантный воска.вчера сообщество сейчас я думаю о времени их выбытия. Это лучше делать сейчас или подождать до конца года?
FUCK!!! She did it again… Smashed out all the required content in less than 4 minutes and 4 seconds…. 2 minutes at 2x speed ;^) . I know it's harder to make quality content like this but Heidi still manages to get it out nearly every day. Unfortunately this channel doesn't get the attention it deserves. Maybe some more click baity type titles will do it Heidi? And maybe even venturing into a news reporting style format like Omar and Ivan. That seems to have worked wonders for them… Oh and telling people to "smash the likes, subscribe and the bell buttons" over and over and over and over and over and over 😀
thanks again, could we have a change to the opening music, say some country and western ?
<3
?
I'm thinking of just playing it "safer" by just buying Bitcoin and Litecoin.
??