I have cold sweats reading the full story this morning.
I profiled those victims. They are not the illiterate nor uneducated. Majority are from finance sectors or professionals. Technically speaking, I could be one of those victims.
I am able to avoid a lot of alternate investment scheme in the past, such as land banking, wine, art, e-gold, fx, trees, hotels and even durian plantation, as I go to great extend to understand their revenue model. If they don’t have a convincing model, I walk away.
Few years ago was a “lady” friending me on WeChat and gave me tips to invest in specific stock in HKEX. That was not too difficult for me to spot it immediately.
The crypto craze is here. The crypto telegram channels are flashing new conversation every seconds, ending up a few thousands message at the end of my day. People are making good returns on crypto and many are simply FOMO.
I am on crypto too. Regretfully, my learning journey take longer than most people. Buying a specific coin is not as straight forward if I want to reduce my expenses. Secondly, withdrawing cash from a position take longer process time, in some cases, it takes days compared to stock market.
Hence I could be a potential victim if a local company is providing me the convenience to invest in crypto.
I believe in crypto. It is the way to go solving some of the problems we have today. However I do not believe anyone can be in it for now. For those who place a few thousands dollar and turn it to a few hundred thousands, they have done their research.
FOMO? Still want to be in crypto? Not easy way. Just need to read and learn.
Want it simple? Sure, go to ETF. At least you can assure that the fund houses listed on exchange are there flashing the prices to you every night.