Thanks @malonespeaking for having @uspirg on today to warn people about crypto scams. The tale of the Solon lady who lost $600,000 is heartbreaking. Consumers need to realize crypto is not regulated the way bank deposits are. At best, crypto is more like an investment. (THREAD)
@malonespeaking @uspirg The most important takeaway: People shouldn't put money in or sign ANYTHING they don't understand-whether it's an investment or a contract or the fine print on a website that asks you to agree to terms & conditions. You know many people investing in crypto don't understand it (2)
@malonespeaking @uspirg Regulators consider most cryptocurrencies to be securities (investments). But not all are, meaning they're unregulated right now. Crypto is such a big concern that both Democrats & Republicans in DC believe more oversight is needed. @edmpirg @APforz uspirg.org/blogs/blog/usp… (3)
@malonespeaking @uspirg @edmpirg @APforz Also, folks should realize their investment is crypto could become worthless overnight. Crypto exchanges are selling these complicated products via apps that often look like video games. @edmpirg @APforz uspirg.org/blogs/blog/usp… (4)
@malonespeaking @uspirg @edmpirg @APforz People smarter than me say many crypto investments are Ponzi schemes. Early investors actually get paid so they can swear it's real. The money comes from new investors. Those new investors may get some return, if there are more new investors. At some point, the music stops. (END)
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