With every revolution comes opportunities, and with every opportunity comes opportunists who would want to take advantage of people with limited knowledge. This is why anyone looking for new or alternative opportunities to make money this period needs to be extremely careful.
In our previous articles, we established the fact that there is an ongoing revolution in the way that people work and try to make money. The fallout of the Covid-19 pandemic is quickly introducing the world to what we referred to as “new normal”. Various governments are already lifting the total lockdown and restrictions, but not without some technical adjustments.
How people relate and interact is subject to some wholesale changes, meaning that there will be adjustments in how jobs are executed. This development is expected to have a ripple effect as to how businesses will be run going forward. It will also have an impact on which industries will either go underground or explode. Depending on which side of the divide that you find yourself, the consequences could be quite dramatic.
For those who will end up seeking new opportunities in order to make money and sustain themselves, this could be a period of walking on eggshells. If this is where you belong, then you owe yourself the responsibility of properly scrutinizing these opportunities. Otherwise, you may fall into the hands of fraudsters who already have their fangs out and searching for who to exploit. The fact that most of them operate from remote locations makes the new terrain even more dangerous.
Most of the tricks used by the marauding fraudsters aren’t entirely new. However they can be so smooth that you could get carried away, and before you know it you are neck deep into the maze, losing a lot of money in the process. Here, we will explain some of the tricks that you should totally avoid, unless you don’t care about losing your money.
Many of the deceptive schemes come with optimistic claims and in forms that are similar to the ones explained below:
Trading Investments With Exaggerated ROI
There is the saying that when an investment opportunity looks too good to be through, chances are that it is too good to be true.
No expert trader who is actively involved in the markets will tell you that it is one of the easiest careers to be involved in. Being able to predict market direction comes with a lot of knowledge, skill and intuition. It requires so much mental investment and calculative risk management techniques.
Environments linke FOREX, Commodities and Cryptocurrency markets are so volatile that without a frugal risk management technique, you can lose an entire portfolio in a matter of seconds. As a result of this level of risk, which is born out of the high market volatility, the promise of high return on investment (ROI) must be taken with a pinch of salt.
This is the main reason why we have witnessed so many exit scams in the ecosystem. Amateurs who basically gamble in the markets with limited knowledge, after getting lucky a few times claim guru status and burst into communities to look for who to rip off.
One question that you must ask yourself is this…. If these guys are as good as they claim, why then would they need your money to trade? Afterall, they could have simply turned over their little capital several times and made a fortune for themselves.
Subscription For Trading Signals
This scheme is not very much different from the one already described above. Most of the time, they are perpetrated by the same group of scammers. They require you to subscribe for signals to enter and exit trades, while you pay them regularly for making such calls.
Don’t get it wrong here, as there are genuine services in this category that are provided by seasoned experts. This is where the onus falls completely on you as a subscriber to properly research and investigate. Search out the track record of the signal giver and history as a trader. Study how long he/she has been in the industry and what they’ve been up to. Also be aware that some of the reviews and evidence that they provide can be doctored. Hence, it is up to you to do your homework.
Similar to the earlier described scheme, certain questions must be asked, especially for those putting pressure for you to subscribe. If the signals are so perfect, why don’t they simply use them to turnover their capital and make tons of money? Hence, if a vendor appears to be desperate in seeking your audience, it could be a sign for you to tread more carefully.
Ponzi Schemes and Multi-Level Marketing
Ponzi schemes have become a universal tool for exit scams in the financial sector. Several programs have sucked unsuspecting investors, only to disappear with people’s money when the setup runs out of gas.
These programs take advantage of the beautiful tool of crowdfunding and end up abusing it for personal gains. Therefore, when you come across an investment program that requires you to encourage family and friends to bring in their money so you can get paid, then you need to look more closely.
Ponzi schemes are different from referral programs. They are entirely two different things. Referral programs compensate users for attracting customers to a giving service or product in terms of commission. They are used as marketing tools by a lot of projects and businesses. On the other hand, ponzi schemes are mostly pyramid structures that ‘rob Peter to pay Paul’. They have a life-span after which a lot of participants are left with huge losses.
It’s Never Late When You Get It Right
Therefore, if approached by any of such investment programs, it is up to you to carry out proper due diligence in order to determine whether you are actually going to earn commision from selling a product, or setting yourself up as an ignorant fraudster on the web. Ponzis always run out of gas in the long run, and participants are left with regrets.
The internet is a highly accessible marketplace, moreso the cryptocurrency industry, which is a decentralized ecosystem. If you are patient and look closely enough, you will discover that nothing is actually hidden. All you need is the right information and some essential education. As a matter of fact, you should appreciate more the one who promises to teach or guide you into learning how to make things workout rather than the one promising to make you some unrealistic fortunes.
Opportunities to make money from home abound all over the internet. There are tons of opportunities that we will not be able to cover in this article. However, our focus here is to help you stay safe and protect your wealth from the wolves in the marketplace.
Do not allow desperation to become your undoing. Ignore anyone who tells you that Bitcoin and cryptocurrencies are about to surge and you may miss out on the opportunity. This is not the first time that the cryptocurrency market has exploded. More explosions still lie ahead and opportunities will always be there to take. Your primary focus right now should be on education. Learn the industry that you are venturing into and keep your money in a safe place while you are at it.
It is better to get in late and get it right than to get in early and miss it all.
Iyke Aru is a seasoned author and educator in the blockchain and cryptocurrency industry. He has been in the business of crypto content writing for many years with thousands of his articles across several platforms on the internet. Iyke is based in Nigeria where he stands out as one of the most informed and credible figures in the cryptocurrency industry. Outside blockchain and crypto, you will most likely catch Iyke playing or discussing football with friends and family.