BaitCoin

While it is said that there are much financial opportunities to be gained in the cryptocurrency world, there are as much fraud if not more. This is because scammers have become more sophisticated in their modus operandi. If there were countless frauds committed in times past even before the advent of cryptocurrencies, how much more so now that everything is virtually online. A fraudulent company can come up with a compelling story, form unscrupulous tech guys to concoct seemingly-sound technology, and blatantly market to those who are poorly informed would be investors.

While scams can be annoyingly unavoidable, we do not forget that many people are subject to greed. By appealing to a greater income potential, even the most seemingly sound-minded person can succumb to his greed, thereby taking a plunge into an investment that may look legitimate from the surface. All reason can be thrown out of the window when and if greed kicks in. People may be attracted by the glittering returns on their investment.

One particular person who otherwise would have been considered a rational thinker but gave in to the thing called FOMO (Fear Of Missing Out), was Sir Isaac Newton. Yes, you heard (or in this case read) it right. The knighted science genius fell into the trap of greed. He lost several millions of dollars. For a detailed discussion of this, you can click the link here: https://www.businessinsider.com/isaac-newton-lost-a-fortune-on-englands-hottest-stock-2016-1

Have you read the article sited above? I hope you have. If you haven’t go back and read it. Please do read it. Oh well, who am I to force you to understand the story of why and how a seemingly-rational thinker like Isaac Newton fell into the trap of greed? We shall move on, then. But I still hope you will read it. Just come back to this paragraph after you have consumed it. Oh well, I give up now.

The theme of this post is called Baitcoin. This is because we can parody Bitcoin with a twist. People can get “baited” by smart scammers. There are cryptocurrencies out there that may look genuine to an untrained eye. But these coins actually are nothing more than air, no substance at all. They are like vacuum, so empty like the black hole that indiscriminately sucks everything. It doesn’t recognize whether the fund is from a recently-retired government employee just looking to invest in something worthwhile.

The dangers from these so-called fake coins are real. This is because cryptocurrencies are not heavily regulated, if at all, by government regulatory institurions such as SEC (Securities and Exchange Commission). Therefore, you are left on your own to filter the chaff from the wheat, so to speak.

How can you determine, then, whether a company in the cryptocurrency world is legit or not? You can learn from this exhaustive list from investopedia.com https://www.investopedia.com/tech/how-identify-cryptocurrency-and-ico-scams/

The article above methodically guides you on the steps. One particular step that I like, among others, is to analyze the whitepaper carefully. According to investopedia, a whitepaper “is an informational document usually issued by a company… to promote or highlight the features of a solution, product, or service that if offers or plans to offer. It is like the constitution of a state.” for a detailed explanation, please click another link here: https://www.investopedia.com/terms/w/whitepaper.asp

For you to understand NEAR Protocol’s whitepaper, here is the link: https://near.org/papers/the-official-near-white-paper/ Here you shall see how detailed the plans are of NEAR to achieve its purpose. The fact that NEAR has stayed this long implies that it is a legitimate company with its visionary founders, world class development team, and cutting edge solution to blockchain.

Now if you had invested in NEAR several years ago, you would have profited from it. But since the time machine has not been invented in real life yet, you can start investing in cryptocurrency’s ICOs. You are on your own, though. But if you still would like to know more about the exciting news that is happening in NEAR these days and in the NEAR future, pun intended, of course, stay tuned for more.

Or you can visit our site at https://nearguilds.com/news/ for the most exciting updates.

See you in the NEAR future!

Photo Credit: https://www.pexels.com/@toulouse?utm_content=attributionCopyText&utm_medium=referral&utm_source=pexels

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store