🦹♂ Why Are There So Many Scammers & Shills? 🦹♂
There is a chronic shortage of information when it comes to cryptocurrency, and most of the information that exists is not all that good. This gives an unbelievable amount of power to a very small group of people. This makes shilling very profitable for them, and also allows them to cook up crypto scams that can last for months or years. Another problem is that this small group of people can’t answer every question about cryptocurrency in their content, nor could they possibly cover every single crypto project in existence. Scammers and shills take advantage of this narrow flow of information to fool people looking for answers about their favorite projects and topics.
👨🏫What Is A Cryptocurrency Shill? 👨🏫
In the context of cryptocurrency, a shill is someone who hypes up a cryptocurrency coin, token, or project because of some ulterior motive. People shill cryptocurrencies because they are heavily invested in them or because they are being paid by the project they are shilling. Whether shilling is bad depends on the effect it has. Larger cap cryptos are unaffected by shilling, and shilling of smaller cap cryptos can be okay if it is clear the project is legitimate. DYOR to check this.
💻How To Spot Shills On YouTube💻
Shills on YouTube post about unrelated topics and boost each others comments by liking them. They also come out in droves if anyone covers their project in a negative light.
🕵️♂How To Spot Scammers On YouTube🕵️♂
Investment scammers will claim they’re making big bucks with the help of some random investor. Impersonation scammers will pretend to be me (and other popular crypto YouTubers). Giveaway scammers take over poorly protected YouTube channels with a large amount of followers and promise free crypto during livestreams which feature popular people in the crypto space.
👀How To Spot Scammers & Shills On Facebook👀
Facebook groups make it easy for people to shill and run scams. An easy way to check if a Facebook group is being run by shills or scammers is to ask critical questions and see what happens. Most Facebook scams involve fake comments promising to double or triple your crypto if you send it to the provided address. Normally the fake account is using the same name as the page the comment was posted on.
🔎How To Spot Scammers & Shills On Telegram🔎
Whenever you join a Telegram group, be aware that you’re going to be contacted by a scammer sooner or later. If you post into a group asking for help, multiple scammers will reach out to you to “help”. You can also be randomly added to a sketchy Telegram channel if you have not changed your privacy settings.
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.