Never Give Up Your Crypto for Possible Future Gains via Ponzi, MLM or HYIP Schemes.
Crypto Thoughts by Randy Hilarski.
We have all seen promises of huge profits if you hand over your Bitcoin or Ethereum to a third party. Even I fell victim to a few of these schemes early on in my crypto currency journey. Looking back I would not take the same path. I have learned over the last four years that the best path to take with my crypto currency is to hold it in my hands.
I have invested my Bitcoin in Genesis Mining, Bitclub and even a few shady HYIP scams. None of these programs have come close to approaching the profits I would have realized if I just held my Bitcoin.
My biggest concern is not having control over my crypto currency. I should have known that handing over something of value to me will never be taking care of, as good, by the third party as it would if I just held it myself.
I see people promoting things like Bitconnect, USI Tech and other 3rd parties that would love to get a hold of my Bitcoin. I cringe every time I see someone promote this garbage. STOP, you are hurting the community.
9 Reasons Why I Don't Recommend Handing Over Your Crypto Currency to Third Parties Promising Big Gains or Future Payouts.
- You run the risk of losing it due to bad security on the part of the third party.
- If something goes wrong do you really want to deal with customer service to recover your money?
- When you invest your hard earned Bitcoin in third party projects you no longer hold your keys.
- You miss out on all Bitcoin aridrops. I missed out on a ton of Bitcoin Cash, Bitcoin Gold etc.
- Becoming a Crypto enthusiast means you are taking responsible for your own financial future.
- Do you really trust these third parties?
- Never make decisions based on greed in Crypto.
- Companies and websites disappear all of the time.
- When you are new in Crypto, companies will prey on your lack of knowledge.
If Something Requires That You Turn Over Your Crypto, I Recommend You Think Twice.
Excellent post, Randy! This needs to be said over and over again and then repeated again.
If you don't control the private key, you don't own the cryptocurrency.
We have to get people into the new financial paradigm of controlling their own stores of value. We have to help educate people and give them the confidence (and the technical capacity) to be their own bank and control their own stores of value. Stuff like this gets me fired up to get back to my understandingblockchainfreedom project. :)
hear hear!
You gave excellent reasons why not invest in other wage options. I'm really pleased with Bitcoinconnect,
I like to risk money, I play - nothing is certain in this world.
Sensational post. Your warnings should be heeded by all.
It is sad that people fall victim to these schemes yet it is understandable. Greed is a tough thing for anyone to resist and these entities are very good at using this to their advantage.
Bitcoin is the grandddaddy of all coins and, in my view, will remain such. There will be only 21M in total supply meaning that as more people start to enter this realm, each coin is extremely scarce. Any coins that these entities get out of a person is another coin they free up for themselves.
Than you for the reminder that I am best off keeping all my bitcoin instead of trying to "put my BTC to work".
Just HODL.
Excellent post, well i also hate those HYIP sites and ponzi schemes because they promise so much but at the end they runs away by taking the peoples money, i agree with your points holding bitcoins is more beneficial then investing in such ponzi schemes, thanks for sharing the nice information with us, Stay awesome.
HYIP, PONZI & MLM are mostly affiliate programs which are handling by scammers. Excellent article & nice information you have provided to Steem community. Those points are really useful for all of us~
excellent article & useful guidance for all crypto investors & lovers. impressive work @hilarski
@resteemia
Yes we have to try to invest in projects with value and try to avoid ponzy icos or pages. Regards
Hello @hilarski,
Extraordinary good article with valuable information. Never trust 3rd Parties, keep BitCoin if you can't trade it. Nice post.
~@mywhale
You are very right. No need of handing over our bitcoin to third party. Thanks for sharing such a wonderful information @hilraski.
I cannot acceptable Ponzi, MLM or HYIP Schemes for cryoptos. These currencies have not lot market cap more than cryptos. You give nine facts Why I Don't Recommend Handing Over Your Crypto Currency to Third Parties Promising Big Gains or Future Payouts? I appreciated it @hilarski. Absolutely agree your nice points. You always try to share your invest experience with us. I again tell you Bitconnect like as garbage. Best one is crypto market.
Resteemed.