Where are all these Cryptocurrency Scams coming from in India?steemCreated with Sketch.

in steemitlife •  13 days ago


I was currently reading some Online articles and came up with a Scam Warning which was targeted to Indian Users. Apparently, there was a Big Scam that was going on in Mumbai, India where the Perps were selling some KBC Coin to potential Investors in hopes of getting a huge return on their Investments. Now the Media is portraying this as a Cryptocurrency Scam but this seems to be just another normal Scam the only difference here is that the Perps were offering some Tokens which had nothing to do with Cryptocurrency.


Now the question which came to my Head is Where are all these Cryptocurrency Scams coming from in India? as I was most certainly unaware of any of these Coins until the Media showed these as Scams. If I recall correctly there was another similar case in India called the Gandhi Coin and there were a few more before that but I had Zero knowledge about any ICO's of these Coins. So how come they were able to get so much Money when there was basically no proper Marketing done.


The Answer which I came up was pretty simple. Before Cryptocurrency was in the Picture Scammers used to Sell False Hope and Huge Returns as Stocks to a Company but now those same Scammers are selling the same False Hope and Huge Returns as Tokens. The Scammers are the same only the Product they are selling has changed. It has nothing to do with Cryptocurrencies period. The thing that the people need is the Knowledge of Blockchain and Cryptocurrency that would be the only way for normal people not getting Scammed. I really hope in the NEar Future People get the Knowledge of Blockchain first before Investing.


Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

Thanks for using eSteem!
Your post has been voted as a part of eSteem encouragement program. Keep up the good work! Install Android, iOS Mobile app or Windows, Mac, Linux Surfer app, if you haven't already!
Learn more: https://esteem.app
Join our discord: https://discord.gg/8eHupPq