By Ruthie DiTucci
Originally published on Facebook as “Navigating the Crypto Landscape”
We all love Elon Musk and Snoop Dogg and die hard rock fans still listen to Gene Simmons (KISS rock star). These three entertainers are quite fascinating considering they couldn’t be more different, one from the other.
Elon Musk is a consummate scientist and engineer. Snoop Dogg is a successful rapper with a 30+ year entertainment history as well as a four (4) year prison sentence and Gene Simmons is still known as “The Demon” co-lead singer and bassist in KISS.
The three of them promote and encourage DOGE Coin as often as possible. But you owe it to yourselves to learn who these DOGE promoters are and why they are working in tandem. They are members of the 1%. That’s right… not even members of the 10% but members of the 1%.
When wealthy entertainers promote Doge (or any cryptocurrency or stock), millions of regular folk risk the little money they have while those celebrities make a fortune. These influential celebrities know that when they band together, they are practicing market manipulation and benefitting from it. It’s just “a sign of the times” that the three of them haven’t been sanctioned or imprisoned.
In 2004 (which most millennials won’t remember), Martha Stewart was rehomed to the Alderson Federal Prison Camp in West Virginia for doing far less to the market than Elon Musk, Snoop Dogg and Gene Simmons are now accomplishing by speaking out for Dogecoin in the media.
The laws in 2004 and now are pretty much the same laws, but society has changed and is letting these entertainers get away with murder. Steven Segal failed to mention that he was paid to promote a cryptocurrency and they sanctioned him for the exact same amount he’d been paid by the coin he was promoting. The laws need to be applied fairly to everyone if they’re going to be applied at all.
If held accountable, the fines these “entertainer” Dogecoin lovers would pay would be insignificant when compared to the money they made as a result of a working person’s small investment.
Taking a moment to look at their bio’s might help you understand how the wealthy engage in market manipulation that affects regular working people in devastating ways. The wealthy, can pay the fines for manipulating the market and usually do just that – they just pay the fine!
Hard working men and women who have made critical mistakes in the stocks or cryptocurrency markets have been financially devastated because they may not catch up in a lifetime. The wealthy do not even notice when they suffer a $50 or $60 thousand dollar hit. A regular working person could be easily financially devastated.
Sadly, millions of hard working 9 to 5 folk, listen to these celebrities thinking that “if it’s good enough for Elon, Snoop and Gene, then it’s good enough for me too”. NOT TRUE!
Watching these short videos will help you understand what these DOGE promoters have in common with each other (since they all promote DOGE) and what, if anything, they have in common with any of us.
Here is a video explaining how Elon Musk, scientist, inventor, innovator and crypto promoter “travels”. He “shares” his private jet with Jeff Bezos, Dwayne Johnson, Robert Kraft, Cristiano Renaldo, Steven Spielberg and Oprah Winfrey.
Snoop Dogg, (charged with committing a murder and eventually acquitted) still served 4 years in prison on yet another crime. He’s been in the rap business for 30+ years. He knows everyone who’s anyone in the rap industry. He too once had a jet but poor business practices make that jet unaffordable now.
This video will help you understand who Snoop Dogg was in the past and who he is today. After you watch these videos, ask yourselves why you are allowing a rapper to guide your financial decisions.
Generally, I suggest that people read the Securities and Exchange Commission (SEC) definitions of who is, or is not, an accredited investor. It will save you time, money and heartache.
The SEC’s definition of an “Accredited Investor” is well written and easy to understand. The SEC’s definition of an accredited investor is important because everyone is not an accredited investor. Many people think they are investors (when they are not). They are also the people whose friends and relatives say they should not be anywhere near cryptocurrency exchanges, race tracks, poker games or casinos.
I realize you would rather read happy stories about people becoming billionaires on cryptocurrency and not having to look at the realities of life but you need a touch of both. One of the best reasons the SEC publishes the definition of an Accredited Investor is because far too many people that cannot afford to invest, cashed out their 401K’s and other retirement programs to buy cryptocurrency and stock.
An American 401K retirement account is equivalent to an Australian super annuation. In some countries, sales people took in huge amounts of cash and didn’t even offer a receipt. And if anyone is wondering… Those funds may or may not have remained in your country, but they never came to https://BankcoinReserve.LLC in the United States.
There were few that purchased BCR from the USA business and all those customers are well known. If you are doing your taxes, return to whomever you handed your cash to and demand to know the status of your funds. There are proper, established ways to handle funds of this nature and asking for a printed status report is a legitimate request.
Many people now playing with cryptocurrency are unaware that the laws that affect them directly have never been mentioned by the people that invited them into the cryptocurrency business because the sales crew did not want to “turn customers off” with truth and reality.
If you are going to buy crypto, do make the effort to study the crypto that appeals to your good sense and your actual family budget and examine who you hand your money to. Is the person you are handing your money to a registered financial professional recognized by your government?
- Is the person licensed in any capacity or at all? Financial professionals are duly registered in their countries and their credentials are verified.
- Do not be blinded by outrageous and outlandish ethereal sales talk. One cryptocurrency promoter told customers that cryptocurrency wallets were invisible and that cryptocurrency holders would not have to pay taxes on the wallets because the authorities “couldn’t see the wallets”. That is absolutely not true – but unscrupulous sales people flat out told that to Australian customers.
- Retirement accounts such as Super Annuation accounts in Australia can only be moved to accounts where the fund remains subject to an ANNUAL AUDIT. Some people cashed out their Super Annuation accounts and handed them over to unlicensed individuals that are not authorized to work in any financial industry in any capacity.
A person for instance that has proven to have violated financial laws are banned for a lifetime from working in any job that requires handling money and their names never come off the PROHIBITED PERSONS lists published by government agencies.
In actuality, they cannot even pump gas at the local 711 because the petrol is regulated, the beer is regulated as are cigarettes and 711 gas stations almost always sell lottery tickets – they too are regulated.
Nothing happens to celebrities or even bankers when they manipulate markets with tweets and messages in the news and on social media.
George Ball, former CEO at Prudential Insurance (and in his nineties just like Buffett) is all over YouTube apologizing for telling many people early on that crypto had no value. He is on numerous podcasts on YouTube videos telling the public he was wrong and asks for forgiveness.
When well known, wealthy people make announcements that help their own personal investments, they don’t even get slapped on the wrist. The most that will happen is that they’ll pay a fine (which they can well afford).
The current COVID19 pandemic has whole villages and cities around the world shut down for weeks (sometimes multiple times). Regular hard working people have to quarantine, constantly re-schedule business meetings, re-schedule seeing our friends and relatives (through zoom of course). The pandemic has disrupted every aspect of our lives. The DOGE promoters on the other hand are completely unaffected by the lock downs and they don’t suffer quarantines of any kind because they fly private jets.
They don’t even make cues (wait in lines) they simply go to their jet and off they go. They are not subject to quarantines or restrictions of any kind. When they take a financial loss (if at all), for manipulating the markets, they can afford to lose a few million and it won’t affect them in the least.
Working folk however can lose everything they have from just a small bad investment here or there. Not being a financial specialist of any kind, I cannot give anyone financial directions or instructions because I am not qualified. What I am offering are my observations.
So in summary, what do we have in common with Elon Musk, Snoop Dogg and Gene Simmons? ABSOLUTELY NOTHING.
They can all afford a financial loss and they’ll survive it. We working folk cannot take those risks.
And also know, that it is perfectly legal to buy and sell cryptocurrency peer-to-peer. There is no law against buying or selling cryptocurrency but do make sure to talk to your tax professional about paying the capital gains you earn in the transaction in order to pay your tax authority (in whatever country you live in).
Everyone loves Elon Musk’s irreverent disposition but when the market moves on his say so – he wins – but we lose…
And what does the cryptocurrency future hold? DUE DILIGENCE. The scrutiny governments have been preparing quietly during this pandemic season will grow dramatically and continue to be carried forward by all governments around the world.
Do not think that hiding behind a VPN (virtual private network) or a masked IP address (Internet Protocol) will do you any good. Trust that your government, whichever it may be, knows exactly who and where you are. You are fooling no one. Right now, there are millions of people who do not qualify as accredited investors yet are very vocal about their Blockchain and cryptocurrency ideas.
We recently had a participant who was unaware of the encroaching cryptocurrency laws. He very loudly suggested that everyone simply march behind him to a cryptocurrency exchange and some people thought it was an exciting idea.
What the visitor did not say was that he’s never had any financial or academic training of any kind. He merely took a free online course that was written at elementary school level and received a certificate that said “Congratulations, you are now a Cryptocurrency Expert” and he believed it.
If he were an expert, he would know the Due Diligence standards that are being established all over the world at this very moment. Naturally, we wanted to know who he was and where he came from. The fellow never mentioned that he had never actually held a job longer than 7 months (in his entire life time), that he had never graduated with a degree from anywhere or that he had been incarcerated numerous times. He failed Due Diligence at all levels.
Don’t you be foolish. Talk to your financial adviser and invest in stocks and cryptocurrencies you can afford. And don’t let your pride trip you up. If you don’t have at least a million and a half in cash on hand, after all the bills have been met, then you’re likely not an accredited investor and you should stop putting yourself and your family at risk. Not everyone should be active in the markets.
If you have the means and can take financial risks and not jeopardize yourself and your family – then welcome to the cryptocurrency world.