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Back to being a millionaire? #finance

I’ve seen a few adverts on social media about minor celebrities who have lost their riches only to find a new way to make money and return to being millionaires. The new way, it seems, is to invest in Bitcoin or some other crypto. It is an easy way to make money but only for those actually doing the ICO, the initial coin offering. I find it hard to believe this scam has gone on for so long but our politicians are involved in investment scams and off-shore tax evasion so how can we expect them to regulate the finance industry? Back to being a millionaire? I doubt it!

back to being a millionaire

Back to being a millionaire?

I doubt if they are really millionaires. They probably have a million in dodgy crypto coins. An ICO (initial coin offering) is like an IPO  (initial public offering) on the stock market. However, with an IPO, we reasonably expect the company to invest our money in the company. With crypto currency it is all speculation and trying to enlist new ‘investors’ into these dodgy schemes. They are basically Ponzi schemes, bubbles that are bound to burst. Bitcoins are now losing value against the dollar as many sell and turn to newer crypto currencies. Are the new ones a better investment? No, they aren’t even an investment.

Shares

Crypto currencies rise in value against the dollar based on promises and lies and this happens with shares too especially on the AIM market. Certain shares are found outside of the market in unlisted public companies. They are a scam too and this often works by offering investors high returns or special privileges as investors. A number of low-budget movies have been funded this way and they are almost always a flop losing the ‘investor’ their money.

AIM

The AIM (alternative investment market) is risky but there are opportunities there. I particularly like some of the pharmaceutical companies who do particularly well if their new drug is a success. However, sentiment often drives the share price higher and a setback can make it crash again. The AIM is an unstable market.

No, I don’t think there are easy ways to make a million. These ‘back to being a millionaire’ stories are a marketing ploy for Ponzi schemes that are probably illegal but the law isn’t being enforced.

If it sounds too good to be true, then it probably is too good to be true. If you would like to follow my blog just enter your email address at the top of the sidebar or follow me on Twitter for links to my latest posts.

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