Since the dawn of time, humankind has been cursed by charlatans and snake oil salesmen. The rise of Cryptocurrency may have given them a new product to peddle, but the rules of protecting yourself remain unchanged, writes David Crossley of BDO Wealth Advisers.
Some time ago, I wrote an article entitled “Beware the Snake Oil Salesman.” This dealt in some detail with the gullibility of people when faced with what appears to be a “not to be missed opportunity” to get rich quick or to own something unique or precious. I talked about Ponzi schemes and the temptation of the seemingly fantastic returns offered by such salesmen.
Fast forward a few years and we are being assailed on all sides by articles and explanations explaining how Cryptocurrency works and how the Blockchain method of security will create a “Hack-proof” platform for future investments.
Much of this content also mentions the amazing returns that can be achieved…