SEC Urges Investors to be More Careful with Cryptocurrencies 267

SEC Urges Investors to be More Careful with Cryptocurrencies

This week the website of the Securities and Exchange Commission (SEC) posted an article warning cryptocurrency investors about investing in cryptocurrency assets. The other day the head of the education and advocacy department of the SEC, Lori Schock, wrote an unofficial post addressed to average investors. The message begins with a situation that occurred in one of the homes for the elderly, where Laurie gave a lecture on investing. An elderly woman approached her and asked: “My children keep telling me I need to hurry up and invest in Bitcoin is it safe, have I already missed the boat?”

Even though not only elderly people, but also various businessmen wishing to invest millions into any cryptocurrency project, are interested in investment issues, Lori Schock says that she can not give instructions on investing into Bitcoin, or any other cryptocurrencies and projects, but only provides some advice on some issues that should be considered when deciding whether an investment is suitable for you or not.

Lori emphasizes that any investment into projects related to cryptocurrency is not subject to the SEC protection laws, and reinforces her warning by the statement of the SEC chairman Jay Clayton:

“You should understand if you lose money there is a real chance the SEC and other regulators won’t be able to help you recover your investment, even in cases of fraud”.

After that, Lori Shock also stated that investors do not conduct proper research before investing, and in most cases they trust advertising and hype around the project which they want to invest into. In particular, now it has become popular to show famous actors investing into cryptocurrency, because most of their fans believe such advertising unconditionally. An example is the recent PR-campaign of an ICO, which hired actor Steven Seagal to promote their project. 

To sum up Lori Schock says:

“Cryptocurrencies may be today’s shiny, new opportunity. Proceed with caution, do your research, evaluate your financial goals and most importantly, do not flip a coin when you’re making investment decisions”.

 

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Cryptocurrency Prices: Insignificant Growth in the Currency Rating 50

Cryptocurrency Prices: Insignificant Growth in the Currency Rating

According to the trading portal Coinmarketcap.com, Bitcoin (BTC) rose by 0.46% in the last 24 hours. The price at the time of writing is $8315.

The indexes are growing, cryptocurrencies are in the green zone again, although the increase in the rating is no more than 8% of the cost. Ripple added 1.25%, Monero increased by 3.06%, Stellar added 1.32% to the value, EOS rose by 7.30%. Litecoin grew only by 0.43%.

Ethereum is showing an increase by 1.42%. Its value at the time of writing is $704 per coin.

The total market capitalization is $383 billion. Bitcoin accounts for 36.9% of the total amount. It is $141 billion in monetary terms.

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Organizers Used Fake Lamborghinis to Attract Attention to the Consensus 2018 117

Organizers Used Fake Lamborghinis to Attract Attention to the Consensus 2018

Organizers of the conference Consensus 2018 in New York held a kind of promo-action by parking a “Lamborghini” in front of the entrance to the building, where the event was held. The vehicle was provided by the company Broadway Supercars from New Jersey. This has been reported by the CNBC channel.

The point of this was to pass the cars off as the transport of Bitcoin and cryptocurrency investors. As a result of an independent investigation it also became known that the last two Lamborghini vehicles belong to the owner of the renting company, John Nouri.

“We do a lot of this for a lot of companies all the time. It’s an attention grabber. It’s for the people walking in. They all say once you make money in crypto, you buy a lambo. I never made money with crypto but I have ten lambos.” – Nouri said.

The edition notes that the rental price of one vehicle of the company Broadway Supercars is $1000 per day, while its total cost is from $200 thousand and more.

“I see a parallel between young people that are really willing to become very rich with the very high-risk investment, and … the fact that our customers are very young,” Lamborghini CEO Stefano Domenicali told CNBC in a recent interview.

Let us remind you that on Monday, the 14th of May, the Consensus 2018 blockchain conference started in New York. This event is currently the largest in the world. It is devoted to Bitcoin, other cryptocurrencies and blockchain technologies.

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