I don't know who said it, but there's an old saying "The market is never wrong" you need to figure out what it is trying to tell you. One telltale sign of a fragile economy has always been the number of scams running around at any given time, and I can only speak from personal experience. Still, wow seriously the number of scam ads I am getting on Youtube lately if I am not using an ad blocker is insane.
When economies are in the shitter, people are desperate and hurting some may not have income some may have income that they want to invest in something that can bring them greater returns because banks are teasing debt strain with lower interest rates forcing people further out the risk curve.
These conditions are ideal for scams to proper, traditional finance is also locked up by the limitations of a market in a recession so they cannot promise crazy gains, in many instances your larger investment firms will be down as they are so tied to the macro environment.
So if you're getting a shitty yield and your capital isn't doing much in preserving its purchasing power, and some dude or chick pops up on your screen because they target your search results, you may think its divine intention. Still, they're just building up a funnel of vulnerable people of which supply has grown exponentially and sucker them to enrich themselves.
Scams are on the rise from getting rich quick scams, Ponzi schemes, trading scams, exit scams, pump and dumps, course selling and a whole lot of other bullshit. It's gotten so bad that there are now YouTube channels like Coffeezilla and Mike Winnet that are dedicated to calling this bullshit.
The product doesn't matter, but the pitch is usually the same, some bullshit rags to riches story, then some secret that has been unearthed which has reproduced wealth for early adopters and now this oh so altruistic business person wants to share it with your dumbass on YouTube and other social media sites.
Wealth without work
If someone is pitching you wealth without work on the internet, if they're pitching some secret formula and you have to buy it, I think you really need to take a look at yourself and say why does this work on me. How does someone I don't even know on the internet think they can solve your problems?
The sad reality is they can't; all they want is for you to feel like they can and to charge you for that feeling. As humans we're so desperate for affirmation we'll do all sorts of crazy things to get it.
These conmen and women know this and create attractive narratives, that tug on peoples heartstrings and weak points and get them to part with their hard-earned money to help them fund the lifestyle they showcase to you.
Scams like this have a lifespan; people can only do it for so long before they run out of suckers, get caught or cash out, that's the nature of the game. So while they here today, gone tomorrow, you'll still be left in the same position you were before you followed them.
The secret to wealth
Do I know what it is? Of course, I do not, or I'd be wildly rich, but those that do, I highly doubt they are running ads to try and sell courses or programs online.
If that were the case, I'd be buying Elon Musk's course tomorrow.
Have your say
What do you good people of HIVE think?
So have at it my Jessies! If you don't have something to comment, comment "I am a Jessie."
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