So here we are in November 2022 and we have yet again seen another crypto currency scam!.
This scam the FTX cryptocurrency exchange if up there with Enron and Bernie Madoff.
And it was expected that we where goanna see these types of scams in the crypto arena during 2022.
What surprised us and many others where that the times should have changed from the late 90s and early 2000s where IT companies where valuated 100x to a business that was doing positive cashflow and had offices around the world.
But yet again we see that many investors and now their children did not learn anything back then, and as we all now know crypto and NFT are all scams one way or another.
In the first week of January 2022 we sent out to all of our clients the following email and text.
(Dear clients, we are strongly advising you all to sell all of your crypto currency and all NFTs that you might have).
The bull ride is over and we are expecting the Bitcoin to go under 20K by the end of 2022.
And we also advise you to sell all of your stocks and stay liquid until at least the summer of 2023.
We got a lot of pushback and a lot of emails wondering why the hell we where advising our clients against owning NFTs, crypto and stock in 2022.
Where we idiots who did not understand this new market or what?.
For most of our readers and clients we have been warning about the housing bubble to burst in 2021.
It got delayed by a good 18 months since the federal reserve decided to start printing USD and it has caused large parts of the inflation we are living true right now!.
So we saw this crypto crash and stock crash not to mention the housing crash coming a mile away.
Fortunately most of our clients did listen and sold off over the spring and the summer there portfolios.
But getting back to FTX and the scammer Sam-Bankman Fried.
How very intelligent people and investors can handover clients money to a person that refuses to dress properly and who does not even know how many people are working in the company, is just plain and simple sad to see.
Mrlifeadvise meet several high Wall street guys in the late 90s in Moscow and we can say with all certainty that many of these hot shot investors are not very bright.
But they are great at playing the game and convincing others to hand over their hard earned money to be invested.
What SBF did so well was that he was donating to the democratic party and he was using well known celebrities to push his agenda.
So both Tom and Giesle are mention in the lawsuit and we expect them to have to pay back north of 25m$ each to the victims and that is about right, since they also had a stake in the company FTX.
Celebrities’ love money and they will sell you what ever crap they can if it means they can make money of it.
Kim Kardashian is a good example of a person willing to help Crypto scammers to get their hands on peoples hard earn money.
SBF was also using a lot of clients money for personal expenses and investments.
There is ONE GOLDEN RULE when you are in charge of clients funds, and that is that you never ever mix that money with your personal finances.
If you end up losing clients money on investments you should have very transparent books for any outside party to have a look at that you did everything by the rule book .
Then investors will accept a loss if the company did everything on the up and up!.
Rather than having it like we have it right now, that clients money are being stolen by the founders of many of crypto companies failing at the moment.
Basically the NFTs and the Crypto market is now dead as we know it!.
And there will be heavy regulations coming very soon!.
Regulations themselves does not always help a lot, just think about the subprime loan crisis in the housing market in 2008.
And the housing market was in 2008 one of the most regulated markets in the world at that time!.
But an almost completely unregulated market like the Crypto currency market is today, is a nightmare for all investors.
We believe that there is maybe a chance to get 10 cents on the dollar back for all the investors if they are lucky in this NFT debacle.
So the money is gone for good!.
Let this be a lesson to all investors out there, if something looks to be to good to be true, it usually is!.
The way you should invest is to buy blue-chip stocks in a down market and forget about them for 20+ years and then you should own your own home and buy that also in a down market.
It is very difficult to make money in day trading or in the crypto scene.
If you have cash over, then invest in a local business that you can be part of, or even better yet start your own business.
Money is usually very hard to make, but it is very easy to lose it quick if you make the wrong investment decisions.
We take no pleasure in telling people ( i told you so!).
But we did just that for a long-time.
And our hearts go out to all the investors in this scam and in every other crypto or nft scam.
In the next 5 years most of the crypto currencies will be obsolete.
Bitcoin and Etherium will be around but not a lot of others.
And nobody will invest in NFTs ever again!.
So here you go folks, stay away from giving away the control of your hard earn money to people that promise you great riches very fast.
We are here for you as always true our business consulting division of Mrlifeadvise.
You find our standard services in our shop in the link here below, and if you are looking for a tailor made service just email us and we will sort that out for you also.
If you are looking to lose weight we would strongly recommend one of our clients blueprints to help you on your journey you find their book at amazon in the link here below.