Philippines SEC warns against crypto investment.

Pavel

Member
Last July 1, The Security and Exchange Commission warns the Filipino community in regard to the crypto investment scheme as a claim like a Ponzi scheme.

This is their claims...

"Philippine SEC warns against investment schemes including one based on the Ethreum blockchain it says is a Ponzi scheme.
The Securities and Exchange Commission (SEC) of the Philippines has warned the public against individuals and groups engaged in unauthorized crypto investments and trading, according to an announcement on July 1.

The Philippine SEC warned those who were involved in crypto schemes could face a fine or 21 years of imprisonment or both."


You can read the entire article: https://cointelegraph.com/news/philippine-sec-warns-against-crypto-schemes

I don't know how this will affect the adoption here in the Philippines but it something will give a negative impact as people will also think negatively when they hear and read for this.

Would like to hear your thoughts especially for Filipino members here.
 

Marvin

Member
I hope there's no effect in using crypto in our country (Philippines) instead, they were directly seized the groups that implement this Ponzi scheme business which is obviously scam. Just like Forsage investment scheme which is now very well known here in the Philippines. However, you can also read this SEC pdf memorandum regarding those Ponzi scheme operators.

As of now, I can't give a clear insight into what will exactly happen to cryptocurrency adoption. People should learn how to use crypto in a good purpose not for these Ponzi scheme investment that has sweet promises of high returns of your investment using crypto.
 

Izaiah

Member
These warnings apply to all countries around the world because scams in the crypto world are not exclusive to the Philippines. Warnings don't mean that the government is discouraging their citizens when it comes to crypto adoption.

They are just trying to help them avoid scams which is why I wouldn't worry too much unless the government announces a ban or something which still isn't a big deal since there are methods to bypass these bans.

For example, the Indian government banned crypto sometime back, but that only affected a couple of exchanges while people continued to trade using methods like OTC trading etc. Recently, the ban was lifted and trading crypto is considered legal there currently.
 

Moshe

New member
It is the Forsage and I'm happy that the PH SEC is giving warning to the people because many of them don't listen to individuals that are warning them. And lately, it's also a cause of the network congestion of Ethereum because many are investing on the scam.
Many blind followers are encouraging others to join them not understanding what the scheme is all about.
 

Niko

Member
Not familiar with these two "RCashOnline and "The Saint John of Jerusalem Knights of Malta Foundation of the Philippines, Inc." but the other ponzi scheme who used to be called "Forsage" does really make a noise which eventually managed to persuade numerous Filipino citizen including few of my acquaintances.

As far as I know, the founder of forsage pyramiding x crowdfunding x ponzi scheme is also the founder of smartway.run and Million Money which also turns out to be a vaporware project that promotes matrix or pyramiding cycle with no existing product to offer.

Forsage is just another BS that uses referal program to earn; as long as you are at the top of the chain you have the advantage to earn as much compare to people who are late to join the boat.

Remember that not all projects which uses "blockchain" are all legit.
 

Mauricio

Member
There are many PONZI in all industries, not only in crypto. Governments have not yet banned all industries because of PONZI. I believe they will not do it on crypto industry.
Similarly, there are fake fiats and governments have not yet made a death penalty for fiats.

New laws, new regulations that should be stricter would be go into effects to protect citizens and investors but crypto industry will be here with us. It is our future.
 

Jamari

Member
Not familiar with these two "RCashOnline and "The Saint John of Jerusalem Knights of Malta Foundation of the Philippines, Inc." but the other ponzi scheme who used to be called "Forsage" does really make a noise which eventually managed to persuade numerous Filipino citizen including few of my acquaintances.

As far as I know, the founder of forsage pyramiding x crowdfunding x ponzi scheme is also the founder of smartway.run and Million Money which also turns out to be a vaporware project that promotes matrix or pyramiding cycle with no existing product to offer.

Forsage is just another BS that uses referal program to earn; as long as you are at the top of the chain you have the advantage to earn as much compare to people who are late to join the boat.

Remember that not all projects which uses "blockchain" are all legit.
Not even familiar with two as you've mentioned. And unlikely it was happening how these people (scammers) ruin the image of crypto and take advantage of the NO-HOW investors who been fooled with.
They are just trying to help them avoid scams which is why I wouldn't worry too much unless the government announces a ban or something which still isn't a big deal since there are methods to bypass these bans.
I'm glad also to hear how the SEC reacts to the situation where there is an increase in fraudulent and scamming activities around. This really alarming... And we should be vigilant enough by not letting these scammers will succeed.
 

Braden

Member
I'm actually surprised that the Philippines' SEC actually knew that Ethereum Dapps exist LOL. But whatever, Forsage actually is a ponzi scheme, so this is a step in the right direction
I don't know how this will affect the adoption here in the Philippines but it something will give a negative impact as people will also think negatively when they hear and read for this.
This types of negative impact is a net positive. It's not like the warning was FUD though, it was a valid warning. News like this would hopefully make Filipinos think twice when putting their money anywhere as Filipino masses aren't really the best in terms of tech and financial literacy.
 

Josue

New member
I've seen this new crypto ponzi scam keeps appearing on my facebook timeline which is a very alarming to people don't know the real reason behind it and people new to this scheme is just want to ride the hype train without conducting research. Supporters of this scheme are merely blinded and keep denying that it will not turn scam, they have much faith on that one but everything will end for a reason and that's greed will be the ultimate proof of it. I pity to people who joins the last, they will always be the victim no matter what.
 

Colin

New member
You know the sad part about this is, people are getting tricked by their "so-called Social Media Friends" into putting in money to the Ponzi Scheme without knowing that it is one. They put more results and results, and they are enticing people to join in that scheme, and it's the "easy" money. It's going to be disastrous, and I dislike them for doing that because it's going to make a mark on cryptocurrencies again.

People should learn that there's no easy money when it comes to life, and if there is, it's probably illegal.

I have kept warning people close to me that don't join there, and you might end up losing your investment there. Inviting people there means you are just in it for their money and don't care about what will happen to their investment there.
 
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