I see theses posted all the time. Are people naïve enough to think that their favorite celebrity just sits on social media giving out $1000 to everyone that likes their post?
'I lost £400k to fake Elon Musk giveaway scam'
11–19 of 19 posts
Re: 'I lost £400k to fake Elon Musk giveaway scam'
#12As the saying (and the song) goes: You can't con an honest John. The mark thought he was the one taking advantage of Elon Musk and his looney marketing scheme, that he would be getting something for nothing. This opportunity was obviously so good it couldn't possibly last, so he'd better hurry take it, or the sucker Musk would wise up.
Re: 'I lost £400k to fake Elon Musk giveaway scam'
#13Somehow crypto currencies have this strange effect on people who should know better: they see some random claim that sounds impossible and directly invest ridiculous amount of money they would _never_ spend that easily in a different context. I don't get what makes people trust such things but there is something deep at play here, somehow the FOMO makes people take crazy level of risks.
I think part of the appeal of crypto's crazy returns comes from the loss of faith people have that the economic system as it is will provide stability like it did for their parents' generation.
Millions of kids in college are wondering how their school is getting away charging regular tuition when classes are via Zoom. Older kids are wondering how a house their parents bought for $100k is worth 15x now when salaries haven't increased by anywhere near that.
Putting money into an index fund that offers 5% (ballpark) seems ridiculous when you consider what things cost today. Why not take a punt on something that could appreciate 10x in a week? It does sound too good to be true, but in an economic system distorted by endless quantitative easing and effectively interest rates for savers, maybe this is the new normal.
Re: 'I lost £400k to fake Elon Musk giveaway scam'
#14Somehow crypto currencies have this strange effect on people who should know better: they see some random claim that sounds impossible and directly invest ridiculous amount of money they would _never_ spend that easily in a different context. I don't get what makes people trust such things but there is something deep at play here, somehow the FOMO makes people take crazy level of risks.
Feel like it’s mostly driven by FOMO and social pressure right now. I have a friend who told me that his accountant adviced him to invest in crypto (bitcoin) “because a person that his following with his job recently purchased a Ferrari after a Bitcoin investment”.
Oh dear. Reminds me of a friend who, with a straight face, suggested I take the advice of “wealthy millennials on YouTube.”
Re: 'I lost £400k to fake Elon Musk giveaway scam'
#15Earlier quoted context omitted.
Feel like it’s mostly driven by FOMO and social pressure right now. I have a friend who told me that his accountant adviced him to invest in crypto (bitcoin) “because a person that his following with his job recently purchased a Ferrari after a Bitcoin investment”.
Oh dear. Reminds me of a friend who, with a straight face, suggested I take the advice of “wealthy millennials on YouTube.”
What did you answer?
Re: 'I lost £400k to fake Elon Musk giveaway scam'
#16Earlier quoted context omitted.
Oh dear. Reminds me of a friend who, with a straight face, suggested I take the advice of “wealthy millennials on YouTube.”
What did you answer?
The Nick Young meme is probably closest to what happened: https://s3.amazonaws.com/hiphopdx-production/2016/06/nick-yo...
This person simply does not understand that anything “works” in a bull market. The next recession or cryptocurrency market pullback will be their first since they started speculating, and after that, I think their advice will be better.
Re: 'I lost £400k to fake Elon Musk giveaway scam'
#17Earlier quoted context omitted.
What did you answer?
The Nick Young meme is probably closest to what happened: https://s3.amazonaws.com/hiphopdx-production/2016/06/nick-yo... This person simply does not understand that anything “works” in a bull market. The next recession or cryptocurrency market pullback will be their first since they started speculating, and after that, I think their advice will be better.
It’s sad but true: seeing your “investment” based on youtuber lose 90% of its value in a crash is the only true way to learn how the world works.
Re: 'I lost £400k to fake Elon Musk giveaway scam'
#18If something sounds too good to be true, then it probably is.
I have sympathy as this man lost a lot of money and it will have a lasting impact on his life. But the scammer took advantage of his greed, so I hope he learnt a lesson. Only greed could make you believe someone when they suggest you let them hold your 400k for a few minutes and they'll send you back 800k, without appearing to gain anything from you doing so.
Re: 'I lost £400k to fake Elon Musk giveaway scam'
#19I see theses posted all the time. Are people naïve enough to think that their favorite celebrity just sits on social media giving out $1000 to everyone that likes their post?
Apparently, yes. We need the equivalent of a Darwin Award, but for your own finances.