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There is a serious new fraud centering around Cryptocurrencies.
There have been some trading platforms set up that are suddenly changing the rules in mid-game. People who have tried to sell things like Monaco Card etc. on these platforms have discovered that their accounts are frozen because they do not have the money to pay people. The excuse is they need to now suddenly PROVE who they are to liquidate anything. The requirements are onerous and simply a DELAY tactic. These platforms are a FRAUD and should be reported to the SEC.
There was a company IGBE (International Gold Bullion Exchange) back in the early 1980s. They were offering selling gold bullion coins at the spot, which was below cost, but the catch was 90-day deferred delivery. They were actually not booking the gold and expected it to continue to decline.
Cryptocurrencies are no different from any other investment product. It is a misrepresentation that they offer an alternative to the dollar.
Remember, no matter how much money one made on Bitcoin, they still have to sell it to realize that profit. More importantly, how are they measuring that profit? In dollars of course. So beware of the fraud in these trading platforms that are now suddenly freezing people’s accounts claiming security to prevent people from selling.
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Livio S. Nespoli has been a broker, registered investment advisor, and financial publisher since 1985.