Crypto Being Sold Through Church - MLM Scam?

[Anonymous]

How can you tell if a new Crypto coin product is a scam? Does the government regulate it? People in our church are trying to sell people on investing in a crypto coin that is new and they get a commission like MLM. It sounds scammy AF.

Today I read that a pastor and his wife were indicted in Colorado for selling bogus crypto coin to church members. Now it's a different crypto coin being MLM'd in my church. How do you know if crypto is a scam?

[Anonymous]

It's not necessarily a scam but it is almost entirely unregulated and it can be shady as heck. Churches seem to be a popular way to pull people into the cult-like atmosphere that surrounds crypto and there's still a good chance it's a full blown scam. If anyone is promising unbelievable returns on your "investment", run away fast. It's probably a Ponzi scheme.

[Anonymous]

It’s a scam. Unless you are buying Bitcoin or ethereum on a trusted exchange, it is a scam.

[Anonymous]

There are thousands of crypto products and they are not regulated by anyone. For the first 6-12 months, people are going to think their profit is through the roof, but I can guarantee that in a year or two, you will be consoling your friends on their great losses.

[Anonymous]

Is there any regulation by the Fed?

[Anonymous]

I thought it was a synagogue that happened at or maybe it’s a different occurrence.

[Anonymous]

Buy or invest on your own after doing research. Give money to church as usual if you do. Why do you need to combine the two?

[Anonymous]

Google "church crypto scam" and you will read about dozens of people in cities across the country who stole millions of dollars from their fellow worshipers. Only invest through authorized brokers and preferably one who doesn't take advantage of your friendship.

[Anonymous]

Church is where people go to believe not think - and any scam will do.

[Anonymous]

Is it crypto? Then it’s a scam. Good rule of thumb.

[Anonymous]

Anonymous wrote:Is there any regulation by the Fed?

No. The only regulation is through the "blockchain" which is a public ledger stored across millions of computers. Also, crypto is stolen ALL THE TIME by international thieves (including government sponsored theft in North Korea and Russia). There's no insurance and little enforcement if you lose your money. Sometimes the thieves are caught and prosecuted but you'll never see your crypto again.

[Anonymous]

Anonymous wrote:I thought it was a synagogue that happened at or maybe it’s a different occurrence.

There are dozens of crypto scams happening in houses of worship. It comes with the myth that people of faith have good morals.

[Anonymous]

Never do financial investments with your church. These are not people in the know, and there is a high likelihood of fraud.

Whenever you're tempted by crypto, go to your bank's website, and look at what they offer. ONLY invest in those. They will likely not be actual cryptocurrency, because banks still don't like that sort of risky exposure, but derivatives like ETFs, etc. My bank, Schwab, offers a crypto ETF that I may invest in, for example.

Actual cryptocurrencies are usually not offered through traditional banking platforms. They're offered on their own digital currency trading platforms, some of which are not legitimate operations. Some are perfectly legitimate, but the problem is that all crypto is risky: ONLY invest money you can afford to lose!!! Robinhood is a popular crypto trading platform that sell legitimate crypto, for example.

Do not ever buy crypto unless you have read up on it and know what you're getting into. Do not believe the people selling you the stuff - they have a conflict of interest.

And in general, if a pastor is selling crypto... they are into prosperity theology, which is a false belief. They are not people of God. They have turned their Church into a den of robbers. Matthew 21: 12-17.

"And Jesus entered into the temple of God, and cast out all them that sold and bought in the temple, and overthrew the tables of the money-changers, and the seats of them that sold the doves; and he saith unto them, It is written, My house shall be called a house of prayer: but ye make it a den of robbers. And the blind and the lame came to him in the temple; and he healed them. But when the chief priests and the scribes saw the wonderful things that he did, and the children that were crying in the temple and saying, Hosanna to the son of David; they were moved with indignation, and said unto him, Hearest thou what these are saying? And Jesus saith unto them, Yea: did ye never read, Out of the mouth of babes and sucklings thou hast perfected praise? And he left them, and went forth out of the city to Bethany, and lodged there."

[Anonymous]

Anonymous wrote:Never do financial investments with your church. These are not people in the know, and there is a high likelihood of fraud.

Whenever you're tempted by crypto, go to your bank's website, and look at what they offer. ONLY invest in those. They will likely not be actual cryptocurrency, because banks still don't like that sort of risky exposure, but derivatives like ETFs, etc. My bank, Schwab, offers a crypto ETF that I may invest in, for example.

Actual cryptocurrencies are usually not offered through traditional banking platforms. They're offered on their own digital currency trading platforms, some of which are not legitimate operations. Some are perfectly legitimate, but the problem is that all crypto is risky: ONLY invest money you can afford to lose!!! Robinhood is a popular crypto trading platform that sell legitimate crypto, for example.

Do not ever buy crypto unless you have read up on it and know what you're getting into. Do not believe the people selling you the stuff - they have a conflict of interest.

And in general, if a pastor is selling crypto... they are into prosperity theology, which is a false belief. They are not people of God. They have turned their Church into a den of robbers. Matthew 21: 12-17.

"And Jesus entered into the temple of God, and cast out all them that sold and bought in the temple, and overthrew the tables of the money-changers, and the seats of them that sold the doves; and he saith unto them, It is written, My house shall be called a house of prayer: but ye make it a den of robbers. And the blind and the lame came to him in the temple; and he healed them. But when the chief priests and the scribes saw the wonderful things that he did, and the children that were crying in the temple and saying, Hosanna to the son of David; they were moved with indignation, and said unto him, Hearest thou what these are saying? And Jesus saith unto them, Yea: did ye never read, Out of the mouth of babes and sucklings thou hast perfected praise? And he left them, and went forth out of the city to Bethany, and lodged there."

That’s a good point. Jesus would not approve of cryptocurrency.

[Anonymous]

FattedcalfCoin is really stable.