Dave Michaels

speaker

248 appearances 5 recordings 1 series first heard May 2018 last heard Jul 2021

Dave Michaels’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Crypto Scams Are on the Rise. Here's What to Watch Out For. · 23 Jul 2021 podcast

There are a lot of bad actors trying to capitalize on how sexy this market has looked in the last several years.

Thanks for having me.

There probably are some good estimates of this, but it is hundreds of millions of dollars.

There's one Ponzi scheme that the SEC went after not that long ago that was purported to be a billion dollar Ponzi scheme.

So because there are so many different coins and so many different scams, it's hard to say like, well, there's one figure, but it's a lot.

There are a lot of bad actors trying to capitalize on how sexy this market has looked in the last several years.

You know, I think whenever you have, whether it's cryptocurrencies or stocks, real estate, whenever you have people who think they can get over on other people who don't know very much, you're going to have scams.

But one of the problems with cryptocurrencies, and this is just the way the market works,

is there are not licensed intermediaries and licensed gatekeepers.

So if someone calls you up and tries to sell you a stock that you've never heard of, you might say, well, hey, what's your name?

I need to look you up on the industry clearinghouse for broker-dealers and find out if you're really licensed, right?

You can do that.

You can go online to Finro's website and check whether someone really is licensed or not.

You

You can't do that in crypto.

So if someone hits you up on social media and says, oh, my gosh, this is the coolest new project in crypto.

There's no way to easily background that person.

You don't know if they're licensed.

Probably you shouldn't be dealing with somebody who hits you up on social media anyway.

When it comes to purchasing an investment, you should look to the most credible source.

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