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

sort of intermediary you can find and figure out if that's an asset that fits your risk tolerance and your needs.

But it is harder to do due diligence in this world.

I think it's fair to say.

You know, social media is big in this world, whether it's chat rooms on messaging apps or even people getting hit up on Instagram, going to random websites and hearing about the hot new thing that's going to be the next Bitcoin.

Because of the way that we communicate today digitally, there's no shortage of ways for scammers to communicate their offering, so to speak, to unwitting investors.

I think because this is a market where there are a few well-known assets like Bitcoin and Ethereum, and then there are a lot of other coins that it is hard for your average person to understand the purpose for them.

If you're buying these assets

you should really probably understand what the purpose of a coin is and what is the function.

And it is also hard to know if that's an investment that should be regulated.

If it's not regulated like a stock or a bond is, it's hard for your average person to know to ask about that.

But that's a good question to ask is how is this regulated?

If someone's telling you that there's a purpose that you don't understand and it's don't worry about regulation, this complies with all the laws of every country in the world, that probably is too good to be true.

So like I said, I think there are intermediaries in this world that have gotten big and probably are –

you know more trustworthy and if you are interested in this market as an investor and i'm talking about individual investors not institutional investors who certainly probably know what they're doing but as an individual investor you probably have to seek out the most credible advisor you can find and and try to get good information to sort of slake your curiosity and so what recourse do people have who feel as if they've been duped by a crypto scammer

Well, it is a difficult thing to navigate because this is an unregulated market, and there is no natural supervisor of these businesses that can investigate your claims.

So you really, as an investor, you fall back on reporting it to law enforcement, whether it's federal law enforcement or state law enforcement, and potentially an agency like the Federal Trade Commission, which does take complaints about these kinds of scams.

So...

It's going to be an exercise in following the money, which can be difficult in this market, depending upon how sophisticated the scammer is.

Your best bet is to make those complaints to law enforcement.

These regulators seem to be making more of an effort to regulate crypto than they ever have before.

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