Pat Wright

They're not about like it's not like about Bitcoin being a scam.

It's about, you know, they're used as kind of medium for like old-fashioned scams.

And in a way, the same scams that have been around for hundreds of years are still happening.

They've just got a different, you know, slightly different modification for like modern times.

So, yeah, the story I did recently was about a guy who found someone on Instagram.

Basically, it was an account that was posting all these, you know, posts about these crazy gains they were making from a Bitcoin mining operation and they were promising returns of 50% a month.

Yeah.

And, you know, the guy probably didn't have that much financial literacy.

I guess, you know, as you guys probably know, that's kind of mathematically impossible to return 50% a month.

You'd quickly become the richest person in the world.

But at the same time, he thought it was a really good thing and he tried it with small amounts of money.

So I think he started off with like $100 or something and he got back $150 and he was like, this works.

Put some more money into it.

And I guess the really sad part of this story is

He basically ignored the red flags and he then recruited his friends and family into this scheme as well.

He thought it was like a sure thing.

And basically it got to the point where this person on Instagram who we'd never met before had about $20,000.

Like they sent $20,000 worth of Bitcoins to them.

That's one of his friends actually.

the guy I spoke to, one of his friends had sold his car for 10,000 and then put that 10 grand into this scheme.