Beware of Cryptocurrency Frauds

Beware of Cryptocurrency Frauds

Beware of Cryptocurrency Frauds

Does it seem like a new cryptocurrency is born each day?

Digital coins are popping up continuously, with each hoping to be the next Bitcoin. While most cryptocurrencies will likely never reach the value of Bitcoin, some of them have no intention to. That’s because scammers are becoming more prevalent all the time in the cryptocurrency market.
If you haven’t been paying attention, several agencies are starting to sound alarms. According to recent reports, The U.S. Commodity Futures Trading Commission (CFTC) has joined other regulators to warn traders about “pump-and-dump” cryptocurrency investing schemes.
The CFTC recently stated that, “Customers should not purchase virtual currencies, digital coins, or tokens based on social media tips or sudden price spikes.” The agency strongly encourages investors to, “Thoroughly research virtual currencies, digital coins, tokens, and the companies or entities behind them in order to separate hype.”
This is a very similar warning that regulators give to those who invest in penny stocks. These companies build up a lot of hype and advertise their cheap stocks, which helps inflate the price. Then it all comes crashing down as the fraudsters dump the stock at the last minute after they reach a specific price. Investors are left with nothing.
This is the same game that many scammers are utilizing with cryptocurrency. Therefore, let the buyer beware. Make sure you know that the digital currency you’re considering, is legit, as well as your transaction. Otherwise, you could get burned.

We hope you found this article about “Beware of Cryptocurrency Frauds” helpful.  If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page  or our website at www.GROCO.com.  Unfortunately, we no longer give advice to other tax professionals gratis.

To receive our free newsletter, contact us here.

Subscribe to our YouTube Channel for more updates.

Alan Olsen, CPA

Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com.  GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.

Alan L. Olsen, CPA, Wikipedia Bio

 

 

GROCO.com is a proud sponsor of The American Dreams Show.

 

American-Dreams-Show-Accounting-firm-in-ca-cpa-tax-advisors-groco-alan-olsen

The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.

Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.

The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.

They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..

American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included:

Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work…

Untitled_Artwork copy 4

MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness.  It’s mission statement:

In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.

Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.

Posted in
Progressive Tax Plan to Gouge the Wealthy Is Gaining Momentum

Progressive Tax Plan to Gouge the Wealthy Is Gaining Momentum

The progressive tax plan to gouge the wealthy is gaining momentum.  The call for taxing the rich to pay for essentially everything is growing among democratic leaders. Or as Trump campaign spokesman Daniel Bucheli put it, “Make no mistake: the only thing Democrats know about taxes is that they’ll raise them.” And according to the…

Don Howard

Don Howard – CEO of The James Irvine Foundation

Interview Transcript of Don Howard – CEO of The James Irvine Foundation: Alan Olsen: Welcome back and busy here today with Don Howard. Welcome to today’s show.   Don Howard: Thanks for having me, Alan   Alan Olsen: So Don, for the listener-ship can you give some background of what led you up to where…

Trump Holds Steady on Capital Gains Taxes…For Now

Trump Holds Steady on Capital Gains Taxes…For Now

Anyone who was holding his or her breath for the president to lower capital gains taxes better exhale. At least for the moment. According to a White House spokesperson, President Trump decided against slashing capital gains taxes after meeting with his advisors last week. The president and his advisors reportedly met to discuss several policy…

save

Save or Invest – Either or, or Both?

Save or Invest – Either or, or Both? Building wealth is a process. It takes time, knowledge, intelligence, and sometimes even a bit of luck to build true wealth. There are plenty of ways and methods to build wealth. If you ask most high net worth individuals how they got wealthy you will get numerous…