TL;DR

Elderly people are losing their life savings to cryptocurrency scams. These schemes exploit their desperation and lack of financial knowledge, repeating the same predatory patterns as historical financial crises.

Story

Another day, another elderly person fleeced. This time, it’s Bitcoin. An old man, lured by the siren song of quick riches, shoves hundred-dollar bills into a Bitcoin ATM. He ignores warnings, convinced he’s “in the know.” This isn’t new; it’s just the latest iteration of the oldest scam in the book: preying on the vulnerable. It’s like a Ponzi scheme wearing a blockchain mask. Remember Enron? Remember 2008? It’s the same predatory instinct, the same desperation for a quick buck, the same lack of understanding. This time, it’s crypto. Next time, who knows? These schemes play on the fear of missing out (FOMO), that feeling that everyone else is getting rich while you’re left behind. They manipulate that desperation until the victims’ life savings are gone. This isn’t isolated, either. It’s happening at gas stations, grocery stores, and banks. People are losing their retirement funds to iTunes gift cards, believing they’re paying off IRS bills. Meanwhile, the scammers are laughing all the way to the bank—or, more likely, a crypto exchange. ‣ Bitcoin ATM: A machine that allows you to exchange cash for cryptocurrency. ‣ Ponzi scheme: An investment fraud where returns are paid to earlier investors using the money from more recent investors. ‣ FOMO: Fear of missing out.

Advice

If it sounds too good to be true, it is. Don’t invest in anything you don’t fully understand, and always verify information from multiple reputable sources before making any financial decisions. If a deal seems too good to be true, it is.

Source

https://www.reddit.com/r/CryptoCurrency/comments/1n03h26/oh_no/