Three signs a crypto project is a scam.
Earlier this month, the US Army hosted their first conversation on Twitter Spaces.
One of the special guests: Chairman of the SEC, Gary Gensler.
Ol' Gaz laid out three signs to look for that would suggest a crypto project is a scam:
The project can’t provide clear documentation about how it works or how it plans to delivers on its goals.
The project can’t demonstrate that it's compliant with regulations.
The project can’t really explain what it is at all.
And you know what? He's not wrong - healthy skepticism is needed in the crypto space.
But here's where it all gets a bit rich:
Ol' Gaz is the one that's meant to be setting the regulatory guidelines mentioned in point #2.
...but he's still yet to actually do it.
Which is like a referee telling you to: 'play by the rules.'
And then when you ask: 'what're the rules, exactly?'
They respond with: 'not telling, but I'll let you when you make a mistake (and possibly take you to court as a result). K, have fun xx.'
Bold move Gary.
Bold move.
