FSCA issues warning to South Africans about Bitcoin investments

Hanno Labuschagne

Hanno Labuschagne

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FSCA issues warning to South Africans about Bitcoin investments

The Financial Sector Conduct Authority (FSCA) has warned South Africans against investing in cryptocurrency schemes that could see them lose their savings.

It said there has been a sharp increase in cryptocurrency-related investment losses in the past few months and urged South African investors to use caution when buying digital assets.

“The Financial Sector Conduct Authority (FSCA) has noted with concern the increasing volume of crypto assets (cryptos) related losses suffered by financial consumers in the past three months,” the FSCA said.
 
...I don't have BTC so I'm all good. As long as the government doesn't realise there are altcoins (of which I don't hold too much either).
 
Good. The less dumb money the better for us.
 
People got not common sense when it comes to their money. Got some friends who have lost their life's savings several times over. They just never learn.
 
LazyLion said:
People got not common sense when it comes to their money. Got some friends who have lost their life's savings several times over. They just never learn.
Click to expand...
In my previous job I had someone try convince me I had to invest heavily in BTC. THis was around the first real increase in value in about 2018 I think. I said no. He said his mother-in-law had invested her pension in it.
2 weeks later it crashed badly. Never understand how people make ill-informed decisions like that.
 
The only people who have lost money on BTC in the last year are people who were conned by schemes like MTI. The rest of us will be retiring early. Every person who ever bought BTC before this month and didn't sell is now in profit. This is not like 2017 where it was all speculation. There is now massive adoption. Of course most cryptos are overvalued now but that's what happens in any bull market.

It's amazing how many people on an IT forum, who one would think are mostly above average intelligence, can't grasp how blockchain tech works and wake up to the world of digital commodities.
 
BTC value in the past three months went from $19k to $60k.
Altcoins of note were similar.
If you lost money investing in this then you......
1 - Were not "investing" in BTC......trading maybe / Bought wrong BTC like BTCGold BTC Cash etc maybe / Scammed perhaps / caught up in FOMO ....but not investing and hodling for a rainy day.
2 - Did not research it.
3 - Listen to scammers like MTI
4 - Didnt listen to the right guys - which comes back to research.

The regulators knowing they cannot regulate BTC itself will try and regulate you.
This will be done through
- FUD (Fear, Uncertainty and Doubt) - like this article
- Tax threats - like the other articles (Pay your taxes but research and know the differences and when taxes become due)
- More FUD and more regulation threats.

BTC threatens the banksters, the government, the politicians, globalists and every other gangster trying to run the world at the moment - they will never relinquish control without a hug fight.
 
MagicMarq said:
BTC value in the past three months went from $19k to $60k.
Altcoins of note were similar.
If you lost money investing in this then you......
1 - Were not "investing" in BTC......trading maybe / Bought wrong BTC like BTCGold BTC Cash etc maybe / Scammed perhaps / caught up in FOMO ....but not investing and hodling for a rainy day.
2 - Did not research it.
3 - Listen to scammers like MTI
4 - Didnt listen to the right guys - which comes back to research.

The regulators knowing they cannot regulate BTC itself will try and regulate you.
This will be done through
- FUD (Fear, Uncertainty and Doubt) - like this article
- Tax threats - like the other articles (Pay your taxes but research and know the differences and when taxes become due)
- More FUD and more regulation threats.

BTC threatens the banksters, the government, the politicians, globalists and every other gangster trying to run the world at the moment - they will never relinquish control without a hug fight.
Click to expand...
5. Over leveraged.
 
MagicMarq said:
BTC value in the past three months went from $19k to $60k.
Altcoins of note were similar.
If you lost money investing in this then you......
1 - Were not "investing" in BTC......trading maybe / Bought wrong BTC like BTCGold BTC Cash etc maybe / Scammed perhaps / caught up in FOMO ....but not investing and hodling for a rainy day.
2 - Did not research it.
3 - Listen to scammers like MTI
4 - Didnt listen to the right guys - which comes back to research.

The regulators knowing they cannot regulate BTC itself will try and regulate you.
This will be done through
- FUD (Fear, Uncertainty and Doubt) - like this article
- Tax threats - like the other articles (Pay your taxes but research and know the differences and when taxes become due)
- More FUD and more regulation threats.

BTC threatens the banksters, the government, the politicians, globalists and every other gangster trying to run the world at the moment - they will never relinquish control without a hug fight.
Click to expand...
Or simply didn't have money that I could afford to lose IF I were wrong. [I am only prepared to invest/trade myself and keep my crypto in MY wallet for hodling.] So have stayed out of the chance of a lifetime. But then, not like "friends" who denigrated me for not joining MTI with them, I do still have my home, car, and that rainy-day fund intact.
 
Oh, and by the way, even being a total nooby with crypto, taking no notice of headlines no matter how optimistic or gloomy. At least that way I only smack myself alongside the ear-hole occasionally for missing this bonanza and also sleep pretty soundly every night.
 
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