With all the talk about crypto and the hype, I read as much as I can and I am usually pretty good at avoiding scams such as ponzi schemes or fake ICOs.
I came across a post in the Crypto Coin Traders group in which there was a cross promotion with “Jah Trader” aka Chris Cole promoting his website Crypto Kings. People on BHW were quite skeptical and there were a handful of mixed positive and negative results. I signed up anyway. It was $500 to sign up and get some indicators.
The platform, Ninjatrader, is legit. Chris would hold a room 3 times a week via gotomeeting and we just watch him do trades and he provides the occasional commentary. The emphasis is placing stops.
However the signs were coming.
- Lack of communication. Blaming the deaths of family members, the ‘room’ didn’t launch for the newbies until 2 weeks after. However we were given a 2 week grace renewal period.
- I paid $500 extra for indicators that I could install on Ninjatrader. Googling and researching – i found the same indicators from futures.io at $100. At the time, ‘Chris’ would advertise that he was “not trying to make money from the indicators”.
- He would sometimes cut off the room early without notice
- More lack of communication.
- Upsell of the auto mated program. This was the crux. We struggled to pass the topsteptrader combine and here he comes with a program that could solve our problems at a few thousand dollars. Programs might work short term but not long.
- ‘Chris’ didn’t realise I signed up via the Crypto website. He runs two websites to funnel new users in. Crypto kings and Order Flow, but I don’t think he works with Order Flow Analytics anymore. Lack of support
- There was little education. Chris was more reactive to our questions rather than proactively teaching us TA fundamentals like resistance and support. However he did know.
Anyway, there was actually NO crypto learning. It was actually learning how to trade ZB stocks (future bonds). I did learn the basics of trading, however I learned way more on youtube videos about indicators such as RSI, MACD, and Ichimoku. The program here was focus on volume trading, which is also a very good strategy. However Chris seemed non committal to us.
How did I go?
- I followed most of Chris’ trades and some days I got results, some days I didn’t.
- I went on my own and got similar wins and losses. More losses at first and later I got more patient with selecting trades when there was convergence on all indicators.
Overall I could see myself doing the combine but I would be better off saving up for my own bankroll rather than giving 20% of profits to TST and also a monthly fee to Chris. However starting the room got me onto the world of trading – you gotta start somewhere. $1000 Lesson learned.
Since my realisation, I went back to the Crypto Coin Trader group on Facebook, and it is apparent all posts related to Jah Trader were deleted. So the admins seem legit but were also fooled by the scheme.
Be wary people.
Control-Finance and why I’m not putting money into it
I *was* in an Australian crypto facebook group and someone posted a link to a website that claimed daily profits. I laughed and got booted. The website is control-finance.com
The website looks SLICK, and professionally made. They have the standard secure SSL buttons at the bottom, and contact details. Looking up the address the company is registered under one person.
The company focuses a lot on two things
- Investment offer of guaranteed 1% daily
- Affiliate program
Any normal person who is scared of new programs would just put a few dollars, in however the affiliate program encourages people to put MORE money into the program. “Representatives” who put $300 or more get their name published on the website. Classic.
REMEMBER WHY CRYPTOCURRENCY WAS MADE
- Cryptocurrency was made to defeat the purpose of the limitations of our current ‘fiat’ system. i.e. inflation and PRINTING of money by the banks. This website is literally funnelling money into its accounts.
Sure, RIGHT NOW they may be paying people, however we are still in early days, and eventually this PONZI scheme will collapse once, however not after millions have been made.
The website right now as of 27th July 2017 the website DOES NOT EVEN HAVE FINANCIAL WARNINGS to tell you that any investment is a risk. A legitimate website would AT LEAST have this. So don’t be surprised if this kind of statement appears soon after I post this.
I just wonder how Benjamin Reynolds plans to take all the money out. It would be interesting to see his/her exit strategy.
But what about the reports?
You’ve given your money to this company who is day trading BTC. BTC goes up and down. How can they pay you if they are DOWN? By relying on more people joining and giving money. If BTC went down and everyone pulled out, the company is dead in the water.
IF YOU ARE STILL GOING TO INVEST AND IGNORE MY ADVICE…
Check the facebook page and find some of the reviews. Reports of money not all appearing, penalties on deposits…
Also, if you still want to put money in. i would suggest getting some profit and GTFO of the program immediately before the ponzi scheme falls over.
Bushrangers and cowboys
At this rate, this side of the crypto world is unregulated. It’s all bushrangers and cowboys scamming greedy people.
CURRENT BTC STATUS
Wallet account has gone from 0.84 to 0.61BTC in a few weeks. I’m not worried, because this was money I could afford to lose. So I will be HODLing for now.
I missed the ICO people report it is easier to buy EOS on exchanges, so I will probably do that when i get some more cashflow.
TRANSITION TO LEARNING DAY TRADE / READING CHARTS INSTEAD OF BUYING ON HYPE
One of my contacts on facebook predicted the current BTC correction to half using purely technical analysis. I was amazed and looked into courses.
I came across one via one of the Crypto Coins Group from the user under the moniker “Jah Trader”. Pretty much on blind faith I sent over the sign up fee of approx $300USD (its monthly) and have signed up on a TRAINING program to do day trading. It’s more of a course where we watch Jah do his trades and explains some basic TA… then he answers any questions we have .
We are trading on the future bonds market with a ‘paper’ account which allows us to prove we can do profitable trades. Once we can prove this (after 3 months) then we can access a “$50k” account where we can trade. Before that 3 month mark i will have invested just about $1500 in fees. Is it worth it? We are assured IF WE PUT THE WORK IN it will work.
The ultimate goal is to learn how to analyse, read charts so that I can apply these to crypto coins.
I will report back on this in a few months.
Signed up for Hacked.com for a month
I signed up for hacked.com because of their very detailed ICO analysis and community. In some ways it is similar to this website. It seems very useful to grasp on what other strategies the founder is going through to become a millionaire. I recommend signing up for a month, reading all the articles and if you like, stay on.
I have decided not to renew as I have read all the content and dont plan to invest in ICOs soon, so I don’t need the analyses. However I may return to hacked later simply for it’s sound financial advice and community.
I’ve downloaded the SiaCoin miner and started using my GPU to mine SiaCoin. SiaCoin announced they will be releasing an ASIC miner to be released in 2018. This means I got about 6-12 months to make as much SiaCoin via GPU before ASIC’s smash it. General consensus is that this means the value “should” go up. Who knows.. but for now GPU is going for it. It’s going at about 1000 MH/s
This time next year I think at this rate I’ll probably have my own rig!
In other news, various scams or attacks I’ve seen so far that propelled me to get an offline wallet (affiliate) and be more wary of advice.
- Fake ICOs
- Fake trading groups on telegram / whatsapp promoting scam ICOs amongst legitimate recommendations.
- Crypto trading bots that actually send your funds to their own random address!!
- Mining rigs being hacked and destination addresses being changed to random addresses. Dirty.