Unintentional comedy: the evolution of financial influencers from nfts to fraud and begging

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In the ever-changing landscape of financial trends, the downfall of NFTs has left the financial influencer space searching for a new cash cow. As the finance industry faces uncertainty with FTX’s recent debacle and Binance’s slow decline, the next big thing remains unclear. While AI appears to be on the horizon as the next major fad, the promise of a sustainable strategy for success in this realm is yet to materialize.

In the meantime, some individuals have resorted to peddling time-proven strategies such as fraud and begging. The allure of quick and effortless money seems tempting, especially in a society driven by instant gratification. However, it is crucial to approach these methods with caution and understanding of the potential consequences they may entail.

“You’re personally held responsible for that. So if you were to go get a credit card in your personal name and you would have to match the card out, you’re going to be held liable if you don’t make that payment back to the bank and come and sue you. Now, what makes us different about business credit or business credit?”

“You are not personally held responsible for that line of credit. So let’s say, for example, how I got this watch, I was able to open a business I didn’t really give a s**t about. I win open business credit cards in that account. I then proceeded to go on buy this $100,000. I’m going to turn around and sell it to a jeweler for $80,000 in cash, which now gives me the cash.” – one influencer brags.

The influencer then claims bankruptcy for the business, evading any obligation to repay the credit card debt. It is important to note that engaging in such activities may constitute fraudulent behavior and can lead to severe legal consequences.

However, it is essential to separate reality from online trolling. In some instances, influencers have claimed their controversial advice to be a misunderstanding or mere satire. They point out that it takes a certain level of gullibility to believe in the feasibility of their suggestions. While this may provide some relief to those who fell for the scheme, it is crucial to exercise caution when navigating the realm of financial advice on social media platforms.

Another alarming trend that has emerged is the notion of begging as a viable path to wealth.  While it is true that persistence and hard work can yield fina ncial success, relying solely on begging is an unreliable and unsustainable strategy.

“Anyone can really become a millionaire because the world is so big. The markets are so massive. All you got to do is get a dollar from a million people out of like a billion. If you just walk around every single day asking for a dollar, you can get something out pretty easily.”

“So imagine if you actually worked hard is actually, you know, not that difficult.” – a misguided guru claims.

In the pursuit of wealth, some influencers advocate the power of visualization. They claim that by imagining oneself as a billionaire, one can manifest that reality.

“I’m a billionaire. Let’s think about it. Does a billionaire have a liquid billion dollars in his bank account? Okay, so is he actually a billionaire? No. Like liquid billionaire? No, not liquid billionaire yet. Probably will be mathematically soon.”

“But I’m a billionaire because, number one, let’s just say I can make 500 to a mill a month. That’s like called millionaires. You do like a money calculator since it’s like a hedge fund style thing. We’re already in the hundreds of millions and then other businesses. I’m a13 wealth manager now. I own a hedge fund and manage money for people.”

However, it is important to approach such claims with skepticism. While positive thinking and visualization can play a role in personal motivation and goal setting, the path to becoming a billionaire is multifaceted and often requires strategic planning, innovation, and persistence.

 

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