Recently in one of the posts someone had asked how do butters get stuck in a cult ? how does it all work? Well I was just looking at how a con works and put this together:-
Putting the mark up
Person must have money to part with, not too much as to involve professionals into the mix and just smart enough to understand the deal. Should not be too familiar of the working of the financial world. Then the con artist finds a weakness in the person, generally along the lines of greed, revenge, etc.
In case of the usual BUTTER, it is
· Mistrust in govt
· Fear of Financial
· Greed (Get rich quick)
· Desperation (You had losses elsewhere and want to recover from it)
Approach
Thanks to the internet and great marketing and social platforms this has become easy. Just post as much as possible and spam it everywhere.
Showcase the immense wealth these schemes have generated for you by posing in front of Lambos.
· Pay influencers to market it (Safemoon & Shiba Inu are good examples)
· Put Ads on all social media
· Buy billboards (Doge)
Sad thing is there are huge agencies and websites where people can flock to find the latest of scams themselves. What is better than just allowing people to come to you rather than you needing to find them. Think of Coinmarketcap, social groups on Telegram and Reddit, YouTube channels, endless.
Build-UP
The victim is given an opportunity to profit from participating in a scheme. The victim's greed is encouraged, such that their rational judgment of the situation might be impaired.
https://www.olympusdao.finance/ - shows 8088% APY return for instance.
The sheer value of the return triggers the greed.
As the person would not just be convinced initially, the next step is crucial.
Pay-off or Convincer
The victim receives a small payout as a demonstration of the scheme's purported effectiveness. This may be a real amount of money or faked in some way (including physically or electronically). In a gambling con, the victim is allowed to win several small bets. In a stock market con, the victim is given fake dividends.
In crypto, anyone who is not a moron tries to put a small amount in to test the waters, which is rewarded by the Crypto Team in the way of worthless tokens or real returns.
· Most of the time these, days staking is the way to go where your money is locked in for future rewards, which you may or may not see again, depending on the size of the CON.
· Squid Game tokens are a good example of a super short CON.
The "hurrah"
A sudden manufactured crisis or change of events forces the victim to act or decide immediately. This is the point at which the con succeeds or fails.
With a financial scam, the con artist may tell the victim that the "window of opportunity" to make a large investment in the scheme is about to suddenly close forever.
In crypto this is manufactured as
· Financial system about to collapse!
· Your money is devaluing day by day – Hyperinflation
· Limited Coins available (if you own xBTC now you are in the top 1% as there are only X amount)
· The burning of coins is happening (FOMO of gains)
The in-and-in
A conspirator (in on the con but assumes the role of an interested bystander) puts an amount of money into the same scheme as the victim, to add an appearance of legitimacy. This can reassure the victim and give the con man greater control when the deal has been completed.
Not necessary with crypto but works in many various ways:
· Michael Slayor, Elon Musk, they put a fraction of their money in and convince others but when will they get out, no one will know
· Youtubers, playing the Pump and Dump.
· The original creators of the crypto project
If all you consume in the way of knowledge is through social platforms, it is quite easy to fall for this, all it requires these days is a quick search to “what is Bitcoin” and YouTube will bombard you with videos around it with most views(sadly). Which means you will always be recommended what the market is like, if it is a bull market all you will likely see is people celebrating their gains.
The worst part of it all is, any crypto works more like an MLM when it picks off.
· Every butter out there is trying to sell it to others through social media, as it costs them nothing except time.
· Every participant is trying to convince others to just buy and never sell as the price would appreciate if HoDl’d. These participants are being engrained that selling is bad, not only for the group but themselves as well as eventually they will lose out on the gains. Once things go south, the person that holds the longest will be the biggest loser.
· Memes and Scams are considered just part of the offer.
Lastly, due to the liberal wave of politics, no one wants to try and regulate this market in fears of accusations of being Neo Nazi.
TLDR: Social media makes it very easy to find & convince people of the con but the inherent setup of crypto makes sure you stay in rather than out. The liberal wave does not allow for regulation.
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