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back to article SEC to investors: When dealing in Bitcoin, don't get suckered

Investor.gov, the US Securities and Exchange Commission's investor education and advocacy website, has issued an alert warning investors of the potential pitfalls of investing in Bitcoin and other virtual currencies. "A new product, technology, or innovation – such as Bitcoin – has the potential to give rise both to frauds and …

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  1. dan1980

    As I said in a previous post, investing in Bitcoin is a bit like moving to the frontier - there are fortunes to be made but it's risky and you might find yourself robbed and alone. Or the government might kick you off your land.

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    1. Anonymous Coward
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      Anonymous Coward

      THe gov't would kick you off your land if you were a native of that land (say, nowadays called a First Nation) but on the rebound, 100 years later you'd get a bit of poor use soil and you can build a casino on it and accept BitCoins - yah.

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    2. Anonymous Coward
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      Anonymous Coward

      a bit like moving to the frontier

      by the time you get there all the good gold is mined out, you end up busting your butt, shedding blood,sweat and tears only to return home no better off than when you left.

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      1. Suricou Raven
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        Re: a bit like moving to the frontier

        You can make a fortune if you're first there, but only the insanely reckless would gamble on something so risky as going first.

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  2. Anonymous Coward
    Anonymous Coward

    Hmmm - the same SEC that's in the pockets of the Banksters...?

    I've not seen anything much from the SEC to warn us about the fraud the banksters have been up to - so why are they now trying to pretend to be the good guys and warn us about fraud scams against a cryptocurrency when fraud scams with fiat currencies are the norm.

    If they are so good at their jobs - why has Bernie Madoff been able to defraud millions and to this date not found all the money?

    Could it be the paranoia that people are realising that the currencies they have been madly printing through "Quantitative Easing" are now worthless and only have value because people believe this to be the case and are now safeguarding their hard earned cash thorugh buying gold and cryptocurrencies?

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    1. Anonymous Coward 101
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      Re: Hmmm - the same SEC that's in the pockets of the Banksters...?

      That's right - close your eyes, put your hands over your ears, and chant 'FUD FUD FUD FUD...' until the unpleasant feeling that the SEC are wholly correct goes away.

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    2. DavCrav
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      Re: Hmmm - the same SEC that's in the pockets of the Banksters...?

      "[...]only have value because people believe this to be the case and are now safeguarding their hard earned cash thorugh (sic) buying [...] cryptocurrencies"

      Safeguarding cash through cryptocurrencies? Does that tinfoil hat you are wearing cover your eyes? Bitcoin losing half its value in a day, MtGOX, etc.? It's like safeguarding your cash by stashing it under your mattress, then burning your house down.

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      1. Anonymous Coward
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        Re: Hmmm - the same SEC that's in the pockets of the Banksters...?

        I have a theory that these posts are generally made by people sitting on a stack of bitcoin they are trying to shift.

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  3. Elmer Phud

    Andrews Sisters

    "He said, "Are you truly truly truly

    Truly truly truly truly truly mine

    With a kiss she sighed "forever"

    You can hardly blame them,

    You would do the same in

    Tu-li tulip time! "

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  4. Tom 13

    Here's a bit of advice that's more frank:

    Treat bitcoin investing like a drug purchase. The risks are similar except since you aren't in close proximity there's a reduced chance of actual gunfire. The bigger the deal, the more the risk, and the more you need to know the players in your deal. Which sort of invalidates the whole anonymity thing. And like a drug deal gone bad, you don't really have decent legal recourse.

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  5. Cliff

    When dealing in Bitcoin, don't get suckered

    Bit late for that advice, isn't it?

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