An Investigation into the world of Cryptocurrency Paid Groups
Source: Discord
In summary, the group founders did not at any stage provide any risk management to support their “calls”, traded out of emotional bias and relayed the entirely wrong message on how to behave in live markets to their students. They posted a couple of messages daily in the group, but were no where near activate enough to justify any sort of payment. At no stage was there any evidence of a group member being supported in any sort of way. It is hard to envisage if any of the group members would have any money left to trade, if they were consistently following all of the group founder’s advice.
If you want to join a group to see how it should entirely NOT be done, then this is the group for you.
Call Frequency & Success Verdict = 0/10
Case Study Verdict / Conclusion
The setup of the “AskMeHow” group is very basic, and this would prove simple enough for most people to be able to navigate around its format with ease. The monthly subscription fee is very expensive from what is on offer, as it increased from 0.01 to 0.03 worth of Bitcoin in just a couple of weeks.
The call success of the group, also considering it is the first month of the group’s formation, is appalling. It will come as a surprise that the current group members have not become entirely liquidated in the first month. The group appears to post “calls” that are very bold yet have little substance to substantiate such certainty. Also, it is doubtful that these claims could even be considered as credible information to trade upon. It causes significant concern that there is no mention of any risk management advice in the entire first month of the group. There is no mention of stop losses on any of their “calls”, and no supporting advice to new members on how risk is calculated and managed. The founder is basically posting a chart.
To summarise the overall verdict, the group essentially charges new members to inform them on how to do everything wrong in terms of trading. This group is a classic example of what is wrong in the world of cryptocurrency, as any inexperienced person or even scammers, can set up a group after buying followers and start charging new people to this space by deceit. This ultimately harms the industry, as it is a very negative experience for new people, who will most likely lose a lot of money.
Final thought, it is a struggle to find anything positive about this paid group, and potential members should be aware that joining this group is a very high risk to their finances.
Overall Verdict = 0/10
Closing Statement by The Author
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Published at Fri, 21 Jun 2019 10:20:23 +0000