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Let’s talk about FInfluencers

Finfluencers are typically sharing personal finance tips, investment advice, budgeting strategies, and other financial insights with their followers on social media platforms. They may also collaborate with brands to promote financial products or services. Overall, their goal is to educate and empower their audience to make informed financial decisions.

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These are some tactics they use

The influencers in the crypto space typically sign up for the crypto affiliate programs. These programs offer benefits for the influencers. They will make video’s for YouTube and other platforms and they will tell about the links in their ‘description below’ this phrase sounds familiar right?Ok, that’s not all. They will also get commission for each person that has transferred money to their new account on the exchange.

So they’re basically influencers that are making money with links. Let that sink in for a moment. While you may thought that your favorite finfluencer is a whale well, he might be a clownfish. Not all finfluencers that share links are trying to fool people by the way.

There is absolutely no hate in this post it’s just another perspective. Hopefully we have spread more awareness around this topic that is the goal with this post. There are a lot of young people that blindly follow the words of the finfluencers which can lead to irresponsible results.

DYOR

Do your own research is one advice I can give you. Some finfluencers promote smaller Altcoins and some of them are used for pump and dump events. So what it means that they can use your capital and tell you that it will go up before they let it drop to very low prices

What is a pump and dump event?

First of all pump and dump schemes are seen as market manipulation and are illegal in many jurisdictions. It is important to be careful to not put your money in these pump and dump schemes. Research is a must before you start investing.

A pump and dump scheme in the context of crypto refers to a coordinated attempt to artificially inflate the price of a particular cryptocurrency through false or misleading information, hype and aggressive marketing tactics. Once the price has reached a certain level because of the pump the orchestrators of the scheme sell off their holdings at a profit, causing the price to drop and leaving the investors with significant losses.

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