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A SHOCKING SCAM You Need To Know About
2K views
Feb 5, 2024
#bitcoin #bitconned #investing #money Bit Conned is a must watch documentary on Netflix for anyone interested in investing not just in bitcoin but any type of investing. Link to "90 Days of Black Excellence" : https://a.co/d/0snjJq0 Subscribe to our channel so you don't miss any future videos! Add your email to our list to stay updated- BlackExcellence.com Check out the books we love and recommend in our Black Excellence Book Club: https://www.blackexcellence.com/store/ Some links are affiliate links, which means we earn a very tiny commission if you make a purchase. __________________________________________________________ Money Lessons Made Simple. All content provided by Black Excellence Media, LLC is for entertainment purposes only. None of the information provided is to replace professional advice.
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0:00
Have any of you guys ever been interested in investing in cryptocurrency
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Or you've already invested and made or lost tons of money? Well, if you've ever been interested in investing in anything
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I have a documentary for you to watch. And that documentary is called Bitconned and it's on Netflix
0:16
My name is Raymond Trapani, Chief Operating Officer at Centratech. Obviously, there's been a ton of scam documentaries
0:22
both about cryptocurrency and other scams. But this one actually amazed me with how brazen the scam was
0:29
And the story is being told by the guys, mainly the one guy that actually did the scamming
0:34
And he scammed people for millions and millions of dollars. I'm not going to spoil the whole story for you
0:39
because I absolutely think that this is worth watching. But let me give you a quick summary
0:44
The main character of the documentary is a guy named Ray who dreamed of being a millionaire from a young age
0:50
The only thing is he's always admitted that he never wanted to do it legally
0:55
He's been hustling since high school. And his first business, I believe in high school
0:59
was actually running a drug business. Then he partners with a high school friend
1:03
to open a luxury car rental agency in Miami. The business was super successful at first
1:08
They had clients like Rick Ross and other celebrities. But of course, they blew all the money
1:13
So they jumped into another business idea. And what was that business idea
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They wanted to allow people to spend their crypto on everyday things easily
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And at the time, I believe nobody had done this before. They were one of the first companies to try and actually pull this off
1:29
They raised millions of dollars for what at first started off as a complete scam
1:34
Then they try and go legit. That's where I'm going to leave you off. You got to watch the rest of the documentary to see how this venture unfolds
1:41
I've always been so cautious about investing in cryptocurrencies. And I've advised all my friends and families to approach this very carefully
1:49
It's such a volatile market that's been littered with scams and the appeal of making easy money
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I actually made a video about this. You know, you can see it somewhere up here
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Even some of my friends that did make money ended up losing it by reinvesting the money they made in other cryptos
2:04
Other friends actually held on way too long. And it dropped before they can get their money back out
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So no one that I know really walked away a winner. Especially when things in cryptos were hot a few years ago
2:16
But this cautionary documentary for me is way, way beyond cryptocurrencies. It's a lesson in how to approach anything you're putting your money and trust into
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So in this video, I want to talk about a few lessons from Bitcoin
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First, you should always, always be suspicious when investing. Suspicious minds are curious minds
2:37
Suspicious minds investigate. When it comes to investing and especially, especially investing in something that's been
2:44
hyped up, you must always investigate before jumping in. And there is really no excuse
2:49
It's never been easier to investigate in any company or any person than it is now
2:54
You don't have to hire a PI. The internet has so much to tell you if you dedicate some time to doing your own research
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When something is hyped up, it's easier to get caught up and fear that you've been losing out
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on making some easy money if you don't jump in right away. It's one of the oldest tricks in sales
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Act now for a limited time only. Offer in soon. All these phrases that you've seen and heard in ads are all from the same playbook too
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They want to trigger your FOMO, fear of missing out. Do your own freaking research
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Also, remember on this channel, we believe in investing in things that are underpriced
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So if everybody's talking about the same thing, more than likely it's overhyped and overpriced
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And number two, don't invest in something you don't understand. This is a simple rule that a lot of successful investors follow
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If a product or service a company is offering is too complicated
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or you simply don't understand how it can work, do not invest in it
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A lot of the best investors in the world call this staying in your circle of confidence
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That means if you don't understand a business or if it's just too crazy, just stay out
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We all know scammers and even business people who sometimes mean well
4:04
but are in over their head and tend to over talk or over explain things that don't make
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sense in an effort to make themselves look like they know what they're talking about
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I live in Southern California and these type of people are all over the place
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When you hear somebody that's just saying they do this, they do that, they do everything, it's normally not a good sign
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And that's exactly what one of the co-founders does in Bitcoin. Most people investing in cryptocurrencies or the blockchain don't even understand how it works
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And if you don't understand how something works, it's probably going to be too difficult
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to spot a scam versus a real deal. And at number three, for the love of God, don't believe in celebrity endorsements
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They don't mean anything. Obviously, celebrity endorsements are very powerful and that's why they get paid hundreds
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if not thousands, if not millions of dollars to do those endorsements
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But as we've learned from the FTX scandal, which is another cryptocurrency fraud case I'm sure all of you have heard of
5:02
and from this documentary too, do not believe in celebrity hype, especially about financial products
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Most of them don't even know what those companies do, but they will take that easy money
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They make money while you lose money investing in those shady companies
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Next up, we have the topic of financial gurus. I personally don't have financial gurus that I believe wholeheartedly in
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or copy their investing point by point or do everything that they do
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Even Warren Buffett that I think is one of the greatest, or not even think
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I know is one of the greatest investors of all time, I do not follow everything that he does financially
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You have to make your own financial decisions based on your own goals
5:42
your own beliefs, and the things that you have read. But if you are going to have financial gurus, at least have a whole bunch of them
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In Bitcoin, one huge crypto guru makes a terrible mistake and endorses this scammy company
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He later catches on to this mistake, but by that time, people who followed him had already invested hundreds of thousands into the company
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That's why it is so crucial that if you are going to follow financial experts
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at least have a ton of them that you listen to on a regular basis
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One can make a mistake, but it's highly unlikely that four or five experts will make the same mistake
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And to be honest, most good financial experts will tell you how to fish
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how to go out there and find a good business for you to invest in. They will never normally recommend one specific product
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Another thing that this documentary really highlighted for me was, and I already knew this, is to stay away from businesses
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that I and other investors like to call greater fool theory ideas
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Greater fool theory ideas are investing in assets that don't make any money
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It's like investing in a painting or investing in any type of piece of art
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First, you want to use most of your nest egg to invest in businesses that create more income
6:56
When you invest in Apple, when you invest in Amazon, those companies are out there making money for you
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They will probably be worth more in the future, more than likely, unless something goes horribly wrong
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You want to have most of your money in those before you invest in a speculative asset like cryptocurrency
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After that, you can gamble on things like cryptocurrency. Another thing that I learned from this documentary is there's a huge difference
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number one, from being rich and being wealthy. Wealthy is about long-term compounding
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A lot of people will come into your life, come up on a quick get-rich scheme
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and then because that is not something that is compounding, making money in the future, they're probably going to lose it
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The quicker it comes, the quicker it can go. The leading characters in this documentary made a lot of money really fast
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but because they did not have a wealthy mindset, they lost it really fast
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True wealth is about your money making more money the next year
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and then that money making more money the next year, and then that money making more money the next year
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It might be slower than these get-rich-quick schemes, but it'll last you for the rest of your life
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Well, I just wanted to make this quick video because I love this documentary so much
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I thought it had so many lessons that we all could learn from. I'm telling all my friends and family to watch it
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Make sure you like and subscribe, and we'll be back with more money talks
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