{"id":399425,"date":"2022-01-26T15:00:10","date_gmt":"2022-01-26T12:00:10","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/stop-listening-to-celebrity-advice-on-crypto-and-everything-else\/"},"modified":"2022-01-26T15:00:10","modified_gmt":"2022-01-26T12:00:10","slug":"stop-listening-to-celebrity-advice-on-crypto-and-everything-else","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/stop-listening-to-celebrity-advice-on-crypto-and-everything-else\/","title":{"rendered":"#Stop Listening to Celebrity Advice on Crypto (and Everything Else)"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a39937460a04\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a39937460a04\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/stop-listening-to-celebrity-advice-on-crypto-and-everything-else\/#Celebrities_Are_Not_Financial_Advisors\" >Celebrities Are Not Financial Advisors<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/stop-listening-to-celebrity-advice-on-crypto-and-everything-else\/#Do_Real_Research\" >Do Real Research<\/a><\/li><\/ul><\/nav><\/div>\n<p><strong>&#8220;#Stop Listening to Celebrity Advice on Crypto (and Everything Else)&#8221;<\/strong><\/p>\n<div>\n<figure style=\"width: 1200px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"type:primaryImage wp-image-749248 size-full\" data-pagespeed-lazy-srcset=\"https:\/\/www.howtogeek.com\/wp-content\/uploads\/2021\/08\/shutterstock_1434643079.jpg?width=398&amp;trim=1,1&amp;bg-color=000&amp;pad=1,1 400w, https:\/\/www.howtogeek.com\/wp-content\/uploads\/2021\/08\/shutterstock_1434643079.jpg?width=1198&amp;trim=1,1&amp;bg-color=000&amp;pad=1,1 1200w\" sizes=\"auto, 400w, 1200w\" data-pagespeed-lazy-src=\"https:\/\/www.howtogeek.com\/wp-content\/uploads\/2021\/08\/shutterstock_1434643079.jpg?width=1198&amp;trim=1,1&amp;bg-color=000&amp;pad=1,1\" alt=\"A pile of various cryptocurrency coins.\" width=\"1200\" height=\"675\" data-crediturl=\"https:\/\/www.shutterstock.com\/image-photo\/crypto-currency-background-various-shiny-silver-1434643079\" data-credittext=\"eamesBot\/Shutterstock.com\" src=\"\/pagespeed_static\/1.JiBnMqyl6S.gif\" onload=\"pagespeed.lazyLoadImages.loadIfVisibleAndMaybeBeacon(this);\" onerror=\"this.onerror=null;pagespeed.lazyLoadImages.loadIfVisibleAndMaybeBeacon(this);\"\/><figcaption class=\"wp-caption-text\"><span class=\"type:primaryImage imagecredit\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.shutterstock.com\/image-photo\/crypto-currency-background-various-shiny-silver-1434643079\">eamesBot\/Shutterstock.com<\/a><\/span><\/figcaption><\/figure>\n<p>Some people might be getting rich off of cryptocurrency, but the learning curve for newcomers is steep. You might be tempted to overlook the complexities and simply follow the advice of someone influential, like your favorite celebrity. But is that a smart move?<\/p>\n<h2 role=\"heading\" aria-level=\"2\"><span class=\"ez-toc-section\" id=\"Celebrities_Are_Not_Financial_Advisors\"><\/span>Celebrities Are Not Financial Advisors<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>This may seem obvious, but celebrities don\u2019t get paid to give financial advice. Rather, they\u2019re paid to promote products, and sometimes those products are, more or less, financial investments.<\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2022\/01\/12\/kim-kardashian-and-floyd-mayweather-sued-over-alleged-crypto-scam.html\">CNBC<\/a> reported in January 2022 that <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a> personality Kim Kardashian and professional boxer Floyd Mayweather were facing lawsuits over a particular cryptocurrency called EthereumMax. Both celebrities were paid large sums to promote EthereumMax to their fans. Later, EthereumMax dropped in value by around 97%, leading to investors accusing those celebrities of participating in <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.investopedia.com\/ask\/answers\/05\/061205.asp\">a \u201cpump-and-dump\u201d scheme<\/a>.<\/p>\n<p>Pump-and-dump scammers recommend (or, more aptly, hype) an investment so that it grows in value before they themselves sell their investments for a high return. That \u201cdumping\u201d deflates the value for those fooled into the investment, causing them to lose money. It\u2019s an old trick that used to be done over the phone but is now even more prevalent thanks to the internet. And EthereumMax is far from the only crypto-based scam out there.<\/p>\n<h2 role=\"heading\" aria-level=\"2\"><span class=\"ez-toc-section\" id=\"Do_Real_Research\"><\/span>Do Real Research<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>It\u2019s worth noting that serious crypto enthusiasts never saw EthereumMax as a good investment or even a legitimate cryptocurrency. It was and still is <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reddit.com\/r\/CryptoCurrency\/comments\/pmyxgu\/if_you_bought_some_shitcoin_because_some\/\">known<\/a> as, to use an industry term, a \u201cshitcoin.\u201d But how can the average person watching Mayweather\u2019s fight or Kardashian\u2019s Instagram stories know that?\u00a0It\u2019s that lack of knowledge on the subject\u00a0that pump-and-dump scammers are counting on.<\/p>\n<p>The most generous thing you could say about Kardashian and Mayweather is that they were ignorant of the alleged scheme. Influencers often claim to only promote products they truly believe in, but\u00a0cryptocurrency is a complex <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a>, to say the least. With celebrities\u2019 busy lives, how realistic is it to expect them to have thoroughly researched the topic and developed informed perspectives on it?<\/p>\n<p>That\u2019s why you should do independent research, and don\u2019t listen to anyone paid to recommend something to you.\u00a0While influencers might claim to only promote products they believe in, it\u2019s a stretch to assume that they\u2019ve thoroughly researched and gained real insight on any cryptocurrency before agreeing to promote it.<\/p>\n<p>Similarly, you also shouldn\u2019t listen to someone who stands to make money from your investment. That includes people already invested in a cryptocurrency; you buying in will likely increase their return. Don\u2019t believe the hype.<\/p>\n<p>Instead, listen to legitimate financial experts, and make sure you really understand how cryptocurrency works\u00a0and the fraud\u00a0surrounding it. There are risks involved in any investment, cryptocurrency included, and you should make yourself aware of what those risks are before making any decisions.<\/p>\n<\/div>\n<p><script>\n setTimeout(function(){\n  !function(f,b,e,v,n,t,s)\n  {if(f.fbq)return;n=f.fbq=function(){n.callMethod?\n  n.callMethod.apply(n,arguments):n.queue.push(arguments)};\n  if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';\n  n.queue=[];t=b.createElement(e);t.async=!0;\n  t.src=v;s=b.getElementsByTagName(e)[0];\n  s.parentNode.insertBefore(t,s) } (window, document,'script',\n  'https:\/\/connect.facebook.net\/en_US\/fbevents.js');\n   fbq('init', '335401813750447');\n   fbq('track', 'PageView');\n  },3000);\n<\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more like this article, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/technology\/\" target=\"_blank\" rel=\"noopener\">Technology category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/www.howtogeek.com\/781437\/stop-listening-to-celebrity-advice-on-crypto-and-everything-else\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Stop Listening to Celebrity Advice on Crypto (and Everything Else)&#8221; eamesBot\/Shutterstock.com Some people might be getting rich off of cryptocurrency, but the learning curve for newcomers is steep. You might be tempted to overlook the complexities and simply follow the advice of someone influential, like your favorite celebrity. But is that a smart move? Celebrities&#8230;<\/p>\n","protected":false},"author":1,"featured_media":399426,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/www.howtogeek.com\/wp-content\/uploads\/2021\/08\/shutterstock_1434643079.jpg?height=200p&trim=2,2,2,2","fifu_image_alt":"","footnotes":""},"categories":[18],"tags":[],"class_list":["post-399425","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/399425","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=399425"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/399425\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/399426"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=399425"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=399425"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=399425"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}