The Wild West Crypto Show Flags Crypto Schemes and Scams

July 22, 2019 13:41:08

On Episode 69 of the Wild West Crypto Show – Why Fake News is Easy to Create – straight-shooting crypto cowboys Drew Taylor and Brent Bates, hosts of the show, were at it again, bringing their loyal fans up to speed with developments in the space. This time around both Joerg Molt of the Satoshi School and Jonathan Keim, communications director of CryptoCurrencyWire, were back on the show. While Molt talked about the bad guys, relating an encounter with crypto crooks in Costa Rica, Keim recognized the good guys, with updates on three newsworthy happenings in the crypto world.

One such update concerned Britain’s Financial Conduct Authority (FCA) and its efforts to get a tighter hold on crypto. The regulator is proposing a ban “on the sale to retail clients of derivatives and certain transferable securities that reference crypto-assets” due to concerns that consumers are “unlikely to understand their risks or value,” according to Keim. The risks are real. Crypto schemes and scams abound. For example, since Facebook announced that it would release Libra, cyber security experts have uncovered over 100 fake domains related to the stablecoin that claim to be hosted by Facebook.

Keim also reported on Klaytn, a new blockchain mainnet launched recently in Korea. Hosted by Kakao, which operates Korea’s most popular mobile messaging app Kakao Talk, Klaytn announced that, so far, 51 “service partners” and 23 Governance Council members with a combined userbase of over 700 million had signed on to the platform. This gives Klaytn the world’s largest user base for a single blockchain platform. This venture could lead to mass adoption on a scale not yet seen.

Keim completed his wrap up with news that Social Finance Inc. (SoFi) was making the Stock Bits feature of its SoFiInvest platform generally available. With Stock Bits, users can buy and sell fractional amounts of popular shares. The platform currently offers access to “over 50 popular stocks and ETFs ranging from Apple and Amazon, to Alphabet and Tesla.” By reducing the capital requirements for investing, SoFi increases accessibility to the financial markets for small investors, which should increase funding availability. The company also plans to offer cryptocurrency trading in the coming months.

For the latest episode, which includes CryptoCurrencyWire’s ongoing segment featuring the latest news from around the world, visit

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