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#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.
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Money Lessons Made Simple.
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0:00
Have any of you guys ever been interested in investing in cryptocurrency
0:03
Or you've already invested and made or lost tons of money? Well, if you've ever been interested in investing in anything
0:10
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
1:17
They wanted to allow people to spend their crypto on everyday things easily
1:23
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
1:54
I actually made a video about this. You know, you can see it somewhere up here
1:58
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
2:10
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
2:26
So in this video, I want to talk about a few lessons from Bitcoin
2:31
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
3:02
When something is hyped up, it's easier to get caught up and fear that you've been losing out
3:06
on making some easy money if you don't jump in right away. It's one of the oldest tricks in sales
3:12
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
3:20
They want to trigger your FOMO, fear of missing out. Do your own freaking research
3:26
Also, remember on this channel, we believe in investing in things that are underpriced
3:30
So if everybody's talking about the same thing, more than likely it's overhyped and overpriced
3:36
And number two, don't invest in something you don't understand. This is a simple rule that a lot of successful investors follow
3:43
If a product or service a company is offering is too complicated
3:47
or you simply don't understand how it can work, do not invest in it
3:50
A lot of the best investors in the world call this staying in your circle of confidence
3:55
That means if you don't understand a business or if it's just too crazy, just stay out
4:00
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
4:09
sense in an effort to make themselves look like they know what they're talking about
4:14
I live in Southern California and these type of people are all over the place
4:18
When you hear somebody that's just saying they do this, they do that, they do everything, it's normally not a good sign
4:24
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
4:33
And if you don't understand how something works, it's probably going to be too difficult
4:37
to spot a scam versus a real deal. And at number three, for the love of God, don't believe in celebrity endorsements
4:45
They don't mean anything. Obviously, celebrity endorsements are very powerful and that's why they get paid hundreds
4:51
if not thousands, if not millions of dollars to do those endorsements
4:55
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
5:08
Most of them don't even know what those companies do, but they will take that easy money
5:12
They make money while you lose money investing in those shady companies
5:16
Next up, we have the topic of financial gurus. I personally don't have financial gurus that I believe wholeheartedly in
5:24
or copy their investing point by point or do everything that they do
5:28
Even Warren Buffett that I think is one of the greatest, or not even think
5:32
I know is one of the greatest investors of all time, I do not follow everything that he does financially
5:37
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
5:49
In Bitcoin, one huge crypto guru makes a terrible mistake and endorses this scammy company
5:55
He later catches on to this mistake, but by that time, people who followed him had already invested hundreds of thousands into the company
6:03
That's why it is so crucial that if you are going to follow financial experts
6:08
at least have a ton of them that you listen to on a regular basis
6:12
One can make a mistake, but it's highly unlikely that four or five experts will make the same mistake
6:18
And to be honest, most good financial experts will tell you how to fish
6:22
how to go out there and find a good business for you to invest in. They will never normally recommend one specific product
6:29
Another thing that this documentary really highlighted for me was, and I already knew this, is to stay away from businesses
6:36
that I and other investors like to call greater fool theory ideas
6:40
Greater fool theory ideas are investing in assets that don't make any money
6:46
It's like investing in a painting or investing in any type of piece of art
6:51
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
7:01
They will probably be worth more in the future, more than likely, unless something goes horribly wrong
7:07
You want to have most of your money in those before you invest in a speculative asset like cryptocurrency
7:14
After that, you can gamble on things like cryptocurrency. Another thing that I learned from this documentary is there's a huge difference
7:21
number one, from being rich and being wealthy. Wealthy is about long-term compounding
7:27
A lot of people will come into your life, come up on a quick get-rich scheme
7:32
and then because that is not something that is compounding, making money in the future, they're probably going to lose it
7:38
The quicker it comes, the quicker it can go. The leading characters in this documentary made a lot of money really fast
7:44
but because they did not have a wealthy mindset, they lost it really fast
7:48
True wealth is about your money making more money the next year
7:52
and then that money making more money the next year, and then that money making more money the next year
7:57
It might be slower than these get-rich-quick schemes, but it'll last you for the rest of your life
8:02
Well, I just wanted to make this quick video because I love this documentary so much
8:07
I thought it had so many lessons that we all could learn from. I'm telling all my friends and family to watch it
8:12
Make sure you like and subscribe, and we'll be back with more money talks
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