The internet is rampant with people trying to make a quick buck. I probably get one DM a week from some person speaking broken English trying to get me to send them Bitcoin, learn how to trade forex or learn how to day trade. These people have zero regulatory standard and prey on elderly, young and uneducated people. If you get scammed you probably deserve it honestly. Why would you give your money to some random person on the internet who can barely complete a sentence? These people can promise 100% returns and can you teach how to make thousands per week. All you have to do is send them a paycheck and you are on your way to make $100k this year. Its very laughable and any logical thinking person would understand this. These scam artists are the modern day snake oil salesman and can get away this nonsense because they are not under the supervision of any regulatory commission. Now compare this to a financial professional such as myself. I have to pay for the privilege of someone reading over my blog posts so they are compliant. I pay for the privilege to have SM monitoring so I don’t make guarantees and the sort. Its fairly costly and prices independent and young financial advisors out of the market because it is pricey. Only advisors who started before all the regulation and fortune 500 type firms can pay this price and as time goes on these firms will collapse as ETFs and robo advisors increase their AUM. These robo advisors are cheap and get the job done but do have downside that I will make a blog post about in the future.
Finance is a man made creation that has a problem with human error. Wallstreet jobs have been on the chopping block and salaries have decreased since 2010. The internet allows access to exchanges and decreases the overall friction of investing and saving money unlike in the past and soon enough a finance degree will be more worthless than it is now.
As time goes on I am sure Bitcoin and Forex will become more regulated but it really is annoying how many messages I receive.