Microstrategy's executive chairman, Michael Saylor, has raised concerns about the rise of new bitcoin giveaway scams that involve the use of AI-generated deepfake videos featuring him and his company. Saylor emphasizes that there is no such thing as a free lunch and urges investors to be cautious.
Deepfake Videos Targeting Cryptocurrency Investors
A growing trend of scams, utilizing AI-generated deepfake videos, has emerged on platforms like Youtube and X. Notable figures in the cryptocurrency industry, such as Ripple CEO Brad Garlinghouse and Microstrategy executive chairman Michael Saylor, have become targets of these fraudulent videos.
Michael Saylor's Warning
Saylor recently issued a warning to cryptocurrency investors about the presence of deepfake videos featuring him and Microstrategy on Youtube. He urges his followers to exercise caution and reminds them that there is no such thing as a free lunch when it comes to cryptocurrency.
The Content of the Deepfake Video
The deepfake video depicts Saylor encouraging viewers to send him bitcoin, with the promise of doubling the amount. Additionally, he claims that the approval of a spot bitcoin exchange-traded fund (ETF) by the SEC would skyrocket the price of BTC to an astonishing $1 million. Clicking on the video link directs users to a scam website that advertises the "biggest crypto giveaway" with 1,000 BTC and 10,000 ETH up for grabs. The website creates a sense of urgency by claiming that there are limited spots available and no crypto knowledge is required.
The Scam Website's Claims
The scam website provides details about the supposed giveaway, stating that participants have the opportunity to win a share of 1,000 BTC and 10,000 ETH. It urges investors to scan a QR code that appears on their screens. The AI-generated deepfake Saylor assures investors that the outcome is guaranteed.
Saylor's Personal Bitcoin Holdings
Saylor recently disclosed that he is selling $216 million of Microstrategy's shares in order to acquire more bitcoin for his personal holdings. While he has not revealed his current BTC holdings, he stated in October 2020 that he personally owns 17,732 BTC. Microstrategy, on the other hand, publicly reported its holdings of 189,150 bitcoin as of December 2023.
The rise of deepfake bitcoin scams featuring Michael Saylor, the executive chairman of Microstrategy, is a concerning trend in the cryptocurrency industry. Investors are urged to remain vigilant and skeptical of any promises that seem too good to be true. Remember, there is no such thing as a free lunch in the world of cryptocurrency.
What are your thoughts on deepfake bitcoin scams involving Michael Saylor? Share your opinions in the comments section below.
Frequently Asked Questions
What are the pros and disadvantages of a gold IRA
An Individual Retirement Account is a more beneficial option than regular savings accounts. You don't pay taxes on any interest earned. An IRA is a great way to save money and not have to pay taxes on the interest you earn. This type of investment has its downsides.
You may lose all your accumulated savings if you take too much out of your IRA. You may also be prohibited by the IRS from making withdrawals from an IRA after you turn 59 1/2. If you do withdraw funds from your IRA you will most likely be required to pay a penalty.
Another disadvantage is that you must pay fees to manage your IRA. Many banks charge between 0.5%-2.0% per year. Other providers may charge monthly management fees, ranging between $10 and $50.
You can purchase insurance if you want to keep your money out of a bank. Most insurers require you to own a minimum amount of gold before making a claim. You may be required by some insurers to purchase insurance that covers losses as high as $500,000.
If you are considering a Gold IRA, you need to first decide how much of it you would like to use. You may be limited in the amount of gold you can have by some providers. Others allow you to pick your weight.
It is also up to you to decide whether you want to purchase physical gold or futures. Physical gold is more costly than gold futures. Futures contracts allow you to buy gold with more flexibility. They enable you to establish a contract with an expiration date.
You'll also need to decide what kind of insurance coverage you want. The standard policy does NOT include theft protection and loss due to fire or flood. The policy does not cover natural disasters. Additional coverage may be necessary if you reside in high-risk areas.
You should also consider the cost of storage for your gold. Insurance doesn't cover storage costs. Safekeeping costs can be as high as $25-40 per month at most banks.
Before you can open a gold IRA you need to contact a qualified Custodian. A custodian is responsible for keeping track of your investments. They also ensure that you adhere to federal regulations. Custodians aren't allowed to sell your assets. Instead, they must maintain them for as long a time as you request.
Once you have chosen the right type of IRA to suit your needs, it is time to fill out paperwork defining your goals. The plan should contain information about the types of investments you wish to make such as stocks, bonds or mutual funds. Your monthly investment goal should be stated.
After filling out the forms, you'll need to send them to your chosen provider along with a check for a small deposit. The company will review your application and send you a confirmation letter.
You should consult a financial planner before opening a Gold IRA. Financial planners are experts in investing and will help you decide which type of IRA works best for your situation. You can also reduce your insurance costs by working with them to find lower-cost alternatives.
How does gold perform as an investment?
The supply and the demand for gold determine how much gold is worth. Interest rates are also a factor.
Because of their limited supply, gold prices can fluctuate. In addition, there is a risk associated with owning physical gold because you have to store it somewhere.
How much of your IRA should include precious metals?
It is important to remember that precious metals can be a good investment for anyone. You don't have to be rich to invest in them. In fact, there are many ways to make money from gold and silver investments without spending much money.
You could also consider buying physical coins like bullion bars, rounds or bullion bars. Shares in precious metals-producing companies could be an option. Your retirement plan provider may offer an IRA rollingover program.
No matter what your preference, precious metals will still be of benefit to you. They are not stocks but offer long-term growth.
Their prices rise with time, which is a different to traditional investments. This means that if you decide on selling your investment later, you'll likely get more profit than you would with traditional investing.
What are the fees for an IRA that holds gold?
The Individual Retirement Account (IRA), fee is $6 per monthly. This includes account maintenance and any investment costs.
You may have to pay additional fees if you want to diversify your portfolio. These fees vary depending on what type of IRA you choose. For example, some companies offer free checking accounts but charge monthly fees for IRA accounts.
Most providers also charge an annual management fee. These fees can range from 0% up to 1%. The average rate for a year is.25%. These rates are usually waived if you use a broker such as TD Ameritrade.
Is buying gold a good way to save money for retirement?
While buying gold as an investment may seem unattractive at first glance it becomes worth the effort when you consider how much gold is consumed worldwide each year.
The most popular form of investing in gold is through physical bullion bars. There are many ways to invest your gold. The best thing to do is research all options thoroughly and then make an informed decision based on what you want from your investments.
If you don’t have the funds to invest in safe places, such as a safe deposit box or mining equipment companies, buying shares of these companies might be a better investment. Owning gold stocks should work well if you need cash flow from your investment.
You also can put your money into exchange-traded funds (ETFs), which essentially give you exposure to the price of gold by holding gold-related securities instead of actual gold. These ETFs typically include stocks from gold miners, precious metallics refiners, commodity trading companies, and other commodities.
What precious metal is best for investing?
This question is dependent on the amount of risk you are willing and able to accept as well as the type of return you desire. Although gold has been considered a safe investment, it is not always the most lucrative. If you are looking for quick profits, gold might not be the right investment. If you have time and patience, you should consider investing in silver instead.
If you don’t desire to become rich quickly, gold may be your best option. Silver may be a better option for investors who want long-term steady returns.
How much money should I put into my Roth IRA?
Roth IRAs allow you to deposit your money tax-free. You can't withdraw money from these accounts before you reach the age of 59 1/2. There are some rules that you need to keep in mind if you want to withdraw funds from these accounts before you reach 59 1/2. First, you can't touch your principal (the initial amount that was deposited). No matter how much money you contribute, you cannot take out more than was originally deposited to the account. If you wish to withdraw more than you originally contributed, you will have to pay taxes.
The second rule is that you cannot withdraw your earnings without paying income taxes. Withdrawing your earnings will result in you paying taxes. For example, let's say that you contribute $5,000 to your Roth IRA every year. Let's further assume you earn $10,000 annually after contributing. This would mean that you would have to pay $3,500 in federal income tax. The remaining $6,500 is yours. The amount you can withdraw is limited to the original contribution.
So, if you were to take out $4,000 of your earnings, you'd still owe taxes on the remaining $1,500. You'd also lose half the earnings that you took out, as they would be subject to a second 50% tax (half of 40%). So even though your Roth IRA ended up having $7,000, you only got $4,000.
There are two types: Roth IRAs that are traditional and Roth. Traditional IRAs allow pre-tax contributions to be deducted from your taxable tax income. Your traditional IRA allows you to withdraw your entire contribution plus any interest. You have the option to withdraw any amount from a traditional IRA.
Roth IRAs don't allow you deduct contributions. Once you are retired, however, you may withdraw all of your contributions plus accrued interest. There is no minimum withdrawal amount, unlike traditional IRAs. Your contribution can be withdrawn at any age, not just when you reach 70 1/2.
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- 7 U.S. Code SS7 – Designation board of trade as contract marketplaces
- 26 U.S. Code SS 408 – Individual retirement accounts
How to Buy Physical Gold in An IRA
An easy way to invest gold is to buy shares from gold-producing companies. However, there are risks associated with this strategy. It isn't always possible for these companies to survive. Even if they do survive, there is still the possibility of losing money to fluctuating gold prices.
An alternative option would be to buy physical gold itself. You'll need to open a bank account, buy gold online from a trusted seller, or open an online bullion trading account. These options offer the convenience of easy access, as you don't need stock exchanges to do so. You can also make purchases at lower prices. It is easier to view how much gold has been stored. You'll get a receipt showing exactly what you paid, so you'll know if any taxes were missed. You're also less susceptible to theft than investing with stocks.
However, there are some disadvantages too. You won't be able to benefit from investment funds or interest rates offered by banks. It won't allow you to diversify any of your holdings. Instead, you'll be stuck with what's been bought. Finally, the tax man might ask questions about where you've put your gold!
BullionVault.com offers more information on buying gold for an IRA.
By: Kevin Helms
Title: Michael Saylor Warns of Deepfake Bitcoin Giveaway Scams
Sourced From: news.bitcoin.com/michael-saylor-warns-of-deepfake-bitcoin-giveaway-scams-featuring-him-and-microstrategy/
Published Date: Mon, 08 Jan 2024 04:30:13 +0000