Saylor Warns of Deepfake Bitcoin Giveaway Scams

Introduction

Microstrategy's executive chairman, Michael Saylor, has issued a warning about the rise of new bitcoin giveaway scams that utilize AI-generated deepfake videos featuring him and his company. These scams have been spreading across platforms like YouTube and X, with prominent figures such as Ripple CEO Brad Garlinghouse also being targeted.

Saylor's Warning

In a recent statement, Saylor emphasized the importance of caution when encountering deepfake videos. He stated that "there is no such thing as a free lunch" and urged his followers to be skeptical of any promises made in these videos.

The Deepfake Video

The deepfake video shows a fabricated version of Saylor urging viewers to send him bitcoin, with the promise of doubling any amount sent. In addition, the video claims that the SEC's approval of a spot bitcoin exchange-traded fund (ETF) would cause the price of BTC to reach an astounding $1 million. However, clicking on the video link redirects users to a scam website that offers a supposed "biggest crypto giveaway" of 1,000 BTC and 10,000 ETH. The website creates a sense of urgency by claiming limited spots are available and no crypto knowledge is required.

Participation in the Scam

The scam website provides instructions for participating in the giveaway, urging investors to scan a QR code that appears on their screen. The deepfake Saylor assures investors that the outcome is guaranteed, further enticing them to take part in the scam.

Saylor's Bitcoin Holdings

Saylor recently revealed that he is selling $216 million worth of Microstrategy's shares in order to increase his personal bitcoin holdings. While he has not disclosed his current bitcoin ownership, he previously stated in October 2020 that he personally owns 17,732 BTC. Additionally, Microstrategy publicly reported holdings of 189,150 bitcoin as of December 2023.

Conclusion

The rise of deepfake videos in bitcoin giveaway scams is a concerning trend. It is crucial for cryptocurrency investors to exercise caution and skepticism when encountering such videos. By staying vigilant and verifying information from reliable sources, investors can protect themselves from falling victim to these fraudulent schemes.

Share Your Thoughts

What are your thoughts on the deepfake bitcoin scams featuring Microstrategy's executive chairman, Michael Saylor? Let us know in the comments section below.

Frequently Asked Questions

How much should your IRA include precious metals

Investing in precious metals such as gold and silver is the best way to protect yourself from inflation. It’s not just for retirement. It can also be used to prepare for economic downturns.

Gold and silver prices have increased significantly over the past few years, but they are still considered safe investments because they don’t fluctuate as much as stocks do. These materials are also in high demand.

Prices for silver and gold are predictable and usually stable. They increase with economic growth and decrease in recessions. This makes them great long-term investors and money-savers.

Ten percent should go into precious metals. If you wish to diversify further, this percentage could be higher.

How much money can a gold IRA earn?

Yes, it is possible. But not as many as you might think. It depends on how much you’re willing to risk. It’s possible to retire with $1 million if your retirement age is reached if you are able to put aside $10,000 per year for 20 consecutive years. If you try to put all your eggs into one basket, you will lose everything.

Diversify your investments. Gold does well when there is inflation. You should invest in an asset that increases with inflation. Stocks can do this well as they rise when profits are increased. Bonds also do this well. They pay interest each and every year. So they’re great during times of economic growth.

But what happens if there’s no inflation? When there is no inflation, stocks and bonds will lose even more value. This is why investors should avoid putting all their savings into one investment, such as a bond or stock mutual fund.

Instead, they should diversify their investments by investing in different types of funds. They could also invest in bonds and stocks. Or they could invest in both cash and bonds.

They are exposed to both sides of a coin. Inflation and deflation. They will see a return over time.

Is gold IRAs a good way to invest?

The best way to invest in gold is by buying shares in companies that mine for it. You should buy shares in these companies to make money from investing in gold and other precious metals such as silver.

There are however two problems with owning shares directly.

First, you can lose money by holding onto your stock for too long. Stocks that fall are less than their underlying asset (like silver) and can end up losing more money. This means that you might end up losing more money than you make.

Second, waiting for the market to recover before selling your gold holdings could result in you missing out on potential profits. So you may need to be patient and let the market recover before you profit from your gold holdings.

You can still enjoy the benefits of physical gold if your investments are separate from your finances. An IRA with gold can diversify and protect your portfolio against inflation.

Visit our website for more information on gold investing.

What is the best precious metal to invest in?

The investment of gold is high-returning and has high capital appreciation. It can also protect against inflation and other risks. As inflation worries increase, gold prices tend to rise.

Gold futures are a great idea. These contracts guarantee that you will receive certain amounts of gold at a given price.

Gold futures are not for everyone. Some prefer physical gold.

They can trade their precious metals with others. They can also sell their gold whenever they wish.

Some people would rather not pay tax on their gold. They buy gold directly from government to do this.

This will require you to make multiple trips to your local postal office. You must first convert any existing gold into coins or bars.

Next, you will need to stamp the coins or bars. Finally, you send them to the US Mint. They melt the bars and coins into new coins.

These new coins, bars, and bars have the original stamps stamped onto them. This means they are legal tender.

You won’t need to pay taxes if gold is purchased directly from the US Mint.

What precious metal would your investment preference be?

How to Open a Precious Metal IRA

An IRA to hold precious metals can be opened by opening a Roth Individual Retirement Account (IRA) that is self-directed.

This account is more advantageous than other types of IRAs, because you don’t have to pay taxes on any interest earned from your investments until they are withdrawn.

This makes it very attractive to people who want to save money but also need a tax break.

You don’t have to invest in silver or gold. If it meets the IRS guidelines, you can invest in any asset that interests you.

Many people think only of silver and gold when they hear the word “precious metallic” but there are other types.

Some examples include palladium, platinum, rhodium, osmium, iridium, and ruthenium.

There are several ways you can invest in precious metals. These include purchasing bullion coins and bars, as well as shares in mining companies.

Bullion Coins and Bars

The easiest way to invest in precious materials is to buy bullion coins or bars. Bullion can be used to refer to the physical ounces or gold or silver.

Bullion bars and bullion coin are real pieces of metal.

While you might not feel any change when you buy bullion coin bars or coins from a retailer, you will experience some benefits over time.

This is an example of a tangible piece in history. Each coin and each bar have a story.

You’ll often find that the face value of a coin is far lower than its nominal value. The American Eagle Silver Coin cost $1.00 an ounce in 1986 when it was first introduced. The price of an American Eagle is now closer to $40.00 a ounce.

Bullion has had a tremendous increase in its value since its introduction. This is why many investors choose bullion bars and bullion coin over futures.

Mining Companies

If you are looking to invest in precious metals, there is another option: investing in mining shares. You invest in the company’s ability produce gold and silver when you buy shares of mining companies.

You will then receive dividends, which are calculated based upon the company’s profit. These dividends will then be paid out to shareholders.

The company’s growth potential will also be of benefit to you. The demand for the product will also cause an increase in share prices.

These stocks can fluctuate in value so it is important to diversify your portfolio. This means you can spread your risk to multiple companies.

However, it’s also important to remember that mining companies aren’t immune to financial loss, just like any stock market investment.

Your share of ownership may be worthless if gold prices fall significantly.

The Bottom Line

Precious metals, such as silver and gold, can be a refuge during economic uncertainty.

However, both gold and silver are subject to wild swings in price. You might be interested in long-term investments in precious metals. Consider opening a precious metals IRA with a reputable company.

You can enjoy tax benefits while still owning tangible assets.

What are the pros & cons of a Gold IRA?

An excellent investment vehicle is a gold IRA. This is for people who wish to diversify but do not have access to traditional banking services. It allows you to invest in precious metals such as gold, silver, and platinum without paying taxes on any gains until they’re withdrawn from the account.

There is a downside to this: if you withdraw your earnings early, you’ll be subject to normal income tax. However, these funds are kept outside the country and cannot be seized by creditors if you default.

A gold IRA might be the right choice for you if you enjoy owning gold and don’t worry about taxes.

How does the gold and silver IRA function?

You can make investments in precious metals (such as gold or silver) without having to pay tax. This makes them an attractive investment for people who want to diversify their portfolios.

If you are above 59 1/2 years old, you do not have income tax to pay on the interest earned. Any appreciation in the account’s worth does not attract capital gains tax. There are limits on the amount of money that you can place into this account. The minimum amount you can put into this account is $10,000. You can’t invest if you’re younger than 59 1/2. The maximum annual contribution allowed is $5,500

You may not receive the entire amount if you pass away before retirement. Your estate should contain sufficient assets to cover your account’s remaining balance after paying any other expenses.

Some banks offer IRA options in gold and silver, while some require you to open a regular brokerage accounts through which you can purchase shares or certificates.

Statistics

Depending on your financial situation, most experts recommend you invest no more than 5% to 10% of your retirement funds in precious metals. (forbes.com)
If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal so that 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)
To qualify as IRA allowable precious metals and be accepted by STRATA, the following minimum fineness requirements must be met: Gold must be 99.5% pure, silver must be 99.9% pure, and platinum and palladium must both be 99.95% pure. (stratatrust.com)
Same tax rules as traditional IRA SEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less Before setting up a Silver IRA, understand the fees and IRS restrictions. (sltrib.com)

External Links

How To

How to Buy Gold For Your Gold IRA

Precious metal is a term used to describe gold, silver, platinum, palladium, rhodium, iridium, osmium, ruthenium, rhenium, and others. It refers only to elements with atomic number 79-110 (excluding helium). These elements are considered valuable because they are rare and beautiful. Gold and silver are the most popular precious metals. Precious metallics are frequently used as jewelry, money and industrial goods.

Gold prices fluctuate daily because of supply and demande. In the past decade, there has been a huge demand for precious metals as investors seek safe havens from unstable economies. This has resulted in a substantial rise in the prices. However, some are hesitant to invest in precious metals because of the rising costs of production.

Gold is a reliable investment due to its rarity and durability. Unlike many investments, gold never loses value. You can also buy and sell gold, without having to pay taxes. There are two ways that you can invest your gold. You can either purchase gold bars and coins or invest in futures gold contracts.

You can instantly have liquidity with physical gold bars and coins. They are easy and convenient to trade or store. But they don’t offer much protection against inflation. Consider purchasing gold bullion if you want to be protected from rising prices. Bullion can be defined as physical gold. It comes in different sizes. Bullion comes in a variety of sizes, including kilo bars and one-ounce pieces. Bullion is often stored in vaults, which are safe from fire and theft.

Consider buying gold futures if you would rather own shares than actual gold. Futures let you speculate about how gold’s price might change. You can purchase gold futures to get exposure to the gold price, but not the actual commodity.

For instance, if I wanted speculation on whether gold prices would go up or lower, I could buy a contract for gold. My position will change when the contract expires. It can be either “longer” or “shorter.” A long contract means that I believe the price of gold will go higher, so I’m willing to give someone else money now in exchange for a promise that I’ll get more money later when the contract ends. A shorter contract will mean that I expect the price to fall. I’m happy to accept the money right now in exchange of the promise that I’ll make more money later.

I will be paid the specified amount of the contract plus interest after the contract expires. I am now exposed to the price of gold, without actually holding it.

Precious metals are great investments because they’re extremely hard to counterfeit. Precious metals can’t be counterfeited like paper currency. However, new bills can be printed to make them look more authentic. Because of this, precious metals have traditionally held their value well over time.

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By: Kevin Helms
Title: 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