WHENEVER colonialists set their beady little eyes on a booming, potentially profitable industry in another land which is still in its infancy. They will always find cunning ways to install themselves there, vie for absolute control and garner all the profits for themselves.
This is achieved through deception – they prey on the desperation of people – and promise an all-too-good opportunity they simply cannot refuse. With the people primed for exploitation, they initiate their ploys until the people have been sufficiently taken advantage of – leaving the perpetrators’ pockets full. Just like that, a once promising space is left destitute.
Malaysia’s cryptocurrency scene is one that has shown promising returns and exponential growth – while it is still very much in its infancy – Malaysians must beware of “crypto colonialists” who recognise the potential for profit by exploitation and thus vie for influence, preying on the desperate by making outlandish promises of financial freedom through crypto-themed scams as some fall victim and are conned out of their hard-earned money.
There has been a significant paradigm shift towards cryptocurrencies, non-fungible tokens (NFTs) and blockchain technology in global trends – inspiring an entire wave of never-before-seen ventures – and its popularity among people has only appeared to surge.,
It is precisely due to its nascent and mainstream appeal that have prompted Malaysians to hop onto the fashionable crypto craze with the hope of harvesting from this goldmine.
The prospect of a product causing a disruption in the traditional banking sector is bound to invite immediate attention as it is an industry that has virtually remained unchallenged ever since its modern integration.
Blockchain technology, if widely accepted, is speculated to outright replace the way in which money is transacted and transactions are verified and recorded, and would prove to be a valuable digital asset because of its manifold uses.
This over-aggrandising gossip surrounding cryptocurrencies and blockchain technology in general led to the over-excitation of the senses in the global community as there was growing assumption that the technology would inevitably be adopted or that there was no doubt as to its profitability.
This is of course a rather premature conclusion. People absolutely hate the feeling of missing out on trends, which compels them to mindlessly partake in the hype – however dangerously crowded the space may be – to lay claim as the one who “made it the first”, effectively entitling them to bragging rights and the rumoured pot of crypto gold.
It is this tendency of some to be very easily enticed by global trends that makes them the perfect prey for financial fraudsters and predators who, in recognising their gullibility or naivete, exploit their desperation in order to gain profit.,