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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Crypto Community Unites On Paid Group Reviews to Rid Market of Scams

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
crypto paid group scam scams

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One of the biggest criticisms over the crypto market is due to its wild west environment where anything goes. It’s allowed for the sale of unregistered securities, scams, and much more.

While regulators sit on their hands, the crypto community themselves are banding together to wipe out scammers and other less than savory characters from the market, and prevent the likes of paid group leaders from siphoning cash from crypto investors just seeking to make a buck.

Top Crypto Traders Join Forces to Review Paid Groups

Paid groups and paid group leaders are a running joke across the crypto community, but also a very real reality that crypto investors run into on the regular. Given that many crypto investors and traders are down from their initial investment by a large margin – especially if they bought altcoins in late 2017 or early 2018 – they may be more apt to take steps, or even risks, to try and make that money back.

Related Reading | Crypto Investors Believe There’s More Pain Ahead For the Altcoin Market 

To accomplish this, many turn to the better traders and those highly vocal about their skills on social media and elsewhere. These traders often share charts, and post screenshots of their ROI or PnL, bragging about their gains and trading prowess.

But it’s not just boasting these traders are interested in, their win rate is shared as a form of marketing, hoping to lure crypto investors into paying for access to a private group that offers trading strategy training, signals, or some combination of the two. These are called paid groups in the crypto world, and anyone can start one and put up a facade of insane gains.

.@SatoshiFlipper, @cryptorangutang, @teddycleps and i are happy to announce the launch of our platform aiming to bring transparency into this community ⚡️PaidGroupReviews⚡️

Over the next 7 days, we will be explaining the features with an official launch scheduled for August 27 pic.twitter.com/jd6sdmDWpM

— The Crypto Monk (@thecryptomonk) August 21, 2019

To help provide clarity on which groups are worth their price of entry, a few top traders are banding together to start a platform for paid group reviews, in hopes of preventing crypto investors from being scammed.

What Do Paid Group Scams Look Like?

In one recent example, one paid group leader has been charging a $1,000 per year subscription to join an exclusive Slack channel where this trader claimed they would post setups, signals, and strategies. However, the crypto investors soon learned that the trader neglected to channel, rarely posting the information they had paid to gain access to, and felt that they were taken for a ride.

Screenshots of the paid group were shared on social media showing the participants begging for more content at first, then later when they didn’t receive any additional service, requested a very reasonable pro-rated refund.

Related Reading | Crypto Analyst: Bitcoin Price Could Be Trapped in Tight Range Until Halving

The trader has since all but disappeared from social media, sharing only three charts during the entire month of August thus far, compared to the regular frequency they had been sharing content at.

A paid group review platform will keep those that do attempt to start a paid group honest and will help crypto investors interested in learning and improving a way to filter out the noise and stick with a trader that’s trusted.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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