Maybe getting financial advice from movie stars and musicians isn’t such a smart idea. The SEC has now filed charges against a group of celebrities that were pushing crypto currencies onto their followers without revealing that they were paid to do so. Mike Papantonio & Farron Cousins discuss more.
Link – https://www.theguardian.com/technology/2023/mar/22/sec-sues-celebrities-cryptocurrencies-lindsay-lohan-tron
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*This transcript was generated by a third-party transcription software company, so please excuse any typos.
Maybe getting financial advice from movie stars and musicians is a really bad idea. Yeah. The SEC has now filed charges against a group of celebrities that were pushing cryptocurrencies onto their followers without revealing that they were paid to do so. More importantly, Farron, do you think any of these folks really even understood, even understood what the hell was going on? Austin Mahone or let’s see, Lindsay Lohan, Jake Paul, Ne-Yo. I mean, do you think they really understood the workings of crypto when they’re up there pushing it?
That’s, I mean, somebody should have taken the time to ask them, like, whoa, wait, you’re pushing this. I mean, can you explain what cryptocurrency is?
Can you? I can’t.
I can barely do it. I’ve had many conversations where it’s been explained to me, but it’s a weird world that I don’t fully understand, but I still understand it more than these people who just took large sums of money to go out there basically, according to the complaint, engage in a pyramid scheme. That’s what this was because the companies were paying, they say, okay, you put it out there on your Twitter, you put it on your YouTube, all your social media, and for every, you know, X amount of people you get, you get this much money. And then if those people go and get more people, I mean, it’s literally set up as a pyramid scheme.
Adult film star, Kendra Lust, she was one of them. Rapper, Soulja Boy, Lil Yachty, you know. Okay, great. You know, I don’t mind the idea that they wanna endorse something, but at least know what the hell you’re endorsing because people are relying on it. People that they’re fans of yours, Lil Yachty. And when you say, let’s do this, they listen to you, which is crazy to me. I mean, we talk about all the time how crazy it is that celebrities talk to us about what politics should be. And I’d use this story over and over, I just can’t, Chelsea Handler not knowing that the moon is different than the Sun until she’s 42 years old. Really? And so she’s giving me political advice.
Yeah. And so with this one it is different because obviously I think you’ve had, I think Matt Damon has done some crypto commercials a year or so ago.
Yeah, well he has, I mean.
And Tom Brady did, but that’s different because that’s a commercial, you know, obviously they’re getting paid. These individuals, you know, these kind of B list celebrities, a lot of ’em were promoting it without, because they were just putting on their social media as if, hey, this thing’s really cool. Give it a try. And nobody stopped to think like, wait a minute, what does Lindsay Lohan know about financial management and my retirement savings?
Really.
But I guess that’s where we’re at.
Well, you would, you know, it’s complicated. You know, I again, people have explained it to me. I kind of get it. It didn’t sound like a good idea.
And no, it does not, to me.
Magic money.
37 Comments
Oh, cryptocurrency is easy to understand. It's a pyramid scheme
https://media.tenor.com/Tw8S62SCnJcAAAAd/the-office.gif
let me guess, they were not paid in crypto. lmao
Cryptocurrency Should Go Bankrupt And Take All This Idiots Money.
Lindsay Lohan doesn't understand money!!
As unstable as cryptocurrency is, what are celebs DOING?! You folks are too rich to involve yourself into something SOOOOOOOOOO damn stupid.
I would look on the terrible restrict act . It's give gov extreme power and limit vpn usage
My first thought about crypto was the Dutch Tulip Bulb Bubble model
What the hell is a Ne-Yo?
Not all celebrities are unskilled, uneducated ignoramuses.
"I used to be a wealthy cat with many shares and stocks
I sold it all for crypto coins- I now live in a box."
Ohh my goodness! For crying out loud, them accountable.
All money is a fiction that people agree on. Fraud is very much a part of money.
Money is faith.
End the faith end the money.
In the UK we have rules against this
Not even suprised about Jake Paul, he was the human shaped entity to filmed a corpse of a person who hanged themselves and upload the video
A fool and his money are soon parted, an early ancestor of trump in 1587 p.t. trump said there's a sucker born every minute and Bernie trump had the biggest ponzi scheme in history, do not invest in anything trump endorses
Ok, pyramid schemes aren’t a good thing for most… a scam even, perpetuated on those sucked in…. but… when the crypto was going up, and the scammed where actually seeing their wealth grow, was there an issue?… or is it only now an issue, following the collapse? In which case… so sad, to bad.
Anybody surprised that Jake Paul was involved in ripping off his fans?
Gullible, brain dead sheep. It’s what America has fallen to. Politicians make a killing off of people just like these.
"Yeah let's get financial advice from washed up celebrities! What could go wrong?"
Oh wait but isnt that capitalism stealing while rich I can’t solve this puzzle. Socialism is the same as eating a dead rat I don’t see anyone in Finland eating rats.
I'm sorry but this is ridiculous. Of course they are paid to endorse a product. That's what they do. I don't feel they are to blame unless they created or are involved in the operation. Not just a spokesperson
Fake Paul will do anything to make a buck, and attempt to seem relevant….
Influencers aren’t celebrities. They’re wannabe idiots minus the talent
Crypto has been a scam from the get go,it was invented by criminals for criminals.
What I don't get is that we know celeb's are paid to get us to buy crap shampoo and butter so why do people believe them in regards to their money. They are talking heads and paid a lot for that crap.
Lindsey Lohan is not a celebrity.
Crypto consists of Pixels on computers. At least when the Tulip Mania crashed they still had Flowers, with Crypto you have nothing (which is what you always had, but didn't realize it). No one knows who originated Bitcoin, where it came from and where it goes when it deflates. While it has value because people buy it, it can be used to launder money and make secret transactions. it won't survive because Governments ultimately won't let it. The only reason it has value is because BELIEVE it has value…until they don't and it doesn't.
Cryptocurrency is scam!
You put your money on the air and the wind will blow it to the unknown!!! You have to be a sucker to put your money in something that not even you have access to! Please!!!
Does that include Musk?
Can’t fix STUPID
Is it wise to purchase coins at this time? Will the price of bitcoin continue to fall this year despite widespread claims that the market is active? How soon will cryptocurrencies fully recover? To be totally honest, I have no idea how other traders in this market manage to generate gains of more than in a single year.
It is anticipated that 2023 will be a significant year for the cryptocurrency market, with the potential for a bull run. Factors that may contribute to the growth of the leading cryptocurrencies include the global economy, stock prices, inflation, and the Federal Reserve's monetary policies. Additionally, a rise in inflation and a decrease in trust in traditional financial systems may also play a role. To stay up-to-date and potentially take advantage of market trends, it is important to follow the insights and analysis of experts such as Tobias Meylan ..
Jake Paul's brother Logan Paul also recently got busted for running a scam crypto scheme. A journalist with the Youtube name Coffeezilla broke the story and backed it up with receipts and Logan Paul has yet to counter his arguments with any evidence and instead posted a laughably embarrassing video where he just insults Coffeezilla and claims innocence.
Cryptocurrency is the biggest scam and piramid scheme of today
And much like the maga move, cryptotards are just as dumb, idiotic and pedantic
Thats why you got people like Jake Paul there 😂
But no, they're the biggest financial genius, how dare you think otherwise haha
Buffoons.
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This is the sort of thing trump would do for a quick buck