USA US celebs touting risky investments to a worldwide audience

[Chief]

Interesting coverage of the celebrity endorsement of crypto assets and currencies.

From Flloyd Mayweather touting various pump and dump schemes, to Kim Kardashian fined for touting securities, to Eva Longoria, Reese Witherspoon et al exploiting vulnerable women touting Women of the World NFTs as "financial freedom for women".

Never once pointing out that these are risky speculative investments. Never once warning people about scams that aren't even real crypto investments.

What happens when Jimmy Fallon gets in front of his older audience and pumps up NFTs that the average person cannot afford? The people go looking for other small, affordable projects which are often outright scams. Things that are not nor ever plan to be around for any amount of time.

Who holds these people accountable?

This podcast covers these topics, the celebs with their snouts in the trough, the laws, and what the Truth in Advertising organisation is trying to do about it:

https://feeds.bcast.fm/scam-economy

 

[Mofra]

As harsh as it sounds, anyone taking financial advice from celebrities is an idiot.
A fool and his money etc etc

 

[Chief]

I'd say you have a fair chunk of the world that is unsophisticated about the area.

If people see the same thing from multiple "trustworthy" sources - If all the celebs are touting something without any appropriate warnings - they are more likely to give it a try.

Get the awareness, feed them down the sales funnel towards action.

As an aside - Even just getting people to download a trading app pushes the app up the rankings and makes it more likely to be put in front of people browsing app stores.

 

[QuietB]

The entire global financial crisis was the US packaging and selling s**t residential mortgages packaged and dressed as low risk financial products to the rest of the world. They will sell anything to anyone by any means possible

 

[spinynorman]

Fortune favours the bold indeed.