Introduction
The executive chairman of Microstrategy, Michael Saylor, has issued a warning about the rise of new bitcoin giveaway scams using AI-generated deepfake videos featuring him and his company. These scams aim to deceive cryptocurrency investors and trick them into sending bitcoin or ether with the promise of doubling their investment.
The Surge of Deepfake Video Scams
In recent times, there has been a surge in scams targeting cryptocurrency investors through the use of AI-generated deepfake videos. Prominent figures in the crypto industry, such as Ripple CEO Brad Garlinghouse and Microstrategy executive chairman Michael Saylor, have been featured in these fraudulent videos.
Saylor's Warning
Michael Saylor took to social media to issue a warning about these deepfake videos appearing on platforms like Youtube. He urged his followers to exercise caution and emphasized that there is no such thing as a free lunch. Saylor highlighted the deceptive nature of the videos, where he is seen urging viewers to send him bitcoin with the promise of doubling their investment.
The Scam Process
The deepfake video directs viewers to a scam website that claims to offer a massive crypto giveaway of 1,000 BTC and 10,000 ETH. The website creates a sense of urgency by stating that there are limited spots available and no crypto knowledge is required. It encourages immediate participation and prompts users to scan a QR code displayed on the screen.
Saylor's Response and Personal Holdings
In response to these scams, Saylor recently revealed that he is selling $216 million worth of Microstrategy's shares to acquire more bitcoin for his personal holdings. While he has not disclosed the exact amount of BTC he currently owns, 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 AI-generated deepfake videos in bitcoin scams is a concerning trend in the cryptocurrency industry. It is crucial for investors to be vigilant and skeptical of any promises of free cryptocurrency or unrealistic investment returns. Michael Saylor's warning serves as a reminder to exercise caution and conduct thorough research before making any financial decisions in the crypto space.
Frequently Asked Questions
How do I Withdraw from an IRA with Precious Metals?
First, decide if it is possible to withdraw funds from an IRA. You should also ensure that you have enough money to cover any fees and penalties associated with withdrawing funds.
Consider opening a taxable brokerage instead of an IRA if it is possible to pay a penalty if your withdrawal is made before the deadline. You will also have to account for taxes due on any amount you withdraw if you choose this option.
Next, determine how much money you plan to withdraw from your IRA. The calculation is influenced by several factors such as your age at withdrawal, the length of time you have owned the account and whether or not you plan to continue contributing to retirement plans.
Once you have determined the percentage of your total savings that you would like to convert to cash, you can then decide which type of IRA to use. Traditional IRAs allow you to withdraw funds tax-free when you turn 59 1/2 while Roth IRAs charge income taxes upfront but let you access those earnings later without paying additional taxes.
Once these calculations have been completed you will need to open an account with a brokerage. Brokers often offer promotional offers and signup bonuses to encourage people into opening accounts. However, a debit card is better than a card. This will save you unnecessary fees.
You will need a safe place to store your coins when you are ready to withdraw from your precious metal IRA. While some storage facilities accept bullion bars and others require that you purchase individual coins, others will allow you to store your coins in their own safe. Either way, you'll need to weigh the pros and cons of each before choosing one.
For example, storing bullion bars requires less space because you aren't dealing with individual coins. But you will have to count each coin separately. However, individual coins can be stored to make it easy to track their value.
Some prefer to store their coins in a vault. Others prefer to store their coins in a vault. Whichever method you choose, make sure you store your bullion safely so you can enjoy its benefits for years to come.
What is the benefit of a gold IRA?
A gold IRA has many benefits. You can diversify your portfolio with this investment vehicle. You decide how much money you want to put into each account, and when you want it to be withdrawn.
Another option is to rollover funds from another retirement account into a IRA with gold. This makes for an easy transition if you decide to retire early.
The best part? You don’t need to have any special skills to invest into gold IRAs. They are readily available at most banks and brokerages. Withdrawals can be made instantly without the need to pay fees or penalties.
That said, there are drawbacks too. The volatility of gold has been a hallmark of its history. So it's essential to understand why you're investing in gold. Are you looking for growth or safety? Are you looking for growth or insurance? Only once you know, that will you be able to make an informed decision.
If you are planning to keep your Gold IRA indefinitely you will want to purchase more than one ounce. One ounce doesn't suffice to cover all your needs. You may need several ounces, depending on what you intend to do with your precious gold.
You don't have to buy a lot of gold if your goal is to sell it. Even a single ounce can suffice. But you won't be able to buy anything else with those funds.
How much gold can you keep in your portfolio
The amount that you want to invest will dictate how much money it takes. A small investment of $5k-10k would be a great option if you are looking to start small. Then as you grow, you could move into an office space and rent out desks, etc. Renting out desks and other equipment is a great way to save money on rent. It's only one monthly payment.
It is also important to decide what kind of business you want to run. In my case, I am running a website creation company, so we charge clients around $1000-2000/month depending on what they order. You should also consider the expected income from each client when you do this type of thing.
Because freelance work pays freelancers, you won't likely get a monthly income if you do freelance work. This means that you may only be paid once every six months.
So you need to decide what kind of income you want to generate before you know how much gold you will need.
I recommend starting with $1k-$2k in gold and working my way up.
Is gold a good IRA investment?
If you are looking for a way to save money, gold is a great investment. It's also a great way to diversify your portfolio. There's more to gold that meets the eye.
It has been used throughout history as currency and it is still a very popular method of payment. It's often referred to as “the world's oldest currency.”
But gold is mined from the earth, unlike paper currencies that governments create. It is very valuable, as it is rare and hard to create.
The supply and demand for gold determine the price of gold. If the economy is strong, people will spend more money which means less people can mine gold. This results in gold prices rising.
On the flip side, people save cash for emergencies and don't spend it. This causes more gold to be produced, which lowers its value.
This is why both individuals as well as businesses can benefit from investing in gold. If you make an investment in gold, you can reap the economic benefits whenever the economy is growing.
Your investments will also generate interest, which can help you increase your wealth. If gold's value falls, you don't have to lose any of your investments.
What Is a Precious Metal IRA?
A precious metal IRA allows for you to diversify your retirement savings in gold, silver, palladium and iridium. These are called “precious” metals because they're very hard to find and very valuable. These are good investments for your cash and will help you protect yourself from economic instability and inflation.
Precious metals often refer to themselves as “bullion.” Bullion is the physical metal.
Bullion can be bought through many channels, including online retailers, large coins dealers, and some grocery shops.
A precious metal IRA allows you to invest directly in bullion, rather than buying stock shares. This means you'll receive dividends every year.
Precious metal IRAs do not require paperwork nor annual fees, unlike regular IRAs. Instead, you pay a small percentage tax on the gains. You also have unlimited access to your funds whenever and wherever you wish.
Statistics
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so 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)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
External Links
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear In 1991 – WSJ
- Want to Keep Gold in Your IRA at Home? It's Not Exactly Legal – WSJ
law.cornell.edu
- 7 U.S. Code SS7 – Designation Boards of Trade as Contract Markets
- 26 U.S. Code SS 408 – Individual retirement accounts
irs.gov
investopedia.com
- Are You a Good Candidate for a Gold IRA
- What are the Options Types, Spreads, Example, and Risk Metrics
How To
How to Hold Physical Gold in an IRA
The easiest way to invest is to buy shares in companies that make gold. However, there are risks associated with this strategy. It isn't always possible for these companies to survive. Even if they do survive, there is still the possibility of losing money to fluctuating gold prices.
An alternative option would be to buy physical gold itself. This means that you will need to open an account at a bank, bullion seller online, or purchase gold from a trusted seller. These options offer the convenience of easy access, as you don't need stock exchanges to do so. You can also make purchases at lower prices. It's also easier to see how much gold you've got stored. You'll get a receipt showing exactly what you paid, so you'll know if any taxes were missed. You're also less susceptible to theft than investing with stocks.
However, there are disadvantages. There are some disadvantages, such as the inability to take advantage of investment funds and interest rates from banks. Also, you won't be able to diversify your holdings – you're stuck with whatever you bought. Finally, the taxman might want to know where your gold has been placed!
BullionVault.com offers more information on buying gold for an IRA.
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By: Kevin Helms
Title: Microstrategy Chairman Michael Saylor Warns of AI-Generated Deepfake Bitcoin 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
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