Microstrategy's executive chairman, Michael Saylor, has issued a warning about the rise of new bitcoin giveaway scams that utilize AI-generated deepfake videos featuring himself and his company. These scams have been circulating on platforms like YouTube and X, with notable figures such as Ripple CEO Brad Garlinghouse and Michael Saylor being targeted.
Deepfake Videos on YouTube
Recently, Saylor took to social media to caution his followers about fraudulent deepfake videos that have surfaced on YouTube. The AI-generated videos feature Saylor and Microstrategy offering free bitcoin giveaways. However, Saylor emphasized that such claims are false and asserted that "There is no such thing as a free lunch."
The deepfake video shows Saylor urging viewers to send him bitcoin, promising to double the amount received. In addition, he falsely claimed that the Securities and Exchange Commission (SEC) approving a spot bitcoin exchange-traded fund (ETF) would cause the price of BTC to skyrocket to $1 million. Clicking on the video link redirects users to a scam website that promises the "biggest crypto giveaway" with 1,000 BTC and 10,000 ETH up for grabs. The website creates a sense of urgency by stating that there are limited spots available and no prior crypto knowledge is required.
The Scam Website
The scam website provides details about the supposed giveaway, stating, "During this unique event, you have the opportunity to take a share of 1,000 BTC & 10,000 ETH. Have a look at the rules and don't miss out on this. You can only participate once!" The deepfake, AI-generated Saylor encourages investors to scan the QR code displayed on their screens.
Saylor's Personal Holdings
Saylor recently disclosed that he is selling $216 million of Microstrategy's shares in order to acquire more bitcoin for his personal holdings. Although he has not revealed the exact amount of BTC he currently owns, he stated in October 2020 that he personally possesses 17,732 BTC. Furthermore, his software intelligence firm publicly reported holdings of 189,150 bitcoin as of December 2023.
The rise of deepfake bitcoin scams featuring Microstrategy's executive chairman, Michael Saylor, is a concerning trend. Saylor has taken measures to warn investors about these scams and has emphasized that there is no legitimacy to the promises of free bitcoin. It is crucial for individuals to exercise caution and not fall victim to these fraudulent schemes.
Frequently Asked Questions
What Precious Metals Can You Invest in for Retirement?
Gold and silver are the best precious metal investments. They are both simple to purchase and sell, and they have been around for a long time. These are great options to diversify your portfolio.
Gold: This is the oldest form of currency that man has ever known. It's also very safe and stable. This makes it a good option to preserve wealth in uncertain times.
Silver: The popularity of silver has always been a concern for investors. This is a great choice for people who want to avoid volatility. Silver tends instead to go up than down, which is unlike gold.
Platinium: Platinum is another form of precious metal that's becoming increasingly popular. It's like silver or gold in that it is durable and resistant to corrosion. It is, however, more expensive than its competitors.
Rhodium: Rhodium is used in catalytic converters. It's also used in jewelry making. It is also quite affordable compared with other types of precious metals.
Palladium – Palladium is an alternative to platinum that's more common but less scarce. It's also more accessible. It is a preferred choice among investors who are looking to add precious materials to their portfolios.
How much money should my Roth IRA be funded?
Roth IRAs allow you to deposit your money tax-free. The account cannot be withdrawn from until you are 59 1/2. There are some rules that you need to keep in mind if you want to withdraw funds from these accounts before you reach 59 1/2. First, your principal (the original deposit amount) cannot be touched. This means that regardless of how much you contribute to an account, you cannot take out any more than you initially contributed. If you take out more than the initial contribution, you must pay tax.
The second rule states that income taxes must be paid before you can withdraw earnings. Withdrawing your earnings will result in you paying taxes. Let's suppose that you contribute $5,000 annually to your Roth IRA. Let's further assume you earn $10,000 annually after contributing. The federal income tax on your earnings would amount to $3,500. So you would only have $6,500 left. You can only take out what you originally contributed.
You would still owe tax on $1,500 if you took out $4,000 of your earnings. You'd also lose half the earnings that you took out, as they would be subject to a second 50% tax (half of 40%). Even though you had $7,000 in your Roth IRA account, you only received $4,000.
There are two types if Roth IRAs: Roth and Traditional. A traditional IRA allows you to deduct pre-tax contributions from your taxable income. You can withdraw your contributions plus interest from your traditional IRA when you retire. You can withdraw as much as you want from a traditional IRA.
Roth IRAs do not allow you to deduct your contributions. You can withdraw your entire contribution, plus accrued interests, after you retire. There is no minimum withdrawal limit, unlike traditional IRAs. Your contribution can be withdrawn at any age, not just when you reach 70 1/2.
What is the best precious metal to invest in?
The answer to this question depends on how much risk you are willing to take and what type of return you want. Gold is a traditional haven investment. However, it is not always the most profitable. For example, if your goal is to make quick money, gold may not suit you. If you have time and patience, you should consider investing in silver instead.
If you don’t want to be rich fast, gold might be the right choice. Silver might be a better investment option if steady returns are desired over a long period of time.
What is the Performance of Gold as an Investment?
The price of gold fluctuates based on supply and demand. Interest rates also have an impact on the price of gold.
Due to limited supplies, gold prices are subject to volatility. Additionally, physical gold can be volatile because it must be stored somewhere.
- (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 take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- 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)
- 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)
- Yahoo Finance provides information about Barrick Gold Corporation's (GOLD) stock price, news, quote, and history.
- 7 U.S. Code SS7 – Designation of boards for trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement account
Guidelines for Gold Roth IRA
Start saving as soon as possible to save for your retirement. It is best to start saving for retirement as soon you can (typically at age 50). You must contribute enough each year to ensure that you have adequate growth.
You also want to take advantage of tax-free opportunities such as a traditional 401(k), SEP IRA, or SIMPLE IRA. These savings vehicles allow you the freedom to contribute without having to pay tax on your earnings until they are withdrawn. These savings vehicles are great for those who don't have access or can't get employer matching funds.
Save regularly and continue to save over time. If you aren't contributing the maximum amount permitted, you could miss out on tax benefits.
By: Kevin Helms
Title: Saylor Warns of Deepfake Bitcoin Giveaway 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