Pakistan, a rapidly developing country with a population of 200 million+ and mobile internet penetration worth praising, is curious than ever about the use of crypto currency and block chain related utilities in the existing and emerging markets.
Factors towards this rapidly rising interest can be attributed(imo) to the following few trends/events
- High speed internet access, rapidly growing e-commerce, rapidly growing interest for p2p and cloud based solutions contributes to significantly increase in general awareness/information regarding blockhain and related technologies as whole.
The rise of Cryptos!
-Total Market Cap of the crypto currencies tripled in the past few months creating massive new wealth(coinmarketcap.com) boosting activities globally as well as within the existing Bitcoin/crypto community in Pakistan(believers, collectors, users,freelancers receiving remittance, investors, day traders and brokers)
Local MLM(Multilevel marketing Ponzi) direct selling campaigns for scam coins.
- Pakistan has been recently (past few months) been hit by Nationwide direct selling campaigns by self claimed cryptos (MLM Ponzi schemes masked behind educational courses/products based on referral inventive system, read : scamcoins/sh*tcoins as they are called in the REAL community). Yes! the ones doing massive seminars/events where they preach to non suspecting common everyday man that investing ONLY in their economy or coin is how you retire with the savings equal to the GDP of Switzerland. In a country where struggling middle class is actively seeking out financial opportunities to cope up with life, people tend to fall easily for these coins and their promises, a few due to previously built trust on the referrer, a few due to plain old greed, the remaining get in just because they see everyone doing it and realize they don't want to miss the rat race.('phuphee da puttar kidray meray tau pehlay Corolla na khareed bethay").
As much as I hate these Ponzi coins, I will have to admit that the general awareness regarding crypto currencies phenomenally increased due to the result of the mass direct selling campaigns these entities conducted/conducting where they vaguely explain to a common man how cryptos work and their basic usage and then sell them the snake oil( the educational 'package' along with some coins). !
As a full time crypto investor/trader/user I will suggest any and everyone reading this to first research and understand the technology and general Dynamics before investing any money and time into even legit cryptos/projects like Bitcoin or Ethereum let alone these illusive Leocoins and OneLife networks. Risking more than what you can afford to lose is not wise.
As much as I want Cryptos to enhance people's lifestyles, I am afraid a few hundred thousand if not millions in Pakistan will experience the dark side of the crypto first.
ā Fahad Mir
Islamabad based Blockchain/Crypto currency enthusiast and advocate
fahad.mir@live.com/
fahad.mir@consultant.com
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"Wrapping up a trading night!"
Islamabad,Pakistan .2017
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