By: Natasha Archary
Earlier this year, Sizwe Dhlomo broke down what cryptocurrency is, why it requires such a large block of power to mine and cleared up how you trade crypto.
Engaging with Kaya Biz’s Gugulethu Mfuphi and Editor at My Broadband, Jan Vermeulen, Sizwe helped define cryptocurrency in the discussion.
The discussion on Kaya Drive this Tuesday afternoon centred around being misled by misinformation in your time of need.
People are always looking for a “get rich quick scheme” and in their greed to make money, fall victim to schemes and bad investment options that see them losing money, sometimes everything they own.
What’s more, is that when celebrities or an organisation endorses something then people tend to take their support as gospel and without thinking becomes trapped in misinformation in your time of need.
On the point of cryptocurrency, DJ Sbu has shared a series of tweets advocating for cryptocurrency and giving his followers “advice” about investing in crypto.
“How many bitcoins do you have? If you don’t have, just so you know, 3 weeks ago in March a single bitcoin was about R700K. Yesterday it was R860K Today it’s sitting @ R920K CABANGA” – DJ Sbu tweeted in April this year.
As Kaya Drive listeners and the team pointed out, people are desperate to get out of their current situation and it’s this desperation that causes them to believe everything they read.
DJ Sbu has since launched a YouTube channel where he talks to his subscribers about his crypto investments.
WARNING : Crypto is for risk takers & long term investors . You may lose money anytime. The Market is always volatile. Only invest in Crypto knowing you may lose. Go do your own research. Be informed. Don’t take anyone’s advice or give them your money. Only reputable platforms🚀
— #djsbu (@djsbu) July 28, 2021
We taking Crypto to the hood. People need to know how to hustle Cryptocurrencies. Time to UNLEARN & RE-LEARN ABOUT MONEY. I’m all about EDUCATION
— #djsbu (@djsbu) September 7, 2021
How much money have I made since I joined Crypto👇🏿https://t.co/GE40ZkZsR4
— #djsbu (@djsbu) September 6, 2021
Forex traders, pastors who offer their congregation a “solution” to their financial problems are other examples of how people are misled by misinformation in their time of need.
Here’s what Kaya Drive listeners shared with Sizwe and the team:
You’re right @SizweDhlomo the man is my hero in hustling but the way he’s acting with Cryptos is disappointing you’d expect someone with his experience in business and money not to get excited by daily moves of anything. And why lead a movement he’s not an expert in?
— Double Vision (@DoubleMyVisions) September 7, 2021
You are making my point. Thanks 🤌🏾🤌🏾. I would advise anyone to buy physical gold and silver over crypto any day. Crypto is unregulated and unpredictable. People who are not on a position to take that level of risk , should stay away. I’m done here. Danko 💫💫
— BLACQUE ECONOMY🇿🇦 (@TheBenjMark) September 7, 2021