Longreads

The movie Wolf of Wall Street launched an untold number of copycats, inspired by protagonist Jordan Belfort’s self-made riches, undeterred by his downfall, and using Instagram and Twitter to sell their scam.

For The Guardian, Symeon Brown exposes this subculture of social media charlatans dubbing them”the wolves of Instagram.”. Posting photos of themselves in fancy clothes with luxury vehicles, they sell an image of self-made success  to entice followers to invest in a shady financial product called a binary option, which has been outlawed in some countries. But these influencers are just the marketing outreach for larger companies, and a lot of their personal wealth exists only online and in their imaginations. A binary option isn’t trading. It’s gambling, and it’s rigged against the neophytes, who are often vulnerable young people with little money to waste.

The mystery is how such complex products became an internet youth craze…

View original post 304 more words

Advertisements