When the Line Between Conviction and Cash Gets Blurry

A few years ago, I wrote about cryptocurrency skeptics. Not the people who think blockchain is overrated—I mean the genuine doubters. The ones who openly mocked digital assets as schemes and bubbles. Then something fascinating happened. Some of those same critics started promoting crypto products. Not because they’d had a change of heart about the technology. But because there was serious money to be made.

This contradiction sits at the heart of a bigger problem we need to talk about: how easy it is for anyone—famous or not—to become a scammer when the incentives are right.

The Performance of Conviction

Here’s what I find genuinely troubling about the modern scam ecosystem. It’s not usually some mysterious figure in a basement. It’s someone with a platform, a reputation, and a willingness to look the other way when the facts don’t match their message.

When someone with influence promotes something they once publicly criticized, that’s a red flag worth examining. It suggests the promotion isn’t rooted in belief. It’s rooted in profit. And there’s a massive difference between those two things.

Think about it this way: If I spent years telling you pizza was terrible, then suddenly started selling pizza and making millions from it, wouldn’t you be suspicious? You’d probably wonder what changed. Did I suddenly discover I was wrong? Or did I discover there was money in pizza sales?

When powerful people switch positions this dramatically, they’re often counting on three things:

• People have short memories
• New followers won’t dig into the old statements
• The promise of wealth will distract from the hypocrisy

And honestly? It usually works. That’s what makes it so insidious.

The Credibility Shortcut

One of the cleverest parts of modern scamming is how it borrows legitimacy from existing status. If you’re famous, rich, or well-known, people assume those things must mean something. They assume you wouldn’t risk your reputation.

That assumption is broken.

Some of the most damaging scams in recent history have come from people with everything to lose—and yet they went ahead anyway. Why? Because the profits involved were astronomical. And because they bet correctly that their existing credibility would insulate them from consequences.

When someone promotes a financial product, especially cryptocurrency which exists in a murky regulatory space, they’re betting that their brand value will overcome skepticism. They’re banking on the idea that people will think: “Well, this person wouldn’t do anything illegal” or “They have too much to lose.”

Except that reasoning keeps failing us. Again and again.

What Actually Protects You

So what’s the antidote? How do we avoid getting caught up in these schemes?

The most important thing is simple: follow the money, not the messenger. Don’t ask yourself “Is this person trustworthy?” Ask yourself “Who profits from me believing this?” That question cuts through almost everything.

Be especially skeptical when someone with a history of criticism suddenly becomes a promoter. That’s not growth. That’s often just economics wearing a new mask.

And here’s something I believe deeply: genuine conviction rarely involves changing your tune the moment a paycheck appears. Real expertise is usually consistent, even when it’s not profitable to be.

Look for people who’ve held their positions through thick and thin. Look for those who’ve actually turned down lucrative opportunities because they didn’t align with their values. Those people are rare. When you find them, you’ve probably found someone worth listening to.

The crypto industry, like every industry, has legitimate innovators and genuine believers. But it also has a growing number of people who treat it like a marketing opportunity. The ability to tell the difference might be the most valuable skill you develop.

Source: Trump ‘laughing all the way to the bank’ on a product he once called a ‘scam’: biographer