One of the great advantages of Pinnacle is that it will set the record straight once and for all concerning who can, and who cannot, trade profitably and consistently. In providing guidance on this matter alone, we believe we will be doing the trading community a tremendous service. Paid services teaching others to trade, or telling them what to trade, is big business, and nearly always takes place without any good evidence that the teacher is a competent trader.
We will verify the trading record of anyone who applies to us over a time period of their choice. This basically means that we will publish your results over a set period, whether they turn out to be good or bad. Your record will be written to the blockchain and will be unfalsifiable by either you or ourselves.
To reach our highest level of approval (“brilliance-certified”), and be endorsed by us on our platform, you will have to be assessed over a three month period. Many people want to verify a record over a shorter period for many reasons. To cater for this we will offer “pinnacle-verified” trading records. These will not mean an official endorsement – but they are a way of proving your trading record to your group or your followers.
Brilliance-certified: Official endorsement based on our observation of your performance. Recommended for copy trading. Will receive higher commissions in recognition of what you bring to Pinnacle.
Pinnacle-verified: No official endorsement. An unfalsifiable record of your trades over a period of your choice to prove your worth to followers or prospective group members. Will receive standard commissions.
We will do all that we can to encourage transparency among teachers, group leaders, and trading gurus. For the first time, there will be no good excuses left for aspiring mentors not to demonstrate their own results. We will be linking every major platform: traders cannot use brokerage preference as an excuse! We will use smart contracts to track performance. The all too common excuse that trading records can be falsified through image editing or by collusion with the operators of centralised software providers will no longer be a good excuse.
An ethical student-pupil environment
The status quo on Twitter is likely to change considerably. A new set of authority figures will emerge based around reality, rather than around ability to self-proclaim.
The community will learn to ignore empty claims. Twitter will become dominated by traders with blockchain-verified, unfalsifiable trading records. Every account not backed by a verified record will remain merely hot air.
We encourage traders to use their real name, but we understand that in crypto this isn’t always what people want, so we will also verify against Twitter handles.
Falsifying trading records using photo editing software will become a thing of the past. Why take the word of an all-too-easily editable PNG file posted to a Twitter profile when you can take the word of blockchain technology?
The community will quickly learn there is no point in following the calls of someone whose record is not Pinnacle-verified when there are plenty of good alternatives who are.
There are various levels of non-transparency on social media platforms. The most blatant level is simply making claims about having made a lot of money through trading, or through a particular trade, without any evidence.
Another, also prevalent on Tradingview, is to post charts of your ideas, but without any mention or where stop loss and take profit should be placed. This is not deception, but it isn’t information that has any value either. It is certainly not the same as trading. Just being able to draw a nice chart is no guarantee whatsoever that you can make money trading. Deciding where to take stop loss and take profit is by far the greater part of trading skill than positioning an entry.
There were numerous well known names scamming people in trollboxes and on Twitter in 2013 and 2014 who were gradually exposed. Many of these people have simply come back with new identities and new accounts, quickly inflated with fake followers that can easily be bought on online marketplaces, in order to take advantage of beginners.
Beginners who are late into crypto and eager to catch up will have their head’s turned by wild claims easily. Similarly there are many traders who have been around a while but who are chronic losers, and who are prepared to pay literally thousands of dollars a month in tuition fees, in a desperate attempt to salvage self-esteem and cling to fading hopes of trading career. These have been the classic targets for pseudo-gurus for decades in stocks and commodities trading.
Teaching as it should be
Everyone is responsible for their own money management. Even those who have never “made an investment” in their lives still chose where to put their money. You are entitled to learn about how to do well in a system that you cannot escape. And you are entitled to true information.
Learning from others is essential for almost everyone who makes the journey from beginner to profitable investor or professional trader. We absolutely believe in responsible teaching and mentoring. But we would rather live in a world in which records were public, and claims and promises were based on substance, whereas currently they are all too often based on fantasy, delusion, or intentional fraud.
We predict that Pinnacle will issue in an era of transparent and ethical student-pupil relationships in a manner that will gradually transform the reputation of the mentoring industry, and begin to win back the trust in financial systems in general that was lost for an entire generation during the financial crisis.
If you are on Twitter, Tradingview, or a similar social platform and you making claims about your trading skills and the methods you can teach others you should back up your claims with a verified record.
If you are not capable of turning in consistently profitable trading months throughout the calendar year, and you are selling a paid membership group, you should ask whether or not you are acting ethically. Only you can answer that.
Likewise, if your mentor is not demonstrating their abilities through an impartial, smart contract backed record on our platform, we suggest you ask yourself why.
There are plenty of good ways to spend money: go on holiday, support a charity, buy presents for your family. But don’t waste your money on trading lessons from “gurus” with no demonstrable track record. Pinnacle will provide clear guidance on which groups teach methods which work, and which traders can be copied with confidence.
And this, we sincerely hope, will be just the beginning. Blockchain has the potential to make every financial transaction transparent, not just those relating to speculative investment. For now we can only dream that one day the financial records of politicians will be as transparent as we will make the track records of traders. Blockchain certainly has the potential to transform accountability in a manner that can birth one of the most radical ethical shake-ups of the modern age.