2 minutes
Editorial Invest in Slovakia
Gevorg Ayrumyan is a lawyer and host of the podcast Lawyers on Air. He runs his own law firm IN FORO. In the podcast, we took a look together at Investing Scams and the legal literacy of Slovaks.
Where did he come from and where did the path to his craft lead?
He is a native Armenian who has lived in Slovakia since 1993. His trade is law. He represents clients in several areas of law and seeks to educate through podcasts. Since the age of 12, he aspired to be an attorney based on the American law series.
How did he come to our podcast and why did he reach out to us?
He listened to some of our podcasts and started investing on his own. He thinks investing is popular, people don't know what to do with their money, how to spend it and he likes how we educate our investors.
What are the challenges in investment security?
He saw an investment opportunity on FB that the Chinese Yuan could be bought and as soon as he reported, he was contacted by phone from a platform broker, introduced himself as a trader and was supposed to be like an advisor. He became alert and focused because he thought it was strange that someone was calling him and he couldn't control his account himself. He saw the danger especially when one gives up control of one's money, when one cannot verify the company behind the platform, when you are predefined other currencies such as euros, and when services are tied to the person. All your instructions are approved.
What did he deal with during his law practice?
He found himself on both sides, i.e. both on the side of the investors and on the side of those who represented forex.
What does he think is a safe platform?
The first thing he would do is check references, whether the platform is "clean", whether it has any shady trades, etc. Search, search, search until I am satisfied that the level of risk is acceptable.
In his opinion, is Bitcoin a safe choice?
Bitcoin is unwittingly used for fraudulent and unidentifiable transactions. But is it possible to sue and pay in Bitcoin? Is there enforceability of the law? In the case of monetization, the bailiff can block the account. But in the case of Bitcoin, it is not clear what price he would set. He thinks that these are unresolved matters. There is no authority to enforce agreements paid for with Bitcoin. The state does not have sufficient access to the mechanisms that control the cryptocurrency. Bitcoin cannot do that. It does not have a stable value.
How does one navigate one's rights?
According to him, the level of legal awareness in Slovakia is pitiful. If we want to be legally literate, we need to know where to find the law itself. You can find a snippet in any book called Fundamentals of Law - it contains laws, explanations, commentaries.
Under what circumstances should a person use legal services?
The trend has changed. For example, people turn to solicitors when buying property. It is a positive phenomenon for development. Electronization contributes to the fact that an attorney can resolve matters both in Bratislava and in Dolný Kubín.
What about the "financial shootout" with Gevorg?
What does money mean to him?
What role does education play in his life?
When is a man rich, according to him?
What source of information would you recommend?
What was his best/worst investment in life?
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