Bitcoin Forum

One of the Major Reasons why some Government sees Bitcoin as a threat to their country is because people might use it as an opportunity against some other people who wanted to earn and make a living. Just recently in the Philippines a couple was arrested because of scam, they uses a pyramid scheme and baited people to invest via electronic money. It started when Bitcoin is at its hype, giving them the chance to use it as front.

For our safety and security, please read this article and be aware. https://www.rappler.com/nation/199915-filipino-couple-amasses-millions-bitcoin-scam

Hope this could help everyone and let us be cautious. Earning money is not that easy as what other think of it. It requires patience, dedication, determination and focus to reach your goal.

not just in the Philippines.
but still many other countries like that , education about cryptocurrency should be extended to the general public.
I had been a victim of that sort of thing before , but it makes me a valuable lesson to better understand cryptocurrency.

Based of this problem, I think the government should be introduce about cryptocurrency to the society's, that's will be better than just blame bitcoin because the scamers, government can't stop the technology, so government should e think clear!

this is what causes bitcoin to be bad in the eyes of government, irresponsible people make Bitcoin worse for now, and true our friend Bitcoin and cryptocurency should be more information so people who do not know will be more aware not to repeat incidents like this again..

I think you read it in many time to know that is not related with bitcoin. Its true that was a similar with "scam" but the Boss in that news was acctually used some agency or a company to recruite members to ther illegal activities. But there is no issue in the cryptocurrency especially in Bitcoin.

Rather than thinking about bitcoin is scam or whatever which make us not open to accept new techlogy, better we educate oursleve become knowing what is real about bitcoin and after we will more understand and make the right decision.
Earning money is not that easy like you said and its true. Investing in bitcoin is also not easy so its the same.

Scammers always move into new unregulated spaces. Once regulation and public knowledge increase, then the number of victims drops and the scammers move on to something else.

I will rather blame those victims as irresponsible as they were blind with the higher interest rates in just few days... imagine who will be a legit business will give you that high interest rate. In the first place it smells fishy but they still continue and the bad part they invest more from there relatives money. I'm so sad as many people are blind in the sweet word that they will become rich in just setting at home.

There are news lately here in our country that people are using Bitcoin to scam other people. That is not a good way to set the image for Bitcoin.

Its a matter of perspective mate. Mostly people are fooled because of the High ROI scams are offering and the name of Bitcoin is just being dragged because its something new and never heard of. Remember people are always curious of the unknown.

Many greedy user join scam Ico, hyip and got scammed. Then the news appear on Tv, News paper. Bad news appear more than good news, so the goverments don't see too much advantages of bitcoin.

Scammers always earned on hyip, pyramids, avarice and greed of people. When the media promotes information about cryptocurrencies, they indirectly help scammers

Like what he said because many people are taking for granted in return of their investment that they will get and as a citizen we must be vigillant on the social media so others will be notified on what are happening to the crypto and teach others on what are the pros and cons when investing in crypto. So we will not get a negative effect on our community.

bitcoin has been infiltrated by scam bounty programs and many are victims from all over the world. that's why people who plan on knowing bitcoin gets afraid whenever they hear the news or stories of people that was scammed.

Given that there's so many shitty goblin in the world it's the most advisable to beware of your every dealings and transaction. Their greed is insatiable, if they ever given a chance I'm sure you'll go drought, it really drive people frustrated. So folks, take and extra really really careful.

This is nothing new. Its happening all over the world, scammers tend to use the ignorance of the people which easily be persuaded with BIG profit not knowing it is a scam.

The problem lies on the investors itself, as they have not researched well before pouring there money.

Not literally the word "Bitcoin" is a scam, this whole post is misleading. Bitcoin is not a scam, it has helped a lot of people, what ruins bitcoin and other cryptocurrencies is the scammers and frauds, first things first there are a lot of cases of scam in the industry, what I'm trying to point out here is that bitcoin is actually valuable, you can use it as an alternative income for your needs or even make it as your primary way of earning, but again let's not mislead the people who are trying to know bitcoin. it it is again valuable and what ruins is is the lack of security, criminals are actually using bitcoin as a way of transacting malicious stuff, let us not go with that topic, but again, for all the beginners out there, please continue to learn what to do and what not to do in the surface.

Yes its true that bitcoin's name can use by other people to scam those ignorant in cryptoworld because of the boom of bitcoin last year 2017.

But its not Bitcoins fault, those victims put their money without knowledge how it works and it is their own fault. Their ignorance bring them to this worst situation.

If I am the one offered by these unknown people and if Im completely ignorant on bitcoin I will never put my money to them, I will do a deep research first if those people are legit and trustworthy.

why the government forbids bitcoin?
because bitcoin is indeed a threat to the country one of them is the official money inflow of the country and will be a means to launder money for the corruptors.
of course there are many more factors that make bitcoin is considered a threat.

It depends on the people because already we have plenty of opportunity here with Bitcoin Investment, we should not divert for fast money because where we get money fastly, it will get into scam very fastly too. So it is always good to take wise decisions before making any investment.

Pyramid scams were happening before and post bitcoins yo, now Bitcoins is just being made a scapegoat for it. They can't see people getting rich and happy without their helps, banks are the main culprit here who're giving fud in the media as they're loosing out on commission. As far scams are concerned one needs to be vigilant enough and taking bitcoins down is not the solution.

I don't think so!
the main reason for any government who saw bitcoin as a threat was because they knew bitcoin is decentralized and they knew they could never control it the way they are controlling fiat and it is not surprising that all of these countries have corrupted government with a corrupted economy!
go check out each of these countries and their government and you'll see!

Bitcoin is probably the scam all of the other coin is a scam. I think if BTC is a scam why they make a high income for many people, they have helped many people become millionaires in the past. I believe they are not fraudulent and they will thrive in the future.

i know about that because i'm live here in the Philippines. but i know not only the Philippines suffering from that situation. that two couple is a good person maybe their people or worker is the main reason why other people said that the bitcoin is scam. they dont know about bitcoin, and i dont know how they can say that the bitcoin is scam.

that will happen to those greedy human.that wanted to gain big in just month,i have read that articles and have watched the news about that scam in philippines.we must always remember that gaining money is not that easy.and stop trusting easy profit,most of them are scams so carelessness will lead you to be a victim

BTC scam for some cuases. I think BTC overcome all cuases which can be influenced scam.. ::) ::) ::) ::) ::)

Well scammers is part on our living , we can't just erase them on the map right? , as of now the only solution is self awareness , instead of being paranoid about these scammers , learn and learn , be aware and be wise though. And to be honest , if you show some money on some person they will change their perspective though , some are been blind with money , I know money is important , lot of people worshiping money , but take note that if we die , we can't bring those money that we earn , only kindness and how good you are , how you treat people , how you share your'e blessings.

The government don't care about that,  the only issue is that bitcoin  is a big threat to the government and also to the Central Bank because it takes the power from them and give it to the hands of the citizens. Bitcoin may cause a fall in world government and might also put an end to central banking as we know it.  This is the main reason the government is against bitcoin and not the one you gave.

That's the other reason along with the market downfall that why people are now much afraid of using cryptos, these type of scams are badly affecting the image of bitcoin and cryptos in sight of new comers/beginners although it has nothing to do with bitcoin or cryptos.


Indeed education is the only solution to get them aware of cryptos for better understanding, but in this environment where all the government authorities and banks are against cryptos it will be bit difficult to convey the reality of cryptos to the general public.

Bitcoin is not a scam but only the people who used the Bitcoin platform to steal from people is the scam. This is one of the reason that the need for Bitcoin currency to be regulated so that it could not be use in illegal activities such as scam and other illegal activities. If it will be regulated for sure the scam people will going to think twice as their fraudulent act will be easily to catch.

I've heard this news on the television. It's really sad that these people are thinking evil and they are scamming other's money and even use the name of bitcoin. There is also a neglegience on the part of the scammed people because they did not do background check.

you are undermining the governments and think they are children with the brain capacity of an infant! because that is the only way that a government would consider bitcoin a threat just because an scam happened for a small group of people who have been getting scammed all their lives because they are idiots.

Who even cares ? Who even ends up getting scammed in a ponzi scheme must be dumb, stupid and greedy enough to have fallen for it, and it has nothing to do with bitcoin or cryptocurrency. Scam has always existed because there will always be those people who are so lazy to work and looking for shortcuts to everything in life only to end up getting what they deserved.

It has been on and people will keep falling. I remember the days of bitconnect when everyone keeps saying how it is a ponzi, some may almost want to skin you alive for saying that, but it seems most times, we really do not need to say much, as it is just better to just let them learn from their own stupidity.

I am sure that Bitcoin and some other digital assets are great things. They can change our world and global economic system. But the real scam is ICO industry, where concentrated too many fraud projects. They collect money and don't plan to do anything according to roadmap. I think government must regulate ICO industry and make investment in such projects more safety.

I have heard of that company and they call it NEW G. They are inviting people to invest in their company in which the funds will be used to purchased bitcoin. It was good at the start but just recently they stopped paying. There are two sides of the story, its either they are doing a pyramiding scheme or they have huge losses after bitcoin fell from 20k$ to 7k$.

We cannot tell what really happened since the accuses does not want to say anything. But this leave a huge impact on the reputation of bitcoin and again tv networks using a quote from the central bank said, be careful in investing in bitcoin.

I think this is the reason why people who are not fully knowledgeable about bitcoin are concluding it as a scam and illicit. While logically speaking, they're just using it to fulfill their own interest. Hope people will be more wise and serves as a lesson as they trust those kind of people not on bitcoin itself.

This is one of the reason why the government banned the bitcoin. Because sometimes it is used to make crime. And in last night in my country there are news about the bitcoin scam. It is called pyramiding scam. I'm sure that the others know about it. They make you invest and they said that your invest will be doubled in after a months or etc. So be careful and alert on the scammer

I do not even understand the connection between cryptocurrencies and frauds. All pyramid frauds that are made by means of cryptocurrencies can also be made with cash or traditional payment methods.

Absolutely agree with you and the truth that it hindered earlier to create a bunch of different financial pyramids for Fiat, and then as soon as the bitcoin was out and all the labels were hung on him.

It is so sad that there are people using bitcoin in a scam way that's why it is hard for other people to believe that this is helpful and changes our lives but because of those who are bad, bitcoin now has a bad image.

I think people are don't have enough knowledge, so this is why they are victim of scam, so people blame bitcoin because they are the victim just called a scam its people fault. Bitcoin is not a scam, because its a great help to all people and very useful currency and there are many people are prove already that they earn in bitcoin. Even if there is a negative news, i believe government still support bitcoin and people continue to invest.

I was so pissed off the time I watched that video. These mafia scammers has just seen the potential of getting easy money scam using crypto. They are hiding their scam schemes using the crypto currency. This is a complete disgrade to crypto specially to Bitcoin. Ignorant people are blaming Bitcoin to be scam too.

There are bitcoin scams everywhere which gives it a bad name, but when you look in the non-digital world you see builders tricking old people into unnecessary roof repairs, dentists giving extra fillings that aren't needed, those are cash scams and exist in higher abundance than bitcoin scams

Scams happens daily around the world fiat or crypto are primary tools, thats why we need to support some goverment regulations in order to destroy scams such as pyramiding schemes but the public should also get involved by being vigilant and to be aware of the danger that theyre into.

As we all know that Bitcoin is not a scam but there are the people who are using it to execute their scams. It is defaming Bitcoin and building a negative perception of it. However, Bitcoin is based on the principle of decentralization so it is our responsibility as a user to stay alert. We are responsible for our actions and we deserve as per our precautions. I do believe that many problems will fade away along with the increase of mass market maturity.

Yeah, a lot of countries have been plagued by the activities of scammers who are looking for gullible, naïve and greedy investors who are looking for ways to quickly get rich. By now, I believe that every sane person should have known that as long as it is ponzi, it will only pay those in the top chain and things like this should be discarded.

Since people will never stop getting greedy, these set of scammers already know they will always have the greedy ones to just fall. Because of a lot of people are getting greedy and looking for quick ways to make money in areas they should know better that does not even make sense to do so.

If life is that way, we would have all been extremely rich and everyone would have had equal opportunity to just keep getting rich. However, while some are smart to know that when somethings are too good to be true, it should be considered as such and people should stay away, but no matter what you tell them, they still always end up falling anyway.

Many countries is infected with scam dragging the name of digital currency this is why some country wants regulation on crypto to protect their citizen.

Already many countries support them bitcoin. Because their are know that about bitcoin.i also believe them bitcoin is a king of mother land only of one in the crypto currency market.their are don't believe bitcoin I just tell his people, don't have knowledge about bitcoin his crazy people.

Why Bitcoin can not destroy any government. He believes that it is likely that world governments will jointly take organized action to prevent the operation of bitcoins or, more broadly, virtual currencies.

This is completely impossible due to the progressive development of blockchain technology, which will soon manage many services on the entire planet. And if so, you will always need some tokens to make this technology work. They will be smart contracts ubiquitous in the upcoming internet of things etc. etc. no one really knows how it will develop except that development is moving forward quickly and decisively.

And since they will be tokens, they must be available for Fiats, or toilet money. Otherwise, this world computer based in part on eg ETH will not work. So far, however, it continues in the best tokenization of our fallen civilization. And as long as blockchain-based technologies with immanent tokens will operate (even one service for one type of token) they will always be exchangeable for every other cryptocurrency through decentralized exchanges.

So stopping / banning / controlling bitcoin is impossible, unmanageable and only someone really stupid as Jamie Dimon can believe in the power of government.

There are a lot of scams out there and a lot of people still fall for them due to greed. Remember, if it is too good to be true, then it is. Don't believe people on the internet.

In my opinion, everyone already knows that investing in bitcoin has always been and is a rather risky activity. However, many people voluntarily go to deceive themselves from other people. when they agree to a tempting offer to quickly increase their profits. However, one should always remember that free cheese is only in a mousetrap. But fraud of this kind should not be used by the state to restrict the circulation of the crypto currency. Similar frauds have always been with all kinds of money. The Crypto currency should continue to develop, regardless of the fact that some unscrupulous people will use it to deceive other people.

You need to educate yourself sir to avoid of being scam. Study how bitcoin works and its mechanisms. I think taht this is the best way to earn bitcoin than trusting someone else. There is no such things as easy money

i strongly agree to this. Different places, different ways to scam, different victims the only thing they're the same is they share the same agenda (using bitcoins name as an oppurtunity to take advantage on peoples' urge to earn in an instant).

There are scams in bitcoin, and that is something that most people should be aware of because your investment might get scammed  and what you earn from some campaigns might also get scammed. Yes, bitcoin has a good market price but people are sometimes bad enough to fool other people around by scamming their money.

I do not think this is the main reason the government forbids bitcoin, because the bitcoin crime is not the only threat to the government, but all the crimes of any kind are a threat to the government and not a logical reason just because the crime of bitcoin fraud is a scam.

I have read this news mate since i came also from Phillippines,it very annoying hearing this kind of news that is why most people think that bitcoin is a scam and has a bad impact to our society.Probably its not just only happening in our country but in some countries as well.I just think that they made this fraudulent act because some people can be easy to get in terms of investments if they got huge profit on it at first without even researching if it is really legit.Some scammers take advantage on the weakness of investors that is lack of knowledge.In this case we must see to it that the opportunity that we grabbed is legitimate so we must be observant inorder not to regret  in the end.

As I have seen the news about that scam, the only reason people are getting scammed is because they have no idea really how cryptoworld works. If only they know about crypto investment on your own and owning wallets, they could have doubts if anybody asks your money to invest for a certain coin.

Rather than thinking about bitcoin as a scam or whatever which make us not open to accept new technology,  we better educate oursleve to knowing what is real about bitcoin and after that,  we will understand more and make the right decision.
Earning money is not that easy like you said and its true.

That's primarily the reason why the government sees the bitcoin as a bad thing. Some people are using it to get advantage on other people that's why they are force to stop that thing.

Many gullible people believe beautiful this is and beautiful promises to get rich quick. Not believe! It is impossible to get rich in 3 times a week. Don't trust questionable sites. Many have already fell for the Scam so they already have a bitter experience. And learn from their own mistakes.It is better to have less but guaranteed than from greed to lose everything.

education about cryptocurrency should be extended to the general public. If only they know about crypto investment on your own

I also saw that in the news. I hate those people who taint the good repuation of bitcoin. They are using bitcoin for their own greedy needs. And as a result many of the citizens who invest became a victim of this scam. This is the reason why most of the people are afraid of taking risks with investing money because of this news and other articles. Because of what they have done they are creating a bad image of bitcoin which is wrong! Bitcoin is the best cryptocurrency and I will definitely spread good news about it even if people who are a victim of scam does not be convinced or buy what I said.

This is alarming. Seems like people are being ignorant about what could possibly go wrong if they would just dive right into someone's good talks. When money is involved, whether small or large amount, people should not put their 100% trust that easy. This issue makes other people wanting to invest to be frightened that they might experience the exact same thing. This should be an eye-opener to everyone that enough knowledge will help in determining if something is legitimate or just a scam. Besides, there are guides provided by websites inclined in cryptocurrency which will help people avoid scam. Let us keep on learning everyone and be careful.

I am more of a response that is a normal criminal.
it's just a person who uses the virtual currency as a crime tool.
if anyone wants to cheat he does not have to use Bitcoin.
he can use anything even if it's just a pizza.

I want to blame the victims on what happened to them. They want to earn money in a fast and easy way and they think that it can happen if they believe in and start investing in bitcoin which happens to be a scam headed by these couple. The victims didn't make their research about this investment which they will engage into. They didn't search/study on how is it possible to earn big amount of money in just two weeks which happens to be with the use of bitcoin. I know all of the victims blame these couple, and maybe some of you too, but isn't it our responsibility to know about something we want to engage into, especially, if it involves money? This is the reason why we should make our own research and study first before believing in and engaging to something we do not really know yet.

People who conduct fraud must be put to jail, it is as simple as that and for that bitcoin must not be blamed as if it looks like there is no scam with fiat currency, in hindsight scammers will find new ways to scam people, so if someone convinces you to double your money in a short period, just make sure there is no way it is possible.

If you are intelligent, have an university education and have a clear focus on what you want to do with your life, you will eventually make a lot of money. :P

this chase is not only in philipines. so many crime use bitcoin as payment. as a bitcoin user, im not thinking negative about this. cause bitcoin like a money, many people are using money for crime and many criminals use bitcoins as well

already know with that then we need to be more careful with fraud. because many ways are done to cheat

I admit the it is annoying to hear news about people using bitcoin as a means of a scam. However, it is the investors fault, too. If they only have enough knowledge on what they are putting their money to, then they will now fall victim to these fraud companies and personnel. Even, them, them, themselves, can invest on bitcoin instead of using a middle man and a third party to have their money invested. Moreover, the media sometimes makes the news a little bit exaggerated. They also write news without proper research because they tend to use headlines such as "Bitcoin Scam" These faulty headlines spreads FUD's making bitcoin a scam, itself.

I also heard this story on bitcoin.com and I was shocked to see that there were such large amount of people fallen in their trap and they had made a fortune from scamming in bitcoins, it was said that they made more than 1 billion in the local currency by scamming. It's hard to believe that people fall in such traps and that's the main reason that governments are banning bitcoin around the world as the people use bitcoin as a means to scam people and media also make false impression if bitcoin as a bad thing that is used in illicit activities, so now people are running away from bitcoin in order to save themselves from these kind of scams.

this can be a lesson for everyone, never percya or do something that has not been understood or understood before. and think before you act before doing something. By doing research or choosing the right type of investment, then in the future you can have a chance to get more satisfactory results from your investment.

There is no good reason to participate in the hype, it is the carelessness of investors investing in hype. Beginner investors should be given the right guidance so as not to be easy to trust the scam program. Being careful is the most important point to invest and always do further research on the projects you want to invest, so that such incidents do not happen again.

This is something we cannot just have to not expect most especially since we already have an environment that is eye catching for scammers and can make it easy for them to scam the naïve ones. I only blame those who fall for this and it apparently has nothing to do with cryptocurrency.

Looking at the way things have been even outside cryptocurrency, scammers have always existed with a lot of people looking for quick and easy ways to make money, and if that mentality is not curbed, it will keep on. Still, it is our basic responsibility to stay secured among them as it has no differences from real life scenarios.

I think the problem of scammers is not happening in bitcoin in all the work activities that can make money certainly do not escape the perpetrators of the scam so it is not the reason the government to refuse bitcoin if it is because of cheating or scam someone who becomes the reason then the government can create a security system for the perpetrator  cryptocurency like any other job / business then this is no longer an excuse

Scams are becoming very unrestrained nowadays and all of us are vulnerable of its presence. This has become the reason why bitcoin's price drops because of people not being responsible and throwing negative feedback against bitcoin. Be careful and liable in sharing personal and any kind of information, don't be fooled by suspicious activities, and let security be our topmost priority.

pyramid schemes not only occur in bitcoins but fiat currency can be used by irresponsible people by using the pyramid scheme. We should not be able to see and rate the bitcoin of one such news because of the fraudulent news occurring in Filipina where described in the article we can not say that bitcoin will experience a scam.

It should not result to bad thing if and only if the media stated the real issue properly. I just found Media to be bias, generalizing Bitcoin as scam where in fact it is what they enter as investment using bitcoin is a scam. not Bitcoin itself. and that makes Bitcoin bad image in the country.

It depends on how people use it. We can use it to trade, send payment, exchange for real money and many people use it to make ponzi/ scam website to steal other people's money.

There are scams everywhere even without bitcoin, there are so many pyramid and ponzi schemes that are being carried out using fiat but no one is talking about banning fiat. Governments know that bitcoin will make fiat go extinct that is why they are so against it. That being said, always remember, if something seems too good to be true then it is. Stay safe.

even paypal has been used on pyramid scam why bitcoin ? why when people get scammed with paypal they dont blame paypal but when it happen with btc they blame btc we are in war

It's quite easy to scam masses who are shown only one aspect of bitcoins i.e the profit and quick gains from it. All want quick money. A person/group with know-how in bitcoins can easily make fool of such peoples.

Hi,

Of course, there are scams... But not because of bitcoin.

People are just using the hype, as you say. But scams and Ponzi shemes have existed for quite a long time now... There will always be people trying to earn money easily, so of course such frauds get developped. This isn't soemthing very specific to bitcoin..

The media here in the Philippines are introducing bitcoin in televiewers. The BSP also have warned those Filipinos who are engage in crypto activities that they might lost their money if they will put it in cryptocurrency. Maybe, government will make a huge step in the near future because of these pyramiding scam.

The government don't care about that,  the only issue is that bitcoin  is a big threat to the government and also to the Central Bank because it takes the power from them and give it to the hands of the citizens. Bitcoin may cause a fall in world government and might also put an end to central banking as we know it.  This is the main reason the government is against bitcoin and not the one you gave.

The pyramid scheme of the Philippines is the same as the biggest financial pyramid in Russian history.

With a high return on capital, they will lose their money. In the face of obvious financial fraud, MMM financial mutual aid platform, people should keep a clear mind! Don't fall for it!

And now bitcoin was in news again here in philippines because of the scammer couple which in jail now.scammers are everywhere.lets think many times before we invest in anything mostly if it has a promise that  it can double your investment capital

Oh I highly doubt why these people who got scammed were convinced in such swindle like this. They've used the name of bitcoin to goofed everyone and used bitcoin as networking wherein you will invest money with high interest back to them.

Offering high interest is obviously a scam scheme. Easy money is one of the signs of scams and we atleast know that,  to prevent being deceived.

I am grateful that couple was arrested and Philippines authorities did a good job. This serves as a lesson to everyone.

Caution is advised to anyone who ventures into crypto, as its a very high risk investment, and the same applies to BTC. THE Claim that Bitcoin is a sacm is however not accurate as we have seen a number of scam cryptos fall but BTC still survives. if It was a scam , the developers would have already gone under with the earnings at its peak. BTC is real, and may just be the future currency.

Thank you for sharing, I have many experiences in bitcoin scamming especially in investing, they are very good at luring people to their scams and if you are not careful then you might be a victim. They use to post their mining status and how many bitcoin they mine everyday but if you started to invest on them in just few months or weeks their website will suddenly shut down and no notices. I don't do online investing now for the safest way.

Most Cloud mining are scams and i think there are only 10% out 100 that known to be legit. Not only cloud mining but almost every online investments that is verry promising are probably a scam also. At first they can possibly pay you but eventually they will just disapear after they collected a good amount of cash from their investors. There were lots of people got scammed everyday because they easily believe that they can earn easy money without exerting too much effort .

Hi sir i am pilipino . Im fully trust on bitcoin is not scam . Yes some bitcoin site are scam but this forum are not scam .. I dont care if bitcoin value is fall down i trust some day the value of bitcoin will increase on the top . And , I think the government should be introduce about cryptocurrency to the society's, that's will be better than just blame bitcoin because the scamers

Many people dont fully trust bitcoin industry, it is because they believe it was a scam.And because of some instances, many countries bans bitcoin for they are scared to be scammed and they would just think for their money and own safety.

Bitcoin is not a scam because it can help everyone and the currency is very useful and there are many people who have proven that they produce bitcoin. If there is any negative news and I believe the government still supports bitcoin and everyone wants to keep investing. 8)

I think OP does not want to say that BITCOIN is a scam but he want to say that some people are making fool of other people(with less knowledge about BTC) in the name of BITCOIN.
The fact is true there are some people in almost every country who are taking advantage of the less knowledge about BTC. Of course bitcoin is not scam but some people are running scam schemes around it.
Almost the same case happened in India,  two people were arrested in RS-2000 Crore fraud case (http://www.zeebiz.com/india/news-bitcoin-scam-bhardwaj-brothers-arrested-at-delhi-airport-in-rs-2000-cr-case-41809).
Even one has been arrested today https://www.ccn.com/indian-police-arrest-operators-of-2-6-million-bitcoin-ponzi/ (https://www.ccn.com/indian-police-arrest-operators-of-2-6-million-bitcoin-ponzi/)

There will always be greedy people in this cruel world,philippines is a 3rd world country which makes it easier for these scammers to fool people from their shitty promises to get fast income with these investments,those people who got fooled are greedy to as well because they are blinded by these traditional ponzi promises.

must be vigilant, do not trust something that makes you instant rich, many people stuck with a small investment can get big profits, the strategy is very easy to use by fraudsters to deceive many people

You should not blame Bitcoin for this. It depends on people for what they use the technology. Everything has its own advantages and disadvantages. The same applies to Bitcoin. Bitcoin has the feature of anonymity which is being used by people for scamming people for illegal purposes. This is what giving bad reputation to the Bitcoin. But people should realize that the criminals need to be punished for this and not Bitcoin.

I felt so ashamed that here in our country a lot of scammers out there, it is so pitiful that we have those kinds of crimes, I hope that it will not affect the number of users that are believing in bitcoin right now, I am hoping that people will be more become aware and be more practical in making decision with this kind of schemes.

Because of the Bitcoin amount many people got interested on it rather to have one of it. Because of its stunning value price of $9,000+ people work for it so hard to gain some, people mine and others invested to profit or to have at least even Satoshis. Price is so interested so many people do some bogus and scams to gain also in illegal way. People makes digital wallets, mining sites and other investment site just to get others Bitcoins. In our country they used to do investment scams that they say they will profit triple of the amount invested in just 1 month, that was too obvious at the first place but somehow very effective here.
On my opinion search for some trusted sites you want to hold your Bitcoin and money, it is for your own sake. Try also wallets that is commonly used by users and other developers trusted apps.

unfortunately it is usually like this in countries with less knowledge and adoption of bitcoin. the initial wave of people finding out about bitcoin are the scammers and they use this lack of knowledge among the rest of the people in their country to fill their pockets.
good news is that it usually doesn't last long since the education spreads fast.

Maybe people should be more careful when it comes dealing with people because sometimes we dont know if they have any agenda with us. We should also be knowledgable enough before getting into something.

Many people do not have good knowledge and they become victims of fraud so people blame bitcoin because they are victims of the misguidance of their people. Bitcoin is not a scam because it can help everyone and currency is very useful and there are many people who have proven that they can produce bitcoin. 8)

This vision of the btc is not convincing. Humanity has designed millions of scams and frauds of all kinds using fiat currency. The scammers certainly did not need the btc to scam. Blaming the btc is an injury.

my opinion,Hope this could help everyone and let us be cautious. Earning money is not that easy as what other think of it. It requires patience, dedication, determination and focus to reach your goal.Bitcoin is not a scam, it has helped a lot of people, what ruins bitcoin and other cryptocurrencies is the scammers and frauds, first things first there are a lot of cases of scam in the industry, what I'm trying to point out here is that bitcoin is actually valuable, you can use it as an alternative income for your needs or even make it as your primary way of earning, but again let's not mislead the people who are trying to know bitcoin. it it is again valuable and what ruins is is the lack of security, criminals are actually using bitcoin as a way of transacting malicious stuff, let us not go with that topic, but again, for all the beginners out there, please continue to learn what to do and what not to do in the surface.I think you read it in many time to know that is not related with bitcoin. Its true that was a similar with "scam" but the Boss in that news was acctually used some agency or a company to recruite members to ther illegal activities. But there is no issue in the cryptocurrency especially in Bitcoin.

Not all the time we can say that bitcoin is a scam maybe there are some people who use bitcoin for scam , but for me it is better to now how to define the fake or scam bitcoin compared with the true and legit bitcoin.

It is really a threat for everyone. People tend to earn money without spending their own. I feel sad and sorry for those people who got scammed as money involved was really many to count.Government are warning everyone about this activity of people who's using the name of bitcoin for bad doings. Its an essential for us to be wise and careful at all times.

It is because some politicians aren't really inclined into technology. I am from the Philippines and most Filipinos including those incumbent officials doesn't know what Cryptocurrencies and Blockchain technology can do. Even if you educate them, they will insist their own beliefs. Sad.

You can't control those scammers. In every investment vehicles, there are scammers lurking, sets a bait and wait for someone to bite it.

scammers always looking for another way . so for us ?
we just realy need to be careful .

Scam associated with Bitcoin is factor militating against it growth,in many country, I got to know about BTC through a scam ponzi scheme,every investor need to be careful and source for the rigth knowledge.

But the problem is that investors don't do their homework and will just listen to scammers right now. Maybe scammers are cleverly targeting their victims, those people who don't ask questions but has a lot of money. And then the word of mouth, spreads like wildfire and next thing you know a lot of Filipinos are already duped and its too late because the promise returns didn't materializes and the scammers living a lavish lifestyle. Good thing that they are caught. So let this be a expensive lesson not just for Filipinos but for the crypto global community to really think a hundred times before putting your money to someone or even to a institution with a promise of big gains.

what just for that reason do you consider bitcoin scam ..?
it is only the actions of an irresponsible person who wants money quickly, and it can not be made proof that bitcoin is a scam.

I don't understand why people fall in pyramid schemes just because of high return in short time even they should also calculate the risk of loosing money. This article is about a phillipine couple that trap many peoples in pyramid schemes and we all knows how pyramid schemes end. It all depends on incoming of money when it stops project fails. We can not blame bitcoin for this scam. People should be more aware of bitcoin use rather investing in pyramid or hyip scheme its always better to hold the bitcoin in your wallet. We should understand one thing money can not be earn easily.  We should be more aware to avoid such scam. I agree we should know the pros and cons of investment in crypto currencies.

If you have been in crypto for so long this scam wouldn’t be new to you,
Before I even know this forum I was an investors to some HYIP sites even when I know that it would just end up to be a scam,
To be honest almost every investment in crypto world is a scam or a pyramid scheme.

No..., Using the name of BTC for scam is already happening in many parts of the world its just a matter of knowledge, if you have good knowledge about crypto world or you are a member of this forum you will be armed on any other scam.

Some of the countries banned crypto currency because it has a lot of good thing's and can affect many other business on a country.

Many such incidents are already happening in different countries. It is the responsibility of investors to check how genuine are those projects before spending any money.

I think pyramid scheme like MLM is booming around 2015 or 2015 as we know that who in the top of a pyramid is very happy because they can get big profit because of their "child" in the pyramid is find their child, the worst thing is when you be in the lower of the pyramid, because you will never get nothing and will lost some money because of it

I am not agree with you, so if bitcoin is scam, that's mean is all cryptocurrencies are scam. Bitcoin has now proven itself and after so many years the price has risen so much and there is no longer any possibility of scam.

Bitcoin is made because there is a good purpose on that, many people change their life because of bitcoin, its a good start for a good life for a good living, but sad to say some will be very abusive and they only want to earn in illegal ways without sacrifice and hardwork to earn and we called them scammer, they make bitcoin bad, to the government.

I agree, scammers are everywhere eventhough bitcoin was not existing. And yes there are also scammers here, as long as there are people who want to get money easily then scam will always be there. The best thing you can do was be careful and always make sure where you are putting your money so wont be scam by scammers.

Don't just keep posting any random BS to create a scam. The government might think like that because they like to control everything in this market. This isn't true for others. People see value in bitcoin and hence they are investing here.

This is why there are certain government that disapproves the idea of people investing or using Bitcoin as mode of payment. Other people would believe that all digital money are an example of pyramid scheme. It’s really recommended that people should educate themselves first onto what they’ll be investing, to avoid scams, fraud etc.

I think that philipines couples want to use bitcoin to manipulating people that dont understand about bitcoin. I think its nothing to do with bitcoin because they create their own scheme and selling it to people that dont understand about cryptocurrency and cryptomarket.
Its happen not only in philipines but happen in my country too.

This is the most problem now when it comes to bitcoin, we can say there are people are not aware about btc and other people (scam) are taking advantage to those people who didn't know about btc. If you want to invest maybe you should do some research.

I'm still amazed how vulberable people are to financial pyramids.
In the 21st century - the age of Intenet and so much free and easily accesible information - they still believe that money can "grow up on trees".
Bitcoin is definetely not as easy to earn as these poor investors were promised..

This kind of wrong doing made bitcoin to have a bad image in the eyes of others. For other people don't trust others easily. And lets take care always because there are so scammers everywhere. Like those people who scam in the Philippines.

That is why bitcoin reputation is bad now especially to non techie persons or new to digital currencies because of thus scammers that using bitcoin to scam other people, they must be aware that bitcoin is not a scam.

This news was last month if I'm not mistaken I just read it on social media site, but I know that it is not only in the Philippines have this scene I think in any country it will never prevent because of the lack of knowledge that is needed, that's why don't ever go with an investment that you don't have a strong background.

it seems that some countries still do not know what bitcoin is so they can not distinguish where to find the right profit, if there is bad news that says bitcoin scam and make the price down it should use the opportunity to make a profit.

People using bitcoin to scam others are only giving the governments an avenue to make excuses for being against bitcoin. The govenments won't want the bitcoin to topple other currencies. The truth is,no matter how hard we sanitize the bitcoin world of scam,there would still be report of scams. Scam is not limited to only bitcoin,people scam with USD,Euro and so on but the scams perpetrated using these currencies cannot be totally abolished, they just pick on bitcoin because it is convenient to do so. But i hope that one day they will see the light

Right I don’t know why people say bitcoin is scam while bitcoin is not scamming but bitcoin is the future making currency but some rude people use to say bitcoin is scamming bitcoin is only a beneficial currency that some people are lazy can’t work to get it then the scam and hack bitcoins but I think if we will become careful about our bitcoin so no one will be able to take our bitcoin away. Don’t let the scam with you and keep one thing in your mind that bitcoin is not scam but people scam only to get fast and illegal earning; we can’t balm bitcoin for it.

Bitcoin is not a scam. If you really know what you are reading, it was used by scammers who created the pyramiding who took advantage of the bitcoin hype. Any investment, whatever currency  is used in it, is verified a scam when it offers unrealistic return of investment.

This is very common is all developing countries like India. It has happened in forms of different other online earning opportunities as well.

Yes the news has been released that the money laundering and scamming are reported on the BTC market. You need to stay away from these kind of people who are trying to left a negative impact on the market. NSA is working on these issues right now.

Scams happen in every form and not just bitcoin. People get conned for their money and their belongings. It happens with bitcoin because people don't understand how it works, especially the politicians. This will change as blockchain because more widespread and they have to learn about it

The only way to lose money in bitcoin is to participate in the scam. Don't trust anyone. The scamers job is to get you to screw up and help them. Without your help they can't do it.


DON'T: Buy alt-coins


DON'T: Download any bitcoin software unless it is OPEN-SOURCE and well reviewed.


DON'T: Move your discussion to telegram or WhatsApp or anything else. You can safely trade in the open with bitcoin. A scamer wants you to get away from others who will point out the scam. 


DON'T: Use an unlicensed exchange or think there is some special deal you will get from someone.

Who said it is easy? It always requires patience and market observation. Investing money on the stock market works the same. You need to get to know the market.

This kind of behavior happens in all industry's all over the world. When people are making huge money on anything this is the result. Just look at antiques - when ever any part of history comes into vogue they get copied no end. Just be vigilant and spread the word.

which I know the safe way let me not be cheated bitcoin yah mining and tradding
the rest is well between scam and not 50:50 as web invest almost most scam

bitcoin has been infiltrated by scam bounty programs and many are victims from all over the world. that's why people who plan on knowing bitcoin gets afraid whenever they hear the news or stories of people that was scammed.

I learnt a lot in the last two years. Firstly, anything that looks and smells like a scam,is a scam. No matter the concept,the technical analysis etc. I lost a lot to bitcoin scam to the tune of 50k USD. A really hard lesson to learn but I am better for it.

That was an MLM pyramiding investment scheme with the unbelievable high return of investment that obviously destined to collapse. This kind of program used the popularity of Bitcoin and other cryptocurrencies in general and to lure more people to join. In the first few weeks they can manage to release payouts easily but after a month the problem starting to arise. You can expect a lot of alibis from the company. Started with the maintenance of the site and the payouts are always delayed. In spite of high risk involved, people still invest and cry when their investments are gone.

Bitcoin can scam, but blockchain can not. People use this technology to attract investors. And as technology evolves, rejection is also indispensable.
but my opinion is that people shouldn't fall in pyramid scheme in greed of quick profit.