Bitcoin Forum

I just watched a news about Bitcoin scam here in the Philippines a little while ago that aired on the national television. A couple scammed almost 1 Billion Php (19,260,000$) to 50 Filipinos by the use of pyramiding scheme. What will be the impact of this news to the Bitcoin investors in the Philippines? Will it decrease?

I think that it will have a big negative impact in the reputation of bitcoin in Philippines. Since it aired on the national television and almost all Filipinos can see it, some of the future investors will be frightened to invest in bitcoin. And that will decrease the potential bitcoin users worldwide.

http://cnnphilippines.com/news/2018/04/10/bitcoin-scam-pnp.html

It will play a huge impact on the growth of bitcoin in the Philippines. For those old players of bitcoin they will not believe it and will just laugh at the news since the news is delivered in a way that makes bitcoin like an investment scam itself. But for those who have no idea how bitcoin works they will no longer accept bitcoin anymore since they will think that it is a scam investment before you can explain it to them.

You know that those stories are just laughing at old players bitcoin. But in this News we can not get rid of people's memory bitcoin is a scam. Due to TV news News Headline is BITCOIN SCAM, Bitcoin Newbie investors are affected especially the Filipinos possibility that they can withdraw their investment in bitcoin even if they are not in the ponzi or pyramiding system.

I see a huge melt down on trust rating on bitcoin here in the Philippines. The media is also biased in spreading the news they highlight the pyramid scheme not the people who have great results on investing in bitcoin.

You're right. The current users doesn't have to be alarmed because they know where to buy bitcoins. I am just worried about the potential Bitcoin investors. Since they will not experience to use/earn a huge amount through bitcoin. But, I think that people will pass it as nothing happened since it is most likely that it is the first time that they heard it.


You're absolutely right. But I think that the main reason is the people who get rich through bitcoin is not popular. Thus, they would be paying no attention to them since it will probably not be popular for the viewers. Media people only thinks about money, the money that they will earn.

not really . . i heard it on the radio too lol but those djs do not have that much knowledge about bitcoin and they said that most online currencies are scam
but oh well it will not affect much because Filipinos are getting knowledgeable on bitcoin because of the seminars from government and btc experts :)
hope that someone will create group for BTC news and knowledge

In my opinion the reputation of bitcoin in the Philippines will not be affected,it is not the bitcoin cryptocurrency that has fault regarding on this issue it is the scammers,although the investors will decrease for doubting in investing at bitcoin but it will not take for a very long time.besides when you invest on something that you want to gain you should also know how to risk,and surely for bitcoin the success will always follow by simply learning how to become patient.

I think it can affect, but filipino can be trusted anyway... Some not but most filipino is Literate when it comes to Cryptocurrency, and can be trusted.. :) :) :) :)

it has 0 effect.

it is not the first time that some idiot(s) got scammed by some scumbags on the internet. it is always because they are greedy idiots around. and because this is not a new thing, people who matter most already know the situation and know what bitcoin is. they don't care that some idiots got scammed using bitcoin. they know better than be affected by it.

It will have zero impact as long citizens are educated about Bitcoin and others cryptocurrencies.
Scams using Bitcoin, doesn't make the crypto itself a scam, otherwise the dollar is a scam since it's born.

It's up to you and your fellow to explain this to your patriotes


I doubt that

I think this news can little bit affect  all filipino investors,they might fear or withdraw their investment on bitcoin,but for all of us who understand bitcoin cannot really affect us.

For those new to crypto or just not knowing crypto currency they will feel afraid. But i think for those who knew all about bitcoin and how it works it is zero effect. They know how bitcoin really works.

i think this negative impact will only affect for beginners or newbie in bitcoin in phillipines because they only just learning about bitcoin but for those trader and investors on bitcoin in phillipines this event will never affect to them because they really know that bitcoin is not pyramiding scheme and i agree with you this is event will slowing down the growth of bitcoin in phillipines.

This time we have seen a lot of news about bitcoin in Southeast Asia, most of which are good news, although this news is a message about bitcoin swindling, but we should see more and more people in Southeast Asia pay attention to and like bitcoin in Southeast Asia. This is probably the next potential area for the development of encrypted communities.

Yes. That's true. But the main source of information for older people is the television or newspaper. Or even maybe radio broadcasts. So, their insights about bitcoin will be as a scam and they might not get into it because of the negative views that the media releases. So I believe that it will have a huge impact.

I don't think this may not have big impact on the crypto usage of phillipines because getting scammed is happening in everywhere not only in bitcoin but the chances for happening is less with bitcoin but still there are some stupid people got scammed.But it may create a rumors in Phillipines that bitcoin is a scam but people know what is bitcoin in phillipines already.

it is true that a married couple who committed such a fraud deserve to be punished, because I think this news will worry the Investors in the Philippines. And of course it will affect investor confidence in security system on Bitcoin. I hope this does not affect the price of Bitcoin. And the Filipino people still believe and more and more are investing in Bitcoin.

the impact on Philippine investors will not be too great. Dude, it's not just a today that people make scams, since many years ago people lie, steal, kill and all people must be careful not to fall in the scam
 

It will not diminish because whenever you have a technology, an opportunity, people are always going to exploit this opportunity to scammy, and it is very important that people do research before investing in anything, and it is very important that people are not lazy and not trust other people to do their job, do you want to trade? so make a trade in person, do not give your money to a third party to trade for you. This is a big mistake.

It was really bad because the people thought that the bitcoin was scam but the reality of it the persons who use bitcoin are scammer.
Prevent online investment because we give our trust easily to everyone who really doesnt know, Don't let people fool you around always make the things sure.

Scams have been around for a long time and there will continue to be scams. It will not affect it greatly and people will bounce back from it.

No, not really trust me our country had faced this kind of problem and until now we can still use it freely.there’s no wrong with bitcoin it’s not the criminal tool it is just like other currencies and it depends on those who use it, on the other hand, People have ultimate control over the money so they can whatever they want even if it’s a bad thing. I believe people are smart enough to think that this is not bitcoin's fault.

This will affect the growing number of Filipino bitcoiner. For sure they will have doubt in investing and others that has less knowledge in crypto will think btc is the scam there which is actually not. They might always think when they heard/read about btc is just a scam and haters will used this against btc and spread btc isn't really safe to invest, etc. here in the Philippines.

I am a Filipino and live here in the Philippines.  Yes I saw the news, it was aired in Channel 2, one of the leading network here in the Philippines.  The way they present it,  is negative point for Bitcoin, they said Bitcoin is a scam because they do not know anything about the inside of Bitcoin.   The scam is the people who scam it not the Bitcoin itself.  What I did was I tried to explain to my friends, relatives, and other acquaintance that Bitcoin itself is not a scam or fake but it is the bad people who find ways to scam it.  I do not know if they believed me but I told them to learn Bitcoin for them to understand that Bitcoin  is the cryptocurrency of the internet and it is not a scam.

that is a big negative impact in the Philippines people that dont now about bitcoin they will think bitcoin is a scam,and also the media always and also the the haters spreading negative information about bitcoin this issue now is  a big affect to the potential investors in the Philippines.

The senior people group is not the good audience to target. Young people are the most important population because it will be them who will use it the most.
You can compare with a smartphone, tablet, etc you don't see the companies targetting the old people because in some years (maybe just 2-3 years) old people won't be here anymore. Young people are more open to use the new technologies, it's the audience that has the most potential
 to fully use crypto (once it's possible of course)
It's like if you have a book to sell, you wouldn't try to sell it to a blind man.

The media here in the Philippines is not careful in spreading and airing news even if it affects a business or a company. Bitcoin is just actually a mode of payment it the said scam. Bitcoin's reputation is always affected by those people who are too abusive about it's great profit. People who don't have enough idea about it think of it negatively.

I agree with your opinion, scam is everywhere not only about bitcoin. I think those media is unfair in that news, because they lack of explanation. People are already know about btc so they ignored that news, because they are trusted in bitcoin even if they heard that news, it could not affect. I believe that even if there's a negative news there are investors continue and trust to invest.

The Philippines The Philippines has experienced a surge in the growth of its bitcoin userbase. Coins.ph, the most popular and widely-used application in the country, is also one of the most-used applications and web-based platforms across all categories including games, content sharing, social media, etc.  Coins.ph is a remittance-focused bitcoin application that enables anyone in the country to live solely on bitcoin without any discomfort or inefficiency. Directly from its mobile application, people can purchase and sell bitcoin through bank ATMs, physical bank branches, remittance outlets and convenience stores. Thus, for users trying to avoid owning fiat, it is highly recommended.  The application also allows users to avoid using fiat and deal only with bitcoin to finance daily expenditures. Specifically, users can pay tuition, utility bills such as internet, rental, water and electricity fees, settle credit card bills and send remittances to anywhere in the Philippines with bitcoin. Essentially, Coins.ph transforms bank-issued credit cards into bitcoin credit cards, as users don’t need fiat to pay for their card bills.  A local user also told Bitcoin.com that she began to use Coins.ph after they simplified buying mobile credits using bitcoin. Traditionally, users have to visit physical stores and wait long lines, usually hours, to purchase credits. She was first introduced to bitcoin at a technology event called Geeks on a Beach.  “I used it to purchase load for my phone. I used the credits given away by coins.ph at Geeks on a Beach. I eventually ran out of credits, and I wanted to purchase more.” she said.  The Philippines has a surprisingly large number of vendors, online merchants, and platforms that accept direct bitcoin payments. In Manila, coffee shops and restaurants accept direct bitcoin payments and local e-commerce platforms including Pinoy Travel and Metrodeal partnered with Coins.ph to accept bitcoin.  Apart from Coins.ph, platforms like Rebit.ph and BuyBitcoin.ph make bitcoin-based remittances simple, as any worker or resident from the Philippines can send money back to the country with low fees. The recipient has the choice to either accept the payment in bitcoin or cash.  Overall, avoiding fiat money for durable goods, food, rent, and utilities is made practical with bitcoin in the Philippines. Anyone can also practically purchase goods, food and settle utility bills directly with bitcoin at ease.

Well, Even in other aspects of life, Many people are trying to scam people and they alwys tend to attract people by salestalking them and The Filipino who invested 1 Billion php is one of the victim of it. I know that it will not affect the market of bitcoin and We all know that it is Legitimate, There’s no wrong if we will still continue making bitcoin as marketable again and again.

I don't think it will affect much to the people. I think it will just raise awareness to the people who are going to invest in the future and also to the old users  to be careful in joining some websites or getting involved with some people who are taking advantage of other people who have money and are serious about investing money.

The result of bitcoin is the best result ever, I think bitcoin price will be high because of the high investment by the people who live in Philippines, more people are investing which is contributing the development of the country, media contribution is really good for highlighting the bitcoin in any country including Philippines, so bitcoin has very good reputation in Philippines as business and as currency, soon bitcoin will be legal in Philippines.

The misleading title of the media in the Philippines really is annoying, They really wanted to destroy the Bitcoin to the rise of Bitcoin to the Philippines. As of the moment, only Pilipino really do use Bitcoin, because at my office, The Bitcoin user are really few, I think it's only 1% of all employee or less. And because of this news, many more people here in the Philippines, will really be discourage to invest in Bitcoin because the first thing that will come to their mind is that the Bitcoin is a scam and they will prepare to use Stock Marketing Instead of Bitcoin.

If you are already a bitcoin investor, then this scene is common.

If you are a new investor, you will search all aspects on a thing that you will put your money. Therefore that recent scam will not be a reason why future investors will be frightened to invest. The only one who will be affected here is those people who doesn't have an idea what bitcoin is or not eager to know what is this all about. If you saw some comments on social media about that scheme, you will noticed some people saying bitcoin is really scam and just a product of hype. In that kind of statement we can conclude that those persons are not really well informed.

Some people just putting money without doing any research. They also want a quick profits in short term period and now what? They are now being scammed. So much greed.


I even came up to a debate recently on social media just because of that.

Now this will have quite a negative impact in the growth of bitcoin in Philippines. I don't understand what most people gain in scamming their follow humans. Now with this kind of news, I see the Philippines government taking a strictly turn for bitcoin. Probably, they might move to banning it. It so unfortunate, with the economy system of Philippines, bitcoin would have been a good opportunity to better the citizens lives.

I never been to the Philippines but I hear there are many scammers that try to get free bitcoin who lives there.  Maybe the government doesn't care.

I also watched that new were many people using Bitcoin to steal money from those innocent citizen. It was very alarming and very dangerous to those people who want to invest in bitcoin. So for those who wants to buy, they make sure to buy from a legitimate trader so that they can avoid those who scam.

the Philippines is not a country known as the largest bitcoin adopter or country with the most ICO products so that the bitcoin reputation in the country will not impact global bitcoin, it may only impact the country alone, even if the impact is not great. Of course, there are many unscrupulous people who have suffered losses due to the rampant fraud in this technology, therefore, learning is very important before deciding to go into the world of cryptocurrency, because here is a nest of risk.

It won't have a huge impact on the people that are already using bitcoin, it will only affect the people who are still not using it and i think bitcoin is a very known thing by now in Philippines because i have done a lot of trades with people from there, the media will always tell things based on what is in the benefit of the governments, they won't say that bitcoin is good and you should invest in it, this is has been happening in every part of the world ever since bitcoin started becoming a popular thing and it will continue that way, they tend to focus and look for anything bad about it because it is not in the interest of the government for it to grow.

I see that news yesterday that the couple filipino scammed many people and the total is 1 Billion pesos to philippine money and that's very big. They have some effect to the bitcoin community for sure this news because this is negative and that's not small amount scammed is all about million dollars and if you convert to philippine money is a billion. For sure because of this more people are scared to bitcoin but don't worry those are the interested to join but they will nor invest for sure after they see that news maybe they have new investor will try to risk their money but it is only some people . I hope in this case bitcoin will not effect to the news because the true who are the scammer is the person who recruit and scammed their money not bitcoin. Bitcoin is a legit.

They all missing the right story here why blame bitcoin with this kind of ico scam? the reputation of bitcoin is now in the negative sides, media is killing bitcoin in the Philippines, lots of my friends that i recently talk about bitcoin is now on the other side of the story they are now afraid of getting involve to bitcoin. why this media airing fake news newG coin is not bitcoin why they are saying that bitcoin is a huge scam?

Not just bitcoins that are vulnerable to fraud but fiat currencies are particularly vulnerable to fraud driven by huge profits, the bitcoin price imprint that could reach $12,000 in December last year became a tool to hypnotize people by fraudsters. Thus, we must be careful when there are people who offer investments with such huge profits in a very short period of time. Bitcoin investment requires the right experience and analysis to benefit and avoid fraudulent services. The effect of the news may have a significant impact on investors in the Philippines but not globally.

Bitcoin reputation is still intact simply because its people fault and not bitcoin alone. People should realize the importance of studying the market before they invest, feel sorry for their lose but hopefully people learn from this thing, tried your best to know more about bitcoin and for sure you will love it in the end of the day.

I have a thought if people do not have the ability and good trading skills in crypto will definitely suffer huge losses. I think it will happen and the philipina must have experienced it. I do not recommend to include large amounts of money if you do not have the ability than you are exposed to losses. in the presence of it will definitely affect the bitcoin in the country.

This couple was backed up by politicians and big personalities.
Zero percent, no impact. The impact goes directly to those people who have 0 knowledge on what bitcoin really is. But to those that are knowledgeable, no one will stop them from keep on investing.
Fiat money used for scam.
Bitcoin was used for scam.
This is the logic.
Ponzi's are everywhere all over the world so this ain't new in the scene. Those people who are victimized by becoming rich quick scheme's should work very hard if they want to become rich and stay away with these type of investment scam schemes.
Those who are lack of knowledge about bitcoin only.

there is still a lot of people want to taking advantage and make some bad news for bitcoin
it really bad for bitcoin to getting exist and to make people getting to know it
every good thing will having a dark shadow following it

Its not, people affected by this kind of news are only those who can be said to be a layman in the world of cryptocurrency, trusting me that this news will not be a big deal to bitcoin prices, in fact, today the bitcoin price is seen having a $ 1000 movement in just a short time. I think we just need to focus on the bulls we will face and get rid of the unfriendly news.

To be honest many people are being victims because of their ignorance, where in the world you can just give money and they will just double it without you doing a thing? Bank can help you invest but they'll give you options and briefing and that is bank! But if people without any business related background or doesn't have a firm they should think twice!!!

And yeah it will has impact in the Philippines, many will just ignore Bitcoin and crypto because of this event = less invest...

Hell yeah, this will lead to another bad impression about Bitcoin to the majority of Filipinos and this will absolutely frigthened those who planned to engage in crypto space.
People will generally label Bitcoin as another form of modern scam just like what they use to say before.
When I heard the news , I laughed so hard. I just cant believe how these idiot fools who desperately want easy money still exist.

Scam is not a new thing in investment business, but the impact only affects beginners of bitcoin business. that can make potential investors think twice, not about bitcoin business, but about starting or investing new projects in bitcoin. negative issues are not good for markets.
I think somebodies play some roles behind the news for certain purpose. but afterwards it will be fine.

This could be a serious problem for the bitcoins reputation to the Filipino Citizens.They woud just think that bitcoin can be a scam and get scared to try it.Maybe, a proper discussion to them what is bitcoin and what is it can be a good start to clarify what does bitcoin truelly is and to clear some doubts in the mind of people.

Bitcoin will recover. There have been scams carried out for ages with bitcoin and fiat and people will always push past it. They will lick their wounds for a while but they will move past it.

Just checked out this news and I find it hilarious. Do your really think this is the first ponzi crypto related scheme ever in the crypto market? Do you know what kind of shit Bitcoin has been through till now? People who actually think that this news will scare investors in a big way are sorely mistaken since this is nothing at all. Remember the famous Bitconnect scam, FBI raid etc? This is a very minor issue and will be forgotten in no time. Philippine investors would most probably laugh this off just like any crypto investor around the world which is why I suggest you do your research op before making such bold claims.

Those people who are not knowledgeable enough about bitcoin will definitely avert from using bitcoin in the future. On the other hand, Filipinos are growing more and more aware of the ins and outs bitcoin. It still got ways to go, however, bitcoin is still relatively new and in its early stages of development. Anyway, big companies all around the world are starting to adopt bitcoin in their business models and there are still growing usage of bitcoin all around the world. When these adoptions are fully realized, it will greatly affect the status of bitcoin here in the Philippines.

The real problem lies not with the bitcoin, but with the scammers. These greedy people make the reputation of bitcoin bad. This will affect those people with knowledge about. But for those who have appropriate knowledge, this will be unnoticed. Investing in bitcoin without proper knowledge is almost suicidal, But if you are well aware of how it works, you can minimize the risk and maximize your profit. In simpler words, Only those people with insufficient knowledge will only be the ones who will be shook by this scenario. 

There will some effect in that news. Some people who are not familiar and have no idea about bitcoin will think that it is just a scam. Or maybe they will think that in bitcoin there are lot of scammer.
Like for me, some of my friends asked me about that news (they don’t have idea about bitcoin). And told me that do not go with the flow, because it is just famous and a lot of people are using it. Because of that news it affects their idea about bitcoin. But I told them that bitcoin is legal, and there are just a bad people who are scamming their fellow Filipinos. And then after that they already enlighten their minds about bitcoin. We only need to explain to them :)

Yes for sure because if that happening many people started to talk negatively about bitcoin. Many people are thinking that bitcoin is just a scam. And instead of investing to bitcoin they didnt want to invest now that they have heard that kind of bad news in the bitcoin. But let's all hope that it will still change the fact that bitcoin is not about the people who are using it for bad things it is the bitcoin itself that is helping all the people to earn more.

          Pilippines is one of the leading commercial and infrastructural developing countries now.  In terms of cryptocurrency the government has not openly accepted Bitcoin and they have not officially said anything about Bitcoin. However the people are educated and they are also a part of crypto world they have an active trade in cryptocurrency. It may  be big negative in the reputation of Bitcoin in Philippines since it is aired in televisions all Philippines Filipino have heard and they will be scared to invest.

I also seen and watched that news. This news might makes a negative impression specially for the newbies and for those who have no idea at all with bitcoin they might really think and comes first into their mind that bitcoin is a scam. For individuals who want to join bitcoin or any cyrpto they should study, research and be knowlegable. dont give money to a person like what happen to the couple because there's a lot of scammers.

Looking at it keenly, it can even have a positive impact. Some people have heard about it for the first time and may get interested.its like politics, there's nothing like negative publicity. Publicity is publicity

When i saw the news and haired on the air,, definitely i will not negative thoughts about bitcoin because the system of bitcoin will really good reputation adaption of this system,,because i know that the only  bad side of reputation is only to those people  paint the bad image of bitcoin through this kind of scam..although this news is done,, and some people of the phillippines will  saw it,and despite of it some of them are really good reputation to those people in this country (philippines )are really aware to this kind of scam,and not totally affect of this negative news..

Having those kind of news will surely have an impact to everyone's perspective about bitcoin,  especially to Filipinos who seen the news. However, even if those kind of issues appeared I believe people will still trust bitcoin,  we just have to open their mind that not all investments in bitcoin is scam. Only if they have the right access and right information on how to use bitcoin, they won't be fooled by the scammers.Bitcoin is a real deal to invest with.

Media influence is a huge deal, with these kind of news, new investors from the Philippines would be less likely to emerge. But for what I have encountered here in the forum the PH community for cryptocurrency and bitcoin is a lot more flexible. People seems to be open minded about bitcoin and are ready to devote time and effort unlike what happened in pyramiding scams. Also mining is a thing in the PH, people are also mining there and it seems to be popular. Contrary to the media, bitcoin in the PH has been receiving good light online.

I don't think news aired in television about bitcoin does not made a huge impact to all the bitcoin users,holders and enthusiast in the Philippines. I have watched that news and it seems that the bitcoin being tag as scam is different in what i believe in and what i have joined in, it is definitely not legit and trusted bitcoin trading. Besides, bitcoin enthusiast in the Philippines make the necessary study and research about digital currencies.

I think there is a slight impact with regards to the issue and what I understand is that the people having no depth knowledge of what bitcoin is could generalized that bitcoin is considered a scam. But for those people who understood of what bitcoin is and how it can make them profit, definitely they would have to disagree on the negative side that was aired on the news about that particular scam incident in the Philippines. Bitcoin is not scam, it's the people who had used such currency to make scam activity and these people should be prosecuted with the right penalty they deserve.

Those who believe in this are ignorant on how Bitcoin works, media people in the Philippines are somewhat ignorant about blockchain, these scammers only use Bitcoin, and the Blockchain technology has nothing to do with this, it's the scammer's fault it has nothing to do with Bitcoin.

The Central Bank of the Philippines (Bankgko Sentral ng Pilipinas), then the BSP, which officially regulates the local Bitcoin exchanges, as the money transfer companies, has recognized Bitcoin as the legal method of payment.

You are right, and let's also thank Coins.ph for that. Coins.ph really tries mass adoption it is now accepted in beep mrt stations (popular train station in the Philippines).

I think No, Because bitcoin is nothing to do for any scam that happened. Those doing scam are the people who used the bitcoin as a currency payment for their investment. We need to further explain the advantages and importance of bitcoin especially who wants to know about Bitcoin so that they will not think a negative that they heard on the news. Good explanation is the key for increasing the bitcoin investors.

I feel bad for the Filipino people who heard the news and had no idea what bitcoin is. They missed an opportunity of their lifetime just because some random couple scammed 50 people and most of the people now think that bitcoin is a new scam. On the other hand I think the people in the Philippines are not as big that they will greatly affect the market. They are born-study-work type people and investments are not in their culture unlike that Chinese people. I just feel bad for the people who has misunderstood bitcoin and will never trust it again.

I’ve worked with Filipinos and they’re really smart, savvy and opportunistic. I’m sure they’ll thrive in crypto world.

Living in the Philippines and as a third world country, I think that us Filipinos have been really trying to experiment and not afraid to try new things to jumpstart our financial terms here in the country. And while bitcoin has been in a new high there would always be people who would capitalize on it and use it for their own nefarious schemes, but bitcoin here hasn’t really wavered thoush some might have jumped to ripple and ethereum the following here is still quite sizeable

Will the reputation of bitcoin in the philippines are so bad. Because there lot of people use bitcoin to scam people thats why filipinos scared bitcoin. Even in ico in the philippines so bad.

All we have to do now is be aware in our investment, before putting money in any project be sure that it is good and having legal documents to proof that they are legal, always protect our money before making an investment, have more research.

That bad news does damage the reputation of bitcoin, because of that greedy couple that uses bitcoin in their illegal activities. It could hinder the mass adoption of bitcoin in the Philippines. But i think, when we can prove to them that bitcoin is not a scam and it is the future of money, then i think it will change their outlook. We should keep holding on, bitcoin will rule the world.

It sounds so bad when it is headlined as Bitcoin Scam. Why it doesnt happen with fiat?

They should change on how they make titles like that. Bitcoin is a currency so it will be regular if it will be used to different scams or hyips.
This kind of errors makes people believe when the bitcoin word is heard they will already disagree.

To be honest, the phillipine's community is not large, specially if we talk about cryptos, so for me, there is nothing to be worried about.
And this was a specific case, there is nothing special with it.

Yes.There are still few of the population who have known bitcoin well and those for sure were not totally affected by the reported news.Bitcoin is legit and it's never a scam for us.But for those who have heard bitcoin for the first time will make a negative impact on bitcoin thinking it would not bring any good to the economy of the Philippines.

bitcoin in Philippines I haven't  heard bad news coming directly from the philippines government about it, so far so good in my knowing the race of bitcoin in the philippines, as far as bitcoin concern is continues to grow using it in the Philippines .

Maybe some of the filipino will not trust bitcoin anymore just because of that news but not all filipino wont trust. As I observed a lot of filipino are using bitcoin as another source of income and some of them had already changed their lives by the help of bitcoin.

very many bad reputations from countries in the world
but I do not believe it, I still consider the shortcomings and advantages of BTC, so still loyal to BTC, because it is decentralized
and, for the philippines, good luck and can get the same fair deal

Maybe that is because of lack of knowledge. If they do not really understand it then they wont even have a little trust with bitcoin.
I bet the Philippine Government would not even advertise this kind of currency. It will be a mess if they did and taxes that will come in will be low.

Old supporters will still continue and they could be the key into making people understand it, small or large group is a good addition to the community.

I certainly got upset that the scams are more and more all over the world! it is bad of course that people are uneducated in the crypto world! because of this, fraudsters take advantage of the ignorance of the people. but I am sure that in a few years the situation will change all over the world and people will become more professionals in the crypto world! and they will not invest in bad projects! a bad experience is also an experience!

News regarding Bitcoin scams will surely have a huge impact. What he/she said is right. Since the users of bitcoin know how it works, it won't affect us but for people who watched the news and have no idea how bitcoin works, will think that bitcoin is just scam and people who use it are criminals though it's not.

It impact a lot, people can start hating bitcoin and it can ruined the reputation in Philippines. Not only bitcoin but other crypto currency are also in danger. This is huge amount and for the safety Philippines government can ban bitcoin which can impact bitcoin growth. Just for other careless people stop believing in bitcoins plus newbies will never take part after hearing false news that bitcoin is a scam.

Many filipino scammed their money because of the people who scammer. They have big effect not only in the philippines but also to the whole world but I hope it will not affect the price. We know bitcoin is trusted and legit . They use only bitcoin to illegal activity .

in fact there are still too many people who want to get the benefits and to be able to make good news for bitcoin at the present time, but it all depends on us how do we get better, Banks can help us in investing but they will give us the way or briefing and it is the best bank, it will. But if people without a business background are related or do not have a way of doing business, maybe they should think twice ...

I can say that this negative news has only made an impact to those people who does not know bitcoin at all.But for those legends in bitcoin community,they will just treat it as an ordinary media pressure trying to pull down the price.But look at now,the news has gone so fast.People are starting to give interest to bitcoin since bitcoi is proven to be legit and safe.

reputation of philippines that they cn use bitcoin whenever they are or where they wnt to use it but some companies are banning btc

There are people who exist to take advantage of situation to the extent that it can destroy something that is valuable along with the high potential to be an instrument to alleviate poor conditions. This is my reflection of the recent scam that came out. These people should learn how to value hard earned money. The negative  can be detrimental to new investors.

This is  common problem in developing countries where people are less aware. Due to greed , they fall for these get rich quick schemes.

very strong community fillipinas has

Hello. I think they will lower the bitcoin investments in the Philippines due to these happenings. there have been many pyramid type scams, and many people have lost money believing in the project and investing their money

There are much bigger scams and ponzi schemes run by fiat currencies and did it affect the flow of money.  :P People who are likely to use bitcoin or any form of cryptocurrency will use it if they find it useful as a mode of transaction or a store of value, scammers like try to take advantage of anything and it has nothing to do to destroy its reputation.

It is a challenged to all of us who trust bitcoin that we should further strengthen the support and promotion of bitcoin, that any news we hear will not affect our faith.
maybe it affects a bit impact in the reputation of bitcoin in the Philippines .
It might reduce its investors and those who are new to the cryptoworld maybe it will take time to think and others does not continue.

Bitcoin's reputation in the Philippines may be down slightly because of it. But for the world-scale cryptocurrency I do not think it will affect, because the problem has a small scale in the Crypto world. And I am puzzled why anyone would make a pyramid system for their own benefit.

Yeah i heard about it too. There are some of my friends asked me if bitcoin is really a scam. I said there are so many ways in earning of doing bitcoin. That scam you see in tv is literally an illegal. My work in bitcoin is different do i believe bitcoin is not a scam. People dont understand. They tend to judge but i still continue supporting bitcoin.

It's just sad that people from pyramiding scams use Bitcoin as their front. Luckily most people here in this forum are DYOR and we need to teach new investors on the right way. If you hear guaranteed 1% a day you should stay away from it. The "hype over Bitcoin makes it easy for scammers to lure unwitting investors".

This is just an isolated case and only aired once. After that, people already forget about that news and continue to invest and transact in bitcoin. As I can see it, it is not the fault of Bitcoin but the people who foolishly give their money to a person whom they barely know.

It will only affect those new to bitcoin because they don't even know what is the real thing behind bitcoin or they have lack of knowledge. Other investors or experts will not be affected because they are professionals

The people who knows nothing about Bitcoins will now have a prejudiced view over it.. the strong investors in the market really understand that these kind of frauds happens with fiat too...
The thing is how government will percieve it and how the future potential investors will see it is the real deal...it. Will offcourse have a negative impact on them.
Also the people in the middle age group and the old ones will have the biggest impact in my view since they are not that techy .

Philippines is one among the Asian country where bitcoin has got large user network compared to other countries. The recent scam by the Philippines couple targeting new users and scamming them had led to regulations. With this I don't think the reputation gets affected because Phillipines being a small country it is easy to make people understand than restricting.

Yes... it was a big impact to our country about that scam accusation in the blockhain industries and well it was planned and who didn't know about bitcoins will be scam... so for those who want to earn about this blockchain technologies or industries.. please study so you will not to be the one of the victims of that scams and ponzi community :)

well maybe newbie on cryptoworld would lose their faith on bitcoin due to this incident but, Filipinos always try to enter and adopt these changing world to earn a bigger income. Maybe the reputation will decrease but as I've said, they will try again, so its tendency is to rise again

And after more than a month, Filipinos already move on as I haven't heard anything regarding the news. Is the couple already in jail and proper steps are taken so that this scammers can be put in jail for a long time? The latest news I heard is that one Senator is urging the Senate to prioritize bill regarding cryptocurrency and heavier penalties, fines and jail time should be put into law. Her propose bill wanted scammers to be punishable by life imprisonment. So let's wait and see if this will be approved the Senate so that every scammers out there will think twice before doing such crimes.


http://www.senate.gov.ph/press_release/2018/0416_delima1.asp

The situation is very apprehensive and of course there will be an effect on bitcoin, but Filipinos will not be that easy to believe the negative news about bitcoin. because more will be good can be seen through bitcoin in particular the success of people who invest bitcoin. I'm sure investors in the Philippines are not easily affected by the news because they have a lot of good experience with bitcoin.

The Philippine government may not advertise bitcoin but they have trust on bitcoin they regulated it first as security now they accept bitcoin as payment method they added some KYC on our local exchanges and remittance network to avoid money laundering.

Yes mostly newbie in bitcoin are become afraid for investing in bitcoin in the Philippines due to the bad news that appear and also because they don't have enough knowledge about bitcoin that makes them easily to believed that bitcoin is scam on which is not true, that's why we need to teach them correctly so that they can avoid scam and also they are easily to adopt it in their daily life on which can possibly improve it.

Thank you for information, guys!

because of that scammers news  in live telivision more people here in our country scared to invest in bitcoin and they always think that bitcoin is scam they believe in some bad news because they dont have enough knowledge about bitcoin.that scammers use the name of bitcoin to scam people.

This news should make people be more careful rather than scare them. Newbies are vulnerable since we haven't learn that much because they're still new to the industry but every experience should be used for the betterment of a person and not just stop their world from running.

Well, thats true. Bitcoin is popular in Philippines especially in crypto ethusiast. But for mlm'ers and networking people they used this technology to attract investors and scam them. Bitcoin is not an mlm but a cryptocurrency.  Thanks also to BSP because they clarify the issue and and step up
raids to crackdown those frauds and jailed them.

Well, one thing is for sure, that it will take a long time before cryptocurrencies can take back the trust it once had before the scam happened. People in the Philippines what are still unaware of Bitcoin is now aware due to this scam and that it will remain in their memory what happened and will surely be afraid to try investing in Bitcoin.

Probably, yes, it would create an impact to the investors not only in the Philippines but of course to other countries as well. Somehow, we cannot undermine the power of the minds of the investors; since they too are expecting worst and always expecting for risk-though...Worst if would mean to get nothing, but to have something more than given. It is better. Point: it makes it as the factor not to go easily into scam business (especially when involving bitcoin) and makes decisions to harness better risk and achieve great awards. Truth is; investment is risky - if it involves bitcoin and other cryptos, but given such potential, many people gamble on it...

The only way to let them understand that bitcoin is not a fraud is to feed them informations about bitcoin. Me also are affected about that news many of my friends and co workers laugh at me because of that news, It takes times to re gain the reputation of bitcoin the philippines. Just spread the true use of bitcoin they will all realize it at the end

it seems that in bitcoin countries the Philippines has become ugly in its name because there is a scam, the better the philippines can learn from the mistake of not trading or investing bitcoin with people who are not clear.

I also watched and heard that news. At first, bitcoin in the Philippines has a good opinion and image byt after that news that aired in national television I think people will now doubt and hesitate to engage in bitcoin. The population of bitcoiners will decrease and the investors also. The people now in the Philippines will think bitcoin is a scam.

We have a good reputation in our country since the demand is increasing as the day is passing by, so for sure that Philippines is one of the top country who has a lot numbers of investors/users since it is already widely known in our country, even a teenager are already accessing it.

Some people in the Philippines are less informed with regards to bitcoin. For them, bitcoin is like a pyramiding scheme or investment scam which is really funny. These people need to open their mind and ideas what bitcoin is all about.

On the other hand, you can't really blame some of them why they are scared. Bias News organization always reports negatively on bitcoin particularly with its risks, and most of all, the victims of some scammers which ruins the reputation of bitcoin.

This will have a huge impact on the growth and development of Bitcoin in the Philippines. Bitcoin does not believe in previous people yet. But those who still work in bitcoin believe it as blind and respect them. Because they believe Bitcoin will certainly give them good profits. Philippine Saracar getting benefits from Bitcoin, their country's economy is developing. So they respected Bitcoin.

This scene will become a bad image for new big investors and it affects new investors to become afraid because they would think bitcoin is scam and the medias are ruining it too because of their term that they called in the news that bitcoin is scam, That's the one reason why other investors are not entering now on Crypto they need to background check it before entering and scammers are suck they're destroying Bitcoin image.

This is bad news for bitcoin, I certainly think bitcoin will fall in the country of the Philippines. many people will be consumed the news and certainly many who will not believe anymore with bitcoin. but one country alone will not be enough to shake the bitcoin because bitcoin is worldwide.

Actually a lot of Filipino know that bitcoin is a big Scam they dont know that Scammers only use bitcoin to scam people. A lot of Pyraming scheme encouraging Filipino people to join. Most of them are newbie in the world of crypto currencies.





#Support Vanig

Bitcoin becomes a scam for other Filipinos.They don't have enough knowledge about bitcoin that makes them easily to believed that bitcoin is scam on which is not true.That's a cause of spreading a lot of pyramiding there so let us teach them how bitcoin works.

For those who doesn't know what bitcoin is, there is a huge negative impact they thought bitcoin is purely scam but for those who are bitcoin literate this news has no negative impact cause we know what and how bitcoin should be used. only those who knows nothing about bitcoin arw prone to scam

For those people who don't know what is bitcoin, maybe it has negative impact on them and thinking it is a scam but for those people like me who really knows bitcoin, it has no impact at all. I think we need more promotion here, spreading awareness to Filipinos that bitcoin is great investment that can have positive impact in our economy.

That is the problem created by someone who just wanted to earned in just a click, many users are affected of they have done, so I hope those people who did bad for their fellowmen should stop this and try to work hard for their own and avoid using people just for their own good.

Unfortunately it's short sited idiots like these who think they are clever to steal from others that makes mass adoption of Bitcoin and cryptocurrencies harder and harder to happen. If everyone behaved better in Crypto, we would by now have over 2 trillion marketcap but because our community is riddled with hackers, scammers and thieves, it's very hard to get the message across to new people to adopt Bitcoin and Altcoins. Security is the no 1 problem and people to trust in this community.

Although there are cases regarding bitcoin scams here in the Philippines, I think there are much more intelligent ones who can tell whether it is a fraud or not. But still, bitcoin here still growing and helping people.

Whats makes it very wrong is they invested on a person and not in a legit company or a legit sites where we can buy bitcoins.Knowlegeable person has the ability to ignore this kind of situation because we know how bitcoin really works.Its necessary to know where the invested money will be going because ponzi schemes can be detected if investors truly analyzing what they've been into.Scammers nowadays become widely spreaded because of greed of money.That is why people should know the risk involved if we want to be a part of this cryptocurrency community.

Bitcoin players are huge in the Philippines and some are involved in even iin mining and using mining rigs. But earning bitcoin through posting and  other method is still unreliable by the  population for the  reason of scamming. People are afraid of investing too much because  of unreliable  people telling how  to earn bitcoin  and then scamming them  for their money. But  if people  were to introduce  earning bitcoin that  would encourage real investing and marketing strategy to earn bitcoin it would be a great development  and good pr to the Philippines. Let other people do good things for other people by showing it yourselves let everyone know that bitcoin is not just a scam.

In the Philippines, these kinds of schemes are always blatantly done, people are now slowly realizing that these schemes are crap that's why many are already avoiding it and mocking it even. On the other hand Bitcoin on the Philippines is still in green, people that work in Bitcoin for a long time in the PH are just shrugging this off. People are wise and would do research if they can and it would be better if the investors we had are wise and would know better rather than the surface of this news.

Well said. That's true, the old ones who uses bitcoin will not believe in this news but expect that other people who doesn't use bitcoin will against for the bitcoin and bitcoin can not be legal in the Philippines because they will think of it that it is only a scam. It will remain in their head that bitcoin is not good for the country.

They have been widely changed through the years because i think it was last tear that the bsp have a conflict about the issue of bitcoins because they are saying that bitcoins is not a reliable source of putting our money into because thet have no one source means no one to blame when we lise money. But now they are been slowly being understand by the people in and put of the government and they are being accepted by the society but still not all.of them.because of some investment scam tbat uses its name.

The Philippine Central Bank, Bangko Sentral Pilipinas (BSP) and regulators of the country are planning to create digital money regulations. Typically referred to as bitcoin. This week, BSP Deputy Governor Chuchi Fonacier said the bank is working with the Securities and Exchange Commission to create legal guidelines for Philippine businesses and individuals. Currency exchange math.

The Central Bank of the Philippines (Bankgko Sentral ng Pilipinas), then the BSP, which regulates both the local Bitcoin Exchange and the money transfer companies, has recognized Bitcoin as a legitimate method of payment.

It does not have a negative impact on bitcoin in the Philippines because the scam itself does not involve bitcoin.

Yeah apparently this news was true, but those who scammed 50 people surely have a manipulative talk they deceive their victim in a way to make million peso in just a day, sadly said on this part bitcoin would literally not grow in the Philippines the person who will get introduced to bitcoin will think of it as a scam before even talk to the main part of what good side bitcoin has they will turn down every person have a good motive behind introducing bitcoin to the Philippines, that's being said the only persons who will still riding the boat will be the old player of this game.

BSP deputy director Melhor Plubasan said that Bitcoin and other crypto currencies are both financial and investment instruments that are very viable and whose risks are manageable. "If you need something fast, almost real-time and convenient, then crypto-currencies such as Bitcoin have the advantage of using"

    There is a huge growth and development in Bitcoin at Philippines most of the Filipino's blindly believe in Bitcoin and making profit. However the Filipino's are avoiding fiat currency for purchasing durable goods ,rent.food etc and there are a large number of vendors and also online merchants that accepts Bitcoin directly they can even settle utility bills  directly with Bitcoin. The Filipinos are good in gaining more skills in modern technology and they  expertise to acquire more knowledge in internet area.

Lot of Filipinos are engage with bitcoin and its increasing after the news came out. For me it wont effect those who really know what crypto world about, in fact its still the same and still filipinos continue to believe bitcoin, that it helps people lives vecome better and a greater opportunity of earning well is what makes us continue believing bitcoin. Those being victimize by scammers its a lesson for them not to believe right aways and always make sure in everything before giving their money to somebody.

The chief regulator in the Philippines announced: now we are moving to consider ICO as securities, and in this case we will apply the Securities Law Code. Appropriate legalization takes place after careful consideration and monitoring of the situation by the central bank.

that's one of the crimes that can degrade the reputation of bitcoin, which is why many countries have banned bitcoin .. because its use is misused.

I think this is a bad impact for the development of bitcoin in the Philippines because people are also afraid to invest because of it, it also affects the country closest because this event is broadcast on national television. but this will not last long if people have a broad knowledge of bitcoin development in other countries and they will start believing again on bitcoin, and be more careful if they are going to invest.

That news would probably affect the people here in the Philippines. Since lots of us are still exploring to bitcoin, it would really affect many of us and could also cause to not invest in bitcoin to some.

the news that aired here in Philippines have huge effects to bitcoin industry. Yes, users will going to decrease it rate and i know this scenario will be caution to everyone on risking in bitcoin world; they might be scared because of this kind of news. and i know that negativity about bitcoin will always put in their minds.

if the reputation of bitcoin in the filipino is very bad and makes the price to go down very much should you be able to take advantage to try to buy when the price is below or when it is cheap.

Scam that is related to bitcoin does not affect the system of Bitcoin. Becasue the reason why people get to this kind of situation is by dealing with wrong decision and Bitcoin is out of the reason why they have some bad decision in life. Bitcoin is a currency in the form of crypto which could probably gives people a chance to earn and to gain profit in many countries including developing countries like Philippines.

i dont think it has a huge impact to filipino people. the new comer will be somewhat afraid to BTC but on the other hand it draws people curiosity about btc and its associated system in the net... if a hundred people will attact btc and study its system i think almost half of it will get involve and invest to btc.

Philippines Bitcoin payment solution provider Bitmaker, recently introduced its first Bitcoin ATM in the country

I don't think it won't affect especially those filipino people who's into bitcoin already because they know it's not Bitcoin itself but those couple who just used bitcoin as instrument to scam many people. And they know bitcoin  cannot do any harm with them. This kind of news can be served as warning to everyone and I believe because of this many filipinos became interested to know bitcoin more.

Perhaps looking at his successful neighbor — Japan, the Philippines seems to be ready to welcome the cryptocurrency revolution in the archipelago :D :D

This problem is common with all developing countries. People there are not much aware of online earning methods and there are less jobs, so they fall for these as well.

Some newcomers will be affected by such bitcoin news

Well, in some provinces they haven't even heard the term Bitcoin.
But in some more populated areas, Bitcoin has some bad reputation thanks to those no good Networking Scammers putting Crypto/Bitcoin into a badlight.
We must be vigilant and always expose those scammers before they can even use Bitcoin into their schemes. DYOR and help others and educate them.

First let me start by saying that I’m not an expert at cryptocurrency or Bitcoin BUT I want to learn as much as I can about it. The best way for me to learn is by doing (I’m not really the academic type) so I’ll be sharing with you guys everything that I learn about Bitcoin, blockchain technology, and cryptocurrency in this new section on Unbox called Bitcoin Philippines.

For this inaugural post I’ll kick things off by sharing what my Bitcoin strategy is and then I’ll share how I’m buying Bitcoin in the Philippines.

The reputation bitcoin in the Philippines seems not good because of these scammers scammed huge amount of money in form of bitcoin. Some of the filipinos are just closed mined to bitcoin when they heard that bitcoin is a sort of scam to their friends who dont even understand what is blockchain. One of my friend PM me on my fb messenger, said that bitcoin is a scam , because his friends were scammed. I answered, that bitcoin is not a scam, because its just like our physical money. I told her that , before bitcoin was made, is there no scam happened? Yes there is but when bitcoin arrives, the scam much even worst because these scammers offering to ride in on their trading operations and pretending to be an expert trader and promised a huge profit in return when invest bitcoin.  They took the advantage of these uneducated to blockchain filipinos. As long as they can still fooled a lot of filipinos, these scammers will never stop.

So many filipino people invest in bitcoin, joining campaigns, mining bitcoin. Even if they're High school student they using bitcoin to have an extra income. I think the negative impact will only affect for the begginers in bitcoin, Many filipino still believe and trust bitcoin besides when you invest on something that you want to gain you should also know how to risk and we know that the trader and investors on bitcoin in Philippines will never affect the issue or scammers for the success of bitcoin in the Philippines.

I think that news will not affect the one who are trusting Bitcoin, because they already experienced and has a knowledge on what Bitcoin is. This news will affect those who does not have any knowledge on Bitcoin at all. Filipinos are really updated on what is happening in the country because of media. If media will show to the Filipinos the bad side in Bitcoin, I guess it will destroy its reputation on the people who doesn't know Bitcoin in the Philippines.

True, more and more people see negative about Bitcoin because of that happens, and they think that bitcoin is a scam.
This is because also on how the reporter introduce the Bitcoin to the viewers, they said Bitcoin is scam. That is why many people thinks that it is a real scam. So I am better to read in the site relate in Bitcoin than to listen in media.

There is an spectrum of opinions here in Philippines about cryptocurrency. Many still got that misconception of bitcoin and its "relation" to scams. There will always sort of people that takes the name of bitcoin for granted and ruin it. I wish this kind of scams will stop because it ruins the opportunity of cryptos to expand in this country. What can we all do is to make them understand what bitcoin really is and how far it is from a scam.

Though it will discourage people from engaging in bitcoins, it will also help inform the general public not to become naive and fall victims to these kind of scams in the near future. I will certainly not invest my bitcoins in anything except holding it securely in my wallet.

There are lots of reasons why the Southeast Asian nation is an “interesting” location to grow adoption for cryptocurrency and its underlying technology, the blockchain. First is demographics. The Philippines is one of the most populous nations in the world, majority of which are millennials. These millennials have been the driving force behind the cryptocurrency awareness in the country.

Well if we are talking about the reputation that bitcoin have in the country of Philippines, we can say that it has a poor one. Actually there are televised news and information in their country that talks about the legality of bitcoin. Since they are open to these kinds of transaction, people make evil plans and etc. Based on some of the news heard, there are companies that looking for people that will invest in them through bitcoin and promised that millions will comeback in their hand in the future. Since the price of bitcoin is not at good state, then they are not yet able to give their promised, that makes the people suffer and they tend to say that it was a scam.

It already gave a very big negative impact that most people lost their interest in bitcoin. Every time my mom or dad hears bitcoin, all they say is that it is a scam. They say these things without even digging deeper into the bitcoin itself.

Bitcoin has nothing to do with the issue,because this is currency and what made the scam is the people who uses this..

For me this is what happen if people are too greedy looking for easy money,thats why they become victim of this bad people that waited only for those same attitude.i believe that bitcoin will remain target of people from the Philippines no matter what this issue may bring