Bitcoin Forum

This is just my opinion and just feel free to post a reply.

Bitcoin is one of the biggest money accumulated globally from different currency. It has been tag as scam while others did not believe in it (due to its features instant big earnings) and others think of something else like a new innovation doing a decentralized transaction without third party just purely bitcoin platform that one can remain to be anonymous. The government did not approve this decentralization system for it was subject for abuses to which it really had basing from complains of users whom were being scam. Yet, the government also did not close the doors to bitcoin for negotiations and had seen its huge potential.

There are appeals of some promoting the system to the community like in those rich countries to where for now it remains floating. The system still not legally accepted and news were popping out regarding on bitcoin and altcoins restriction investments and the prohibitions for the community to invest as a result from the complains being filed from users getting scam. However, they still can invest if they really want to but not limited to bitcoin and other strong altcoin like Ethereum. The goverment really see the potential of cryptocurrency and seeing a lot of money they can probably take.

So, the problem I had seen here is not the bitcoin platform instead it is the acceptance for the safety consumptions of the community. The different perceptions also regarding bitcoin made it worst. Meaning that the community needed to be educated regarding with bitcoin and its risk.The risk I was talking about is the volatility of bitcoin market but we know that bitcoin is not different from stock market specifically in trading feature. And I think joining bitcoin has more advantage than stock market where it will allow one to earn instantly knowing also the high risk.

Now, my point is that bitcoin has been considered already and working well for now but violations could be imposed to the users abusing the system from other users who had been asking help from the government specifically the investment scams. Eliminating this risks needed a help from the government or could be a private institution created for the sole purpose of safety to all users. For this we can expect something good in return. However, I know that most of the users here do not like the intereference of the government or any third party but not to all since there are already some pushes this system to be legalized. Wether we like it or not I think we need regulations for the safety of the users coming from the government or any private institution that will help the users keeping away from the abuses. A little revisions also would be a great help by being a friendly user system letting the users to decide wether to remain anonymous or not depending on the users agreement in a certain transactions.

And then again this is only my opinion and you are free to react violently.

What do you think guys of bitcoin platform do we really need a third party to add safety measures for the users and being a user friendly sysyem? All I know is that I really don't know.

There are always opposite viewpoints in any area and such opposite perceptions are good for growth.
LOL, can you tell me that the latest terrible crash of all markets were triggered by WHO are not risky and not volatile? Can we call stock, gold, oil are not volatile? Please, if you are bitcoin or crypto enthusiast, don't seed it negatively like that.
Scams are everywhere, and not only in bitcoin or cryptocurrency area. When people, governments like something, they will seed it positively. When they hate or don't like something else, they will seed it negatively. That is what we have seen with bitcoin and cryptocurrency. Don't worry.
Bitcoin is already friendly enough.

First, I'm going to say there are a lot of things that are factually wrong in your first paragraph alone, let alone the whole topic. But since the point of this topic is on the 4th paragraph(and that I would probably end up spending an hour correcting your misinformation), let's focus on that.

The government is already doing something about these scams, but, the thing is, there's only so much that they can do. Remember that we're talking about a permission-less system here, so as long as they don't get caught, they can go on and on with their schemes.

Not sure about the "revision" you're specifically proposing, but Bitcoin isn't really anonymous by default to start with. Remember, the blockchain is public and fully transparent, but users can still remain undetected depending on how he/she handles transactions.

As for your idea, a user can always be fully public if he/she wants to without the need of changing something in the system in the first place. It's just that they obviously don't want to be publicized hence they use fake online personas to trick their victims.

The government has their own ways of tracking hackers using bitcoin. In terms of scamming, I guess it should be the user and investors themselves to identify a scam. Either way, there are a lot of people that are sharing sites about it. Another thing is that there are forums where you can check the legitimacy of a site you want to invest in.

I don't think bitcoin needed to add a safety feature. It is the user that needs to be careful against hacks and scams since they are the most vulnerable part of bitcoin.

Shoudn't it be the people who is responsible to improve their privacy in the first place? considering that we only use it as form of currency in exchange for goods and services and not committing to fraudulent activities such as being a money crypto-fiat transmitter without any license to operate.

bitcoin is still in its infancy stage and it is obvious that there are lots of improvement that needs to be executed before it will achieve a big upgrade with regards to scalability and privacy issues. I am certain that the only thing we can do right now is to practice on how we can attain an optimum privacy.

We don't need any authorities, institutions and other third parties to help us with risk assessment. You know what, no offense but if someone cannot digest the risk Bitcoin carries then they shouldn't invest in it in the first place. Let's not turn Bitcoin exactly against what Satoshi wanted it to be - the state has been successfully doing this for years now, accelerating the process only does more damage.

You can go right now on Craigslist and get scammed by a too-good-to-be-true offer. Who is it to blame: you or the state for not having an authority to protect you from them? If someone is scammed by sending a Bitcoin to an "Elon Musk giveaway" on YouTube desperately hoping to get 2 BTC in return, that's no one's business and fault except their own.

Scams are everywhere. Twitter, YouTube, Facebook, Tinder, Telegram, wherever you look. You only need a brain and some research beforehand to be able to distinguish them from legit offers. Bitcoin is an investment. There's no investment without risk. Holding money in your national currency is a risk itself.

Punishment for scamming/abusing people using Bitcoin already exists. We have laws, and they apply no matter if you do criminal activity using USD, BTC or rubber ducks.

Agree if thats the case then we are like asking for help to make our own security well it already employ strict process for protecting our own funds.

Some think that privacy has been bypass due to massive scam happening over crypto exchange and users, maybe the problem is thr carelessness of users anf those platforms? Why need adding another 3rd party just to become safe? Friendly user platform starts with the knowledge we knew about bitcoin and it start from ourself. Educate on dos and dont to avoid such malevolent hack and breached.

you seem to be very confused about what bitcoin is!
bitcoin is not a platform
bitcoin is not a money making machine or a cow you milk
bitcoin is not a centralized company
bitcoin is not anonymous
bitcoin doesn't need anybody's approval specially governments'
bitcoin is not banned in more than 90% of the world
....

bitcoin is already the safest payment system that has ever existed and whether or not some users fail to educate themselves due to laziness is their fault. nothing can change to help them otherwise.

This is why I have stated that I knew already that not all will going to like if government or any third party will going to involve. But there people who had been pushing the bitcoin to be legally accepted. News are popping and talks about it where some had already announce that their country had already accepting cryptocurrency and has the authority to fully utilize it for consumption.

I am not generalizing all users but pretty sure that users were being divided between bitcoin being legalized to fully use its potential or just let it be where features had been capable enough to sustain for the community consumption.

We all know that bitcoin was being created for a sole purpose and that is to remove third party and to decentralized transactions. Just correct me if I am wrong. I am postig this so that I can learn from you. This is the way I want to learn. Besides it is an inquiry if you will read the title.

I am still waiting for others to post reply. It will be much appreciated and welcome.

Sorry for the english I am having hard time to explain the concept.

I had stated it here.

And this is a good discussion for me to learn. The very good thing is that there are many users here that will give an insight regarding bitcoin except for those who will just copy and paste posts and the shitposters.

Risks can't be eliminated but it can be mitigated for most investments. And as for the scams, we shouldn't just let all the job being done by the government. They can't monitor all things including all of these scams, educating ourselves and the others who are dedicated to know bitcoin is what we can do. So they can avoid the scams and they can also help others to give a warning to what are the signs of being a scam investment that's using bitcoin as a payment.

If you think anyone is giving meaningless replies on your topic then just ignore them and only pick them which opinion looks essential to you. providing information from everyone's own knowledge vault is not a bad thing but when its out of topic its better to leave them alone.

As far as i know many countries government give chances to their citizen to turned their black money into white during annual budget. Its a process of encouraging people to follow government law and order about gaining personal assets in a legal way. Yeah its true that people can hide their illegal money by transferring their assets on bitcoin but there is much more options available too. You can't change anyone's habit just by giving pressure where its necessary to change their mind set about paying taxes and earning through legal way. If you choose the right use of fiat or bitcoin then i don't think using any option among both will gonna be a big issue for government. Yeah it will definitely cause problem when we will misuse it.    

Third-party involvement eliminates the decentralization and anonymity of bitcoin. At that time, bitcoin would be no different from a normal currency and it would not appeal to everyone.

To me BTC is the safety feature itself, at least in the long run. I mean, it's decentralized, it's the safest you can get

Almost any tool requires some level of understanding to use it properly, no less something like Bitcoin which really is a tool unlike any that people have encountered before.

I'm always for education and awareness, but also acutely aware that not everyone, for lack of education, access or privilege, will be able to independently use a technology like Bitcoin.

That said, almost any government attempt to regulate and help prevent people from being scammed is reactive -- if people cannot access the self education necessary, they likely will not access the state's preventive measures before being scammed.

So all these blacklists that governments do, and alerts and PSAs. These may help some people, but ultimately, people get scammed because of ignorance (and I don't mean this is a negative way necessarily). Little we can do about that but continue to educate and spread awareness.

I don't know what you mean when you ask for 'third-parties for security' type of thing.

The governments together with organizations and services are vying for a risk-free--or at least minimum risk--ecosystem for bitcoin and cryptocurrencies, and that is with regulations that help the services and the consumers reach safety and protection when transacting with one another. Although of course that isn't an easy feat to achieve, we're getting there. The statistics for scams and other such cases are because of some people who still refuse to research before diving in on their transactions, and not necessarily with bitcoin being ]too hard to understand.

It's not the lack of effort from within those sectors that causes people to get hit by investment scams but rather their continuous refusal of educating themselves on the dangers lurking within the bitcoin ecosystem. PSAs are everywhere, yet people refuse to read those and cry 'wolf' when the bad beat hits them.

Have you ever asked those people why they tag bitcoin as "scam"? I bet they will come up with stupid statements to back up their claim. People should stop thinking bitcoin is going to make them rich over night. Bitcoin wasn't created to make "big earnings". And no, bitcoin transactions are not anonymous. They are pseudonymous. The government might close the doors to bitcoin, but will welcome the technology behind it - "Blockchain".
If the system does not "legally" accept it, then there is no way that country will be allowing people to use bitcoin or other crypto currency. Only few countries in the world (and they are mostly corrupted) has completely banned usage of crypto currencies. Yes, the government does see the potential of crypto currencies, hence they are will eventually try to make some sort of centralized crypto currencies (some countries have already started planning on how to make this work). And what do you mean by they can take a lot of money from it? You mean they can easily track if people are paying taxes or not?
Lol, no the government isn't worried about the safety (i mean they are but I doubt unsafe usage is their worst nightmare), they are more worried that they can't control the system. They are worried about giving people financial freedom. Giving us financial freedom means losing half of their power over us.
People can get scammed even if they use fiat money. As long as you are not being cautious, you are bound to get scammed eventually. Once again, people shouldn't join the community just for making quick profit. Don't be comparing bitcoin with stock markets. You can't trade your stocks in a shop for a cup of coffee, can you?
If third parties and government gets fully involved, the currency will no longer remain decentralized. What you are trying to say is to bring a central authority to control scams, but this will defy the main maxim about bitcoin being decentralized.

Yes, I agree. Bitcoin actually is in the infancy age it is fully develop but when it comes to users consumption still needed the users to undersrand through the whole process and it needs education.

Good point, but what if government does allow decentralization by not changing what bitcoin has now?

Yes most likely when there is an involvement of third party,  bitcoin will become centralized bringing up the consumers to pay taxes just like what they do on our assets like properties basic goods and services. It will defeat its purpose on the creation of bitcoin to beat the interference of third party and the collecting tax in centralized system.

But why can't other users see this? We had already succeed in the decentralization system to get out on the collecting tax issue. But others had come to pursue for bitcoin to become legally accepted.

We are not yet getting into the top and fully develop the crypto market. We are still making more adjustments and seeking feedback in which it could help to perfectly shape the market and much better to look at in the future.
We don't need to seek another party to have that safety assurance, in fact, we can make it our own, the only problem to the others is that they even don't know how to make it right. But to think about how scams it works and mostly it happens online, the guarantee isn't of that 100%.

It has to come at that moment but we have to take action first rather than to keep it waiting.

Yes you are correct it does need some sort of management or a centralized authority only to help those people getting abused by investment scams and somehow put a stop to this investment scams once and for all. If we could manage to eliminate this then maybe people and governments could consider it and accept it as their local currency.

adding a third party can add a conflict on bitcoin for being decentralized . wallets and other service already puts a warning before you transact , thats enough already . platforms now are also user friendly compare to on thier early days   . thats necesary for all not just for btc , so that people will love to continue using it 

lol . you write alot of stuffs in the first page and you still dont know your talking about  ? seriously  ?  what we saw on btc now is perfect already in my opinion .

If you think bitcoin right now is currently perfect as a currency,  then I would describe you as ignorant.
Bitcoin isn't perfect. It has a lots of flaws for which we most people don't feel like using as a regular currency. Look at the main post and other peoples reply. They clearly some how states why bitcoin isn't a perfect currency. Bitcoin is still in its early stage and requires much for development before it can turn out be a perfect piece of gem.

That in my opinion is the biggest problem of bitcoin, the assurance of the people using it are compromised because of the decentralized structure, if there is an enforcement of some kind then I think that it will be for the better. We also shouldn't let all this problem be a burden solely by people in power, do your part as an individual, if you see or detect that something is a scam report it, we all should shoulder the burden if we want a progressive bitcoin community.

When someone in the real world is stolen a car, that person runs to the police so that the police find their car and arrest the thief. So how would it be different in the cryptocurrency market? It is not possible to have mass adoption without banks and governments also being involved in that market.

Imagine that a person asks his friend to lend him $ 10,000 to buy bitcoin (something not recommended) and that person tells the friend that bitcoin is very volatile and he may lose some of the money in the short term, but if he doesn't sell anything he he will not be losing anything and in 3 years he will have a profit of 3X and will be able to pay 15000 $ to the friend and the friend agrees with that. But after that person buys bitcoin in an exchange, the exchange closes the site with everyone's funds ... will it be that the person who borrowed $ 10,000 and bought bitcoin in that exchange scam should go without reporting the case to the police because he cannot have government interference? I think not!

I agree to regulate all bitcoin exchanges and wallets so that it is possible when someone has bitcoin and dies their relatives benefit from those bitcoins legally

Let's looking into it, What is it that make Bitcoin appear as scam, 1. Some of the experts that creates fake projects.
Secondly, some incompetent managers that just dissolves project without proper notice or at the point of distribution.
Thirdly, those who use Bitcoin as Ponzi scheme, they collect money from people in Claim to trade for them. Bitcoin managers has taken many great effect in curtailing all this, suck as the KYC registration, IEO exchange system..etc yet scam is still on... As you have said we need more effort to stop it.

OP,your forum thread is all over the place.Lots of text and I can't see a clear thesis or a clear question.
What do you want to say or ask?From what I read,I assume that you want the Blockchain developers to implement some "safety feature" that will chase scammers and protect the legit Bitcoin users.Is this what you want?The only safety feature I can think of is a mechanism to refund the coins stolen from victims of scams,but this will never happen,because it will break the blockchain and the core concept of Bitcoin.
Every person in the crypto world should be aware of the different types of scams,should always use escrow and always trade with trusted people,who have vouches/positive reviews.This is the only way to reduce the number of people,who were scammed.

We have prevented ourselves from dealing in banks because of third parties and now here we are needing them for our safeties?

Absolutely now,i am not into this because as far as i know?Bitcoin has the toughest security as a cryptocurrency and 3rd party is not our wanting here.

The problem is how can this be implemented without them interfering the whole system?if we are going to be centralized then what is the sense of us being Decentralized for long time?

Sorry but i will never agree to this idea.

Where do you live? Even if your country doesn't have clear tax regulations on Bitcoin, chances are it still has an income tax law of sorts -- meaning you're legally obligated to pay taxes on any income you earn from any source (even Bitcoin). Taxation isn't really a centralization issue since governments can do it without interfering with Bitcoin's inner workings. You could even say it's incredibly easy for them at the moment, considering Bitcoin's public ledger and exchanges requiring KYC.

As for your initial question, some people believe government acceptance is necessary for global adoption. Gray areas in regulation is never good, because you always run the risk of being declared a law breaker tomorrow or the next day once legislation is actually crafted. It's more for easing people's minds that Bitcoin is here to stay (because most people would rather not break laws, regardless of Bitcoin's capability to enable them) rather than actual protection.

Fact is that bitcoin transaction is most cheapest way to send. And many people are using. And I agreed to your point of view bitcoin deserve that. Because you know why the remaining countries which are not accepting the bitcoin as a legal currency. Because they think that the bitcoin is most easiest way to promote money laundering and the terrorism. Read in an article.

I am from asian country and had the republic form of government. The government here is also reactive where they will act accordingly if there are cases or complains filed. There is no really clear guidelines set for bitcoin users here so in short no taxes had been taken from bitcoin users.

However, the government here seems clever for they allow certain apps which enable for a bitcoin to buy and sell. The only problem is that the app will take almost 5 % of money being transacted and converted to fiat to cash out. 5% is literally high but bitcoin users do not have a choice but to accept the current procedures and transaction fees.

I do not have any idea where you got this information from, but there is no such thing as "Bitcoin Managers" or using Bitcoin as a Ponzi scheme.

We theoretically do not need to stop any of these scams in any way. We are looking towards being a censorship-free community, right? If so, then stopping scams can only be done through censorship. There's nobody managing Bitcoin. KYC can still be avoided, nobody forces you to get into IEOs and ICOs and the "they collect money from people in Claim to trade for them" actually exists under a legal form, called Mutual Funds.

Such manager (bitcoin managers) destroys the core value of bitcoin, decentralization and being your own bank. Don't discuss about Ponzi scheme because the idea is wrong at the initial point. With or without such a bitcoin manager, Ponzi schemes will be run somehow. It is not a responsibility of bitcoin to deal with Ponzi scheme. Investors themselves have to be responsible for their investment decisions and what they believe in. Do their own due researches to get profits, avoid scams. It is their capital and their responsibility.

Bitcoin does not have any responsibility for any scam schemes in the crypto industry. It sucks to blame all scams to bitcoin.

 I totally agree that bitcoin is not design for scamming activity but it is tge users abuses this kind of system seeing its vulnerability having taking advantage on anonymity.

It was stated though from replies that bitcoin has been publicly transparent through bitcoin. Somehow when it wi be exchange to a different currency the traces will stop on that certain block chain to which scammer may be able to proceed and do another coin exchange from one block chain or platform to another. This mean that tracing would be hard just like as tracing scammers would be difficult. This is where the abuses being done. Even KYC could not possibly help in tracking the money or coin transfer.

Bitcoin is not that prone to hackers, it is our account that is vulnerable to those scams. Sometimes, we can't blame ourselves because we are just an investor, but the reality that we are the one who's accountable with our safety makes us more aware about those scams. Maybe we just need to become more careful and improve our security once we perform transactions.

Hacks and scams are always there and you can't eliminate them from doing that kind of things.

The only thing that we can prevent being a victim of those crimes is that to improve our own security and become aware every time we enter a certain site. Especially doing some research about a certain platform will also do.

It same with fiat that if we lose we will get a hard time or shall we say its impossible to recover that's why we need to be more extra careful before dealing on anything since bitcoin doesn't have dispute feature like paypal or any guarantee of retrieval. But we should take the bright side of it since the current state of bitcoin made us safe from fraud clients if we are working so that they cannot request a return back of the funds transferred when we are done with the job for them(I'm talking based on personal experience).

I think some governments are far from even recognizing Bitcoin as a possible currency in their own countries BUT it is already a currency in the Internet which is probably enough for the users. Safety features can also be done on the Applications available within the country but depending on governments which has little knowledge about the subject will be really dangerous. If the government pays attention to this matters, it will be surely be profitable since they can use their own resources to invest on it.

That's what I'm saying. Users, investors, the traders are the ones vulnerable to hacks and scams. From not having that much knowledge in securing his wallet or maybe from biting into words these scammers are saying. If they just know how it works they will be able to avoid being scammed or being hacked. These users are the ones responsible for the accounts he has, if he's scammed and hacked, we can't really blame these hackers and scammers from doing that, it is just that they are prone to be hacked and being scammed because he's not being careful.

The scammers create an investment program with the name of bitcoin to trick people, and many people join with them. After the scammers get so much money from people, they will run away without too long. That is why people out there will think that bitcoin is to be used for bad things, and that is because they don't learn more about what benefits of bitcoin to them.


The government will learn on it so they can know what is the risk if they use bitcoin. Many people who involve in the bitcoin world use bitcoin as a currency that is available to be the new payment system. But I don't know about the safety features that bitcoin will need because if bitcoin is used as the investment, people will need to know what is the risk so they can avoid the risk.

In the case of choosing to be anonymous or not, I think that is already settled. If you want to be safe and not have any issues and also not be anonymous, then you can make use of centralized exchanges and their wallet.. Wallets like coinbase.. Coinbase is a secure platform and you’re not going to have problem with it and they have insurance. Also when you’re making any buying and selling, you’re already sure that you’re not going to be taking any risks. There is also Luno and Crypto.com and other really good platforms.

Being user-friendly and other user experience based things will get evaluated over the time as they are not progressive based things but could be considered like cosmetic works; so probably devs will not pay immediate attention to them right away. But, I am sure over the time, we must be having bitcoin wallet like an ATM card with simple simple interface to spend and to receive as well.

Tell that to people who bought Bitcoin in 2017 ;)

Bitcoin doesn'tr allow you to earn instantly. It's not something you buy and "earn money". If you bought Bitcoin in June at 10 thousand you'd be at -800 USD today. Istn't it a great earning strategy to buy bitcoin and have some more cash a month later?

You can buy Bitcoin as a long-term investment but don't treat it like a tool for earning money that will pay you dividends every month like a job would.

investment fraud will not be stopped at any time. Investment scams will always be there but with a variety of new methods that will continue to emerge. What we have to do is how to prevent it from getting caught up in the investment fraud. making as a local currency also will not be fully happen, there will be some regulations governing its use and will not be fully the same as a valid local currency.