Bitcoin Forum

When people accuse cryptocurrency of being a scam in light of recent events like the luna and FXT exchange, it irritates me. Crypto is a risky investment but that's not a good reason to call it a scam during a bear market.

Nothing a person does on this planet will spare him or her from experiencing both success and failure.

An investor in real estate experiences both gains and losses.

A cryptocurrency trader or investor will experience both wins and losses.

Some of a doctor's patients pass away, while others get healed.

In many parts of the world, we have quack doctors displaying themselves as real medical professionals. As the case may be, we too have fake pastors, fake police officers, false cryptocurrency ventures, etc Every profession contains a Ponzi scheme. A person who classifies all cryptocurrencies as Ponzi schemes should be completely disregarded since they are misinformed about blockchain.

Don't let anyone convince you out of continuing to invest in cryptocurrencies. At the end of a bear market, there will always be a better day. Keep your bitcoin investments safe. Together we can weather this bearish market

Accuse only those who are against the cryptocurrencies.
Who already in, they will never say this.
Like if anyone believes Bitcoin so he/she will never leave in any case. Like me, I don't care what the people are saying I will buy Bitcoin if I have funds and will hold Until my mind agrees.  :)

This is how other people labeled something that has anything to do with money, I think it is because of lack of knowledge with regards to cryptocurrency
OP is correct they are misinformed by other people especially those people who invest all their saving on a new or certain coin, where they don't have gain any profit, because the coin disappear or the people inside the company take the money and left, like what happen in luna where the founder take the money and leave, im not sure with FTX, but i hear some news about Axie where they take the money and transfer it to an exchange although some say its not true, where lots of people also invest in axie, and lost it all, so what are we saying here? don't just invest, research and learn, try to ask the people who have already lots of knowledge when it comes to crypto, learning all by yourself is okay, but learning with other people, there is a lot of information being share is better like here in this forum.

FTX and other centralised exchanges that at some point run away with people funds should be regarded as ponzi schemes. Some shit coins can also be tagged ponzi schemes because some have were with the motives to run with investors funds right from onset.

But if we limit the crypto currency term to bitcoin only then I can say people are just spreading stereotypes about it and most of it are done by those who are totally against it. So when any fall happens they easily attach it to bitcoin as ponzi schemes.

Only at the end of the post, I saw the word Bitcoin. All other words cryptocurrencies are valuable, and so on, I put a big minus. Of course, there are many different adherents, there should be no consensus on the taste and color. But I only recognize holding bitcoin, everything else is walking on a razor's edge.

The freedom of speech that still exists in most of the world allows everyone to express their opinion, and if someone else disagrees with that opinion, they can try to dispute it or mind their own business and pretend it didn't happen. I will even agree with those who are of the opinion that most of what is happening in the cryptocurrency world has to a good extent some elements of scams, because most of the projects have no meaning and purpose and as such are nothing but a beautifully packaged fraud.

The bear market has always been and will be the most fruitful time for those who want to attack Bitcoin, and this should not surprise us - because many invested with the intention of profiting and were waiting for $100k, and then everything started to collapse. In the age of social networks, good news travels fast, and bad news even faster. Therefore, I advise you to be as little involved in them as possible, because that is one of the ways to get away from all that negativity that does not bring anything good.

This is a great explanation regarding attacks against Bitcoin. Whenever we're going through a bear market, news articles keep popping up claiming that Bitcoin is about to die and speculating on its possible failure. The exact same thing also occurs during bullish periods, but I believe that it's more prominent during bearish seasons. The reasons may vary, from being against cryptocurrencies or because they simply try to fish out clicks for their website, because it's certainly a controversial subject.

Do I believe that incidents such as FTX or Mt. Gox ruin the cryptocurrency industry's reputation? They do, but this simply applies to pretty much everything. There are even banks going bankrupt; does that mean that all banks are scams and are bound to steal your money? I'm not promoting banks by any means, but I think you get my point. There's always a black sheep in the family.

The main problem is actually people who know almost nothing about crypto but invest their money here because they heard or read somewhere that you can make big money on crypto.
Of course, often such stories end badly, people lose a lot of money and then claim that crypto is a scam instead of blaming themselves and their wrong decisions.
The media loves such stories and often publishes them, so it turns out that people are only losing money on crypto, which is not true at all.
In my local media almost every week there is a new story about a crypto scam or how the crypto market has crashed and of course people get the wrong opinion about crypto because of such stories.
Once you have a negative opinion about something, it is very difficult to change your thinking.

Sometimes we tend to put the blame on things we just do not understand or talk about them as if we know everything.  Do not know why, but this happens very often.

The more you try to argue and discuss with this kind of people, the more you realize there is no point of a debate simply because they do not know what they are talking about.  There is also this bear market that adds more gas to the fire, as now they have a great reason to call Bitcoin or Cryptocurrencies a scam and say 'I was right', since Bitcoin's price is down.

Trust me.  They will be all gone by the time Bitcoin value starts rising again.

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Regards,
PrivacyG

Very correct OP, many people are in a rush to darg Crypto-currency especially in this FTX saga, but that mostly for inexpensive Crypton-currency users. No one promised anyone no failures or things like this on Crypto-currency so lower your expectations guys and tighten up your security sensitivity.

There are many users that hasn’t experienced such exchanges issue or scams like give ways, ponzi and other trick because you guide yourself properly.

I understand these people's disposition, In cryptocurrency there are still some projects that are scams so in a general sense those people may be right to have such opinions that are correct, but not completely. For Bitcoins, it is not a scam, so you have to point it out to them to be specific next time when making their generalization. There can be scam projects in cryptocurrency, but bitcoin itself is not a scam.

When people talk about cryptocurrency being a scam, they are doing so because they are always looking for one weak point to criticize the entire concept. Because of what some people have told them, the majority of those people are looking for quick returns on their investments. If they don't succeed in doing so or something similar occurs, they continue to claim that the investment is a scam. The best course of action right now is to keep making investments in Bitcoin and avoid Altcoins until the market has fully recovered.

There is no cryptocurrency that succeeded. Going up in a price for some time is not success. It's trivial to generate hype and pump the market in short term. Some lucky people might even profit from that. And then what? Cryptocurrency has no active users that use is for useful real life applications. It's only used for speculation, which is a zero sum game. And it's no sustainable. Eventually everyone will understand that crypto is not the future, because it failed to get adopted for so many years.

That's why Bitcoin shouldn't be viewed as a part of the cryptocurrency family, because it's the only coin with adoption.

It's because it is magnified 10x because we are in a bear market. And during this period, there are a lot of projects that fall, developers abandoning them and like the Luna and FTX, total collapse because of mismanagement, so it is an outright scam by definition.


I think you contract yourself, bear market is the best time to invest in solid coin like Bitcoin. Why? because we can buy them at cheap price, like what the price that we are seeing right now, it's 2017 price, at a discount and if there is something that we learn from bitcoin's history, is that it will go on a massive bull run after the halving in 2024. So investor accumulate and hold for long term.

Just simply, because they didn't understand how crypto works and how to choose the right one to invest in if they invest in a shitcoin which is possibly due to hype because thinking of a quick profit, they will end up losing their capital.  But in Bitcoin, even though there's a massive bearish trend, the time will come it will recover, and a bull market will always be there or it will create a new ATH in the market price history.

A misconception is that because of the failure of the centralized exchanges or platforms in the crypto world.
They think that Bitcoin will do the same because they don't know what's different between decentralized and centralized projects.  As I said, knowledge is very important when you're investing in crypto.

Altcoins is not decentralized like bitcoin while people are believing those people that run centralized platforms, making scam possible me turning crypto to scam. See Do Kwon Luna and see FTX and its token. Did you not heard of someone that died because he lost his savings to Do Kwon Luna scam, can't you see millions lost to FTX scam? Then what is scam if those scam were not scam?

Just let it be and we can't blame them for having that thought because of the happenings that had recently come to crypto.

There will always be those people that will look at the negative side without doing their further research that they're only have seen the scams and are not open into realizing and analyzing the good and legitimate things about cryptocurrencies.

In today's time, you'll see people that want an assurance with their money because it's possible that they've been scammed before and they just want to play safe today.

People who accuse cryptocurrency of being a scam because of the bear market are mostly shitcoin traders with little knowledge of Bitcoin.

All of the above are common life strategies that have nothing to do with the type of investment one is into because even our lives have no guarantees because we can leave the world at any time.

Any Bitcoin investor who missed out on investing in Bitcoin at an earlier stage now has the opportunity to do so during this bear market because we expect the market to rebound soon.

Cryptocurrency covers more than 10000 different projects and more than 90% of them are scams through and through. So there is no reason to be irritated here specially when people say "crypto" or "cryptocurrency" they usually mean altcoins not bitcoin.

It depends on why you lost money. If it were because of normal market conditions, that is OK but if it were in a manipulated altcoin market where you got the dumping side of the pump and dump stick then you can't really call that a loss because you gave up your money when you bought that shitcoin not when it was dumped..

Forget about bear market now, if you're experienced enough in cryptocurrency you would understand that using the keyword cryptocurrency isn't appropriate enough since we have a bunch of them and many out of which are just scam it shitcoins that the inventors or developers have the initial mind to steal and dupe people,  so what they do is to device some means to attract investors to their project, finance it and suddenly withdrew their asset and cart away investors assets.


That's why you meed to always bear in mind that life is full of risk, but we must ensure that what we are taking risk on is something worth it.


But any project that take away the entire investors asset within a blink of an eye is a scam.


Are you saying that investing in shitcoins is worth going for, you can just dabble into taking risk and it all went off anytime any day? You're even making comparison with life or death which is natural, shitcoins are natural as well right? Continue to invest more in them, sooner or later you will understand why.

Of course, it is undeniable that in this world all things that are popular will definitely have pros and cons, including cryptocurrency.
We know cryptocurrency thrive and get big during this time.
Of course this will definitely attract everyone to discuss it.
Whether it's discussing the advantages that exist in cryptocurrency and even some people are actively looking for loopholes in cryptocurrency to raise doubts.
That's a natural thing in my opinion, and we won't be able to dampen all the negative opinions and their distrust of cryptocurrencies.
We don't know their reasons, whether the cons person really had a bad failure in the crypto world or maybe they were just looking for attention.
Apart from that, I personally think we should respond to something by studying it as a whole and then commenting on the results we get.
I think people who have a negative assessment haven't really fully seen and studied cryptocurrency as a whole.
It's simple in my opinion, don't bother with other people's negative opinions. Because we do what we believe in and what we understand.
People who jump in and learn fully must know better and what risks we face in the world of cryptocurrency.

Can't blame them since they were not knowledgeable enough in crypto. They think it is just like Stock Market v2.0. I got tired of hearing some pretty rough stuffs about crypto from my ex-colleagues, until it came to the point that I do not brought that up anymore in any conversations since it ain't worth it.
The same goes for people that just read the first line of headline in the news without even reading the whole article and dang I might be a little bit off topic, but it kind of reminds me when people just bashed Netflix when the headlines just stated that it will get ads until they read the whole article.

Anyways, sometimes people are not worth talking to especially with crypto stuffs.

Actually cryptocurency entirely is full of scam. 99% of the coins in existence will seized to exists in years to come which means they'll lead you to losing money because new ones with better marketing will be launched and all attentions will be shifted towards them. Understand that people don't just come out and call Bitcoin a scam (we have gone passed that stages as Bitcoin has proven to be a reliable investment) instead they call the industry a scam and they aren't far from the truth because we have thousands of scam ongoing in the industry and we're only just hearing about the ones been reported.

Projects that aren't needed are been launched and people's are blindly buying into this ideas that can't be achieved or not necessary. Scam artist are using this opportunity to defrauded many gullible victims and it's becoming alarming. I think the only misconception here is people thinking cryptocurency are Bitcoin and using both words in place of the other. We should learn to differentiate between both words and also stay out of altcoins investment for now, they aren't Bitcoin and can't be trusted especially in bear Market.

When I first got into cryptocurrencies, mainly bitcoin. I get partly annoyed when I heard that cryptocurrencies in general are scams. Particularly when the comments came from professionals, investors, and financially old-fashioned knowledgeable people. Since it will undoubtedly take some time, I do not have to waste my time and energy arguing with them. When it came from uneducated people, I ignore it but occasionally I make an effort to explain the true value of cryptocurrencies. 

At that time, bitcoin had only been around for five years and was having challenges with its adoption. It has now been demonstrated and recognized that cryptocurrencies have worth, despite the fact that more of them are simply scams.

People should disown cash too, since most scams happen there.