Bitcoin Forum

Bitcoin Ponzi scams are raking in millions - all without much effort.

That may be self-explanatory to those who traffic the social media forums where the subject is discussed, but to researchers, it's also a fertile ground for new findings. For them, someone asking for money and promising 100x returns isn't simply a nuisance, they're an opportunity for study.

Indeed, the Financial Crypto 2018 conference in Curacao last week delved deep into the many ways these scams are propagating and why some have been so much more successful than others.

University of New Mexico assistant professor Marie Vasek looked through nearly 2,000 scams, revealing research that hinted at the sheer variety seeking crypto gains. Some, she said, last for ages until the hoax is found out, others come and vanish overnight, all without much interest.

https://www.coindesk.com/ponzis-death-stranger-ways-lose-crypto/

Despite the widespread knowledge about Ponzi scams, the number of people who still falls into such "business" can still be quite alarming and saddening. I mean conference are already held in order to raise awareness, yet a lot are still fooled by this scheme. When will people ever learn to protect themselves and believe that when something is too good to be true, the chances of it being real is so low. I just hope that people would be more vigilant in putting their money into such ventures that are shady. At the end of the day, you can be the only one to protect yourself so educate yourself and be aware before doing an action.

It's no longer just a case where people fall for schemes because of their ignorance. It's pretty safe to say that the majority of the people investing in schemes, do actually know what they are investing in, but ignore all dangers because of their never ending greed. Their idiotic logic basically is that as long as they get in early enough, they'll outlast the scheme, and walk out with profits. In other words, regardless of how much effort is being put into educating people when it comes to this subject, it's of no use. In current times we have to deal with low IQ baboons jumping into any dangerous investment opportunity on purposely, and there is literally nothing that you can do about it, and I don't even care anymore. If people find it necessary to pump money into obvious scams, let them do so. It's their money that they are burning, not ours. These people don't need education, but mental help.

Ponzi scams are still able to propagate because many still participate in it. Despite numerous safeguards being made to avoid these schemes, they are still rampant because many people still fall victim of these scams. People are too blinded by the false promises of huge returns even when it sounds suspicious. Perhaps out of desperation or greediness, these people simply want to gain profit. Unfortunately, they do not know that there's easy way to get rich.

Even with conferences being held to help promote awareness of these scams, they won't go away unless people start to become more cautious and wary. Scams would just continue to become successful if we do not learn how to protect ourselves.

It's incredible how easy it is for these people to set up scam sites.  They literally sell each other basic templates and copy sites in order to create the same scam over and over again and pull in more suckers.  Sometimes the same people create scams over and over again.

I think that the pseudonymity of Bitcoin leads people to think that the anonymity of business owners is a key principle among Bitcoin users as well, when in reality it only is in certain circumstances.

Maybe major information sites like bitcoin.org should make clear, explicit warnings about the types of scams that frequently involve Bitcoin.

Greedy and gullible ones are usually attracted to ponzi scams, they will be ask to pay some amount of  bitcoin  in exchange with a mouthwatering offer that will be thrown at them in a couple of days, of course majority will not suspect these sites as scammers they will fall for it and lo and behold there investment is gone.

I have even seen someone on YouTube blatantly admit thinking that Bitconnect is a scam, but still consider it to be a great investment because of how thriving and hyped Bitconnect is.

Hype would translate into more people investing in Bitconnect, and that would mean him receiving his payouts as promised. It's not only selfish, but investing in Bitconnect also means supporting them to operate longer.

Anyone investing in these scams isn't just stupid, but due to how their investment keeps that service up and running, they partly are responsible for others to get scammed, which is the worst part.

I can see many people in social media who knows that the investment scheme is a scam but they will still invest in it because they know that it will be paying for a while to attract more investors. They will say that it is a newly opened investment company so join now unless you want to lose your investment by investing later on. They obviously know that it will be gone later on but still hoping to earn from it.

There are times when they got lucky because they were able to get back their investment and it is still paying but for those who invested recently, they will be doomed because they would not be able to get back their investment. This is just pure greediness because some people do not think of others losing money and all they care about is earning from it and continue convincing others to join.