4 Bitcoin cons to watch out for...

[spendabit]

http://cointelegraph.com/news/beware-4-typical-bitcoin-scams-in-mining-investment-wallets-exchange

Has anyone had this happen to them?

[7788bitcoin]

I once tried a scam "investment" site for fun, knowing that they are not going to last long and operate like a Ponzi scheme. Daily interest was about 3.6%. I figured out, using the "rule of 72", that if the site survived for more than 20 days I will have my ROI.

I was luck to join early and the site did survived for more than 20 days, and I withdrew everything. So I doubled the little investment of 0.01BTC to about 0.02+BTC. About a month later, the site closed down and many investors lost their BTC.

In short, almost all BTC investment at the moment are scams- please correct me by letting me know if there is any valid investment site....

[nydiacaskey01]

Here is what that article is saying
1. Bitcoin investment program
2. Bitcoin mining scams
3. Bitcoin wallet scams
4. Bitcoin exchage scams

#1 & #2 is for ponzis and yes it obvious we should never fall into tha trap. #4 we should always remember that those paypal, skrill, payza are reversible and #3 always go with the one with good reviews, never try a new one and act like a crash test dummy.

[xuan87]

like in the article says most of the investment and mining are scam, even some of the faucet is a scam

bitcoin exchanger is also one of the scam scheme made by scammer, the amount lost due to the scammer in exchanger is very high

overall, be careful in every situation, dont click any unknown link, bitcoin is a favourite target for scammer

[YoonYeonghwa]

No, but it was informational to say the least. Good thread, marked for future reference .

[hasiramasenju]

it's true most of them are scam and many people has victims from mining sites and investment sites and i think these article are good for references

[btcltccoins]

Here is what that article is saying
1. Bitcoin investment program
2. Bitcoin mining scams
3. Bitcoin wallet scams
4. Bitcoin exchage scams

#1 & #2 is for ponzis and yes it obvious we should never fall into tha trap. #4 we should always remember that those paypal, skrill, payza are reversible and #3 always go with the one with good reviews, never try a new one and act like a crash test dummy.

For the investment schemes, most of them are ponzi ones. They just collect your coins and never give you back.
I have heard Papyal is reversible, but  never heard Payza is also reversible ?

[pooya87]

this is a good article for the beginners and help section for our new friends to watch out for.

i don't see anything new here, it has always been like this. scammers trying to use bitcoin anonymity to their advantage and steal people's money by calling it investment.

[Amph]

i prefer to invest in some good altcoin, than those blatant ponzi, some alt can be a really good investment like it was for ethereum or decred, recently

there is basically a 99% guarantee, with some of them, to make big money

[Kprawn]

Most of us are attracted to options promising us higher profits on our investments than what we are getting currently in our country of origin. Most people believe these opportunities are legitimate and

not some sort of HYIP or Ponzi Scheme. If you do some research, you will eventually see.... interest rates on most investments are way below these rates offered by these services and it is highly

unlikely that it is legal. So the old saying goes... If it looks to good to be true.. it probably is. Go to http://www.badbitcoin.org/ to see most of the scams out there currently. 

[Rubberduckie]

wish more of this stuff was out in the beginning.

I definitely wasted many coins on Butterfly labs and other various
scams like cloud mining.... buying hash for no roi.

[SFR10]

Good article that would mostly put newbies in trap, mainly numbers 1,2 and 3 and number 4 could have more of a general scam effect which happened to me in the past due to a good exchange fees, I went in and tried to exchange small amount that I never got converted back and sent to the other payment option I wanted and it's not just that, some turn out to be scams after some times (which many already knew this).

[LFC_Bitcoin]

Here is what that article is saying
1. Bitcoin investment program
2. Bitcoin mining scams
3. Bitcoin wallet scams
4. Bitcoin exchage scams

#1 & #2 is for ponzis and yes it obvious we should never fall into tha trap. #4 we should always remember that those paypal, skrill, payza are reversible and #3 always go with the one with good reviews, never try a new one and act like a crash test dummy.

Good of you to summarise as I rarely ever click links on here that direct to another site for obvious reasons. You've pretty much covered everything. Some scams are going to be difficult to avoid but people must be so vigilant with bitcoin. Being overly paranoid is sometimes the best way to be.

[spendabit]

I once tried a scam "investment" site for fun, knowing that they are not going to last long and operate like a Ponzi scheme. Daily interest was about 3.6%. I figured out, using the "rule of 72", that if the site survived for more than 20 days I will have my ROI.

I was luck to join early and the site did survived for more than 20 days, and I withdrew everything. So I doubled the little investment of 0.01BTC to about 0.02+BTC. About a month later, the site closed down and many investors lost their BTC.

In short, almost all BTC investment at the moment are scams- please correct me by letting me know if there is any valid investment site....

That's a really amazing outcome, 7788bitcoin, I'm most surprised that they let you withdraw. Actually, your method could be applied to any kind of trading (set % target limit, follow strict plan @ target %). Nice!

[Chris!]

I haven't been into Bitcoin that long but I could tell right off the bat that these options were all scams. If it seems too good to be true it probably is. If you own a high risk mutual fund that's earned an average of 7.5% Y.O.Y. return why would someone offer to double an investment in a few days/weeks?

[gentlemand]

No. You'd have to be pretty fucking dim to fall for any of those. They are all automatically scams unless they prove otherwise and even then you can never be sure.

[thejaytiesto]

Most people that fall for stuff like that or similar to the mentioned on the article are desperate newbies trying to get some BTC quick, fast and cheap, a fatal combination. Anyone thath as been here for a while knows when something is a scam. I mean yo don't even need to click the link, just by reading the url and seeing how it's presented, you see it's a joke.

[bitbunnny]

Frauds ans scams are not reserved only for Bitcoin, that can happen with any other currency, so you just have to be careful like with any other thing

[Zeke2345]

Basically stating if you do not get involved in these aspects you should be alright to a extent.
The whole Ponzi thing puzzles me but I may be biased because I would get more enjoyment out of making the money on my own than risking it hoping I do not get scammed.

[SmartIphone]

If you just take a look at the investment board you will notice that most/all of them ended/will end by scamming their users, it happened me to the past once, and I quitted from investment/cloud mining.