4 Bitcoin cons to watch out for...

[fenican]

If it sounds too good to be true, i.e. 3% interest per day, it is ALWAYS a scam.

Many investors would give their left nut to get a reliable 3% PER YEAR let alone 3% daily.

[Herbert2020]

If it sounds too good to be true, i.e. 3% interest per day, it is ALWAYS a scam.

Many investors would give their left nut to get a reliable 3% PER YEAR let alone 3% daily.

i have this rule for myself that i say whenever something looks too good to be true, it means that it is trying to scam by using our greedy nature. so i stay away. especially if they have trouble explaining and providing proof about their business that generates that much profit.

[Monnt]

Pretty much all investment programs are scams, except ones that are highly vouched by highly trusted people, or those that can obviously pay for the interest they pay you, like gambling sites.

[coinplus]

But I do see these 4 as biggest pros of bitcoin ecosystem.
1. Miming: We can choose lot of legit mining pools. But never go for Cloud mining.
2. Investment : Bitcoin itself an investment. Do not be too greedy.
3. Wallets : Lots of Desktop/mobile wallets available. Never trust online wallets.
4. Exchange : Never keep excess money in your exchange. Deposit, trade then withdraw always.

If we give room, then we can get scammed. It's our responsibility to be aware and stay secured.

[MFahad]

They forget about those things :
1. Investment : Almost all bitcoin investment is scam or ponzi & bitcoin already a investment.
2. Mining : Cloud mining either uprofitable or scam, so cloud mining is almost 100% pointless, even you buy hardware to mine bitcoin, it's not profitable anymore.
3. Wallet : There are many decentralized wallet on pc/smartphone, so choose online/centralized wallet is stupid. Even Coinbase/Xapo which has good reputation can run away with customer's bitcoin anytime they want.
4. Exchange : Only buy/sell bitcoin from popular and trusted exchange and never keep fiat/bitcoin at exchange.

As per your comment "Even Coinbase/Xapo which has good reputation can run away with customer's bitcoin anytime they want.", its not going to happen. Why .. only because hey already good income by providing the services of online wallet and even best online wallet and they cant be greedy to scam and stop the business.

[BlueStackz]

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.

You did the right things. All the four mentioned services are based on people's greediness to get scam them. But I do not think these are typical for bitcoin, it is common to every other environments also.

[crazyivan]

All u need to do is to use your brain. If the offer s too good to be acceptable and the provider cannot explain how do they deliver it, pass on it. Dont let the greed control you. That s all.

[Kprawn]

They forget about those things :
1. Investment : Almost all bitcoin investment is scam or ponzi & bitcoin already a investment.
2. Mining : Cloud mining either uprofitable or scam, so cloud mining is almost 100% pointless, even you buy hardware to mine bitcoin, it's not profitable anymore.
3. Wallet : There are many decentralized wallet on pc/smartphone, so choose online/centralized wallet is stupid. Even Coinbase/Xapo which has good reputation can run away with customer's bitcoin anytime they want.
4. Exchange : Only buy/sell bitcoin from popular and trusted exchange and never keep fiat/bitcoin at exchange.

As per your comment "Even Coinbase/Xapo which has good reputation can run away with customer's bitcoin anytime they want.", its not going to happen. Why .. only because hey already good income by providing the services of online wallet and even best online wallet and they cant be greedy to scam and stop the business.

I would not count too much on that, if I were you... many people on this forum though the same about MtGox and lost a lot of money in the process. These sites usually follow the same exit route,

when things turns sour. They blame some sort of unknown hacker that supposedly hacked into their site and stole millions of dollars worth of bitcoins. I do not trust ANY third party { exchange or

wallet provider } with any of my stash. 

[krunox123]

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

Has anyone had this happen to them?

Yes, I got scam twice or so by cloud mining scams. Fortunately, it is just a small amount of Bitcoin. Never invest in any cloud mining since then. I'd rather lose money on gambling sites than feed the scammers with my money, TBH.

[jack1111]

I had lost a lot in investment sites like Minutebtc but now I can know trusty and scam sites depending on some informations , that came with experience .

[Jet Cash]

We need to get out of the mindset that Bitcoin is a source of revenue, and think of it as a payment system. Use it to buy goods or services, and if you do decide to invest, then do it in a viable service, not some vapourware site.

[bitsmichel]

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.

I've seen all these scams appear on these forums over the past years. Just think twice and you will be fine 

[LoyceV]

People seem to lose common sense when it comes to computers. If someone on the street would tell you to give him $100 and he'll give you $200 tomorrow, of course you don't believe him. Why do people want to believe it so badly when it's online?

[RealPhotoshoper]

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

Has anyone had this happen to them?

nice to share this,we sould more carefull to choose wallet,exchange and bitcoin investement,but one that make me surprise is there writed that wallet also have potential to be scam,this is make me scary,but i dont think i will lost my trust to coinbase or blockchain.

[spendabit]

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

Has anyone had this happen to them?

nice to share this,we sould more carefull to choose wallet,exchange and bitcoin investement,but one that make me surprise is there writed that wallet also have potential to be scam,this is make me scary,but i dont think i will lost my trust to coinbase or blockchain.

That's the one that concerned me the most too, since theoretically it should have minimal risk (wallet customers aren't usually expecting anything unrealistic, unlike "investors"). The "scare factor" is a real bummer for any Bitcoin startup trying to get a legit wallet going.

[spendabit]

If it sounds too good to be true, i.e. 3% interest per day, it is ALWAYS a scam.

Many investors would give their left nut to get a reliable 3% PER YEAR let alone 3% daily.

3% interest per day!!! Is this a real claim? Does anyone realize the yearly interest would equal a 4,848,272% return or a nearly 50,000x return!!!

Starting with just 1 Bitcoin ($415.82) you would wind up with 48,482.72 Bitcoins (or $20,160,086.51) in just 1 year.

[CasioK]

If it sounds too good to be true, i.e. 3% interest per day, it is ALWAYS a scam.

Many investors would give their left nut to get a reliable 3% PER YEAR let alone 3% daily.

No one will be ready to give you free money. If you get attracted to some ponzi schemes then definitely you will end up in scammed all of your investments. It is completely our own responsibility to avoid this type of investments.

[spendabit]

If it sounds too good to be true, i.e. 3% interest per day, it is ALWAYS a scam.

Many investors would give their left nut to get a reliable 3% PER YEAR let alone 3% daily.

No one will be ready to give you free money. If you get attracted to some ponzi schemes then definitely you will end up in scammed all of your investments. It is completely our own responsibility to avoid this type of investments.

Yeah greed is usually the accelerant but the naive and desperate are usually the fuel for such schemes which is really not ok.

[twister]

Thankfully I have not yet fallen for any of these scams. Most of these can be avoided except for the exchange scams, you never know which might claim one day that they were hacked.

[spendabit]

Thankfully I have not yet fallen for any of these scams. Most of these can be avoided except for the exchange scams, you never know which might claim one day that they were hacked.

Aren't some insured?