4 Bitcoin cons to watch out for...

[BitcoinPC]

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?

Never heard of insurance. however, we should take per cations for scams site related to bitcoins

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[avikz]

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....

The truth is, every ponzi/hyip programs work like that way. They initially pay to the investors, just to build reputation. but when the big investments start flowing in, they stopped paying. Ponzi is the worst form of gambling available in the market.

However, you should try p2p lending platform like btcjam. I am using this website to fund loan for others and getting a stable monthly returns. Here the risk of loosing money is very less. Every other programs I have tested turned out to be a scam.

[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....

The truth is, every ponzi/hyip programs work like that way. They initially pay to the investors, just to build reputation. but when the big investments start flowing in, they stopped paying. Ponzi is the worst form of gambling available in the market.

However, you should try p2p lending platform like btcjam. I am using this website to fund loan for others and getting a stable monthly returns. Here the risk of loosing money is very less. Every other programs I have tested turned out to be a scam.

Thanks for the pointer on p2p lending and btcjam, avikz. What kind of return is reasonable to expect? Have a good weekend.

[cjmoles]

Okay, I'm not gonna lie!  I've been scammed a few times in the beginning.  My problem was that I really believed that bitcoin was this "miracle currency" where all these ideas were possible.  I wanted to believe this stuff because the technology was just so dang innovative in my mind.  It takes awhile being involved in the community to be able to recognize what is real and what is not.  It's still quite weird, in my mind, that a bunch of imaginary ones and zeros can be traded for real money!  So, these scams aren't that obvious to some until they've been scammed a few times.

[jak1]

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....

The truth is, every ponzi/hyip programs work like that way. They initially pay to the investors, just to build reputation. but when the big investments start flowing in, they stopped paying. Ponzi is the worst form of gambling available in the market.

However, you should try p2p lending platform like btcjam. I am using this website to fund loan for others and getting a stable monthly returns. Here the risk of loosing money is very less. Every other programs I have tested turned out to be a scam.

Yes , not only they initially pay to the investors, just to build reputation, but when the big investments start flowing in, they stopped paying also they give you return for small investments and eat up the investment of people who invest in bigger amounts.

[Mka]

Okay, I'm not gonna lie!  I've been scammed a few times in the beginning.  My problem was that I really believed that bitcoin was this "miracle currency" where all these ideas were possible.  I wanted to believe this stuff because the technology was just so dang innovative in my mind.  It takes awhile being involved in the community to be able to recognize what is real and what is not.  It's still quite weird, in my mind, that a bunch of imaginary ones and zeros can be traded for real money!  So, these scams aren't that obvious to some until they've been scammed a few times.

Looks like I'm not the only one here with that kind of experience Time heals, need to gain some experience I guess.

[RussianRaibow]

-snip-
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....

You should check out ethereumpyramid.com, it is a transparent ponzi scheme (smart contract) build on the ethereum blockchain.  You can send a payment in with either ETH or BTC.  I sent a few ETH to it a long time ago and got my payout.  I think it is pretty neat that you can have a smart contract ponzi scheme now a days.  It's a heck of a lot better than the scams that promise to "double your bitcoin, just send your bitcoin to 1scamxxxxx and you'll receive double back!"  I'm amazed at how many people fall for such obvious scams.

[yenxz]

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

Has anyone had this happen to them?

that's good to share this article,but it think its too late,so many already scammed by mining and other investemetn site,and i also one of so many victims. lets prevent bitcoin from scammer,and its will help us to grow bitcoin to better future.

[spendabit]

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

Has anyone had this happen to them?

that's good to share this article,but it think its too late,so many already scammed by mining and other investemetn site,and i also one of so many victims. lets prevent bitcoin from scammer,and its will help us to grow bitcoin to better future.

You're welcome... this is mostly for those new to Bitcoin to learn from our "mistakes"

[lolgato1]

I never get myself involved in stuff like that I know it's most likely a scam. People who didn't know need to be vigilante olabout these kind of scams and most times it's covered up with something else.