How To Spot A Bitcoin Scam

[valucash]

Any ideas on how to spot a bitcoin scam?

[gentlemand]

There is one extremely straightforward rule - if it looks too good to be true then it is.

On top of that always google site:bitcointalk.org 'subject' and see if anything comes up. If nothing at all comes then that's not an encouraging sign.

Risk free returns are impossible. If there was a legitimate interest paying Bitcoin option I can guarantee you every single Bitcoin on Earth would pile into it instantly as they're all sat doing nothing. There is literally not one on the entire planet.

Lending on well known exchanges has enough risk, let alone all these bullshit ponzis. Have you been offered a specific 'opportunity'?

[BeManga]

There is one extremely straightforward rule - if it looks too good to be true then it is.

On top of that always google site:bitcointalk.org 'subject' and see if anything comes up. If nothing at all comes then that's not an encouraging sign.

Risk free returns are impossible. If there was a legitimate interest paying Bitcoin option I can guarantee you every single Bitcoin on Earth would pile into it instantly as they're all sat doing nothing. There is literally not one on the entire planet.

Lending on well known exchanges has enough risk, let alone all these bullshit ponzis. Have you been offered a specific 'opportunity'?

i agree if its good to be true better stay away from it usually its ponzi or hype you can also check if the site is in badbitcoin.org

[CryptoBeefy]

There is one extremely straightforward rule - if it looks too good to be true then it is.

This is literally the best piece of advice out there, not just specific to a Bitcoin scam but scams in general. Ask yourself what would they get out of giving you a crazy deal and why would they not just manipulate the deal for themselves? Why do they need you? etc.

[gentlemand]

And on top of that ask yourself this - if a stranger in the street with a bag on their head walked up to you and offered to double your dollars in one month and all you had to do was hand them 1000 dollars in cash right now with no contact details and no idea who they were, would you hand it over and let them walk away?

99.9% of people would tell said stranger to get fucked, yet for some reason they're all too happy to do this online with their Bitcoin. Why?

[Ultegra134]

The basic rule that works everywhere, also in BTC of course, if something sounds too good to be true, it probably is. Basically, any website/individual that promises you to double your earnings by giving him money is a scam.
There is no such thing as Bitcoin Doubler, or online Bitcoin miner, the list can go on and on.

You could also use ScamAdvisor, it can give a quite accurate result on most websites, even those scam Ponzis'.

[Argon2]

Any ideas on how to spot a bitcoin scam?

It is a skill, you must learn how. There is no other way regardless of what anybody else posts. Do not listen to websites, do your own research and learn the skills. A magician 🎩 does not get scammed, they are skilled scammers in reality. Hope this helps.

[albertorma]

Search for reviews, don't invest large amounts unless you are sure. You can ask for bitcoin signed messages as well.

[fossilized]

OP what kind if scam are u cautious of? If it's the simple sale of goods or servives, then use a trusted escrow ( transaction intermediary) and only release your funds when your receive what you pay for. There are tons of scams around, you can heads over to the goods and service section of the forum to get a feel. It also helps to hve a conversation with both the seller and buyers, just to find out what the experiences were like.

[Heyyyrenz]

Actually you will know the traits of a scammer, usually they are:

•They are offering a task and they said they're going to pay you an high amount or you're going to invest and after a month you will get triple of what you've invested.
•Usually they will force you to invest and ofcourse they will gonna run away.

This is the thing I look and if it's present i now starting to:

1. Search on the internet about the site.
2. Find someone who tried it usually i searched here in the forum or find some reviews about the site here.

Don't spend your bitcoin without thinking and the internet internet is a very dangerous place you don't know who's behind the site and what are their purposes.

[andrearz]

I also do not really understand about it, usually there are some people attack the thread of a project and say a scam but at the end ico project was successful. this is really very confusing, now I'm very hard to believe to anyone who says anything about a scam

[DAVETUN]

Any ideas on how to spot a bitcoin scam?

To spot a  bitcoin scam, take caution and  observe the underlisted
when you can not verify the website and  link attaching an individual to an organizarion
when the project whithepaper  is not clearly written in terms of the objectives.
when the  income to be earn quite outway the  job done you must always ensure you verify before getting involve in any form of investment.

[akira2048]

Read the the white paper

* Contains something like refer or invitation system, possibly scam
* Wouldn't work without the bitcoin part in the real life, possibly scam too
* Copy of other projects, scam

[sheamus10]

in my opinion to see in bitcoin is a scam or not, we can start from following an ico project :
- if the reward offered is big enough I think you should be wary of a scam.
- less reliable developers.
- description for the official website of the elusive ico project.
- rules created to follow the ico project are too difficult and unnatural, this can also be indicated that the ico project is a scam.

[NewBet]

Scams are often extremely hard to spot. I have got scammed before, and almost another time even with using escrow. Thankfully it was only $12 or so... not too much. 

[tobatz23]

Here are some ways to spot scams

*Malware downloads - Bitcoin is often used as "bait" to get you to download some nasty software that will mess up your computer.

*Bitcoin phishing impersonators - Impersonators run rampant on social media, and impersonating the bitcoin brand itself is a tactic that can be used to gain a victim’s trust and credibility.

*Bitcoin-flipping scams - These scams could be an offer to instantly exchange bitcoins for money after paying an initial startup fee or a promise to double your initial investment overnight.

*Bitcoin pyramid schemes - These scams are harder to recognize than the more egregious bitcoin-flipping examples described above, but the end result is the same; the scammer eventually makes off with the victim’s stolen bitcoins.

[lucifochrome]

it's easy, if it's too good to be true then stay away from it. If it offers high return with little investment, it is definitely a scam. Best thing to do is always check the website for credibility. There's google to do that.

[HabBear]

Here's a great video from Ben Perrin's BTC Sessions YouTube channel. It talks about how to identify a scam, it's really good (all of his videos are helpful and timely).

https://www.youtube.com/watch?v=mHFmp2e3luo&t=11s

Just found another one (newer) on spotting and avoiding scams and ponzis: https://www.youtube.com/watch?v=B8dSITooNQc

If you like his work he accepts tips in multiple cryptocurrencies, he provides is address codes at the end of each video.


On a personal note, related to the ponzi side of the scams. There are very few countries in the world offering a savings interest rate of 10% per year. If you see an offer that's willing to pay you more than 10% it's almost guaranteed to be a scam. There's just no investment in the world that can create enough reliable income for someone to make money off your investment AND pay you 10% (or more). Some of these ponzis are offering percentage points per day...it sounds so great and it's quite literally so impossible.

[iamTom123]

Any ideas on how to spot a bitcoin scam?

You mean to say how to spot a program which is using Bitcoin as its mode of payment or transfer of funds if it is a scam or not. When a program is promising something that is already beyond the normal lines then there is a possibility that the program is just a scam or can be a scam later. Though of course, there can be some rare exemption here because lately Bitcoin trading programs are really making good money...in case of trading make sure that the program is really into Bitcoin trading and this where it is very difficult to determine if it is or not. One thing I sway away from are programs promising fixed returns because that is really impossible for a program not to collapsed later especially if the fixed rate is quite high. Go for a trading program that will share no specific rate and will only distribute earnings according to what they earned in trading.

The whole internet is a great resource to make your due diligence. Look for complaints of scams as well as good testimonials of those who found success in the program. Right now, there are good programs which are backriding on the success of cryptocurrency but always be careful. Programs like revenue sharing, matrix system and anything that has hints of just another ponzi schemes must be avoided at all cost.

[Chachacoin17]

Any ideas on how to spot a bitcoin scam?

Always remember this, If it's too good to be true, then it is not true. Lots of scammers will guarantee you a %profit by just doing nothing. This is very inviting and there are still lots people fell for it. A true investment and business should be done by hardwork and that you have to do something in order to grow your profit or business. You also have to make your own calculation if it is possible or not. If it sounds unreal, then just believe that it's not real after all.