How To Spot A Bitcoin Scam

[nasibakar]

To be honest it is not easy,
I was sending ETH to an ICO but I didnt click to send it as my working colleagues ask me and we had dicsussion about job,
when I got back to send for ICO suddenly I read something on this forum that an ICO which I was palnning to invest probably a scam,
I didnt have a ny idea about it.
I was so lucky at that time.

The point: it is not easy or even very hard to spot scam.

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[Fourgh]

Any ideas on how to spot a bitcoin scam?

well, one thing is bitcoin banks promising you to return 200% of your initial investment in a short period of time. That would be a very good clue that this institution or individual is just getting bitcoins and when he reaches the certain amount he needs, he suddenly disappears with your bitcoins. Be careful of that scheme.

[Weawant]

Any ideas on how to spot a bitcoin scam?

well, one thing is bitcoin banks promising you to return 200% of your initial investment in a short period of time. That would be a very good clue that this institution or individual is just getting bitcoins and when he reaches the certain amount he needs, he suddenly disappears with your bitcoins. Be careful of that scheme.

Yes if the certain institution of fake ones offer a 200% return on short time period of your investment then it can be called scam since the decent legal company gives only few percentage in returns of our invest so we should make this as shady as hell and need to avoided with.

[JPMoron]

There are some parameter to spot it:
too good;
too cheap;
too much discount;

FAKE TEAM?
Be careful for this one.

[ObscurePen]

It is good that you asked. Scammers are fairly common on this forum. Here is a simple guideline to prevent being scammed:

The first thing that you must always do when trading with a member on this forum, is check their trust. If the trust displaying negative feedback, it would be better that you did not trade with that specific member. Or if the member has something that you really wish to have, use a trusted escrow. There are a few trusted members who offer free escrow services. One such member is “sebastinJu”. I have never personally, used sebastianJu, but a few of my friends have said favourable things about him. There are also escrow bots on the internet. A few are Bitify and Escrow.com.

The next thing is to what out for any “dodgy” or misleading activity by the user, during the trade. If such suspicious activity does occur abort the trade or insist for a trusted escrow.

These 2 tips should let you notice a scam and prevent one from occurring to you.

[SmokeMcPay]

If they deny to trade with escrow/ is too good to be true.

These are 2 rules to spot scammers a looooong

[buwaytress]

The rules for spotting a scam remain the same, whether or not it involves Bitcoin. Like many posters here share, the general guiding principle should be "if it's too good to be true, it probably is".

Of course, this doesn't speak too well to a lot of newcomers since the hype surrounding Bitcoin in the media is what probably got them to come here and learn about it. We've all seen the hyberbole. "Best performing asset class!" "10x returns in less than two years!" "Will reach $1 million in 10 years!"

So a lot of context should be built up first. And a lot of misconceptions cleared up before taking a look at Bitcoin. Bitcoin isn't a magic gold mine. The riches of the early adopters are not similar to that of pyramid schemes. Learn to differentiate between potential and guarantee. Treat the hyperbole as educated guesses on potential, see the guarantees of returns as scams.

[amaral1977]

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

I tend to agree with you, however:

- even UBER and other "real life" deals are offering referrel systems.
- A disruptive, very inovative project on the blockchain would probably not work without the bitcoin part
- After you see some succefull business you tend to have "similar" projects. Litcoin is a copy of bitcoin and it is not a scam.

However to the average guy, with less knowlegde your advice is good, and could keep people away from dirty scammers.

[maokoto]

One of the things I use to consider if something is a scam is think about where the profit comes from. If the site/investment profit to pay you cannot be explained, then it is probably a scam.

Also the longevity of the site. If it has been around for a good time, it is less likely for it to be a scam.

[ArrogantPeacock]

if it was obvious how to spot a scam, people wouldn't get scammed

do you own research about the team/project and founders.. additionally check the whitepaper, designs, social medias and do a thorough research before putting your money at risk

[xandriel]

If you want known a scammer. I just say. Dont trust anyone on internet. always use escrow. Check their feedback carefully. Everything can be fake. Hard to believe anyone in this crypto world

[Potato Chips]

If you want known a scammer. I just say. Dont trust anyone on internet. always use escrow. Check their feedback carefully. Everything can be fake. Hard to believe anyone in this crypto world

well escrows are great and proven useful but you can't use them all the time, it differs per situation for example in a cloud mining site, first they won't use some kind of escrows

who will keep your money while they're mining (assuming that they are) and if the target profit didn't met you'll gain your money back, theres no such a thing.

Feedback is also great but not all sites have them. i think the trick is to determine is its too good to be true. you know putting yourself in their shoes and asking yourself, "if i do

this will i get a decent profit?" if you think not then its probably not

[michkima]

Any ideas on how to spot a bitcoin scam?

The very first sign is that they offer something that is too good to be true! Take for example most hyips you see on the internet and even here on the forum.
Those that offer like 10% profit per day without even having any good reason why they can give that much profits. Those are the easy ones to detect.

[Blitzboy]

To be honest it is not easy,
I was sending ETH to an ICO but I didnt click to send it as my working colleagues ask me and we had dicsussion about job,
when I got back to send for ICO suddenly I read something on this forum that an ICO which I was palnning to invest probably a scam,
I didnt have a ny idea about it.
I was so lucky at that time.

The point: it is not easy or even very hard to spot scam.

You were lucky enough. However, I think that it is easy to spot a scam because there are many ways to analyze a project. First, look at their team. Most of ICOs has their own company before. Try to make some research about their team on linkedin. it is very useful. Secondly, look at the forum. Forum is best place where people discuss about ICOs and other things. Ask some members about it, they will give you the most honest answer

[Smarty14392]

If they deny to trade with escrow/ is too good to be true.

These are 2 rules to spot scammers a looooong

I think that the number of scammers sitting in the market is even greater than the number of actual traders. You need to be very much active at the time of buying and selling your Bitcoins. You need to go for reliable websites instead of dealing with an individual about which you know nothing.

[nappoleon]

When they talk about more of the profit than the tech itself and being heavily marketed without anything decent to show for. Excessive use of the buzzword "blockchain", "smart-contract" and "crypto". lol

[gabmen]

If they deny to trade with escrow/ is too good to be true.

These are 2 rules to spot scammers a looooong

I think that the number of scammers sitting in the market is even greater than the number of actual traders. You need to be very much active at the time of buying and selling your Bitcoins. You need to go for reliable websites instead of dealing with an individual about which you know nothing.

Even reliable sites and exchanges aren't really safe from scammers and i think we just have to make all the necessary precautions when do trading. It's the same even for outside crypro like forex or stock exchanges.

[TheGodFather]

Any ideas on how to spot a bitcoin scam?

if the platform isnt promising and if you think that it can only scam you money so i think it is scam, just be wise in everything that you were doing in order for us to not to be wrong , we need to be wise, bitcoin is a big money to be lose so if we will let them to fool us a big amount of money will be lose it is wrong for us it can only make us buncrupt and they will swept away all our money.

[Carmen01]

Any ideas on how to spot a bitcoin scam?

search first the site im sure they say in the site that they pay you but if the site having a minimun deposit like that i think dont invest in that site because you dont have assurance in profit many of site here dont have minimum deposit to withdraw the earning coming from there site like eobot cloud mining they gave free doge a day to make your hash up but not fast earnings you have to wait

[chickenado]

Any ideas on how to spot a bitcoin scam?

if the platform isnt promising and if you think that it can only scam you money so i think it is scam, just be wise in everything that you were doing in order for us to not to be wrong , we need to be wise, bitcoin is a big money to be lose so if we will let them to fool us a big amount of money will be lose it is wrong for us it can only make us buncrupt and they will swept away all our money.

For me those things about scamming using bitcoin is not a new story since other anonymous persons viewed it as an easy way of doing such unrighteous ways on how to victimized using digital currency. All we needed to do here is, we should be vigilant and don't easily get fooled of some any investment offers that involved a collection of money as part of the so called business partnership. If you see this scheme to be familiar like that, well I tell you one of that tactics is a ponzi scheme that eventually scams people in a long run.