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AttorneyBitcoin
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November 11, 2017, 06:27:29 PM
 #1

Dear Crypto-Community:

Lately I have been receiving emails and calls regarding scams and other difficulties. Please read my comments below and make your own suggestions so that we may try to help keep people from getting hurt.

1. Do not keep any meaningful amounts of crypto currency in trading exchanges. Make your trades and then secure in a wallet.

2. If you make large deposits or withdrawals from any account you are raising a red flag. You will likely find that the larger the transaction, the more identity information the exchange or wallet requires in order to comply with AML laws.

3. If the exchange or account is a smaller company and you make demand for a large withdrawal you may find that your withdrawal will be delayed. If the company is over-extended or a scam or ponzi then your account may be "frozen" and your demands for explanation go unanswered.

4. As to cloud mining, you do take more risks that difficulty will rise faster than the ability of your investment to give you a true ROI. This is also an area that seems to have more scams.

5. If the company you have funds in does not have a verifiable physical address in the country that you live in, you will likely have no legal recourse for any rip-offs.

6. Be aware that fees in many exchanges and wallets seem to be creeping up. You may start with $30, U.S. in BTC and by the time it is sold and reaches your Bank as U.S. Dollars it is reduced to $22 U.S.

I look forward to comments and suggestions.

George D. Greenberg, Esq.
www.attorneybitcoin.com
Las Vegas, Nevada, U.S.
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November 11, 2017, 08:51:00 PM
 #2

I see this information of yours very helpful to those people who are not aware to what is happening in Bitcoin in dealing with different kinds of problems online, it is true that most ICOs and new exchanges are facing a lot of scam accusation because there are people who owns a big amount of cryptocurrencies that entrusting their money into it.

I just would like to ask if there is any legal laws that can be given to those victims if the scammers has been trace because all I think for now is that people must only take care with themselves as there is no concrete laws regarding about these left and right scams.

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AttorneyBitcoin
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November 11, 2017, 11:40:02 PM
 #3

Thank you for your kind words. It is quite precarious right now for newcomers. What is interesting is that most crypto-users do not want the government involved, that is until a person loses money due to fraud, then they say, 'There ought to be a law.' Due diligence, buyer beware, seek out advisers, and definitely question even the advisers.

George D. Greenberg, Esq.

www.attorneybitcoin.com
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November 14, 2017, 09:15:20 AM
 #4

Quote
As to cloud mining, you do take more risks that difficulty will rise faster than the ability of your investment to give you a true ROI. This is also an area that seems to have more scams.


This is one of the many "investment| areas we have to avoid like a dog bringing in a plaque to the community. I would venture to say that all of these cloud mining programs would turn out to be scams later if they are not really designed to just suck money of their innocent victims. The general objective is to entice people to invest hard-earned money in different programs which have guaranteed high return-on-investment (ROI) only to find out that the site is gone for good. Victims of this scheme are piling up and it is virtually impossible to get your money back as we don't have any agency where we can turn to if we are victimize...we would just charged them to experience so that next time we will really be careful in gambling our money away.

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November 14, 2017, 11:12:59 AM
 #5

First Thank you for this List, it will help a lot of people, cryptocurrency enthusiast which is not tech-savvy enough can take a look at this list and follow this rules. The Legal part is very important specially when you are cashing out.
1. Agreed, this suggestion have been spreading from the thread and it should be continually remind everyone, when you have your private key you have the power over your Bitcoins.
2. I agree on this. Here in the Philippines, Coins.ph have a limit of 400K Max ( if you verify your identity, yup, including Government IDs which can make you paranoid for some reasons). AML here in PH, states that 500K or more worth of transaction should be reported.

C
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Aamir1
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November 14, 2017, 11:27:03 AM
 #6

The points are totally accurate. Mostly the part of keeping bitcoins in exchanges. I have seen or heard many people saying they lost money from their accounts in exchanges, and sometimes even the complete exchange got ripped-off and we all have seen that. So i myself never keep any bitcoin in any exchange no matter how trusted the exchange is. There are always emails coming up that someone is trying to access your account and if they anyhow got complete access to it when it had bitcoins in it, then they are gone. So it is always important to cash out at the end of the day when you are done trading for that particular day and deposit again when you want to trade again.

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November 14, 2017, 12:35:55 PM
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Thanks for the information but for most users it is already known from personal experience. I've heard a lot of reports of hacking of accounts on the exchanges so never keep your coins there. The first unauthorized attempt to log on to my account on the exchange were made in 15 minutes after the registration.

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November 14, 2017, 06:15:04 PM
 #8

Dear Crypto-Community:

Lately I have been receiving emails and calls regarding scams and other difficulties. Please read my comments below and make your own suggestions so that we may try to help keep people from getting hurt.

1. Do not keep any meaningful amounts of crypto currency in trading exchanges. Make your trades and then secure in a wallet.

This is a fundamental rule that should be applied no matter the amount of funds you have that you cannot afford to lose but if otherwise, you can just go ahead. Issues still arise today on several users not getting their due forks in due time while some other exchange sites change their policies at will.

2. If you make large deposits or withdrawals from any account you are raising a red flag. You will likely find that the larger the transaction, the more identity information the exchange or wallet requires in order to comply with AML laws.

This is something that most exchange sites always put in the KYC policies depending on how much you want to withdraw and trade in. Higher amount means higher information you must be willing to share

3. If the exchange or account is a smaller company and you make demand for a large withdrawal you may find that your withdrawal will be delayed. If the company is over-extended or a scam or ponzi then your account may be "frozen" and your demands for explanation go unanswered.

Be sure of the exchange site you want to visit there are several ones that have proven themselves that you can choose from.

4. As to cloud mining, you do take more risks that difficulty will rise faster than the ability of your investment to give you a true ROI. This is also an area that seems to have more scams.
This is the most lucrative scams, want to waste your money, this is one sure way to lose it.

5. If the company you have funds in does not have a verifiable physical address in the country that you live in, you will likely have no legal recourse for any rip-offs.

This I will have to agree with you.

6. Be aware that fees in many exchanges and wallets seem to be creeping up. You may start with $30, U.S. in BTC and by the time it is sold and reaches your Bank as U.S. Dollars it is reduced to $22 U.S.
This is key before you start shouting scam all over the place.

I look forward to comments and suggestions.

George D. Greenberg, Esq.
www.attorneybitcoin.com
Las Vegas, Nevada, U.S.

In all this is something a newbie should read and digest before engaging in any transaction via exchnage sites as well as cloud mining services. Mere reading can save a lot of heart breaks.

AttorneyBitcoin
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November 15, 2017, 06:27:25 AM
 #9

Dear Crypto-Community:

Lately I have been receiving emails and calls regarding scams and other difficulties. Please read my comments below and make your own suggestions so that we may try to help keep people from getting hurt.

1. Do not keep any meaningful amounts of crypto currency in trading exchanges. Make your trades and then secure in a wallet.

This is a fundamental rule that should be applied no matter the amount of funds you have that you cannot afford to lose but if otherwise, you can just go ahead. Issues still arise today on several users not getting their due forks in due time while some other exchange sites change their policies at will.

2. If you make large deposits or withdrawals from any account you are raising a red flag. You will likely find that the larger the transaction, the more identity information the exchange or wallet requires in order to comply with AML laws.

This is something that most exchange sites always put in the KYC policies depending on how much you want to withdraw and trade in. Higher amount means higher information you must be willing to share

3. If the exchange or account is a smaller company and you make demand for a large withdrawal you may find that your withdrawal will be delayed. If the company is over-extended or a scam or ponzi then your account may be "frozen" and your demands for explanation go unanswered.

Be sure of the exchange site you want to visit there are several ones that have proven themselves that you can choose from.

4. As to cloud mining, you do take more risks that difficulty will rise faster than the ability of your investment to give you a true ROI. This is also an area that seems to have more scams.
This is the most lucrative scams, want to waste your money, this is one sure way to lose it.

5. If the company you have funds in does not have a verifiable physical address in the country that you live in, you will likely have no legal recourse for any rip-offs.

This I will have to agree with you.

6. Be aware that fees in many exchanges and wallets seem to be creeping up. You may start with $30, U.S. in BTC and by the time it is sold and reaches your Bank as U.S. Dollars it is reduced to $22 U.S.
This is key before you start shouting scam all over the place.

I look forward to comments and suggestions.

George D. Greenberg, Esq.

www.attorneybitcoin.com
Las Vegas, Nevada, U.S.

In all this is something a newbie should read and digest before engaging in any transaction via exchnage sites as well as cloud mining services. Mere reading can save a lot of heart breaks.


Great Analysis. Thank you for filling in some of the blanks and expanding on some of the others. Best: George D. Greenberg
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November 16, 2017, 09:44:16 AM
 #10

Attorney can we file a lawsuit against a company who did not push
through the ICO and never returned our investments?

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November 16, 2017, 10:56:19 AM
 #11

Dear Crypto-Community:

Lately I have been receiving emails and calls regarding scams and other difficulties. Please read my comments below and make your own suggestions so that we may try to help keep people from getting hurt.

1. Do not keep any meaningful amounts of crypto currency in trading exchanges. Make your trades and then secure in a wallet.
I know it is not convenient to do it, timely again and again but it make sense to give yourself assurance of your action. Maybe it’s time to go back study my strategy and security. An information that has been forgotten because of laziness that I should been doing since before.


Quote
2. If you make large deposits or withdrawals from any account you are raising a red flag. You will likely find that the larger the transaction, the more identity information the exchange or wallet requires in order to comply with AML laws.
I have read about it for so many times from ordinary members of this forum and to have legal advice from a law practitioner itself is much better.

Quote
3. If the exchange or account is a smaller company and you make demand for a large withdrawal you may find that your withdrawal will be delayed. If the company is over-extended or a scam or ponzi then your account may be "frozen" and your demands for explanation go unanswered.
This is reality that most of us should understand that a company they have they’re own rules and those is mostly be to be followed and we can’t do about it.

Quote
4. As to cloud mining, you do take more risks that difficulty will rise faster than the ability of your investment to give you a true ROI. This is also an area that seems to have more scams.
I personally been victimise by a cloud mining syndicate last year and those experience bring me a lot of depression but I’ve move on and forgetting it is not an easy thing, that’s why I’m hesitant to join any cloud mining site today. Learned from it and Stay away if possible.

Quote
5. If the company you have funds in does not have a verifiable physical address in the country that you live in, you will likely have no legal recourse for any rip-offs.
That’s why I used local bitcoin wallet providers that is licensed and regulated by the government and the central bank in my country for this purposes.

Quote
6. Be aware that fees in many exchanges and wallets seem to be creeping up. You may start with $30, U.S. in BTC and by the time it is sold and reaches your Bank as U.S. Dollars it is reduced to $22 U.S.
I can’t argue with that for some reason it is beyond what can we control about. It is more of we choose what we deserve if we don’t make a different path.

Quote
I look forward to comments and suggestions.

George D. Greenberg, Esq.
www.attorneybitcoin.com
Las Vegas, Nevada, U.S.

Thanks sir George, for this incredible opportunity to give our own opinions on the same way respecting it. You’re kind and worth to be in conversation with. It is a great help for the bitcoin community as a whole.
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