[2018-01-22]How Scammers Are Using Fake News To Screw With Bitcoin Investors

[vit05]

In the largely unregulated world of bitcoin and cryptocurrency, fraudsters are getting rich by deliberately spreading false information to affect the price of their holdings using social media, scam news sites, and private chat apps.


On Saturday, Jan. 14, a Twitter account purporting to be that of John McAfee, the outlandish founder of cybersecurity firm McAfee, shared a bit of investment advice. “Coin of the day,” the account tweeted, promoting GVT, a new digital coin that had started trading in the fall of 2017.

Despite his infamy (he founded one of the most successful antivirus software companies ever, fled from Belize police in 2012 after being wanted for questioning in the death of his neighbor, and ran for president in 2016), McAfee is still viewed by some as a cryptocurrency sage; he was touting bitcoin as the currency of the future long before its recent gains. And — for some — McAfee shilling for GVT was good reason to buy it, a premonition of future buying frenzies and a soaring valuation.

So they bought. And they bought without noticing the additional "L" in the Twitter username or the missing verification check that distinguished the bogus McAfee account from the real one, @OfficialMcAfee. When the tweet was first broadcast at around 3 p.m. ET, GVT was bought and sold on the market at $30. By 3:04, it was at $45, and trading volume had doubled.

more= https://www.buzzfeed.com/ryanmac/heres-how-scammers-are-using-fake-news-to-screw-with-bitcoin?utm_term=.ihGEN4G2V#.saQ7AVY51

[1715165247]

1715165247

[1715165247]

1715165247

[1715165247]

1715165247

[richardsNY]

To screw investors? It should state to screw desperate-get-rich-quick-noobs. Seriously, if you buy or sell whatever coin just because someone tells you to do so, you are pathetic and should not receive any mercy of sorry feelings. It may sound harsh, but it is the reality -- people are responsible for their own actions. The majority of the people here are get rich quick noobs, and they happen to take everything for granted without doing any research beforehand. It's so easy to trick people into thinking something here, that you almost can't blame those behind it for exploiting people's stupidity and ignorance -- this isn't a joke or fun market. If you drop your guard, you'll get finished before you even realize it. I however have to point out that this isn't something just related to crypto. It happens with penny stocks as well, and even with stocks, but stock investors are mostly those with an overall higher IQ than the people we're dealing with here....

[jjacob]

Fake twitter accounts are blatant attempts to manipulate the markets. But there are a lot of other attempts as well. Sponsored articles in the guise of 'news' attempt to push up the price of coins. Last year, every now and then there were rumours about China 'banning' bitcoin, which resulted in price crashes. The rumour mongers then got an opportunity to pick up cheap coins.

[Theb]

What is new about this? Even before Bitcoin was created hypers and bashers exist in the world which they really prey the noobs of the market as they are the ones who get too careless. They are taking advantage of there lack of knowledge to create fear and let that fear take their decision makings. But we cannot remove them all what we can do instead is to learn more about trading and become independent with it. That is the only tool you can do in order to prevent being fooled again by this scammers of the crypto market.

[superjeyy]

I don't know what the news is with this, but aren't we all supposedly aware by these type of people by now? At situations like this, there is no one to blame but the people who chose to be fooled. I know some of the people here would say that it is not their choice, but who in the first place engaged with such people? We should be more aware of their tactics and responsible for ourselves because at the end of the day, we're the only ones who can truly protect ourselves in this industry. Don't let yourself be fooled, be extra vigilant and do your part by researching and assuring that the people you're dealing with is legit and has genuine intentions.

[mega_carnation]

I don't know what the news is with this

In a fast market, these people behind promoting a coin that doesn't really fight a good fight through it's demand are doing their best to market out that nonsense coin.

Last year, every now and then there were rumours about China 'banning' bitcoin, which resulted in price crashes.

LOL so true and what now? They are calling out South Korea to ban cryptocurrencies and others are also saying that India is also banning even though it's not.

[bosian]

Fake news is everywhere, it's like stock markets. Nothing strange. I don't know why the arthor want to single put bitcoin. If you believe all the news, it's your problem.

[Sir Cross]

Fake twitter accounts are blatant attempts to manipulate the markets. But there are a lot of other attempts as well. Sponsored articles in the guise of 'news' attempt to push up the price of coins. Last year, every now and then there were rumours about China 'banning' bitcoin, which resulted in price crashes. The rumour mongers then got an opportunity to pick up cheap coins.

The thing with the use of social media is that everything may seem legit making anything that is posted sound real. Just with a few twitter accounts may fool a lot of people and the use of this could spread a lot of information in a short period of time. What's also sad is that some people actually believe in what they read first before even verifying first whether it's true, victimizing them of the fake news that has been spreading about.

[Zicadis]

Fake news is everywhere its actually hard to fight it because its the best lure to spread this juicy news and it seems to be a growing trend worldwide  and in some countries like The UK, the government has established an anti-fake news unit read about it here http://www.bbc.com/news/uk-politics-42791218. Only way o will this fight is to invest in projects to have some information of...