Cryptocurrency Scammers Are Making Fortunes By Ripping Off 'Greedy' Investors

[Kakmakr]

The thing is that a lot of people are attracted to Crypto currencies, because it is known for the incredible volatility in the price. If you invested in January of 2017 and you sold in December 2017, you would have made +/- 800% profit in less than 1 year. So the type of investor that are being attracted to Bitcoin is those investors that are used to the high volatility and the big gains.

This is where it gets tricky, because they had a taste of high returns and then it fuels the greed and this blinds them from the high returns that are promised by these scams.

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[LodisMcguire]

That's why we need to regulate ICO and not just ban it.Regulation will filter the project to be suitable to release in the internet,so that scam project will be reduced.For investor,it's better to know what you're doing and research thoroughly before you invest in some project.

[Mpamaegbu]

First off OP, hacks aren't the same as scams. Investors are usually not to blame in the former. By the way what is your defining term for greed as in "greedy" investors. Will you consider someone who loses a few dollar here and there in crypto investments via unsuspecting scammy ICOs as greedy? I guess not?

I look at the proposed terms and plans and all I can say is !@#$%. Double the money within a short time frame, wtf!

I bet such Bitcoin doubling promising schemes were prevalent during the awakening months of bitcoin. I am not sure anyone falls for that anymore.

[Kiweikoo]

If someone want to scam people,he will initiate their greedy from their mind by showing high returns so we need to be careful on what we are investing.Nowadays the cryotocurrency field is filled with lot of scammers because it is an anonymous market so this may decrease the growth rate of cryotocurrency adoption so people need to stay away from scammers mainly from scam ICOs.

This is a fact that everyone in this world wants to become rich and desires are the weakest point of any human. This is where scammers strike. Now the next part is, every one also likes to get big profits with as little work as possible.

Scammers give an opportunity to earn large amounts of money with very less efforts. Ultimately, it turns out to be a trap. The safest is to go with trustworthy coins and ICOs.

[Commie]

People start hearing of profits in crypto, then go and invest their money with little to none understanding of what they are investing in. Then blame crypto as whole for their own bad decisions.

[AVAMONEY]

Greed is what is often targeted by the scammers. Take bitconnect for example, it was an obvious ponzi scheme but people still fell for it because they believed that they would make millions in such a little time. If you don't want to get scammed, don't be greedy.

That's one good example, many warning about it that Bitconnect will going to scam in the end, but greedy making people blind about it realize and they fall much into scamming product. We can't blame about how crypto works, but greedy will forget about do not invest on what you can't afford to lose.

[cryptoflintcode]

Firstly, I think scammers are damaging cryptocurrency.. because their actions will bring stiff regulations and we can't really predict what that will do to cryptocurrency..

And for the greedy investors, they don't do due diligence for projects they want to invest in and tend to ignore warning signals and red flags that clearly seem as scam in their bid to 'lambo' very fast..

[Biscutard]

People start hearing of profits in crypto, then go and invest their money with little to none understanding of what they are investing in. Then blame crypto as whole for their own bad decisions.

This is the main reason why most of them just got scammed because they tend to invest without doing some research or having a knowledge on what they are dealing with. It is really important to know every details when we are talking about of money and not just by mainly investing because you like it or because you heard they profit from it but the real thing is that they were just joining some ponzi. So it is better to really do some research when there is money's being involved.

[audaciousbeing]

Greed is what is often targeted by the scammers. Take bitconnect for example, it was an obvious ponzi scheme but people still fell for it because they believed that they would make millions in such a little time. If you don't want to get scammed, don't be greedy.

Greed is a key thing and this case is one that you even see Legendary members blinded by greed defending why its the best thing and get scammed what you then see, is them creating a thread as a newbie because they are ashamed of their decisions. For this category of people, they don't deserve my pity as they brought whatever happen upon themselves just for some dollars.

Firstly, I think scammers are damaging cryptocurrency.. because their actions will bring stiff regulations and we can't really predict what that will do to cryptocurrency..

And for the greedy investors, they don't do due diligence for projects they want to invest in and tend to ignore warning signals and red flags that clearly seem as scam in their bid to 'lambo' very fast..

While huge scamming is being facilitated by greed several others are victims ignorantly and that is casing more harm than we can imagine to the entire crypto space to the extent that when people liken bitcoin to scam, they would be right. Not knowing people are only hiding under that to facilitate their nefarious activities. I would blame those who create the platforms to scam because even people who are greedy won't fall victim when there is no platform to try their lucks.

[munareal]

Scammers and hackers are giving crypto currencies a bad name as crypto is associated to criminals .Regulations is a welcome policy as it will check mate scammers.We also as investor have to do our part which is due diligent. The internet is not a way of getting rich quick

[gabmen]

People start hearing of profits in crypto, then go and invest their money with little to none understanding of what they are investing in. Then blame crypto as whole for their own bad decisions.

This is the main reason why most of them just got scammed because they tend to invest without doing some research or having a knowledge on what they are dealing with. It is really important to know every details when we are talking about of money and not just by mainly investing because you like it or because you heard they profit from it but the real thing is that they were just joining some ponzi. So it is better to really do some research when there is money's being involved.

Well it's really tempting though when you hesr about how your money can grow several percentages up in just a few days. That most of the time takes logic away from investors since all they want is easy money. Making yourself aware would lessen the chances of succumbing to these kind of people

[Commie]

People start hearing of profits in crypto, then go and invest their money with little to none understanding of what they are investing in. Then blame crypto as whole for their own bad decisions.

This is the main reason why most of them just got scammed because they tend to invest without doing some research or having a knowledge on what they are dealing with. It is really important to know every details when we are talking about of money and not just by mainly investing because you like it or because you heard they profit from it but the real thing is that they were just joining some ponzi. So it is better to really do some research when there is money's being involved.

If everyone done that before investing into anything, ponzi schemes would be extinct long time ago. But human is a funny animal, his greed doesn't have limits so there will always be stable supply of fools waiting to be scammed.

[burner2014]

People start hearing of profits in crypto, then go and invest their money with little to none understanding of what they are investing in. Then blame crypto as whole for their own bad decisions.

This is the main reason why most of them just got scammed because they tend to invest without doing some research or having a knowledge on what they are dealing with. It is really important to know every details when we are talking about of money and not just by mainly investing because you like it or because you heard they profit from it but the real thing is that they were just joining some ponzi. So it is better to really do some research when there is money's being involved.

If everyone done that before investing into anything, ponzi schemes would be extinct long time ago. But human is a funny animal, his greed doesn't have limits so there will always be stable supply of fools waiting to be scammed.

Let us just understand those people and they should treat things as a learning in their life, so far, I was victim too but not too high, I just invest a couple of dollar to make sure if it will work or not before investing at high price, and so far I was scammed but it is okay because I learned to be careful well.

[GoldenLad]

A lot people are very greedy, and it's just in some human nature to be greedy. It's just so unfortunate that this their greedy act is giving cryptocurrency a bad name. Many people who did not invest in cryptocurrency are spreading FUD to beginners whom just startedout in cryptocurrency and telling them  that hackers can easily steal your coin if they invest.

[BartS]

LONDON — Investors have lost $670 million of cryptocurrencies in hacks and scams over the last three months, according to data shared with Business Insider.

Crypto Aware, which gives investment advice for crypto, compiled data on all the major hacks and scams in the space between June 2011 and March 2018.

The data shows that over $1.7 billion-worth of cryptocurrency was stolen over the period, with $670 million lost in the first three months of 2018 alone. It means that 40% of all cryptocurrency theft by value has occurred in just the last three months.

Notable losses since the start of the year include the $400 million hack of Japanese cryptocurrency exchange Coincheck in January and a $170 million hack of cryptocurrency exchange BitGrail in February.

Anna Wu, the founder of Crypto Aware, told Business Insider: "Cryptocurrency is receiving more and more validation as a means of value transfer, with top coins reaching historically high prices toward the end of last year. This attracted a lot of new, unseasoned investors who are not well versed in terms of online security and who are identified as easy targets by scammers."

The total size of the cryptocurrency market rose from around $27 billion in April 2017 to close to $270 billion as of Tuesday. The market exploded thanks to the rise of bitcoin against the dollar and the new trend of "initial coin offerings" (ICOs), where startups issue their own digital coins to fund their businesses. Startups raised $5.6 billion through ICOs in 2017.

Wu said: "Cryptocurrency frauds, scams, and hacks tend to rise every time there is considerable upward momentum in pricing for cryptocurrency market, so be extra cautious when the market is bullish."

Crypto Aware's figures highlight the risks associated with the volatile and unregulated market. Many investors store their crypto centrally on exchanges and these large holdings make them an attractive target for hackers.

Scammers have also fraudulently raised millions from unknowing investors, such as Chinese Ponzi scheme "Asian-European Currency" which was shut down by police in early 2017.

Wu told BI that investors shouldn't invest more than they can afford to lose and should inspect URLs closely.

"Phishing scams are by far the most popular type of scams and you can easily avoid them by checking the website address against the officially published URLs character by character," she said.

Wu added: "If it seems too good to be true - it is. Investment scams often try to entice gullible investors with unrealistic returns. Don't be greedy."

https://onecryptocoinnews.blogspot.in/2018/04/cryptocurrency-scammers-are-making.html

Original source: https://read.bi/2GGx1LH

If things are this bad right now then it is very easy to imagine that things are going to get a lot worse when a lot more people begin to invest in cryptocurrencies since those people have no sense of how to store their coins, right now the people that are investing in cryptocurrencies, people like us, have some knowledge about how to avoid scammers and hackers, but the people that are going to make cryptocurrencies widely adopted around the world can barely install an app and login into their Facebook accounts, so things could get very ugly very soon.

[Commie]

People start hearing of profits in crypto, then go and invest their money with little to none understanding of what they are investing in. Then blame crypto as whole for their own bad decisions.

This is the main reason why most of them just got scammed because they tend to invest without doing some research or having a knowledge on what they are dealing with. It is really important to know every details when we are talking about of money and not just by mainly investing because you like it or because you heard they profit from it but the real thing is that they were just joining some ponzi. So it is better to really do some research when there is money's being involved.

If everyone done that before investing into anything, ponzi schemes would be extinct long time ago. But human is a funny animal, his greed doesn't have limits so there will always be stable supply of fools waiting to be scammed.

Let us just understand those people and they should treat things as a learning in their life, so far, I was victim too but not too high, I just invest a couple of dollar to make sure if it will work or not before investing at high price, and so far I was scammed but it is okay because I learned to be careful well.

I believe we have all been there at some point. However, there are those who learn and those who don't

[felicity06]

But for me still it is not a good habit...  To engage in scamming...  If you analyze the meaning of invest it is much good to heard that someone invest using his/ her own money rather than scamming someone to earn money... It is unfair even those investors are trully greedy when its about profit.... We cant judge them easily at least they are working fair beyondd their motives...  Rather than those who scam... 

[SkiOlya]

Wherever there is money, there are necessarily fraudulent schemes. Unfortunately, bitcoin could not avoid this either. It turned out on the contrary, with the crypto currency even more cases of deceptions. This is because users do not know everything about bitcoin and the attackers use it. Therefore, all owners of bitcoins need to study all known fraud options so as not to get caught!

[Semaj123]

A lot people are very greedy, and it's just in some human nature to be greedy. It's just so unfortunate that this their greedy act is giving cryptocurrency a bad name. Many people who did not invest in cryptocurrency are spreading FUD to beginners whom just startedout in cryptocurrency and telling them  that hackers can easily steal your coin if they invest.

Definitely, because people are tempted with money and probably will do something that could lead to some criminal activities. They havs been fooled because they lack some knowledge about how crypto really works. They always wanted to have an easy money and probably they didn't even know the risk behind those opportunities. This is why we should carefully think first before getting involved in an investment so that we can avoid some scammers.

[lienfaye]

where does the 'greedy' part come in when you're the innocent victim of an exchange's security incompetence?

Indeed its a different thing.
Majority of people victimized by scammers are newbies because they want an easy money and thinking its a good opportunity to grab the chance and earn huge amount in an instant. Lack of knowledge and being greedy are the reason why they end up losing instead of earning. However its a good lesson and experience that you can apply the next time you decided to invest again.