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Author Topic: new delhi,india : Bitcoin gold sold as bitcoin to uneducated investors !  (Read 152 times)
bitcoinfuck
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June 20, 2018, 10:03:13 AM
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in short: someone scammed 45 Crores by selling bitcoin gold as bitcoin to the buyers.


the people now blame the whole bitcoin ecosystem to be a scam, this is what happens everywhere, every single INR wasted in fake ico scams, cloud mining, and other crypto scams, in the end, all the non-technical public blames bitcoin as a whole.



Please spread awareness, among your friends and family, bitcoin is nothing without the community, we need to advertise bitcoin personally, at least more than these scammers!




TRUSTED CRYPTOCURRENCY  WALLET:- https://bitcointalk.org/index.php?topic=2088982.msg20871598#msg20871598

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June 20, 2018, 10:15:24 AM
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Yes! Even another ponzi company Money Trade Coin recently busted by Maharashtra Police. It was estimated that they have raked up around 500 Cr. from the market with a promise to provide 20% annual return with their own coin. Such kind of scammers and ponzi schemes are actually a big threat to the economy. But it had to happen because the banking system of India is a failed system. The banks in India have failed to reach all levels of society and that's why poor people are getting scammed by the big whales in the name of ponzi schemes.

There was another news of a Policeman got arrested by his peers over an extortion charge in Haryana. He reportedly asked for bitcoin as extortion money. So we have faults within the system as well. Proper education and awareness is required to stop such scammers which is sadly not present in all levels of Indian citizens.

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June 20, 2018, 10:17:53 AM
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how can you sell another coin in place of bitcoin? specially when the address format is different!

when someone can't even see the difference between an address starting with G and starting with 1, 3, bc1 then they deserve to lose money in my opinion. it has nothing to do with scammers, it was more like a giveaway by the newbies. they were giving their money away and these so called scammers took it from them. Wink

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June 20, 2018, 10:36:51 AM
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how can you sell another coin in place of bitcoin? specially when the address format is different!
when someone can't even see the difference between an address starting with G and starting with 1, 3, bc1 then they deserve to lose money in my opinion.
Those that got scammed in the first place are people who are not familiar with cryptocurrency and most of them only know bitcoin by name without knowing it's tech and how it is used. Therefore, it is a given that they wouldn't know the difference in address format but I guess they deserve to part with their money because they haven't done their research about it before buying.
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June 20, 2018, 10:45:37 AM
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how can you sell another coin in place of bitcoin? specially when the address format is different!
when someone can't even see the difference between an address starting with G and starting with 1, 3, bc1 then they deserve to lose money in my opinion.
Those that got scammed in the first place are people who are not familiar with cryptocurrency and most of them only know bitcoin by name without knowing it's tech and how it is used. Therefore, it is a given that they wouldn't know the difference in address format but I guess they deserve to part with their money because they haven't done their research about it before buying.

that not the point i am trying to make, if they loose its okay scams happen, but the blame is on bitcoin, in the end they are thinking and spreading that Bitcoin is scam.


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June 20, 2018, 10:47:14 AM
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Yes! Even another ponzi company Money Trade Coin recently busted by Maharashtra Police. It was estimated that they have raked up around 500 Cr. from the market with a promise to provide 20% annual return with their own coin. Such kind of scammers and ponzi schemes are actually a big threat to the economy. But it had to happen because the banking system of India is a failed system. The banks in India have failed to reach all levels of society and that's why poor people are getting scammed by the big whales in the name of ponzi schemes.

There was another news of a Policeman got arrested by his peers over an extortion charge in Haryana. He reportedly asked for bitcoin as extortion money. So we have faults within the system as well. Proper education and awareness is required to stop such scammers which is sadly not present in all levels of Indian citizens.

yes agree, indians minds are limited to 9 to 5 jobs, we indians are not interested in knowing more then our workspace, this is why indians been a huge victims in every scam

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June 20, 2018, 10:47:57 AM
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Yes! Even another ponzi company Money Trade Coin recently busted by Maharashtra Police. It was estimated that they have raked up around 500 Cr. from the market with a promise to provide 20% annual return with their own coin. Such kind of scammers and ponzi schemes are actually a big threat to the economy. But it had to happen because the banking system of India is a failed system. The banks in India have failed to reach all levels of society and that's why poor people are getting scammed by the big whales in the name of ponzi schemes.

There was another news of a Policeman got arrested by his peers over an extortion charge in Haryana. He reportedly asked for bitcoin as extortion money. So we have faults within the system as well. Proper education and awareness is required to stop such scammers which is sadly not present in all levels of Indian citizens.

Banks have failed to reach all the levels of society, but some of these people getting scammed has everything to do with their utter lack of understanding of cryptocurrencies mixed with their urge to make some quick bucks. Gain Bitcoin was marked as scam couple of years ago, but people kept on investing till he got arrested. There is simple logic, chit fund scamsters are now getting replaced by crypto scamsters, but the investors are remaining the same. In March, the government approved the Banning of Unregulated Deposit Schemes Bill, 2018.  If I am right, July 5 is when banks completely stop offering their services to exchanges and with a highly unregulated crypto market the crime rate is expected go up another notch.
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June 20, 2018, 10:48:08 AM
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in short: someone scammed 45 Crores by selling bitcoin gold as bitcoin to the buyers.


the people now blame the whole bitcoin ecosystem to be a scam, this is what happens everywhere, every single INR wasted in fake ico scams, cloud mining, and other crypto scams, in the end, all the non-technical public blames bitcoin as a whole.



Please spread awareness, among your friends and family, bitcoin is nothing without the community, we need to advertise bitcoin personally, at least more than these scammers!




TRUSTED CRYPTOCURRENCY  WALLET:- https://bitcointalk.org/index.php?topic=2088982.msg20871598#msg20871598

Wow. The ones that invested are the ones who are to be blamed and not the one that got them to invest on it since that is their part to do research before investing in anything.
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June 20, 2018, 11:08:25 AM
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These people dont have guts and to open a proper exchange. All greedy fellows selling their own bitcoin to uneducated investors/people in India. Do not go with them ,service is also shit . Try Coinsecure.
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June 20, 2018, 11:29:44 AM
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that not the point i am trying to make, if they loose its okay scams happen, but the blame is on bitcoin, in the end they are thinking and spreading that Bitcoin is scam.
My post might not match your point but with all due respect, I am merely replying to Red-Apple's post asking how one can sell another coin in place of bitcoin and expressing my opinion about it(and the latter part of his post that I have not quoted), not on your original post. Nevertheless, I do agree with you that they should not blame bitcoin for their loss.
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June 20, 2018, 11:36:36 AM
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Actually it's not a bit of a bitcoin but but bitcoin is always a target to blame, and that's actually our own fault and I believe that the bitcoin and other crypto will go back up again.
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June 20, 2018, 11:40:45 AM
 #12

in short: someone scammed 45 Crores by selling bitcoin gold as bitcoin to the buyers.


the people now blame the whole bitcoin ecosystem to be a scam, this is what happens everywhere, every single INR wasted in fake ico scams, cloud mining, and other crypto scams, in the end, all the non-technical public blames bitcoin as a whole.
it's really silly cases, why in this era there are still many people who dare to invest without having basic knowledge and most of them are always looking for objects to blame, they are unaware of their own mistakes, it's very annoying

Please spread awareness, among your friends and family, bitcoin is nothing without the community, we need to advertise bitcoin personally, at least more than these scammers!

this is absolutely right, I have been trying to spread Bitcoin awareness among my family and friends and I'm grateful that some of them respond well even have profited from trading


▰▰▰   Ex-Bounty Hunter   ▰▰▰
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June 20, 2018, 12:30:10 PM
 #13

how can you sell another coin in place of bitcoin? specially when the address format is different!

when someone can't even see the difference between an address starting with G and starting with 1, 3, bc1 then they deserve to lose money in my opinion. it has nothing to do with scammers, it was more like a giveaway by the newbies. they were giving their money away and these so called scammers took it from them. Wink

I wouldn't really expect newbies to be knowledgeable about address formats. Heck, lots of people here who are barely newbies anymore don't even know what segwit addresses are, judging by some of the applications for segwit-required campaigns.

Either way, for all newbies know, Bitcoin could just be short for Bitcoin Gold, a la Dollars to US Dollars. They should certainly have exercised due diligence, but I would blame the fraudster a thousand times before I put any blame on the victims. This is not their fault.

Seriously though, should newbies learn all about forks before getting involved in the market too? This is just unfortunate, as it raises the technical knowledge barrier of entry even higher.

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June 20, 2018, 01:30:15 PM
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This all boils down to the buyers, especially if they haven't researched about bitcoin one bit. The address format is entirely different, also, they will know it depending on the wallet software they use. They can first check the internet about the difference of the two yet they can't, which shows negligence on their part. Let's be honest, it's still fraud at the end of the day, but if you haven't done anything to prevent such and put the blame into others, that means you don't deserve the justice for whatever happens to your money in the end. This has been a long-standing problem and people still can't do a single research before buying.

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June 20, 2018, 02:26:13 PM
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how can you sell another coin in place of bitcoin? specially when the address format is different!
when someone can't even see the difference between an address starting with G and starting with 1, 3, bc1 then they deserve to lose money in my opinion.
Those that got scammed in the first place are people who are not familiar with cryptocurrency and most of them only know bitcoin by name without knowing it's tech and how it is used. Therefore, it is a given that they wouldn't know the difference in address format but I guess they deserve to part with their money because they haven't done their research about it before buying.

that not the point i am trying to make, if they loose its okay scams happen, but the blame is on bitcoin, in the end they are thinking and spreading that Bitcoin is scam.

newbies who get scammed like this will blame bitcoin nonetheless. it  doesn't have to be this one necessarily. they may lose money because bitcoin drops 1%! or they may lose the password to their wallet and then blame bitcoin for it. there are hundreds of cases like this on bitcointalk of newbies nagging and calling bitcoin scam because of the mistakes they have made.
and it doesn't stop there, there are newbies who lost money in altcoins that got dumped on their heads and they are now calling bitcoin scam Cheesy

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June 20, 2018, 02:32:56 PM
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For get about the novice people getting scammed.But greedy investors who have much knowledge of cryptos are getting scammed daily with scammy ICOs and hyped forked coins.All these scams are doing more harm to the crypto currencies and denting credibility

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June 20, 2018, 02:34:42 PM
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Those that got scammed in the first place are people who are not familiar with cryptocurrency and most of them only know bitcoin by name without knowing it's tech and how it is used. Therefore, it is a given that they wouldn't know the difference in address format but I guess they deserve to part with their money because they haven't done their research about it before buying.
I wouldn't really expect newbies to be knowledgeable about address formats. Heck, lots of people here who are barely newbies anymore don't even know what segwit addresses are, judging by some of the applications for segwit-required campaigns.

Either way, for all newbies know, Bitcoin could just be short for Bitcoin Gold, a la Dollars to US Dollars. They should certainly have exercised due diligence, but I would blame the fraudster a thousand times before I put any blame on the victims. This is not their fault.

Seriously though, should newbies learn all about forks before getting involved in the market too? This is just unfortunate, as it raises the technical knowledge barrier of entry even higher.

you both have good points here. but here is my thought process  which is why i said that.
when i don't even know what bitcoin is, i search for it. and when i do i find out that i need a wallet. any bitcoin wallet will generate bitcoin addresses for me and when the scammer asks me for my address i will give him my bitcoin address in hopes that i receive bitcoin.
when he sends me BTG i wouldn't be able to see it in my wallet. so how would i even pay him for what i do not see?

besides why use BTG? if you want to use some fork coin with the bitcoin name in it then choose one that is a lot cheaper than BTG. there are lots of them out there with much lower price that bitcoin gold is super expensive compared to them.

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June 20, 2018, 02:38:26 PM
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how can you sell another coin in place of bitcoin? specially when the address format is different!
when someone can't even see the difference between an address starting with G and starting with 1, 3, bc1 then they deserve to lose money in my opinion.
Those that got scammed in the first place are people who are not familiar with cryptocurrency and most of them only know bitcoin by name without knowing it's tech and how it is used. Therefore, it is a given that they wouldn't know the difference in address format but I guess they deserve to part with their money because they haven't done their research about it before buying.

that not the point i am trying to make, if they loose its okay scams happen, but the blame is on bitcoin, in the end they are thinking and spreading that Bitcoin is scam.

newbies who get scammed like this will blame bitcoin nonetheless. it  doesn't have to be this one necessarily. they may lose money because bitcoin drops 1%! or they may lose the password to their wallet and then blame bitcoin for it. there are hundreds of cases like this on bitcointalk of newbies nagging and calling bitcoin scam because of the mistakes they have made.
and it doesn't stop there, there are newbies who lost money in altcoins that got dumped on their heads and they are now calling bitcoin scam Cheesy
Nice, newbie don't know the difference between the alt coin and bitcoin investing without reasearch like they do not know what they are investing in, You are right the problem that they are facing is humans fault not the system fault loosing or hack by the wallet is the users fault but still they will call bitcoin as scam after all.
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June 20, 2018, 10:04:17 PM
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Actually nowadays only a reasonable price reduction takes place and no scam going on, all will return better in the future.
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June 21, 2018, 08:24:17 AM
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you both have good points here. but here is my thought process  which is why i said that.
when i don't even know what bitcoin is, i search for it. and when i do i find out that i need a wallet. any bitcoin wallet will generate bitcoin addresses for me and when the scammer asks me for my address i will give him my bitcoin address in hopes that i receive bitcoin.
when he sends me BTG i wouldn't be able to see it in my wallet. so how would i even pay him for what i do not see?

I completely agree. Everyone should exercise due diligence when purchasing anything because mistakes can be costly. If someone bought Bitcoin Gold instead Bitcoin because he didn't do proper research, it's his fault.

OP's post, on the other hand, implies that fraud took place. This wasn't a case of:

they were giving their money away and these so called scammers took it from them. Wink

...but is instead a case of scammers scamming money out of them. There are victims and an offender. They could have prevented it, yes, but I wouldn't fault them because they didn't know about address formats specifically; that's not an area newbie would normally focus on anyway.

I do get where you're coming from, but I'm personally against victim blaming, so let's just agree to disagree.

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