Discussion: Bitcoin Trading Scams

[Vangar]

Many a trader got scammed in recent years due to the fraudulent projects, no matter if they are ICOs, social media "gurus" or trading platforms. In my opinion, it would be important to first educate beginners (here's an article on how to avoid mistakes, scams included https://www.cryptocointrade.com/education/avoid-cryptocurrency-trading-mistakes/). How do you figure one out and what can be done in near future to limit these frauds an access to the market?

[Slow death]

Many a trader got scammed in recent years due to the fraudulent projects, no matter if they are ICOs, social media "gurus" or trading platforms.

this is a very complicated subject, I say complicated because I have seen very strange things, I will tell you what I saw and see:

I find scam ICOs, created a thread exposing the ICO is scam and after post in the ICO thread to warn people that the such ICO is scam and guess what happens after I post in the ICO thread? all people ignore me, people continue to post in thread of the ICO as if nothing had happened.

The same thing happens with exchange, how many accusations does yobit have? There are a lot of accusations, but people still use yobit.

[Vangar]

Many a trader got scammed in recent years due to the fraudulent projects, no matter if they are ICOs, social media "gurus" or trading platforms.

this is a very complicated subject, I say complicated because I have seen very strange things, I will tell you what I saw and see:

I find scam ICOs, created a thread exposing the ICO is scam and after post in the ICO thread to warn people that the such ICO is scam and guess what happens after I post in the ICO thread? all people ignore me, people continue to post in thread of the ICO as if nothing had happened.

The same thing happens with exchange, how many accusations does yobit have? There are a lot of accusations, but people still use yobit.

Unfortunately, it all depends on "benefits" promised back, luring people in despite the red flag stretched all over the place. There were also several cases of "black marketing", where scam projects would blame legitimate one in order to divert attention to their programs and succeeding in it.

[davis196]

Many a trader got scammed in recent years due to the fraudulent projects, no matter if they are ICOs, social media "gurus" or trading platforms.

this is a very complicated subject, I say complicated because I have seen very strange things, I will tell you what I saw and see:

I find scam ICOs, created a thread exposing the ICO is scam and after post in the ICO thread to warn people that the such ICO is scam and guess what happens after I post in the ICO thread? all people ignore me, people continue to post in thread of the ICO as if nothing had happened.

The same thing happens with exchange, how many accusations does yobit have? There are a lot of accusations, but people still use yobit.

The people scammed by yobit are probably less than 5% of all yobit users.That's why nobody would respond to such scam accusations.ICOs are a different topic.It's difficult to figure out when some ICO project will turn into an exit scam.The ICO dev team keeps updating the crowd with "news" and always has excuses,when something suspicious happens.Meanwhile the coins gathered from the ICO are gone...

[Fatunad]

Many a trader got scammed in recent years due to the fraudulent projects, no matter if they are ICOs, social media "gurus" or trading platforms.

this is a very complicated subject, I say complicated because I have seen very strange things, I will tell you what I saw and see:

I find scam ICOs, created a thread exposing the ICO is scam and after post in the ICO thread to warn people that the such ICO is scam and guess what happens after I post in the ICO thread? all people ignore me, people continue to post in thread of the ICO as if nothing had happened.

The same thing happens with exchange, how many accusations does yobit have? There are a lot of accusations, but people still use yobit.

The people scammed by yobit are probably less than 5% of all yobit users.That's why nobody would respond to such scam accusations.ICOs are a different topic.It's difficult to figure out when some ICO project will turn into an exit scam.The ICO dev team keeps updating the crowd with "news" and always has excuses,when something suspicious happens.Meanwhile the coins gathered from the ICO are gone...

How did you able to calculate such percentage on users being scammed or do have issues with yobit? Theres no such response because there is already a little number of people who do already using up that exchange upto these day and with their kind of reputation i dont even see that they have lots of users. Same as Slow death said people are way too dumb on keeping on investing even how many times being warned about frauds and shady investment thats why they do continue to exist because they are being feed up.

[craigjoseph504]

Scams and frauds will be made but we can educate other so they will be able now if someone wants to scam them.

[MP_SI]

Scams and frauds will be made but we can educate other so they will be able now if someone wants to scam them.

But is there also a legal way you can put scammers in prison?

[mk4]

You can easily avoid these scams by simply not investing in ICOs and think realistically. The people who frequently get scammed are the ones who are greedy and put money into those bitcoin "investment sites" and "trading bots" that are said to earn you a lot of money in a short time span. Think about it. If someone has been earning huge amounts of money on a certain closed-source trading trading bot, why would he/she give it to the public?

Scams and frauds will be made but we can educate other so they will be able now if someone wants to scam them.

But is there also a legal way you can put scammers in prison?

You can, if you have enough proof and information about the scammer. The problem is, bitcoin is pseudo anonymous. While you can see what address the stolen bitcoin ended up, you can't know who the owner of the wallet is, as there's no name affiliated with the wallet(unless the hacker is using a centralized service like Coinbase, which I really doubt).

[Kemarit]

Many a trader got scammed in recent years due to the fraudulent projects, no matter if they are ICOs, social media "gurus" or trading platforms. In my opinion, it would be important to first educate beginners (here's an article on how to avoid mistakes, scams included https://www.cryptocointrade.com/education/avoid-cryptocurrency-trading-mistakes/). How do you figure one out and what can be done in near future to limit these frauds an access to the market?

We have done our share of educating a lot of newbies here in the future. I think you could find testaments around here specially from senior members giving fair warning to newbies to try and educate themselves first before making that first investment. Maybe some of them learn, however, I believed that majority don't so its going to be a expensive lessons for them to learn. And then the cycle repeats itself, more newbies comes to crypto space, then they are scam and so on. I guess its a on-going battle and unless you learn from it, there will be a lot of newbies that will fall for the scammers trap.

[zhekinsp]

Many a trader got scammed in recent years due to the fraudulent projects, no matter if they are ICOs, social media "gurus" or trading platforms. In my opinion, it would be important to first educate beginners (here's an article on how to avoid mistakes, scams included https://www.cryptocointrade.com/education/avoid-cryptocurrency-trading-mistakes/). How do you figure one out and what can be done in near future to limit these frauds an access to the market?

Most of the people who got scammed were just by their faults they just going for the sites to make more profits due to their greedines nut they didn't realize that it is not possible to make those kind of profits in real life so at the end all their money gone.Before doing any kind of crypto investment they need to analyse about the site or projects.

[omonuyak]

Many a trader got scammed in recent years due to the fraudulent projects, no matter if they are ICOs, social media "gurus" or trading platforms. In my opinion, it would be important to first educate beginners (here's an article on how to avoid mistakes, scams included https://www.cryptocointrade.com/education/avoid-cryptocurrency-trading-mistakes/). How do you figure one out and what can be done in near future to limit these frauds an access to the market?

I will advise those that are new to this market to read this article and apply it to their investments decision.  We are not going to succeed if we refuse to apply the information in this article.  The wise and skillful investors are taking the advantage of this market and make money why the unskilled are losing money every day.

[adzino]

Many a trader got scammed in recent years due to the fraudulent projects, no matter if they are ICOs, social media "gurus" or trading platforms. In my opinion, it would be important to first educate beginners (here's an article on how to avoid mistakes, scams included https://www.cryptocointrade.com/education/avoid-cryptocurrency-trading-mistakes/). How do you figure one out and what can be done in near future to limit these frauds an access to the market?

There are some obvious signs that actually tells us whether an ICO is a scam or legit. First of all, look at the developers and the whole team. If they are well known developers, chances are low that they will be scamming. But this does not mean that all new developers are scammers. You should give them chances to prove themselves. As long as they are totally transparent with everything, you will be fine. Also if the project is a clone of another one, chances of the project not being successful is high. Just look for those obvious signals. The only to limit these frauds are to call them out and ignore them.

[moynul2050]

Many a trader got scammed in recent years due to the fraudulent projects, no matter if they are ICOs, social media "gurus" or trading platforms. In my opinion, it would be important to first educate beginners (here's an article on how to avoid mistakes, scams included https://www.cryptocointrade.com/education/avoid-cryptocurrency-trading-mistakes/). How do you figure one out and what can be done in near future to limit these frauds an access to the market?

I will advise those that are new to this market to read this article and apply it to their investments decision.  We are not going to succeed if we refuse to apply the information in this article.  The wise and skillful investors are taking the advantage of this market and make money why the unskilled are losing money every day.

do not invest in the beginning, when the ico project does not find many investors. at least you invest when ico has reached hardcap.
mark some ico and analyze the white paper and the team, I think it's a great step to invest and reduce a lot of money with your investment.

[shane]

The main reason to get scammed is lack of doing a comprehensive due diligence about a project before investing. If you do so, the chance of getting scammed is minimal because you can identify such scams before investing.  
This is why most of regularity bodies are going to implement tight rules regarding ICOs. It would help stop scam ICOs to some extent.

[Indrawan77]

I really like the quote about to not try to make profit in every trade, a good traders are traders that learn from mistake, and able to make profit in the end, not traders that never lose, and there is a dangerous to try to maximise the profit, because it can lead to reckless action and become greedy, but this article is a really good guide for beginner and I learn a lot from this article

[kiloiko]

Many a trader got scammed in recent years due to the fraudulent projects, no matter if they are ICOs, social media "gurus" or trading platforms. In my opinion, it would be important to first educate beginners (here's an article on how to avoid mistakes, scams included https://www.cryptocointrade.com/education/avoid-cryptocurrency-trading-mistakes/). How do you figure one out and what can be done in near future to limit these frauds an access to the market?

I see that some people here are laying accusations on Yobit. If you say that Yobit is a scam, then why are people still making use of it? A lot of people still make use of Yobit and they are even cashing out from it without any problem. Same as I have seen a lot of people call Binance and Bitfinex scams too, but there are still people who trade with these two sites and are making profit daily and even cashing out without having any problem. If anyone as having problems with these exchanges it’s possible that you might have disobeyed one of their rules and regulations.

[pjwaffle]

Total Cryoto volume is over 200 billions now. With this value, we can not say that crypto is scam. There is only scammers who create the scam projects to you. And you must prepare knowledge yourself to avoid them