Bitcoin scams and new Bitcoin users

[The Sceptical Chymist]

The more people will trade bitcoin, the more scams will appear.

The more popular bitcoin is, the more scammers there will be, these things accompany each other.

Gee, these two posts don't sound the same or anything.  Reported 'em both.

Are people still falling for cloud mining scams?  I don't see much talk about cloud mining on the forum anymore, so I assumed that it had gone by the wayside, at least somewhat--and I've always pretty much assumed that most businesses offering those services were scams to begin with.  But newbies ought to avoid them like the plague, because you have no way of knowing if the company you're giving your money to is actually doing any mining or if it's a Ponzi scheme (which it probably is) where they pay out your earnings from new customers' money.  I know it's hard to get into mining bitcoin nowadays, but cloud mining is NOT the way to do it.  It would be much better to just buy bitcoin and hold it, or even to get into PoS coins to earn income.

shut up ,stop hijacking others thread stupid.

Yeah, I reported that fuckball's post already so hopefully it gets deleted.

[darkangel11]

I propose to have a plat form for normal people teaching them basics of bitcoin as a 9 year could understand all this. because community platform like bitcoin talk have a way to much advance topics which confuse or scare the new non technical people .

Why the rant? Aren't there basic topics for newbies here? maybe you should visit beginners & help more often. Politics, gambling, speculation, economics, press and off topic are pretty much for everyone and really easy to understand even for a complete newbie. If you like to get brainwashed go to altcoin discussion or gambling. They're full of retards and spammers but the language is as basic as it gets. Then there are local forums where you can even set up a meeting with someone from your neighbourhood.

Bitcointalk is simple and thousands of people were able to found their way here, but you couldn't. Are you slow with computers or in general?

[Mike Mayor]

I wonder if you could prove you own a farm with a video clip of your farm and yourself showing people it how much you could make? The problem is with the scams taking the spotlight people prefer them to something legit since a legit mining investment just won't make enough for these greedy people and so they so foolishly fall for scams and never learn their lessons only to repeat them in the next bs site that does cloud mining.
I can't believe it but you still get bitcoin doublers. I mean.... Come on....

[Coin-1]

Many honest people who were newcomers became victims and lost their money in cloud mining, seed hacks, etc. I think that the Bitcoin community should intransigently fight scammers. I am pleased to see DT members leaving negative feedback to users who promote Ponzi schemes and scam ICOs confirmed on the forum, but there are many other scammers all over the Internet. In most cases, every successful scam strikes the cryptocurrency market because fraudsters immediately cash out stolen coins. In addition, scammers undermine the prestige of crowdfunding campaigns, so people are now afraid to invest even in credible projects. Therefore, new non-technical people should first ask the community before taking the wrong financial steps.

[crossabdd]

basically scammer about investing, cloud mining, MLM, etc. as you mentioned. it started a long time ago. but you are right, the popularity of bitcoin in 2017 is making a big opportunity for scammers. of course education about bitcoin, about investing in the internet is important. I personally have experienced most of the fraud. and educate people who ask me about investing in bitcoin. and this is not easy, because they think putting money in bitcoin and growing is instant. but it's wrong, everything has a process and takes time.

[Murat]

Basically, In this platform, some people are making pollute and bringing negative feedback because they have done already a negative thing, it may be their project could not see the light of success or maybe it was their intentional project to steal money from this platform by creating a fake project, But the blame should not go to them alone, A newcomer and Old buddies could be more aware before joining any project, So when you want to invest money in this platform then you have to be very careful regarding this issue, scammer always try to make thing negative but if we stand strong then nothing will happen against us.

[ralaks]

Never thought to get criticism on a post which I thought to do brain storming on areas where we as a community lack. Here on bitcoin talk we don't have even 10% of people who used btc  for what ever reason . My post was to reach out them who feed their selves through youtube or other social media and get scammed. I am doing digital marketing since 2007 and following bitcoin from 2012 I not a newbie as you can see on my profile I joined this forum back in old days but forgot my all details because I belong to Pakistan and we barely now in 2019 moving towards technology. We have ban for crypto currency trading in cash . I saw thousands of people around me thinking btc as investment opportunity, ponzi scheme or a scam I am just being guilty here to share my opinion . Sorry about that have fun Thank you.

[Gotumoot]

These scam styles I have all experienced,
Similar to cloudmining,
Bitsrapid
Hashocean
Coal Mining
Sea Mining
Ethrade
Cryptomining farm

These are just a few of my long list of scam cloudmining i participated in the past. And once you learn this you will find out what actually gives you the bitcoin income that you do not need to invest you hard earned money.

[xiboothrezi]

Remember, there is no instant profit by paying a certain amount of funds, everything needs a process, friend. Avoid immediately if someone offers you profit or investment with the condition of sending certain funds, it's a scam. Of the four types of fraud discussed by the OP, newbies are usually easily attracted to numbers 3 and 4. Most newbies are interested in joining cryptocurrency because getting information that this is very profitable, without learning they just want profit, this is a bad trait, avoid it. The key to success here is that we understand the ecosystem well so we can adapt and avoid predators or risks as best we can.

[danggoron]

if for me, actually bitcoin is not a new user fraud, I think new users before putting money into crypto, it's better to understand the procedure for making money from crypto, so you also don't think that bitcoin is a fraud.

Your statement has a point. Fraudsters always try to take advantage of the opportunities and ignorance of others, and the easiest one to cheat is the newbie. Let alone new people, who have been joining cryptocurrency long enough to be exposed to fraud too. The key here is caring to equip yourself with in-depth knowledge about cryptocurrency, and controlling yourself, especially emotionally related to being able to get instant profits in a short time, everything needs a process.

[Eclipse26]

It was a common mistake among beginners, joining bitcoin thinking it was just easy, without minding and thinking about the possible scams they can encounter here on the internet, especially those who don't know much about technologies. When I first encounter bitcoin, I am aware of possible scams though not all the time you can guard yourself against scammers. Giving them lessons and knowledge is really the best advice you can give to let them be aware of it.

[Rodeo02]

It was a common mistake among beginners, joining bitcoin thinking it was just easy, without minding and thinking about the possible scams they can encounter here on the internet, especially those who don't know much about technologies. When I first encounter bitcoin, I am aware of possible scams though not all the time you can guard yourself against scammers. Giving them lessons and knowledge is really the best advice you can give to let them be aware of it.

They should learn how to handle bitcoin is the same as handling your money in real world. Actually much difficult in bitcoin since there are many people wanting to have your bitcoin and many ways to scam people . So it's up to the people how they can secured the amount money the have. Newbies can be easily fool because they are looking also to earn money using that.  And they think if they have btc they can easily earn from it.

[pundit]

With Bitcoin boom, cloud mining scams risen suddenly. Many companies came into existence overnight giving fixed return on Bitcoin . They shown increased value of Bitcoins on their website for investors. All these companies disappeared by mid 2018 taking taking investors money. Even I was about to invest in one such company as cloud mining was a new concept for me that time but thank God I did not invest. Fixed returns schemes are mostly blunt, we should do a deep analysis before going for such investment.

[AicecreaME]

My co-worker easily fall for that cloud mining scam. She invested minimum amount with their package deal and promised to return daily 2% of her investment. Weeks has passed, they are giving the return 2% at first and then it suddenly shut down.

The point here is that she seeked advices from me and she didn't listened. What we should always do to make sure if the site is really paying or not are,

• feedback of the users,
• search for the team (some are bogus),
• their platform (how can they even pay in return without selling any products or without any trading actions?)

Even before, I always discouraged those obvious scam schemes, pyramid/networking or high pay returns. Be vigilant joining those. Awareness is always the key.

They are aware of these, the problem is they still take the risk than doing nothing, their mindset is it is better to invest their money on something than letting it sit in their vaults or wallets, it is good as long as these cloud mining site and other ponzi schemes are paying, but your investment on them is like digging up your own grave. Starting your own business even though it is just small will do the work than investing on crooks.

[bettercrypto]

Remember, there is no instant profit by paying a certain amount of funds, everything needs a process, friend. Avoid immediately if someone offers you profit or investment with the condition of sending certain funds, it's a scam. Of the four types of fraud discussed by the OP, newbies are usually easily attracted to numbers 3 and 4. Most newbies are interested in joining cryptocurrency because getting information that this is very profitable, without learning they just want profit, this is a bad trait, avoid it. The key to success here is that we understand the ecosystem well so we can adapt and avoid predators or risks as best we can.

There is an instant profit, but it is only for a word. In this new society, easy profit making is too hard to believe. If you want to have that, try to do illegal activities. But if you are just investing your money and your friend online told that this is good to be invested because of 100% ROI for few weeks. No, it is a real scam.
If we want to be successful, try to be in real world. Think as if it is logical and possible to happen.

[Fappanu]

These scams have been around for a long time and others are aware of this system especially when it comes to investing in ponzi schemes. But they still do not stop investing because they know they will earn this way and they are also early adopters so their money is safe. But in reality this early adopter people are no different from scammers and they are still helping these scammers to victimize newcomers in crypto. And they should be to blame, because no scammer would succeed in victimizing without these people continuing their work.

The development of bitcoin depends on us to improve its image to people who are not aware, And we are also the reason for crypto especially bitcoin to becoming mainstream.

[tungaqhd]

After the boom of bitcoin in end of 2017 it caught eyes of general audience and many people who thought it as a great investment opportunity bought bitcoins and this is now continuing more and more people with little technical knowledge joining the bitcoin community it was essential to happen this for bringing bitcoin in mainstream but with that this made this era paradise for scammers every day many scams come into existing now their number are growing faster and they target people with less technical knowledge of bitcoin they are likely easy to get scammed some of common scams the scammer pulls are :

1. Cloud mining scam where they make users to invest in their cloud mining and give them a very small % of their amount daily and also encourage them to bring more members so they can get extra rewarded after a time when deposit amount starts to slow down and withdrawal amount starts to increase then their threshold they simply vanished.
2. Multi level marketing scam this work as from oldest days just invest an amount bring two more make your own tree and earn rewards starting ones in this scams who are able to get many other people always get profited and 99% of members who are in down ranks get scammed they do the same when incoming amounts slow down and outgoing amount reach a certain threshold they simply vanish.
3. The seed hack scammers are approaching people saying we will teach you how to make 100$ in one hour and you need to give it to us most common people don't know about seed and put their btc in online wallet such as coinbase or blockchain so scammer get their screen shared and make them transfer their btc in a wallet such as electrum and got their seeds screenshots open their wallet in their own computer and transfer the amount people had no idea what struck them .
4. Investment scams deposit x amount and get x amount this is the most common type of scams getting all over the internet it is a small amount scam usually people don't mind to fell in it by giving 5-50$ of amount to these scammers .

These are some examples of classic scams affiliated with bitcoin and cryptocurrencies as bitcoin community is in main stream these types of things confuse people by saying bitcoin is a scam and what ever they try to do with it they ended up in the scam. With their less knowledge about bitcoin it is nearly impossible to make them understand that they are victim of classic scams and it is nothing to do with btc but for these scams they cant go any where or report it they feel vulnerable in using cryptos many individuals trys to point out some scams which get into main stream but this thing need to be done as a collective effort. I propose to have a plat form for normal people teaching them basics of bitcoin as a 9 year could understand all this. because community platform like bitcoin talk have a way to much advance topics which confuse or scare the new non technical people .

Ponzi and cloud mining alway attract new Bitcoin users because of the high profit and it seems so easy to earn money, just invest and wait for the profit daily.
I wasted so much time and money with cloud mining sites when i was a newbie.

[dimox]

That's why people should be aware that they need to study the projects before investing, they need to know what they should know in every projects, but many are too greedy and bitcoin been used by scammers, they just might shows some proof that makes the new users intrigue and wanted to join since they show some proof or edited proof. Bitcoinis just used as medium and its hard to eliminate people who only know is to scam others.

many people will trust to someone easily, so they can get scam. when they get it, they will say that bitcoin is scam.
knowing what will you do is important than other. you must be know about what is investment, who people that bring you, and other thing that relate with it. sad if someone say that bitcoin is scam without knowing about bitcoin exactly.

[Aying]

It was a common mistake among beginners, joining bitcoin thinking it was just easy, without minding and thinking about the possible scams they can encounter here on the internet, especially those who don't know much about technologies. When I first encounter bitcoin, I am aware of possible scams though not all the time you can guard yourself against scammers. Giving them lessons and knowledge is really the best advice you can give to let them be aware of it.

A common thing that beginners should need to avoid because the scammers is multiplying and improving their ability to scam not just the newbies but also the experience traders. I saw a lot of traders there that even they understand and be observant of what project they invest they still victimize because scammers now are revealing their self and do a lot of AMA or etc. that attract investors. so now revealing a identity of a project team won't give us a certain result if their going long term or to scam us.

[bitzizzix]

Things like that make the image of bitcoin worse which affects the movement of bitcoin because of the negative impact for those who already believe in bitcoin become less trusting again, and besides it makes people hesitate to get involved with bitcoin.
and the development of bitcoin is growing fast and more trials will be faced, and the saying goes that the taller the tree, the stronger the wind will hit.