Crypto Scams now the second largest in the world

[virasog]

This is the reason why you need to avoid shitcoins and pick only Bitcoin if you want to start to invest on crypto space. After 13 years created, Bitcoin never ever scam anyone until now.

People who know well crypto investment must follow what you stated. Unfortunately, many beginners who don't have enough knowledge of crypto, are interested in the promotion of those shitcoins on varied social media. Sweet promises from shitcoins armies, lead many amateurs to buy at a nonsense rate. They always said that investing in those shitcoins will make you rich quickly, investing in Bitcoin needs a lot of time to gain profits. 

Because a lot of these people are hoping that their initial investments will increase many folds. This is why they want to invest in like pump and dump coins. But the risk is very high in this type of coin. If you want an assurance that your money won't disappear, better opt for bitcoin. These fraudsters are the reasons why noncrypto users have negative connotation when it comes to bitcoin or crypto. But for example, bitcoin itself is not a scam. It is the people who are using it to their own gain are scammers.

Where money is involved, the evil minded people will always be there to scam the innocent people.
Bitcoin and crypto is not a scam in themselves. People come out with attractive investment schemes and those scheme with unrealistic ROI tends to scam.  If you are cautious, you can be saved from many crypto scams.

[e_abrams]

That is true. Unscrupulous individuals take advantage of Bitcoin and other cryptos to conduct their schemes, just like they do with fiat currency. That is human nature, unfortunately, to take something good and made to help people and twist its nature for their own nefarious purposes. It has happened time and again with any new technologies.

[TheGreatPython]

If you analyze how people learn from their mistakes, a lot falls into place. Most of the time, they just don't learn. As an example, I even recently watched a video on the channel of the Amarkets broker about the safety of my finances on the network. But despite the fairly well-described information, people still often make mistakes and lose money.

You'll be surprised, if to analyse which were scams tens years ago, hundreds years ago and thousands years ago we'll see that nothing mainly changed: people are being scammed with the same patterns. The little difference is just in some technological decisions: to steal golden coins, paper money or digital money. Because new generations learn the same each time. So we need to teach basics every time to protect others.

The funny thing is, most people who get scammed, are people who tried to scam others. In my nation there is a story of a scammer who says that they tricked people with gold, and sold it very undervalued, but turns out it was fake gold, and he defended himself saying "those people tried to scam me by buying it cheaper than it worths, I just merely scammed them back" and that is a great story.

In crypto there are stories about people getting insanely rich with some lucky moves, and naive people who hear this thinks they could find something like that as well, in return they end up losing money all over again. That is what I believe is the main reason why it is so rampant here.

[jokers10]

The funny thing is, most people who get scammed, are people who tried to scam others. In my nation there is a story of a scammer who says that they tricked people with gold, and sold it very undervalued, but turns out it was fake gold, and he defended himself saying "those people tried to scam me by buying it cheaper than it worths, I just merely scammed them back" and that is a great story.

In crypto there are stories about people getting insanely rich with some lucky moves, and naive people who hear this thinks they could find something like that as well, in return they end up losing money all over again. That is what I believe is the main reason why it is so rampant here.

It is a known strategy of scammers to offer something extraordinary profitable: first to provoke the victim to take part in that act of scam, next to say that a victim wanted to scam them and that's why they suppose that they didn't do anything bad. But they did. Most people would never do anything bad but can be provoked some way especially if they don't have enough time to reflect. Don't blame victim, blame the provoker and scammer.

[doctor877]

It's so easy in here and there are tons of people ready to giveaway their funds even to anonymous individuals all in the name of wanting to make quick profits. If people don't put on their thinking and refrain from such, then the scam will continue to go on.

[Alisha-k]

Scammers make use of the most used medium  of exchange  to execute  their malicious activities.  The make sure  the entice their victims with crazy offers that will trigger  their greedy nature.  I won't  be  surprised  if crypto scam becomes the number one largest in the world because  it is the most convenient  at the Moment.

[usekevin]

Actually the people scam with the usage of crypto.The crypto was the technology,it never scam by the means.Since it was the online platform,people ask the clients to send money in the form of crypto currency.When the people finished the transaction,the scammer on the other side will delete his telegram I’d and blocked the person and fly away.In this,how crypto was took a part in it.

[larry_vw_1955]

I've been involved in a lot of projects that turns out to be scams, or the dev rugs. But still consider myself lucky because I don't invest too much money on projects that are quite suspicious.

Every investment project is suspicious. Not aware of a single one that lasts forever.

[|MINER|]

This is a major obstacle to cryptocurrency.  The number of scammers in the cryptocurrency is increasing day by day.  And with the proliferation of scams, many investors are trying to distance themselves from investing in cryptocurrency.  Sadly, this is one of the weak points of cryptocurrency.

[suryana]

Of course it would be very unfortunate if there really was a fraud against bitcoin, usually these things often happen to beginners where they easily trust people they don't know so they give up some of their important data so that they are easily broken into by irresponsible people. answer, because we have never heard of fraud in the crypto world because this is very rare in the bitcoin world where people easily believe in things that don't make sense, and we hope this doesn't happen again in the crypto world

[kotajikikox]

I've been involved in a lot of projects that turns out to be scams, or the dev rugs. But still consider myself lucky because I don't invest too much money on projects that are quite suspicious.

Every investment project is suspicious. Not aware of a single one that lasts forever.

though all are suspicious yet there are still legit right? we just need to find where we can put our Money with trustworthy one.

Staking is also an investment but it is legit and until now running smooth in binance so i guess that is one thing i can mention?

Staking is the form that will never scam you as long as you are in legit site and platform .

[uneng]

On an average it is found to be around $1200. With cryptocurrency Scams/frauds Rug Pulls are very common.

That is a too high amount of amount for an average result. Is this study including big wallets from exchanges which were hacked in million of dollars as well? Most scams I see around don't involve extraordinary amounts of money, not even a thousand. Majority of the cases are about poor investors who lose few dollars for ponzi schemes or hyped altcoins, expecting to double their money in few days.

[KennyR]

Countries are getting into regulating cryptocurrency usage to keep the public on the safer side. Some countries find it difficult and create their own CBDC. Only through proper learning it is possible to overcome the scams happening around the world. The Australian government that was friendly to cryptocurrency usage have given more restrictions over the influencers, because just for money the influencers promote scams and the public is the victims. So, it has created regulation of millions in fine and prison for such influencers. This is said in common, but the same suits crypto too.

Tough Legal Restrictions On Aussie Cryptocurrency Influencers

[Dunamisx]

Right now, anybody, anywhere can be able to start a project that can be accepting token sale or ICO as in the past with the promise that the coins or tokens will be pumping at the right time...only for the victims to realize that the people behind the project have already been gone into vacation somewhere with their money gone for good.

Let us not conclusively assumed that all ICO are fake projects, No, consider that we have thousands of projects out there from different people with different motives, but what i see in people is that they easily get enticed with things that looks to good to be real, this now depends on your level of research before investing on such projects, firstly who are the developers and how realistic is there project, run a background check on their past events and so on, we can't concluded that there are no other cryptocurrencies out there with a good future aside bitcoin.

Sadly, there is not much we can do on this problem individually though we can fortify ourselves and maybe others by educating what can be possible scams and frauds.

There is much we can do about this menace and part it is not to constitute ourselves into such, secondly we can ensure to giving our best to every newbie in cryptocurrency to have a start with bitcoin and avoid any other crypto or projects before they can be able to understand the difference.

[Victorik]

This is the reason why you need to avoid shitcoins and pick only Bitcoin if you want to start to invest on crypto space. After 13 years created, Bitcoin never ever scam anyone until now. If there's an article discuss about Bitcoin scams, pretty sure it's either exchange, investment company, recoverable funds etc are the scammer, not Bitcoin.

Yea.you are correct. Bitcoin seems to be the most trusted cryptocurrency today. However, not everyone can afford to trade Bitcoin and make profit considering the fact that Bitcoin is very expensive and only those with deep pockets can benefit from holding it. I guess that's why a lot of us go for the shitcoins. And then end up falling for a scam. Well, I guess that's the risk involved in Crypto.

[zaesvlas]

There are very good conditions for this. As an example - all the data on the network, which is already a very large field for deception or any fraud.

[horrifiedx1]

On an average it is found to be around $1200. With cryptocurrency Scams/frauds Rug Pulls are very common.

That is a too high amount of amount for an average result. Is this study including big wallets from exchanges which were hacked in million of dollars as well? Most scams I see around don't involve extraordinary amounts of money, not even a thousand. Majority of the cases are about poor investors who lose few dollars for ponzi schemes or hyped altcoins, expecting to double their money in few days.

for those who have large capital then logically they are smart people because they have great wealth, so that in investing, it seems as if they are looking for profit to the extent that they can exceed the existing inflation price, if the profit is too large, then it is a bonus. this thinking is inversely proportional to those who invest in small amounts, they think of doubling their money, so they follow risky projects, and finally the hype program is carried out

[taufik123]

Countries are getting into regulating cryptocurrency usage to keep the public on the safer side. Some countries find it difficult and create their own CBDC. Only through proper learning it is possible to overcome the scams happening around the world. The Australian government that was friendly to cryptocurrency usage have given more restrictions over the influencers, because just for money the influencers promote scams and the public is the victims. So, it has created regulation of millions in fine and prison for such influencers. This is said in common, but the same suits crypto too.

Tough Legal Restrictions On Aussie Cryptocurrency Influencers

However, in some developing countries it is difficult to regulate cryptocurrency users, because several countries have their own regulations so that regulations regarding cryptocurrencies are still not fully implemented.
they only focus on fraud cases that have become big and get a lot of victims.
Influencers are indeed an important influence. Many influencers only do promotions without doing research first and some of them also understand. It's just a matter of how we can distinguish which projects are good or not. We as crypto users must be smart and thorough enough so as not to get caught up in cryptocurrency scams.

[AakZaki]

Countries are getting into regulating cryptocurrency usage to keep the public on the safer side. ~snip~

Yes, the state can only regulate to that extent. It reduces anxiety a little but will not eliminate scamers. Even though they made a legal institution I think the fraud case will still be done. The crypto industry is constantly evolving and bad guys are taking advantage of this weakness. They take advantage of the popularity of crypto. I wouldn't be surprised because I knew crypto around 2013, at that time there were already scams though not as many as now. The crypto market with a very large circulation of money is certainly a target for criminals looking for money.

[COBRAS]

Metamask wallet is cryptoscam !!!