Bitcoin is not new, So why are scams still working?

[SeriouslyGiveaway]

Bitcoin is no longer new, and crypto scams have been around for years already. People should already know the basic red flags by now, like guaranteed profit, fake investment platforms, and strangers offering easy money.

But why are we still seeing reports of millions, even billions, lost to crypto scams?

Bitcoin is younger than traditional assets, and the fact is people still get scammed and lost money with stocks, real estates, gold and other things. It's very naturally reasonable why people still lose money in Bitcoin market and in the society. I believe that even many decades in the future, there will be people lose money in Bitcoin market, with scams or failures in investment, trading in spot or trading in margin and futures market.

Fortunately with time, there are more resources to learn about Bitcoin from fundamentals to technical, and the same with Bitcoin market from investment to trading. People who are ready to learn for their careful preparations before joining Bitcoin market, will reduce risk of being scammed.

[stadus]

Yes, bitcoin is not new, but there are always new to bitcoin. While those who were early exposed have already learned their lesson and take note of the red flags, but those who are new comers, all of them would still be prone to commit mistakes and losses, and eventually learn from it.

Now who's lacking here, mostly its the new users who never learned from the scam experiences of the old users. And while some of the new users these days have been more cautious on how scams are done, but know that scammers too have level up and turn smarter by adopting new tactics and strategies to exploit fundamental human psychology that would still put these new users at high risk.

[RockBell]

We can see how the old methods of scammers are still being used to find potential victims. Those who have long been familiar with Bitcoin and crypto are not necessarily free from the risk of being scammed. It's just that I believe scammers target beginners more. We know that nowadays more and more people are interested in owning or trading Bitcoin. With limited knowledge, beginners are more vulnerable to schemes designed by scammers.

How long you have invested in bitcoin should be an advantage because you should be able to tell when something is wrong from afar because the way it might be presented will just be very unrealistic because that is what they know how to do when it comes to crypto scams, and if proper attention is paid, then it will be very easy to tell if something is wrong and is only does that are extremely greedy that are always falling victim and they will need to do better.

I agree with you that their target is always beginners because they already know that these guys are already beginners, they know that they will want to do everything just for them to see if they will exploit more opportunities when they are investing, and that is why they are falling victim, and they will do better to see that they just get more money and it is a trap but there just some people that they will have to learn the hard way.

[Ambatman]

Politics isn't new
Why do people still fall for to the promises made by politicians.
Scammers get creative
Not everyone are enlightened and also they focus and come through what you would desire.
Gold isn't new but many still fall scam to it
There are people out there that believe Bitcoin are for criminals
And some that have only heard about the name.

[DiMarxist]

There is something that we need to make clear here, and that is greed which is an individual attribute of every human beings. And this greed differs from one person to the other, that is why we are still seeing people fall into different types of scams not only related to crypto currency only. It's true that crypto scam has been there for a long while but the truth is that people will still fall for it, basically because one these scammers we are talking about are not actually dumb. They bring up new skills and ideas to what they do and so it looks legit to many people who are not careful to look at it a second time. Secondly you have to know that people are just greedy of making money fast without putting on much effort, so the moment money that is too good to believe comes into the scheme many people lose control and get scammed.

[Queen uloma]

You’re very correct. Bitcoin and crypto scams are no longer new so people are suppose to know the basic red flags. Scammers have now upgraded with the help of AI, they can create fake websites, fake customers care agents, fake investment platforms and fake videos that can deceive people to make them believe that it’s real but if time isn’t taking those who are blinded by money will still fall victim. Most times I also blame the government because they ain’t innocent, if they set proper regulations, take  fast action against fraud and ensure public awareness campaigns, I believe it will help to reduce the number of scam that’s going on. Conclusively, bitcoin users need to be very careful. Platforms needs strong security and verification process to prevent scammers from getting access and government also need more enforcement to ensure security.

[Codeunkie1992]

Scams still work because they target human emotions like greed, fear, and urgency, not just lack of knowledge. Even experienced users can fall for well-crafted schemes, especially now convincing. It's a shared responsibility, users need awareness, but platforms and regulators also need stronger controls.

[Chinesebaby]

Bitcoin is no longer new, and crypto scams have been around for years already. People should already know the basic red flags by now, like guaranteed profit, fake investment platforms, and strangers offering easy money.

But why are we still seeing reports of millions, even billions, lost to crypto scams?

Now with AI, scammers can create more convincing messages, fake profiles, fake voices, and even fake videos. So maybe scams are becoming harder to detect, or maybe people are still too careless when money and profit are involved.

So who is really lacking here? The users who still fall for these scams, the platforms that allow fake ads and fake apps, or the government for not doing enough?

Don't forget that everyday, we have new people who are just getting introduced about what Bitcoin is all about, in different parts of the world. And these people with zero knowledge will always remain newbies to it, until they learn the basic about Bitcoin, despite the fact that it has been in existence for over 16 years now. So in conclusion, what I think might be the reason why people still fall victim to crypto scam is ignorance and the quest of wanting to get rich quick overnight, and with that ideology, you become an easy target to investment scam. While secondly, the use of A.I is one factor that might have contributed to the increasing number of these scams. Because when a picture, chat or testimony can become too difficult to identify which is fake or not, people become easily scam.

[Royal Cap]

So who is really lacking here? The users who still fall for these scams, the platforms that allow fake ads and fake apps, or the government for not doing enough?

I would say that the real shortcoming here is our lack of technical education and FOMO. Because it wasn’t long ago just around 2024-2025, a crypto scam called Pig Butchering took a serious turn around the world. And billions of dollars of people have been lost. These scammers are not hackers, they use fake or deepfake profiles created with AI to build friendships with people on LinkedIn or WhatsApp. Then under the guise of a very normal conversation, they say, I am making great profits with crypto and AI trading bots, you should try it too. When people see such a beautiful or successful person inviting them, they forget all their precautions and start pouring money into fake exchanges.

And the government will not be able to handle this by making laws or deleting fake ads on Facebook or YouTube, because scammers are always one step ahead of the law in terms of technology. Until people understand for themselves where the risks lie, we cannot stop the loss of billions of dollars by simply blaming others.

[ImGenius]

Bitcoin is quite old but many people adopting Bitcoin now so they don't know how things work. Some fall for greed while some don't know how to protect Bitcoin. Sometimes only Newbes become are the main target also sometimes experienced people also fall for the scrammers tricks but those who don't want to gain more than what they have won't fall for it. Greed make us blind.

[serjent05]

Bitcoin is no longer new, and crypto scams have been around for years already. People should already know the basic red flags by now, like guaranteed profit, fake investment platforms, and strangers offering easy money.

But why are we still seeing reports of millions, even billions, lost to crypto scams?

One of the major reasons is the victim's greed and naivety.  Fraud and scams have been around for centuries, and yet they have not stopped.  The main reason is that victims choose to give in to their greed, prefer to get lazy, and just trust the person who is inviting them, rather than verify the information if it is true.

Now with AI, scammers can create more convincing messages, fake profiles, fake voices, and even fake videos. So maybe scams are becoming harder to detect, or maybe people are still too careless when money and profit are involved.

Well that is the power of technology.  Scammers today are getting creative each day.  They know the weakness of people, know how to sweet talk people, know how to hype people and know how to pressure people to give in to their invitation.

So who is really lacking here? The users who still fall for these scams, the platforms that allow fake ads and fake apps, or the government for not doing enough?

I think all are lacking here.  The victim for not verifying the deals, the platform of letting the scam happen to their vicinity and the government for being slow and waiting for the scammers to scam people before they stopped them even though the obvious is infront of them.

[Z-tight]

I also blame the government because they ain’t innocent, if they set proper regulations, take  fast action against fraud and ensure public awareness campaigns,

What can the government do when someone is fooled into sending their seed phrase to scammers, i'm afraid that action is on them and not the government. Crypto is already well regulated in most parts of the world, and the authorities do talk about crypto scam, i do not like how they do it through the mainstream media, calling the industry the home of scammers, but if you are looking for awareness, that's it right there. There is really nobody to blame but oneself if you fall victim to scammers and lose your coins.

[Zlantann]

So who is really lacking here? The users who still fall for these scams, the platforms that allow fake ads and fake apps, or the government for not doing enough?

You asked a question and gave a good answer to it. The development of AI technology has made scammers come up with more sophisticated scamming techniques cheaper and faster. Before now these scammers would have to seek the service of graphic designers, Web designers, coders, and so on to set up a scam project. This costs money and time. With AI tools it's just very easy to come up with these scams and hacking projects.

Second, greed is part of human nature. There will always be people who want to get rich quick without putting much effort.

Ignorance will continue to exist. People will still be too lazy to search for information that will give them a deep understanding of the crypto industry.

[Hypnotizer]

Bitcoin is no longer new, and crypto scams have been around for years already. People should already know the basic red flags by now, like guaranteed profit, fake investment platforms, and strangers offering easy money.

You know scams would always exist amongst people, isn’t fiat more older than bitcoin? Yet we still see people falling for fiat scams like fake investment Ponzi and lots more here and there.

People who always are greedy or want quick money/return will probably fall for scams, as long as scammers exist…they will be victims, so we just have to make ourselves aware and be careful.

But why are we still seeing reports of millions, even billions, lost to crypto scams?

Probably because much newbie in the crypto space don’t bother doing research about anything before venturing into it, they’re just here for the profits.

So who is really lacking here? The users who still fall for these scams, the platforms that allow fake ads and fake apps, or the government for not doing enough?

Even though the bodies you’ve mentioned have parts to play,  but it all goes down to the people, scammers are always ready to extort money from people…only the victims themselves can help themselves prevent these scams.

[Ucy]

It will be really hard for scammers to work on the minds of people who are qualified to use Bitcoin or true cryptocurrency. Typical Bitcoiners are very cautious, paranoid, trustless, independent or matured in minds.  This is why we aren't very much in support of anyone getting into crypto since participants are expected to have certain attributes that are particularly similar to the ideals of Bitcoin.
Nevertheless, people could be taught to operate according to the ideals in order to be ahead of the scammers who will typically succeed on those with centralized/fiat mindsets. In Bitcoin world, we teach: don't trust but verify.

[sunsilk]

So who is really lacking here? The users who still fall for these scams, the platforms that allow fake ads and fake apps, or the government for not doing enough?

Scammers are also clever and they keep on reinventing their scamming tactics. And that's why even some familiar ones, there are still those who falls for it.

The government will only step when there's a lot of report to it and that's why if the victims come along together and report it. Then the action will be seen.

But for us as investors, we have to do the job of DYOR and we have to verify each of them that we're interested to invest.

[Ryu_Ar1]

Bitcoin is not new but this fraud problem is not focused on the bitcoin but on the person.

Not everyone is here for long and sometimes it is undeniable that the longer it will be, the more new people or those who are fomo on bitcoin that make fraud will continue to occur because the target is not the old people but new people who are sometimes always fixated on profits or can also be old people but they are quite careless about what they do in bitcoin.

Fraudsters always try to upgrade themselves to look more convincing but here when we are careful and not easy to get caught up or even not serving some trivial things that are considered spam, of course we will avoid this, the problem is that not a few people always see themselves as much smarter than fraudsters even though they are quite careless when trying to follow the grooves that fraudsters create.

.

[eaLiTy]

Bitcoin is no longer new, and crypto scams have been around for years already. People should already know the basic red flags by now, like guaranteed profit, fake investment platforms, and strangers offering easy money.

But why are we still seeing reports of millions, even billions, lost to crypto scams?

According to the report published by Chainalysis, cryptocurrency fraud losses are around $17 billion annually.

Source: Record $17 Billion Estimated Stolen in Crypto Scams and Fraud in 2025 as Impersonation Tactics and AI Enablement Surge

I recently came to know about a scam targeting people in Canada, where fraudsters use AI generated videos to impersonate Justin Trudeau and other prominent celebrities. My relatives almost fell for the scam as they were thinking about investing. Fortunately, they reached out to me for advice due to my background in the cryptocurrency space.

These fraudsters are promoting deepfake AI videos through social media advertisement and older people are falling for these scams, because they are unable to distinguish and identify AI generated videos from reality.

Social media platforms should be held responsible for allowing the advertisement of fake businesses.

~
There was a time that I went to buy phone, I was scammed before I knew it was a scam. The person sold an inferior phone for me but I paid high amount of money. That was a scam that I paid local currency.

The same happened to me back in 2013. The phone looked brand new, it was a discount sale, but it was a fake Samsung replica, and only came to know about it after taking the phone for servicing.

[Cryptomultiplier]

It will be really hard for scammers to work on the minds of people who are qualified to use Bitcoin or true cryptocurrency. Typical Bitcoiners are very cautious, paranoid, trustless, independent or matured in minds.  This is why we aren't very much in support of anyone getting into crypto since participants are expected to have certain attributes that are particularly similar to the ideals of Bitcoin.
Nevertheless, people could be taught to operate according to the ideals in order to be ahead of the scammers who will typically succeed on those with centralized/fiat mindsets. In Bitcoin world, we teach: don't trust but verify.

Scams always affect those who aren't prepared security wise or easily trust without verifying, but the user in most cases aren't to be blamed without the platform and the state held accountable in some instances.

Platforms need to be held accountable for hosting fraudulent ads and users need to use upgraded tools for better security while employing risk management practices to be in the safety bracket.

[jaberwock]

Fiats are not new, and yet there are people who are still scamming each other. Bitcoin is not exception to that, Dollar has bene around for centuries, hell gold coins existed for thousands of years, and yet people scammed one another since they invented money.

In fact, I do not know this but I am assuming that even before money, even before coins and what not, even at the times of barter being the way, I am sure people still scammed each other. This is why I am not really shocked at what we are facing, I think it is clear that we are seeing people just using whatever is the newest to scam each other that simple. Which is why I do not think that we are going to see how this is going to keep happening no matter what we do.