Too much scamming in Bitcoin

[jparsley]

Sadly that is the case with anything valuable. People have to understand the risks and how to protect their money

[bryant.coleman]

Actually it's probably worse with fiat, if you take Federal Reserve, taxation, inflation from printing more money, and other malfeasance into account.

Remember. Bitcoin has been in active circulation for less than 3 years now. And almost all of the scams have occurred during the last 2 years. Can any currency survive, when 30% of its market cap has been scammed in just 2 years?

[stokecrypto]

look how scammy the internet was 10-15 years ago, premium rate dialers on every pop up, online credit card hacking ect,

[btcxyzzz]

First MtGox disapears with an BTC fortune and then Neo Bee. Besides them, there are countless mining companies that never refund their clients on empty promises. Sadly, in generall there is to much scamming going on in the BTC to get this mainstream! Noone want to get ripped off. Especially on his/her first encounter with BTC. And sadly, right now, too many people encounter a scam as their first encounter with BTC.

Sane people know that scamming has nothing to do with Bitcoin as a technology. Too bad there are low number of sane ones, sadly...

[TheButterZone]

Actually it's probably worse with fiat, if you take Federal Reserve, taxation, inflation from printing more money, and other malfeasance into account.

Remember. Bitcoin has been in active circulation for less than 3 years now. And almost all of the scams have occurred during the last 2 years. Can any currency survive, when 30% of its market cap has been scammed in just 2 years?

Counterfeiting is easiest at the outset of a fiat currency. How many of those have survived?

[notbatman]

I really matters what YOU are doing with your BTC. I have a good friend I got into it and he is not interested in trying to mine, securities, group buys or anything like that. He travels abroad and is going to try and use it in actual commerce. He is hoping to find a pub, coffee shop or restaurant around his hotel in which every city/country his is in and have a spot to check out instead of just opening the phone book or using hotel reference to find some where to eat or drink after a meeting. Sure, your wallet could always get compromised, but again if it does, that is mostly your own fault. He has yet to have a transaction, but I doubt he is going to have to worry about being scammed.

Just my BTC0.00004719

Advise your good friend that Bitcoin's an "internet currency" and that brick & mortar usage of Bitcoin is a bit of gimmick at this point. One should realize that Bitcoin is a protocol like e-mail and that its properties differ from fiat currencies like the USD and commodities like gold.

If traditional currencies are a butter knife then Bitcoin's a Swiss army knife. True, it's easier to butter your toast with a butter knife but it doesn't have the versatility of the Swiss.

This video I found in another thread is the perfect example of doing Bitcoin wrong and making it look like a gimmicky scam. https://www.youtube.com/watch?v=vnm4xFC2xNo



 

[Equate]

anything related to money always attracts scammers. Rise in bitcoin value further lured more scammers.

[tzortz]

Increased scamming = Increased interest

[bryant.coleman]

anything related to money always attracts scammers. Rise in bitcoin value further lured more scammers.

That said, I am not seeing any significant reduction even after the value dropped by 70%. 

[tzortz]

anything related to money always attracts scammers. Rise in bitcoin value further lured more scammers.

That said, I am not seeing any significant reduction even after the value dropped by 70%. 

Yes but scammers already know that btc will rise to 1000$ again!


 

[franky1]

The amount of total scammed Bitcoins might be more than 3 million (around 30% of all the Bitcoins), if we add the wallet hacks as well. This much scamming never happens in any other currency. One of the biggest disadvantages of Bitcoin.

Actually it's probably worse with fiat, if you take Federal Reserve, taxation, inflation from printing more money, and other malfeasance into account.

hypothetically
imagine america owned ALL GOLD and bank notes were pegged to gold. (the 171k tonnes of it). then the market cap would be $7trillion.

but look at the DEBT of just america: $17.5trillion..

so that makes 2.5 multiples more banking theft by just american banks then all the value of the gold in the world

WOW! That only make the market cap of gold at $7T.

yep.

simply put american banks have stolen $17.5trillion.. the world's gold is only worth $7trillion.
USBanks have stolen more wealth then bitcoin ever could.

[bryant.coleman]

Imagine bank notes of all the main countries was pegged to gold. (the 171k tonnes of it). Then the market cap of THE WORLD would be $7trillion.

but look at the DEBT of just america $17.5trillion..

so that makes 2.5 multiples more banking theft by just american banks then all the value of the gold in the world

I am not sure about this. But I think that a large part of that debt is converted in to bonds (U.S. Treasury Securities). And most of those bonds are owned by nations such as China and Japan.  

[franky1]

I am not sure about this. But I think that a large part of that debt is converted in to bonds. And most of those bonds are owned by nations such as China and Japan.  

china and japan are the majority stake holders of USA

i also edited my analogy slightly, its only aimed to show in laymans terms that banks have stolen more wealth by creating fake wealth (debt) which is equivelent to people in the wild west making/selling "fools gold".

just to show that gold/fiat markets are WORSE when it comes to gready scammers

[Sithara007]

china and japan are the majority stake holders of USA

China is OK... but I don't believe that Japan owns some of the US dept. Japan itself is in deep debt.

[bryant.coleman]

china and japan are the majority stake holders of USA

China owns $ 1,273.5 billion in US bonds, while Japan owns $ 1,201.4 billion.

But the biggest owner of the US bonds is the Federal Reserve ($ 1,700 billion).

So in short, the US treasury owns some $1.7 trillion in debt to the US Federal Reserve.

[zhaojinqqq]

Because Bitcoin still young and too sophisticated.

[drippx]

Bitcoin is worse than fiat in terms of scamming

Because in bitcoin its tougher to get caught, once its gone its gone, with cash its somewhat recoverable

[bryant.coleman]

Bitcoin is worse than fiat in terms of scamming
Because in bitcoin its tougher to get caught, once its gone its gone, with cash its somewhat recoverable

Some times the advantages of the Bitcoin can turn to be its most serious drawbacks.

[tzortz]

Bitcoin is worse than fiat in terms of scamming

Because in bitcoin its tougher to get caught, once its gone its gone, with cash its somewhat recoverable

You mean if I get robbed, I can recover my lost money?

[foggyb]

If there is too much, how much is just right?

Scamming didn't start with bitcoin, & it won't end with bitcoin.

Ironically, the US DOLLAR will end up being the biggest scam of all time, when the debt is defaulted on. Trillions will be wiped out overnight.

Bitcoin is worse than fiat in terms of scamming

Because in bitcoin its tougher to get caught, once its gone its gone, with cash its somewhat recoverable

You mean if I get robbed, I can recover my lost money?

Touche.