Too much scamming in Bitcoin

[CWestermark]

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.

[agusta]

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.

That is why is good time to buy in spring 2014.  no guts no glory. 


 

[lemfuture]

i agree with you, then i happen to read a book called "the vigilant investor". in any currency, there's no such thing as too little scam.

[FalconFly]

i agree with you, then i happen to read a book called "the vigilant investor". in any currency, there's no such thing as too little scam.

True....

And that's why they eventually all fail.
This attitude is like parasitic cancer - it initially allows certain parts to flourish - then develops to devour its own host, killing itself in the process. Not too bright folks... not too bright.

[PolarPoint]

I do not know why people fall for them. If scam is done on fiat, people are vigilent, but when the same scam is done in bitcoins, people become careless.

[franky1]

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.

and in the wild west, there were bank robberies everyday, there were railroad and stage coach hold-ups at gun point demanding peoples gold.

then this century there is the government stealing wealth buying mansions on their high pay, then telling everyone that the 'people' are in debt, and its all the fault of the unemployed (who get less then minimum wage)
then theirs HSBC doing criminal acts, Cyprus banks taking peoples wealth. mastercard banning customers.

there are 171,000 tonnes of gold in the world. do you know how much gold was stolen by bandits in the wild west, by hitlers army during WW2, by banks and governments more recently

gold has more of a "theft" taint percentage (based on numbers currently mined) then the bitcoin % stolen

[bountygiver]

these sorts for scam can happen no matter what kind of trade you're doing. Bank notes, cryptos, rocks.

It's all about trust, if you don't trust someone, don't trade with them.
And there are services to try to make trading more trustable such as escrows, use them wisely.

[GodfatherBond]

Sure there are scamming, but I think actually not so much. Things just happen with new tech & startups and I would say maybe more disapointments than scams. Things just turn bad because of poor management and too optimistic schedules and / or missing resources.

[Bit_Happy]

The thefts help prove BTC has real value.
Now people need to be more careful with their precious, rare BTC.

[Wilikon]

The thefts help prove BTC has real value.
Now people need to be more careful with their precious, rare BTC.

That's the beauty of this paradox. No one steals worthless stuff.

[Phinnaeus Gage]

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.

and in the wild west, there were bank robberies everyday, there were railroad and stage coach hold-ups at gun point demanding peoples gold.

then this century there is the government stealing wealth buying mansions on their high pay, then telling everyone that the 'people' are in debt, and its all the fault of the unemployed (who get less then minimum wage)
then theirs HSBC doing criminal acts, Cyprus banks taking peoples wealth. mastercard banning customers.

there are 171,000 tonnes of gold in the world. do you know how much gold was stolen by bandits in the wild west, by hitlers army during WW2, by banks and governments more recently

gold has more of a "theft" taint percentage (based on numbers currently mined) then the bitcoin % stolen

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

[xZork]

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

[jdun]

There is so much scamming with email. I get scam emails everyday, but email is still mainstream. Same with credit card scams, but credit cards are still mainstream too. Scamming is not the problem and won't hold bitcoin back.

[cryptoanarchist]

The number of scams has actually decreased from what I can tell - its just that the mtgox one was so big.

There seemed to be a new scam every week in 2012.

[TheButterZone]

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

This. Get rich quick=get scammed immediately. Buy and sell stuff with BTC and escrow if you can't use the WoT.

[BetMoose]

I'd like to add that both Neo & Bee and MtGox had NUMEROUS signs ahead of time that something was not right.

For Neo & Bee, it was their business model/strategy, which depended on bitcoin's value going up, which is obviously unsustainable.
For MtGox, I don't get why people thought 'withdrawals in a few months or..y'know..whenever' was ok?! If they're not paying out what YOU deserve, you immediately voice your concerns (as most did) and do not use them again.

BTC-E, as much as some say 'do not trust them', I think is ok. They have a good model going, and I respect their desire to be anonymous. This also helps them avoid regulation scrutiny and risks as Mt. Gox learned when the government seized 5M worth last year. Also, they are very dedicated to working and improving their platform and that speaks volumes about the service and management.

In general, with any service you use, with fiat or bitcoin, try it with a few coins to start, if everything works out okay, invest/deposit/trade/bet more!

[bryant.coleman]

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.

[dload.1]

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.

+1 then there are smaller ones all the time like coinmarketio coinex etc just in the last few months seems like one every week.

[TheButterZone]

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.

[Bit_Happy]

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.

Yes.
BTC is still much better than fiat in almost every way.