11 million in scams? | Bitcointalksearch.org

Bit_Happy

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A Great Time to Start Something!

Quote from: btcrich on January 30, 2015, 12:22:42 PM

I thought at first that they suggested it was 11 million Bitcoin, and that didn't surprise me. It surprises me that the number can be as low as only 11 million USD.

Ah well, time to move back to fiat because no one ever gets scammed out of their cold hard cash.

From a very quick google search:
Australians lost $89 million in scams in 2013
Millions of victims lost $12.7B last year falling for Nigerian scams (in 2013)
etc...

That many people still fall for Nigerian scams, really?
wtf?LOL!!?

leex1528

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Yeah the humber seems really low. Bottom line is this isn't the greatest thing for Bitcoin to spread. It is going to get tough to get people involved knowing how much money has been scammed for non technical people.

btcrich

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I thought at first that they suggested it was 11 million Bitcoin, and that didn't surprise me. It surprises me that the number can be as low as only 11 million USD.

Ah well, time to move back to fiat because no one ever gets scammed out of their cold hard cash.

From a very quick google search:
Australians lost $89 million in scams in 2013
Millions of victims lost $12.7B last year falling for Nigerian scams (in 2013)
etc...

ikydesu

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fb.com/Bitky.shop | Bitcoin Merch!Premium Quality!

Quote from: LegendaryGuy on January 30, 2015, 03:57:20 AM

and what about inputs.io ?

Found on reddit: http://www.reddit.com/r/Bitcoin/comments/1q2law/inputsio_hacked_and_shutdown_4100_btc_stolen/

Sutters Mill

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Cryptophile at large

Quote from: Bit_Happy on January 30, 2015, 10:32:05 AM

Someday the number will be closer to 11 Billion, but Bitcoin will survive. People need to be smarter with their money.

I agree that people need to be smarter with their cash, but sometimes you have to trust and rely on third parties like when you're sending to an exchange etc but hopefully decentralized institutions will combat these sorts of losses or thefts.

newIndia

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Quote from: Bit_Happy on January 30, 2015, 10:32:05 AM

Someday the number will be closer to 11 Billion, but Bitcoin will survive. People need to be smarter with their money.

If u consider FIAT scams, I'm sure the number will be much more than 11 Billion.

Bit_Happy

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A Great Time to Start Something!

Someday the number will be closer to 11 Billion, but Bitcoin will survive. People need to be smarter with their money.

newIndia

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Quote from: pedrog on January 29, 2015, 04:24:19 PM

They use this thread as reference, I assume the value is so low because they are counting the bitcoin exchange rate at the time of the scam, even like this it seems low.

I have seen it multiple times that coindesk takes bitcointalk threads as reference to create their stories...

LiteCoinGuy

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the Gaw&Paycoin Scam was even bigger than 11 million. so the real numbers are alot higher.

AtheistAKASaneBrain

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Quote from: pedrog on January 29, 2015, 04:24:19 PM

They use this thread as reference, I assume the value is so low because they are counting the bitcoin exchange rate at the time of the scam, even like this it seems low.

Well its relative, for the people that lost the money 11 million seems like a shitload.

Q7

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I think the figure didn't take into account mt gox collapse. Probably just one to one cheating. In the first place, did we ever refer to the money that lost in mt. gox as scam in the first place?

CoinCidental

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Si vis pacem, para bellum

Quote from: thompete on January 30, 2015, 06:19:55 AM

Quote from: tins on January 30, 2015, 03:52:20 AM

The Willybot scam stole about eleventy million... Shocked

Yes, its in no way just 11 million. 11 million sounds so less, would be atleast a 100 times that.

this figure is incredibly way too low ......
the pirate ponzi alone was alledgedly worth around 60 million usd in defrauded btc from investors

"The SEC alleges that Trendon T. Shavers, who is the founder and operator of Bitcoin Savings and Trust (BTCST), offered and sold Bitcoin-denominated investments through the Internet using the monikers “Pirate” and “pirateat40.” Shavers raised at least 700,000 Bitcoin in BTCST investments, which amounted to more than $4.5 million based on the average price of Bitcoin in 2011 and 2012 when the investments were offered and sold. Today the value of 700,000 Bitcoin exceeds $60 million"

http://www.sec.gov/News/PressRelease/Detail/PressRelease/1370539730583#.VMtqE9KUfsw

arloseb

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huge amount

cheekychap

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The amount is probably 11 million on the total dollar value. I think at the time, mtgox scam had a less dolalr amount of bitcoin.
Also, they might not have considered that, as nothing was proven. But its definitely much more.

thompete

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Quote from: tins on January 30, 2015, 03:52:20 AM

The Willybot scam stole about eleventy million... Shocked

Yes, its in no way just 11 million. 11 million sounds so less, would be atleast a 100 times that.

LegendaryGuy

newbie

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and what about inputs.io ?

tins

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The Willybot scam stole about eleventy million... Shocked

odolvlobo

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Quote from: thresher on January 29, 2015, 04:07:16 PM

https://www.coindesk.com/research-11-million-lost-bitcoin-scams-since-2009/

How can that be accurate.
Didn't Mt. Gox scam like 400 million alone? Or are all these alleged "hacks" not considered scams.
I thought butterfly labs alone also scammed more than 11 million?

Try reading the article:

Quote

The authors notably exclude the collapsed bitcoin exchange Mt Gox from their study because it's unclear if the platform was originally set up to defraud users or was simply poorly run.

As Vasek put it:

"Being bad at running a business does not make you a scammer, even if many people accuse you of that on the Internet."

fairglu

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Quote from: thresher on January 29, 2015, 04:07:16 PM

How can that be accurate.

It cannot. What/how they counted is explained, and it is "meaningless by design", IMHO.

stellar1

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Time for a research report saying xxxx BTCs in non-scam circulation every year or past 5 years...then we will get a better picture of how BTC is being actually used.

Topic: 11 million in scams? (Read 1740 times)