Topic: 4 Bitcoin cons to watch out for... - page 2. (Read 2151 times)
I had lost a lot in investment sites like Minutebtc but now I can know trusty and scam sites depending on some informations , that came with experience .
http://cointelegraph.com/news/beware-4-typical-bitcoin-scams-in-mining-investment-wallets-exchange
Has anyone had this happen to them?
Yes, I got scam twice or so by cloud mining scams. Fortunately, it is just a small amount of Bitcoin. Never invest in any cloud mining since then. I'd rather lose money on gambling sites than feed the scammers with my money, TBH. Has anyone had this happen to them?
They forget about those things :
1. Investment : Almost all bitcoin investment is scam or ponzi & bitcoin already a investment.
2. Mining : Cloud mining either uprofitable or scam, so cloud mining is almost 100% pointless, even you buy hardware to mine bitcoin, it's not profitable anymore.
3. Wallet : There are many decentralized wallet on pc/smartphone, so choose online/centralized wallet is stupid. Even Coinbase/Xapo which has good reputation can run away with customer's bitcoin anytime they want.
4. Exchange : Only buy/sell bitcoin from popular and trusted exchange and never keep fiat/bitcoin at exchange.
1. Investment : Almost all bitcoin investment is scam or ponzi & bitcoin already a investment.
2. Mining : Cloud mining either uprofitable or scam, so cloud mining is almost 100% pointless, even you buy hardware to mine bitcoin, it's not profitable anymore.
3. Wallet : There are many decentralized wallet on pc/smartphone, so choose online/centralized wallet is stupid. Even Coinbase/Xapo which has good reputation can run away with customer's bitcoin anytime they want.
4. Exchange : Only buy/sell bitcoin from popular and trusted exchange and never keep fiat/bitcoin at exchange.
As per your comment "Even Coinbase/Xapo which has good reputation can run away with customer's bitcoin anytime they want.", its not going to happen. Why .. only because hey already good income by providing the services of online wallet and even best online wallet and they cant be greedy to scam and stop the business.
I would not count too much on that, if I were you... many people on this forum though the same about MtGox and lost a lot of money in the process. These sites usually follow the same exit route,
when things turns sour. They blame some sort of unknown hacker that supposedly hacked into their site and stole millions of dollars worth of bitcoins. I do not trust ANY third party { exchange or
wallet provider } with any of my stash.
All u need to do is to use your brain. If the offer s too good to be acceptable and the provider cannot explain how do they deliver it, pass on it. Dont let the greed control you. That s all.
If you just take a look at the investment board you will notice that most/all of them ended/will end by scamming their users, it happened me to the past once, and I quitted from investment/cloud mining.
You did the right things. All the four mentioned services are based on people's greediness to get scam them. But I do not think these are typical for bitcoin, it is common to every other environments also. 
They forget about those things :
1. Investment : Almost all bitcoin investment is scam or ponzi & bitcoin already a investment.
2. Mining : Cloud mining either uprofitable or scam, so cloud mining is almost 100% pointless, even you buy hardware to mine bitcoin, it's not profitable anymore.
3. Wallet : There are many decentralized wallet on pc/smartphone, so choose online/centralized wallet is stupid. Even Coinbase/Xapo which has good reputation can run away with customer's bitcoin anytime they want.
4. Exchange : Only buy/sell bitcoin from popular and trusted exchange and never keep fiat/bitcoin at exchange.
1. Investment : Almost all bitcoin investment is scam or ponzi & bitcoin already a investment.
2. Mining : Cloud mining either uprofitable or scam, so cloud mining is almost 100% pointless, even you buy hardware to mine bitcoin, it's not profitable anymore.
3. Wallet : There are many decentralized wallet on pc/smartphone, so choose online/centralized wallet is stupid. Even Coinbase/Xapo which has good reputation can run away with customer's bitcoin anytime they want.
4. Exchange : Only buy/sell bitcoin from popular and trusted exchange and never keep fiat/bitcoin at exchange.
As per your comment "Even Coinbase/Xapo which has good reputation can run away with customer's bitcoin anytime they want.", its not going to happen. Why .. only because hey already good income by providing the services of online wallet and even best online wallet and they cant be greedy to scam and stop the business.
But I do see these 4 as biggest pros of bitcoin ecosystem.
1. Miming: We can choose lot of legit mining pools. But never go for Cloud mining.
2. Investment : Bitcoin itself an investment. Do not be too greedy.
3. Wallets : Lots of Desktop/mobile wallets available. Never trust online wallets.
4. Exchange : Never keep excess money in your exchange. Deposit, trade then withdraw always.
If we give room, then we can get scammed. It's our responsibility to be aware and stay secured.
1. Miming: We can choose lot of legit mining pools. But never go for Cloud mining.
2. Investment : Bitcoin itself an investment. Do not be too greedy.
3. Wallets : Lots of Desktop/mobile wallets available. Never trust online wallets.
4. Exchange : Never keep excess money in your exchange. Deposit, trade then withdraw always.
If we give room, then we can get scammed. It's our responsibility to be aware and stay secured.
Pretty much all investment programs are scams, except ones that are highly vouched by highly trusted people, or those that can obviously pay for the interest they pay you, like gambling sites.
If it sounds too good to be true, i.e. 3% interest per day, it is ALWAYS a scam.
Many investors would give their left nut to get a reliable 3% PER YEAR let alone 3% daily.
Many investors would give their left nut to get a reliable 3% PER YEAR let alone 3% daily.
i have this rule for myself that i say whenever something looks too good to be true, it means that it is trying to scam by using our greedy nature. so i stay away. especially if they have trouble explaining and providing proof about their business that generates that much profit.
If it sounds too good to be true, i.e. 3% interest per day, it is ALWAYS a scam.
Many investors would give their left nut to get a reliable 3% PER YEAR let alone 3% daily.
Many investors would give their left nut to get a reliable 3% PER YEAR let alone 3% daily.
If you just take a look at the investment board you will notice that most/all of them ended/will end by scamming their users, it happened me to the past once, and I quitted from investment/cloud mining.
Basically stating if you do not get involved in these aspects you should be alright to a extent.
The whole Ponzi thing puzzles me but I may be biased because I would get more enjoyment out of making the money on my own than risking it hoping I do not get scammed.
The whole Ponzi thing puzzles me but I may be biased because I would get more enjoyment out of making the money on my own than risking it hoping I do not get scammed.
Frauds ans scams are not reserved only for Bitcoin, that can happen with any other currency, so you just have to be careful like with any other thing
Most people that fall for stuff like that or similar to the mentioned on the article are desperate newbies trying to get some BTC quick, fast and cheap, a fatal combination. Anyone thath as been here for a while knows when something is a scam. I mean yo don't even need to click the link, just by reading the url and seeing how it's presented, you see it's a joke.
No. You'd have to be pretty fucking dim to fall for any of those. They are all automatically scams unless they prove otherwise and even then you can never be sure.
I haven't been into Bitcoin that long but I could tell right off the bat that these options were all scams. If it seems too good to be true it probably is. If you own a high risk mutual fund that's earned an average of 7.5% Y.O.Y. return why would someone offer to double an investment in a few days/weeks?
I once tried a scam "investment" site for fun, knowing that they are not going to last long and operate like a Ponzi scheme. Daily interest was about 3.6%. I figured out, using the "rule of 72", that if the site survived for more than 20 days I will have my ROI.
I was luck to join early and the site did survived for more than 20 days, and I withdrew everything. So I doubled the little investment of 0.01BTC to about 0.02+BTC. About a month later, the site closed down and many investors lost their BTC.
In short, almost all BTC investment at the moment are scams- please correct me by letting me know if there is any valid investment site....
I was luck to join early and the site did survived for more than 20 days, and I withdrew everything. So I doubled the little investment of 0.01BTC to about 0.02+BTC. About a month later, the site closed down and many investors lost their BTC.
In short, almost all BTC investment at the moment are scams- please correct me by letting me know if there is any valid investment site....
That's a really amazing outcome, 7788bitcoin, I'm most surprised that they let you withdraw. Actually, your method could be applied to any kind of trading (set % target limit, follow strict plan @ target %). Nice!
Here is what that article is saying
1. Bitcoin investment program
2. Bitcoin mining scams
3. Bitcoin wallet scams
4. Bitcoin exchage scams
#1 & #2 is for ponzis and yes it obvious we should never fall into tha trap. #4 we should always remember that those paypal, skrill, payza are reversible and #3 always go with the one with good reviews, never try a new one and act like a crash test dummy.
1. Bitcoin investment program
2. Bitcoin mining scams
3. Bitcoin wallet scams
4. Bitcoin exchage scams
#1 & #2 is for ponzis and yes it obvious we should never fall into tha trap. #4 we should always remember that those paypal, skrill, payza are reversible and #3 always go with the one with good reviews, never try a new one and act like a crash test dummy.
Good of you to summarise as I rarely ever click links on here that direct to another site for obvious reasons. You've pretty much covered everything. Some scams are going to be difficult to avoid but people must be so vigilant with bitcoin. Being overly paranoid is sometimes the best way to be.
Good article that would mostly put newbies in trap, mainly numbers 1,2 and 3 and number 4 could have more of a general scam effect which happened to me in the past due to a good exchange fees, I went in and tried to exchange small amount that I never got converted back and sent to the other payment option I wanted and it's not just that, some turn out to be scams after some times (which many already knew this).
wish more of this stuff was out in the beginning.
I definitely wasted many coins on Butterfly labs and other various
scams like cloud mining.... buying hash for no roi.
I definitely wasted many coins on Butterfly labs and other various
scams like cloud mining.... buying hash for no roi.
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