Topic: A bitcoin ponzi scheme scam ADVERTISED on bitcointalk.org ?? WHY??? - page 2. (Read 2724 times)

Hmm... seems to be admin need to review every ads that appears in bitcointalk

We cannot avoid that some scam is there, yes. But we can avoid that the forum is filled to the rim with it.
There is a good reason moderation on forums exists and this includes scam.

Not necessarily, there are lots of things you have to learn to avoid scam/loss of Bitcoins.

It removes trust only for one side of the transaction.
And there are even more things that require trust. Not everybody can read the source code to check that it's fine. What exchanges can you use? Which websites provide reliable information e.g. about how to securely store your coins?...

Don't worry, there are enough scam attempts that everyone has a chance to see, even with moderation xD
e.g. I do think the way to label them scammer instead of banning them is good.

There's no avoiding it; the USD is associated with more scams than we will ever know about.  It's better to say, money allows scams to happen, and not even this is true; you can scam people with anything, you could scam someone out of their things or scam someone out of their health, without ever bothering with a trade of cash.  We can pretend all day that Bitcoin isn't used for scams, but we know, even without having a clue what Bitcoin is, that if it is money, it is used by scammers.

Besides, newcomers to Bitcoin who would fall for scams would have to be newcomers to the concept of scamming itself; what better way to acquaint a person with the fact that there are scammers than through publicly portraying the scammer and their petty attempts at taking money?  We are better to show everyone the scammer, than to hide him from the individual, who may be unaware of dishonest people, who will then cry on the forum about how he lost a bitcoin to so-and-so and can't understand how someone would do that and wants the person to be banned without bothering to understand that the scammer can come right back under a new guise.  One of the key features of Bitcoin, I believe, is the ability to have complete distrust in people--but it is a feature one must employ; it doesn't happen by itself.  At some point in time, the newcomer must understand that trust isn't something to simply give out, not to the scammer, not to the forum, not their elected officials etc.; and especially true when it comes to whom they give their money.

Yes, people should be able to spot obvious scams themselves but:
It hurts the image of the board and Bitcoin if it's associated with scam (and you will associate it with scam, if it's all over the place)
Also Bitcoin is a new technology and something that is obvious scam to us, may not be so obvious for newcomers.

I understand that's time-consuming, and bound to fail as a one-man-evaluation.
How about you throw the winning adds for review to your trusted circle and ask for feedback?
Being backed up probably would make things easier for you, too.

The guy bought the ad hoping enough people would fall for it; I'm hoping he's unsuccessful and won't try it again.  But I wouldn't feel bad if people, in three years, realized they weren't getting their money back, which is precisely what I believe will happen.  I wouldn't make a loan to a guy who was advertising on BitMit, anyway; he's asking for loans from a lot of people, none of which he'll ever know personally, and if he isn't able to triple all the money he took in, he'll throw his hands up and say "Sorry, I don't have it!" and that'll just be tough--which is also assuming the guy is completely honest, which requires trust, and if you'll give that trust up so easily, then I see a long and hard road ahead.

But anyway, I don't see any problem with it, even if it is an obvious scam; people need to learn to be responsible with their money, and scoff at such attempts to take their coins through such flimsy promises.  Say no to herding!

I wouldn't call this a ponzi either, but why would anyone take a loan paying back 200% interest over 3 years?  There's no way this is legit, that's just a ridiculous rate especially taking into account that BTC will most likely go up in $ value.


He should most definitely be able to get a cheaper loan.

Why do people use the term ponzi scheme for everything?

It may be fraud, it may be highly likely "investors" will lose everything but it certainly isn't a ponzi scheme.

Someone not paying back a loan isn't a ponzi scheme it is a default.
Someone taking out a loan with the intent to not repay it isn't a ponzi scheme it is fraud.

I think some people think the definition of a ponzi scheme is

Anyway, I can't usually guess at how safe advertised services are. I would reject a really obvious Ponzi scheme, but this isn't so obvious IMO. Will BFL ever ship? Will KnCMiner? Even a service like MtGox might never enable USD withdrawals... I'm not going to reject every ad that might possibly be a scam.

A reporting scheme wouldn't tell me anything that I don't already know. There are only 7 available ad slots. I review every ad.

The three-year timespan makes it seem possible IMO. If you think that the value of bitcoins will go down a lot at some point in the next three years, making this kind of offer is a sort-of-reasonable way of selling short without actually selling (for example). Could he get a long-term loan much cheaper?

I have a KNCminer ad on this thread, so they're not all gone.

That's why I put the independent IP range requirement in there. Of course with BFL hate being what it is, you might be right.

So, no more miner ads anywhere on the forum, enh?  (I mean that the mining drama fest will aggressively push report on most hated miner companies)

"Crowdsource" it.

Have a page listing all current ads with a "report" button next to each. When 3 or more reports are submitted from 3 or more independent IP C classes auto-suspend the ad until it is reviewed by staff.

@theymos

Seems like there needs to be a little more ad regulation.  The odds of this person actually paying back are slim to none.  This combined with someone trying to CSS script inject and still getting their text ad run call for something to be done.  It shouldn't just be you win you get your ad up no matter what.

I'm not sure what the process should be, but there needs to be something IMO.

Hahahahaahahahahahahahahahaha!

Seriously? 1 Bitcoin for 3 some days later? Get your common sense straight (Ok I think you are just being sarcastic).
Op is right, this shouldn't be advertised.

maybe there is not proof that they have scammed yet. there is a tiny chance that just mayve it is not a ponzi. there is no way to tell for sure.

I just saw this advertisement on the forum: https://i.imgur.com/1q2jYFQ.png

After clicking on it, I got sent to - https://www.bitmit.net/item/15000/

"Send me 1 Bitcoins (BTC) now, and I will transfer 3 Bitcoins (BTC) over the Bitcoin network to a single-transaction Bitcoin address of your choice within 3 calendar years. The transfer will be carried out even if Bitmit is no longer operational at that point in time.

The first few orders will be shipped a priori; the succeeding ones may or may not be shipped a priori."

C'mon, seriously?  

It is an obvious ponzi scheme like this one: http://www.wired.com/wiredenterprise/2013/07/sec-says-man-named-the-pirate-was-running-bitcoin-ponzi-scheme/

Why is this advertised on this forum officially??