Crypto Scams are a global issue - page 23.

VanDeinsberg12

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Quote from: FlightyPouch on May 03, 2019, 07:15:22 AM

Quote from: okala on May 03, 2019, 06:23:44 AM

Yes crpto scam is a global issue since cryptocurrency are global currencies but the fact is before we have agency that will help in the tracking and preventing this occurrence it have to go through the government and as we all know no country have fully accepted cryptocurrency as a legal currency within they jurisdiction.

Well, we can't say fully but there are a lot of countries that already accepted Bitcoin in their country, well to be exact, legalized Bitcoin in their country. But the fact that there are a lot of exchanges that are being hacked, we can't be sure how much this will affect the people around it to use Bitcoin. Crimes regarding these will increase for sure so as a user of it, we should be wary of it and be knowledgeable about how we could protect out Bitcoins from these hackers and scammers.

If you need a real example and i can give you one right now about how the hacked case of exchange site will give a negative impact to the bitcoin. If you remember the last week drop in bitcoin and it caused by the hacked case combined with tether and bitfinex scandal that already happened and this time bitfinex has fallen. Remember about crypto has used encryption that attracts scammers. They get real-time encryption and consider anything in the crypto encrypted by SHA256.
Someone above you may be wrong about the agency that can help to track and prevent it because it's too difficult without any help from the 3rd party like exchange site to track it. I mostly agree with your last words about anybody's knowledge is something that can determine a lot in this case.

FlightyPouch

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Quote from: jimskiy on May 03, 2019, 03:41:10 AM

Who say bitcoin and crypto are scam, do you know how first price of bitcoin when launch to public? very lower price but could be on higher price with support by many investor and now bitcoin is on higher.

Before you post that here, be sure you've read the article first.

Quote from: okala on May 03, 2019, 06:23:44 AM

Yes crpto scam is a global issue since cryptocurrency are global currencies but the fact is before we have agency that will help in the tracking and preventing this occurrence it have to go through the government and as we all know no country have fully accepted cryptocurrency as a legal currency within they jurisdiction.

Well, we can't say fully but there are a lot of countries that already accepted Bitcoin in their country, well to be exact, legalized Bitcoin in their country. But the fact that there are a lot of exchanges that are being hacked, we can't be sure how much this will affect the people around it to use Bitcoin. Crimes regarding these will increase for sure so as a user of it, we should be wary of it and be knowledgeable about how we could protect out Bitcoins from these hackers and scammers.

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Quote from: Tylev on May 03, 2019, 12:06:28 AM

Fraud is now really a very big problem for the normal use of cryptocurrency. This is mainly due to two reasons - the slow legalization of cryptocurrency by states and the use of the Internet for fraud, in which it is not so easy to find a criminal, given that he can be anywhere in the world, and disasters of law enforcement agencies are limited by the physical boundaries of the state . This problem can be solved when the states themselves are included in the fight against fraud in cryptocurrency activities, and also establish clear rules for its use and establish clear rights and obligations of participants in the cryptocurrency market.

Fraud is really big in credit cards too. The difference is that credit card companies eat the costs and don't publicise the losses because they don't want to scare customers away from using their cards.

As for fraud in the crypto space - there are a few things people can do to protect themselves.

Don't keep money on exchanges. Use a different password for every exchange in case data is being stolen by an employee of the exchange (rather than outside hacking). Encrypt your wallet. Be careful when you click on results in Google - the top results are ads and often ads for phishing companies. And never never never click on links in emails. Instead bookmark the urls of the exchanges you use, and access them only through your bookmarks.

Naida_BR

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Quote from: akeegan on May 02, 2019, 07:39:39 PM

Now that crypto is allowing us to transact globally I am questioning if we are going to start to see more scams happen between countries. Do we need more compliance companies to step in to help major scams and illegal trafficking?

Full report: https://ciphertrace.com/articles/q1-2019-cryptocurrency-anti-money-laundering-report/

The system is transparent and countries are established entities.
Scams usually happen when the scammer is anonymous or they try to raise funds through an ICO.
Neither or the latest will ever a country do, especially another respected country. However, I would agree that we need more compliance if we want to see the system work flawlessly.

marcous

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Quote from: finaleshot2016 on May 02, 2019, 10:22:36 PM

Scams are everywhere and it's very easy to implement a project scam in the cryptocurrency world because it is being done on the internet. The Internet can be used as a tool of scamming people especially when people get attracted to profit. Since then, I encountered a lot of scam projects for not paying the bounty hunters or the participants of the said project. I also participated in debunking a scam project to its lack of proof of legitimacy.

It's a big issue and very hard to be solved since it's being done globally and we can't control it instantly.

Negative stigma is very inherent in the world of cryptocurrency, and until now that is why some countries do not legalize crypto as a means of transaction but only in the commodity futures category.

Indrawan77

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Quote from: Haunebu on May 03, 2019, 06:03:27 AM

You do realize that scams are a global issue irrespective of whether it is related to crypto or not, don't you op? The thing that everybody needs to understand is that no matter what happens, scams will always happen.

However, these scams can decrease by a huge extent if we properly secure all of our assets in the best way possible.

Most of us aware that crypto is just scapegoat for the criminality, but the government can used this reason to banned crypto, I think something need to be done so it will be easier for government to accept, for now we need to keep on introduce and asked people to used it for positive things, because its decentralised we only can suggest, we don't have any power to verdict

okala

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Yes crpto scam is a global issue since cryptocurrency are global currencies but the fact is before we have agency that will help in the tracking and preventing this occurrence it have to go through the government and as we all know no country have fully accepted cryptocurrency as a legal currency within they jurisdiction.

Haunebu

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You do realize that scams are a global issue irrespective of whether it is related to crypto or not, don't you op? The thing that everybody needs to understand is that no matter what happens, scams will always happen.

However, these scams can decrease by a huge extent if we properly secure all of our assets in the best way possible.

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Quote from: jimskiy on May 03, 2019, 03:41:10 AM

Who say bitcoin and crypto are scam, do you know how first price of bitcoin when launch to public? very lower price but could be on higher price with support by many investor and now bitcoin is on higher.

No one in this topic is saying that bitcoin and crypto are scam. The main point is that crypto and bitcoin is being used for scam/criminal activities and it is being used as a target by scammer/hacker who hack exchanges.
Coming to the main point of this topic, I do not really understand what is mean by scam between countries. Is it something like two scammers in two countries or more are collaborated to scam other countries?

traderethereum

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That could happen in many countries, but as long as we can do preventive way from the scam, I think there will be no problem with that.
That will be a big issue for people who are not aware and not prevent the suspicious transaction.
Money laundering will still happen if people are not to comply with the law and they want to get big money from the dirty work.
That will be an individual responsibility to prevent illegal things that might happen.

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Quote from: akeegan on May 02, 2019, 07:39:39 PM

Now that crypto is allowing us to transact globally I am questioning if we are going to start to see more scams happen between countries. Do we need more compliance companies to step in to help major scams and illegal trafficking?

Full report: https://ciphertrace.com/articles/q1-2019-cryptocurrency-anti-money-laundering-report/

It is indeed an issue not only in cryptocurrency but in the whole blockchain technology. Scams are everywhere so the best way to minimize being victimized is to be vigilant and refrain from logging in to phishing sites.

moynul2050

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this problem has become an open secret, everyone knows that some of the ICOs available on this forum ended in scams. because it's not new when we follow a project and the project ends in a scam.

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Quote from: akeegan on May 02, 2019, 07:39:39 PM

Now that crypto is allowing us to transact globally I am questioning if we are going to start to see more scams happen between countries. Do we need more compliance companies to step in to help major scams and illegal trafficking?

Full report: https://ciphertrace.com/articles/q1-2019-cryptocurrency-anti-money-laundering-report/

This is nothing new. Crypto has been allowing us to transact globally since 2009. I don't understand what do you mean by scams between countries.

I do however feel we need compliance companies for exchanges. This is for exchanges which could claim being hacked due to poor security, and it creates an internation scene. The recent hack of the New Zealand based exchange was one such example and regulations or compliance companies are certainly needed for such cases.

jimskiy

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Who say bitcoin and crypto are scam, do you know how first price of bitcoin when launch to public? very lower price but could be on higher price with support by many investor and now bitcoin is on higher.

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Quote from: akeegan on May 02, 2019, 07:39:39 PM

Now that crypto is allowing us to transact globally I am questioning if we are going to start to see more scams happen between countries. Do we need more compliance companies to step in to help major scams and illegal trafficking?

Full report: https://ciphertrace.com/articles/q1-2019-cryptocurrency-anti-money-laundering-report/

Well, Cyber crimes have been on the increase every year. Yes, Crypto currency linked crimes have increased too, because scammers have just catched on to a new global payment option that was introduced and now reached global adoption. Tongue

Do we need more anti-cyber crime organisations to help us fight against this and/or technology to help us do this? Yes, we do!

Every new technology comes with it's challenges and people will just need to adapt to the new changes in the technology. We went through the same thing with the introduction of the Internet and we saw how technology were developed to "trap" these criminals. Wink

Beerwizzard

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The other point is that all those scams didn't come from nowhere. Before cryptocurrencies there were dozens of different HYIPs or projects that promised you to multiply your balance. No matter what payment system you use. So general picture didn't changed. There is approximately the same amount of scams. The problem is that all those garbage is now concentrated among crypto related projects.

CryptopreneurBrainboss

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It's already happening, just like every other digital currency, bitcoin is already been used for trafficking and as payment options for drug snuggling, scam etc and most of these crimes are intercontinental. So neither of this companies you speak off can stop it because If they do interfere it'll make bitcoin more of a centralized than decentralized currency as transactions can easily be reversible without the knowledge of all parties involved. You should understand though that every successful invention/renovation has its disadvantages so the case of bitcoin won't be an exception. I believe this one of the major reasons bitcoin isn't been considered by the government body as a payment option due to it's decentralized nature that encourages anonymous crime activities. A solution to stopping these crimes might be in service providers requesting for KYC verification from their customer but again this act will be taking us backwards in regards to total decentralization.

Ailmand

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It is really alarming that there had been a lot of money that was taken from people's wallet in crypto and how cryptocurrency is used for illegal activities. It's not shocking since cryptocurrency offers anonimity to it's users that is why it is most likely used in illegal and fraudelent activities. That is why, some are starting to regulate cryptocurrency to lessen this risk.

In our country, due to cryprocurrency scam that is also rampant in our country, a lot of people have a bad impression about crypto which most of them are newbies. This can affect crypto awareness and adaptation due to the risk it implies.

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Awareness against such scams is what I think would be saving us from the rising numbers of such illicit activities and wrongdoings. Compliance and regulations only solves half of the equation, but if people who actively engage and participate in cryptocurrencies know the things that are being used by people to scam, they could avoid these things and not be a part of the statistic.

Tylev

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Fraud is now really a very big problem for the normal use of cryptocurrency. This is mainly due to two reasons - the slow legalization of cryptocurrency by states and the use of the Internet for fraud, in which it is not so easy to find a criminal, given that he can be anywhere in the world, and disasters of law enforcement agencies are limited by the physical boundaries of the state . This problem can be solved when the states themselves are included in the fight against fraud in cryptocurrency activities, and also establish clear rules for its use and establish clear rights and obligations of participants in the cryptocurrency market.

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