Topic: Do scams harm Bitcoin's reputation in the mainstream world? - page 2. (Read 1887 times)

The main cause for this, is the mainstream media telling inaccurate information to the public, sometimes they even call it a ponzi or a bubble that will soon pop, and tying everything negative including hacks in exchange with bias commentary.
We must educate the people, that the internet is a dangerous world. It doesn't mean when hack occurs with Cryptocurrency it doesn't mean its a scam itself. This is why, i courage to not trust financial advise to anyone but do their own research themselves.

Fraud is everywhere and these people should have been aware of the risks. For this, there are forums where people can verify the resource, find a reliable one and do everything so as not to be a victim of a fraud. because no one will help them in this, the responsibility is only on them. How many bad experiences have these people had? At what point did they stop? Someone learns from their own and others' mistakes, while others give up...

We can't do anything about it but for those who are here long enough, we know how to tackle this situation.
Because we know that bitcoin is not a scam and only those people that used it for scam purposes are making the reputation of bitcoin bad.
But once they educate themselves and learn more about its true nature, they will understand that bitcoin or crypto has a lot to offer.
But sadly, we can't force those people to educate themselves. They need to learn it in their own way.

Absolutely they do, I've had several people tell me they no longer invest in cryptocurrency due to a bad experience, which usually revolved around them being scammed in the most obvious way—such as being scammed by a fake admin or handing over their private keys to somebody else.

I think it's always going to be one of the main barriers for cryptocurrency adoption, since the tabloids and newspapers love posting articles about how an old woman was scammed out of her life savings investing in Bitcoin or something similar.

Nothing we can do about it really.

Bitcoin's level of resiliency has prevented scams from having a negative impact over its reputation in the mainstream world. Many factors contribute to this, not limited to the pioneer cryptocurrency's decentralized design. I believe that with due time, people will be able to distance scams from Bitcoin itself. The same thing happened with traditional online payment processors like PayPal and Skrill within their early days. Nowadays, people use Fiat using these services even if scams are still taking place in the industry. Bitcoin and other cryptocurrencies seems to be going towards the same path.

All in all, it's hoped that people make good use of Bitcoin in order to avoid becoming victims of scams in the future. Since you're responsible of securing your funds against malicious actors in crypto land, the risks are a lot higher than the traditional world of Fiat. In the latter, the responsibility is transferred to a third party (a bank) making Fiat a much better option among many people worldwide. Ultimately, people will have different perceptions about Bitcoin and the entire crypto/Blockchain industry in general. Those who believe in Bitcoin's core technology to change our world for the better will stay in it no matter what. The naysayers will always try to divert people's attention by putting emphasis on the negative aspects of Bitcoin (instead of its positive ones). While Fiat will still be the dominant type of currency in the future, there will always be a place for Bitcoin due to its one-of-a-kind qualities not found elsewhere. Just my opinion

Yup, no one will see it cause they don't really understand bitcoin so whenever there's an illegal activity connected to bitcoin, the first thing that comes to their mind is bitcoin is the reason. They should not be involved in bitcoin and something like that. They never blame the person behind the scams, they blame the currency and technology itself, kind of unfair cause whenever they got scammed using a fiat money, they will never blame the fiat, who would do that right? It's because of the scammer and not because of the platform. I can even say that it's their fault for not researching before even doing something, I can say it both with fiat and bitcoin right? but it will feel wrong to blame them cause it sounds victim blaming, but they have the responsibility to do research. But in case of bitcoin, the currency itself takes the blame.

From what I have seen during the past 8 years, scams do play a major role in slowing down the mainstream adoption of Bitcoin. There are other factors as well, such as lack of legal clarity, usage in dark markets.etc, but IMO scams remain the number one factor. But is it right to blame Bitcoin for all these scams? Most of the scams occur as a result of greed or stupidity from the part of the investors. It is just like ponzis and pyramid schemes with fiat money. But in those cases no one actually blames fiat for those scams.

I agree twitter should be blamed for this. they are a multibillion-dollar you expect them to have airtight security to protect the privacy of their users. but bitcoin already having a bad image and involve in a lot of scam people are quick to jump to blaming bitcoin since it was the most logical way for them.

Bitcoin is not at fault there.

Take note that Twitter's security is breached by a kid making their platform's security unreliable. The point here though is that people should not believe such things with easy money. The hacker used Twitter to send the people's Bitcoin in their wallet, if anyone should be blamed here it is Twitter's security and the hacker, not Bitcoin.

The scams do harm the bitcoin reputation in the world. Some new people thinks that keeping money in bitcoin is not safe as it can be hacked anytime. Others who have no knowledge of bitcoins, when they hear these news, this give them negative impact about the digital currency and they never think of investing in it.

Sure people were scamming others right since the inception of bitcoin. But that stupid twitter hack made it mainstream.

Of course, scammers are hurting the development of cryptocurrencies, but it seems to me that bitcoin is becoming more stable. Scammers all over the world are looking for ways to make money fraudulently. It's safe to say that scammers around the world have stolen more dollars than bitcoins. They don't care what to steal.

Scams or frauds are sometimes the main reasons why bitcoin's price decreases because other countries will start to banned bitcoin or cryptocurrency to avoid this kind of illegal activity. So it is obviously ruining bitcoin's reputation that sometimes news and articles are using the wrong headline, saying bitcoin is a fraud investment, which other people find bitcoin is a total fraud. But the truth is people only used the word bitcoin and cryptocurrency to scam or to trick people.

Absolutely, yes. Scams really harm the reputation of Bitcoin especially that there are still lots of people now anywhere who think negative about it despite its popularity. This could affect too much in a bad way possible. But, somehow, we cannot really control the minds of those fraudsters who keep on destroying Bitcoin's reputation anytime they want to. The only thing that we could do, is to at least very keen/very careful in trusting to anyone and properly secure all our wallets, personal data and every important things that we have here in digital world, more so in blockchain industry.

This is conceivable because most people have pessimistic notions. Although in my sentiment, the scam is through bitcoin but the culprit is not Bitcoin, the one who scams.

It does damage the reputation it has but I don't think it would slow down development.

With the price increases, more and more people are using Bitcoin and that also means having a lot of transactions. The developers have seen a lot of things just from that and we are not even in a massive adoption that we wanted for a long time. We can change this by giving them information that could prove that this is not a scam, still it is on them whether they wanted to use it or not.

Yes, bitcoin's reputation is so damaging that they don't believe it, especially those who are new and who don't know and understand bitccoin more deeply which makes them hesitant to get involved in it.
Scammers will always be around because bitcoin or other crypto is very profitable for them even if they do it in the wrong and cruel way, what is important is convincing those who are new and well explained to stay and want to get involved with bitcoin or other crypto.

It will reflect indeed. As those who made the news always highlighted bitcoin to attract more readers attentions.



Precisely. They think that because of that it covers everything around bitcoin and it's market.


Media always make it worse so impacts especially to those who are not really into this industry, they have that negative mentalities.

Scams do make bitcoin's reputation worse, but we need to think a little bit.
Normally, good things do not care about many people, but bad things are concerned and spread very quickly, abnormally fast.
So the scams also help significantly to propagate bitcoin to everyone. Those who are interested will learn about bitcoin and maybe they will choose bitcoin to invest or trade.
Every year there are indeed thousands of bitcoin scams, but bitcoin continues to increase in value and expand the network.

Yeah