Do scams harm Bitcoin's reputation in the mainstream world? - page 4.

Pamadar

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Quote from: ghost424 on September 01, 2020, 05:41:13 AM

The scams not just affects Bitcoin's reputation but also all the Cryptocurrencies being made.

It reflects most of the time to the entire market since bitcoin is the very first crypto. Any scam practices affects this business.

Quote from: ghost424 on September 01, 2020, 05:41:13 AM

Scams are dangerous and might lead to people telling other people to not take interest into Cryptocurrencies.

Words of mouth which most the time circulating and triggering the mndsets of those who don't have any ideas regarding to this
crypto currency.

Quote from: ghost424 on September 01, 2020, 05:41:13 AM

The scams need to stop and users that see these kind of scams must always tell other people to turn away from things that are too good to be true.

Helping other people if you do have much better knowledge about this system is really one of the good thing to do. Contributing
to lessen the bad images of bitcoin from people who don't know it yet.

NVZNtoken

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Scams do affect the reputation of Bitcoin negatively but that's due to the early stage of adoption. In the early 20th century car accidents were negatively affecting the reputation of car industry to the point people were wondering if not to ban "mechanic carriages" altogether, but nowadays car accidents don't affect the reputation of cars, and even terrible plane crashes don't affect the reputation of planes. In the financial sector it's the same - there are gold scams and forex scams, but people still invest in gold and trade currencies.

jrrsparkles

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Quote from: spike420211 on September 01, 2020, 09:54:23 AM

Quote from: ghost424 on September 01, 2020, 05:41:13 AM

The scams not just affects Bitcoin's reputation but also all the Cryptocurrencies being made. Scams are dangerous and might lead to people telling other people to not take interest into Cryptocurrencies. The scams need to stop and users that see these kind of scams must always tell other people to turn away from things that are too good to be true.

It is not easy to stop it. In order to eradicate fraud, it is necessary to make the cryptocurrency fully regulated and therefore much less free, which contradicts many of the principles of cryptocurrencies.
On the other hand, it is necessary to educate people so that they have the ability to recognize fraudsters before it is too late. These tasks are not easy, and may well never be fully realized.

Regulations may not completely stops the crypto scams and frauds, only way to completely eradicate is to create awareness about cryptos to the people if it is possible but it will only happen if there are regulations and more accepted as form of currency not as digital assets, for now it is not regulated as currency but hopefully in future there will be a time come until that community need to help the people to stay away from scammers as possible.

Kasabus

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Quote from: ghost424 on September 01, 2020, 05:41:13 AM

The scams not just affects Bitcoin's reputation but also all the Cryptocurrencies being made. Scams are dangerous and might lead to people telling other people to not take interest into Cryptocurrencies. The scams need to stop and users that see these kind of scams must always tell other people to turn away from things that are too good to be true.

Bitcoin enthusiasts never think bitcoin or even the whole crypto market as a scam because only foolish people does. Yes it does affect bitcoin's reputation but the effect is just temporary knowing bitcoin is still gaining huge interest from people particularly investors despite of the hacking issues. It just proves that bitcoin despite of its negativity still chose to develop even more until it becomes a global currency in the future.

spike420211

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Quote from: ghost424 on September 01, 2020, 05:41:13 AM

The scams not just affects Bitcoin's reputation but also all the Cryptocurrencies being made. Scams are dangerous and might lead to people telling other people to not take interest into Cryptocurrencies. The scams need to stop and users that see these kind of scams must always tell other people to turn away from things that are too good to be true.

It is not easy to stop it. In order to eradicate fraud, it is necessary to make the cryptocurrency fully regulated and therefore much less free, which contradicts many of the principles of cryptocurrencies.
On the other hand, it is necessary to educate people so that they have the ability to recognize fraudsters before it is too late. These tasks are not easy, and may well never be fully realized.

Tonteus

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Yes, unfortunately it is. Many people notice these scammers, but forget about all the others.

ghost424

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The scams not just affects Bitcoin's reputation but also all the Cryptocurrencies being made. Scams are dangerous and might lead to people telling other people to not take interest into Cryptocurrencies. The scams need to stop and users that see these kind of scams must always tell other people to turn away from things that are too good to be true.

proscratcher

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Scams will hurt Bitcoin's reputation of course. However, when banks get Crypto merchants, it will gain trust. Why? Because banks are trusted and when you see your Bitcoin app being used by your bank, it will give you a peace of mind that Bitcoin is legit.

Abiky

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Quote from: leisha on August 27, 2020, 09:37:01 PM

I think scams does not harm bitcoin's reputation it just making people afraid of what this technology might do. I think scams will not let people avoid this technology if he has enough knowledge about it. It really true that if you have knowledge you will not be fooled so I think scams will not harm bitcoins if everyone knows what it really was.

As it's said in the mainstream world, "knowledge is power". If people knew about how Bitcoin works and how it's different from traditional Fiat, they wouldn't be thinking wrong about it. It's all a matter of miseducation than anything else. While governments and mainstream media have played their part in spreading bad propaganda against Bitcoin and crypto in general, the industry has managed to be quite resilient since its inception. I think that as Bitcoin matures, and people get to use it more thoroughly, they'll be able to separate scams from crypto itself. Considering that Bitcoin is still being used for legitimate purposes, there's nothing to worry about.

Ultimately, governments will impose heavy-handed regulations to reduce the number of scams in the crypto/Blockchain space. Once institutional investors come into play, Bitcoin's legitimate use cases will be expanded in the mainstream world. In the long run, Bitcoin will remain impervious to the negative reputation attributed to scams themselves. Keep in mind though, that these schemes are unavoidable not only in crypto but in Fiat as well. If you take due responsibility to protect your funds against scams or theft, nothing should go wrong. Just my thoughts Grin

kezinaur14

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The scams and other allegations in the crypto space are very alarming these days. Although some people will have fears investing in crypto’s, a lot more people are also eager to join. Well for people who do not understand much about cryptocurrency and just see it as another source of investment alongside what the banks offer, they would be bothered. Those of us who have witnessed scams even in the banking systems understand it’s normal.

Yeah, anyone with 2 fingers or more worth of forehead will see past the "scam" and realize the benefits bitcoin holds, why do these people use it to begin with? But it's not everyone who thinks like this.

AakZaki

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Undue misuse of technology that is making bitcoin's reputation even worse. Bitcoin is referred to as the technology used to carry out money laundering, transactions of prohibited goods and the like.

If properly understood and developed this cryptocurrency and bloakchain technology will be more advanced and can be accepted by all governments. Some governments still have not accepted and have not provided clear regulations.

Bitcoin's reputation is currently the benchmark for people to trust bitcoin or not.

leisha

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I think scams does not harm bitcoin's reputation it just making people afraid of what this technology might do. I think scams will not let people avoid this technology if he has enough knowledge about it. It really true that if you have knowledge you will not be fooled so I think scams will not harm bitcoins if everyone knows what it really was.

jossiel

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Quote from: budi691 on August 25, 2020, 09:31:06 AM

it will definitely affect Bitcoin, but this has been repeated several times but bitcoin is still standing, in my opinion Bitcoin is not evil and is only used as a tool to do evil,
What if they ask for FIAT money as ransom for crimes, will the fiat money also be damaged? Of course not

The same as the money that we use. If it's used for evil, the tool that we use to buy things is also going to be evil. That's the mind of the people these days. Even without knowing how real bitcoin is, they'll only listen to the negatives but will not look further the positive of it which is more than the negative things that they've heard of before.

Quote from: budi691 on August 25, 2020, 09:31:06 AM

so Bitcoin is only slightly affected by scammer tricks,

Not that slightly but it's actually affected with a huge factor but it's changing and perspective of those people are also changing.

Abiky

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Quote from: minersday on August 26, 2020, 06:15:14 PM

Personally, I don't think scams harm the reputation of Bitcoin but it is the media that is harming the reputation of Bitcoin. Scams have always existed since the beginning of time and I don't understand why people will ever think scams can harm Bitcoin's reputation. We should be consider about how bitcoin and blockchain technology is gonna transform the financial ecosystem rather than speculating about something that has nothing to do with the reputation.

That's certainly true, mate. Mainstream media usually gives Bitcoin and crypto a bad reputation worldwide. It's no wonder why many people associate scams with Bitcoin itself. With proper education, people will be able to understand that Bitcoin is not directly associated with scams taking place in cyberspace. It's important to know that governments have given bad propaganda to crypto/Blockchain tech. They want to stay in control of people's money, forcing the average person to use Fiat on top of an alternative financial system. Only those looking for freedom will seek out Bitcoin no matter what.

With the ever-increasing popularity of Bitcoin, it's expected that the space will be further legitimized in the future. Heavy-handed regulations will prevent many scams from occurring in the mainstream world. As long as the authorities prosecute malicious actors, crypto land will be a better place. Let's hope people take responsibilities by securing their crypto funds against malicious actors by taking their time to learn more about how everything works. With this, scammers will find it quite hard to do their nefarious actions in the crypto/Blockchain space. Just my opinion

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Quote from: Abiky on August 07, 2020, 02:55:56 PM

There has been a lot of scams within the crypto space over the course of its lifetime. Most recently, a Twitter hack that took the accounts of prominent figures within the mainstream world, has been all over the news. Mainstream media has been making people believe that Bitcoin is "bad" by tying it to the Twitter hack. While malicious actors demanded to be paid in Bitcoin, it doesn't mean that the cryptocurrency itself is a scam. Unfortunately, many people in the mainstream world have commented about Bitcoin negatively because of the recent hack. Despite these unfortunate series of events, Bitcoin and other cryptocurrencies are experiencing huge gains on the market.

Do you think that scams harm Bitcoin and other cryptocurrencies' reputation in the mainstream world? What will it take for people to distance scams from Bitcoin itself? Thoughts? Huh

Of course, scams like the twitter hack harm the reputation of bitcoin and other cryptocurrencies in the mainstream world. This is because it makes people believe that crypto is a bad thing that should be avoided. This in turn affects the adoption of crypto and we all know that until crypto is adopted throughout the world, it cannot reach its full potential.
Secondly, the only way for people to distinguish between scams and crypto is for crypto communities like this to put the word about the good of bitcoin and crypto at large out in the mainstream world

Lorence.xD

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Definitely it hurts the image of bitcoin but I think that it is not a big deal because we as the community can help in preventing people from falling for these scams and scummy schemes. Imagine if people worked to educate people about these kinds of scams, reasonable ones will listen and become cautious, the image of bitcoin will only be truly tainted if we as the people who trust it did not do anything about it. We also should add that we are not the only one that works on making a good PR, authorities involved in cybercrime prevention makes the big chunk of contribution in these thing so we should help them whenever they are in need of help.

Remember that like Rome, Bitcoin is not built in a day or something like that.

blckhawk

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Quote from: Abiky on August 07, 2020, 02:55:56 PM

Do you think that scams harm Bitcoin and other cryptocurrencies' reputation in the mainstream world? What will it take for people to distance scams from Bitcoin itself? Thoughts? Huh

Absolutely it is and most of the time. For example, let us compare it on ICO, it was very successful before then but as the scammers infiltrate the system it became a mess, investors are now having second thoughts in handling their money. And the same goes for Bitcoin, because of the decentralization of this coin criminals are abusing this technology so they could freely make a transaction without getting caught.
This was also the reason why few governments across the world are having a thought of accepting it on their system.

erikoy

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Yes scam related to bitcoin has been damaging the name of cryptocurrency. I tried to ask one of my friend here regarding bitcoin and smhe says about it to which he said that it was a scam.

I did not make an argument because I know how bitcoin works and I am here in the forum learning about bitcoin related scams and how it was done. Pretty sure these abuses made bitcoin or drag its name to scam which is really not.

If only these abusers will going to pay their sin by busting them and to get them into prison then I will be happy to see it happen.

AicecreaME

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Because of the link invites circulating on mainstream media that are just basically ponzi schemes and fake bitcoin exchangers, a lot of people are actually thinking bitcoin is a nest for frauds, criminal activities, and is dangerous to be part of.

The bitcoin’s reputation is affected of course by these. But to be fair though, this is just in the eyes of those who don’t know what really bitcoin is and how it works. Those who are investing and using bitcoin for many years would just shrug it off and not mind the gossips and bad things they hear since they are fully aware and knowledgeable about cryptocurrency and the community itself.

minersday

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Quote

Do scams harm Bitcoin's reputation in the mainstream world?

Personally, I don't think scams harm the reputation of Bitcoin but it is the media that is harming the reputation of Bitcoin. Scams have always existed since the beginning of time and I don't understand why people will ever think scams can harm Bitcoin's reputation. We should be consider about how bitcoin and blockchain technology is gonna transform the financial ecosystem rather than speculating about something that has nothing to do with the reputation.

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