Do scams harm Bitcoin's reputation in the mainstream world? - page 6.

Abiky

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www.Crypto.Games: Multiple coins, multiple games

Quote from: DdmrDdmr on August 14, 2020, 03:42:21 PM

Not just scams, but misuse of cryptocurrency for terrorism related fundraising campaigns. Today, the US Department of Justice released a notice titled "Global Disruption of Three Terror Finance Cyber-Enabled Campaigns - Largest Ever Seizure of Terrorist Organizations’ Cryptocurrency Accounts".
see https://www.justice.gov/opa/pr/global-disruption-three-terror-finance-cyber-enabled-campaigns

Without going into the details, some of which remain unclear to me after reading the release (i.e. How the U.S. authorities seized the crypto content of over 300 cryptocurrency accounts -> residing on Exchanges I presume), the above does harm the reputation, and what’s worse, sets a spotlight on cryptocurrencies for authorities to look at in the wrong shade of desired light.

It's so sad to hear news like these. It gives Bitcoin and other cryptocurrencies a negative perception among people in the mainstream world. That's what you get with something that's a "double-edged sword". Bitcoin can be used for both good and bad things just like it's the case with the Internet nowadays. If a lot of bad things are made with Bitcoin, people will be quite skeptical in using it within their daily lives. It's up to us to spread the word about Bitcoin's legitimate use cases as much as possible. We already have governments trying to regulate the crypto industry. Since everything revolves around centralized infrastructure (centralized exchanges and wallet providers), it's possible to catch malicious actors easily. With heavy-handed regulation, I think the number of scams in the crypto space will be reduced to a point where they'll do little to no harm over Bitcoin's reputation in the mainstream world.

Nonetheless, people often associate scams with Bitcoin due to lack of knowledge. Once they know how everything works, they'll be able to distance scams from Bitcoin itself. Let's hope that in the future, Bitcoin's reputation will be much more positive than what it is right now. Just my opinion

witcher_sense

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Quote from: TitanGEL on August 17, 2020, 03:41:32 AM

It is because fiat is centralized where the government have control on it and it is the reason why people doesn't have any worries. The thing is people do not know what is a decentralized currency looks like and it is the reason why they think it is not a legit. The generations of millennials have also a nature where if they are not familiar to something, they will called it as a scam. Exerting effort in terms of studying can help us to determine if a certain investment is legit or if it is scam.

Before I knew about bitcoin, I had been using decentralized protocols, systems, software for years without knowing all of those were actually decentralized. It wasn't important for me to know that, as a user all I wanted was a working piece of software with which I could do what I wanted. When I realized that both software I used and bitcoin were decentralized, I wasn't shocked by that fact, I wasn't thinking that everything I used before was scam. Despite lack of knowledge of decentralized systems, I managed to understand that decentralized nature of these systems was for reason and I started to learn about that field more and more. The more I learned the less it seemed that decentralized systems a scam. So, I agree with you that self-education can help to sort out things. It will help to distinguish decentralized systems per se from people abusing such systems to scam other people.

TitanGEL

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Quote from: witcher_sense on August 17, 2020, 02:01:26 AM

Quote from: fullhdpixel on August 16, 2020, 03:47:27 PM

It depends on the people and the understanding they have about Bitcoin; if it’s just some people that has less or zero knowledge of what Bitcoin is, once they are told that Bitcoin is a scam, they will go ahead and believe that.

But, if it’s people that already understands that Bitcoin is just a payment method, they wouldn’t believe that, because they already know that Bitcoin is just a payment method and people are the ones that are using it the wrong way. Even the US dollar is being used for scam, every fiat in the world is used for scam, but we don’t say that fiat is a scam just because of some kids that are scammers, we still make use of it.

Naturally, people are not going to say bad words about fiat, because they are being paid with government money for their time and effort. They don't care if this money came from drug dealers, because they still can buy something in grocery store. No company like Chainalysis can come to analyze blockchain and say banknotes are now dirty and therefore non-fungible, government promised them no matter what happened to banknotes, they can hand over them with no worries. They will not be calling it a scam until government itself a scam. With bitcoin the situation is different, bitcoin doesn't give promises, it simply works in a way it was designed. If one disagrees with the design of bitcoin, one stays out of the system and may call it a scam. But when people start being paid for their time and effort with bitcoin, it will no longer be considered a scam.

It is because fiat is centralized where the government have control on it and it is the reason why people doesn't have any worries. The thing is people do not know what is a decentralized currency looks like and it is the reason why they think it is not a legit. The generations of millennials have also a nature where if they are not familiar to something, they will called it as a scam. Exerting effort in terms of studying can help us to determine if a certain investment is legit or if it is scam.

izzel

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Yes, because people oftenly believe in what other people says even if they haven't try it that's why they become afraid in investing and using crypo assets because they all think that it is a fraud. And some people lack knowledge about what crypto world is. As long as users are highly intellect they wont be easily scam by scammers. That's why we need to educate them to become wise in choosing or investing in crypto currency or assets.

witcher_sense

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Quote from: fullhdpixel on August 16, 2020, 03:47:27 PM

It depends on the people and the understanding they have about Bitcoin; if it’s just some people that has less or zero knowledge of what Bitcoin is, once they are told that Bitcoin is a scam, they will go ahead and believe that.

But, if it’s people that already understands that Bitcoin is just a payment method, they wouldn’t believe that, because they already know that Bitcoin is just a payment method and people are the ones that are using it the wrong way. Even the US dollar is being used for scam, every fiat in the world is used for scam, but we don’t say that fiat is a scam just because of some kids that are scammers, we still make use of it.

Naturally, people are not going to say bad words about fiat, because they are being paid with government money for their time and effort. They don't care if this money came from drug dealers, because they still can buy something in grocery store. No company like Chainalysis can come to analyze blockchain and say banknotes are now dirty and therefore non-fungible, government promised them no matter what happened to banknotes, they can hand over them with no worries. They will not be calling it a scam until government itself a scam. With bitcoin the situation is different, bitcoin doesn't give promises, it simply works in a way it was designed. If one disagrees with the design of bitcoin, one stays out of the system and may call it a scam. But when people start being paid for their time and effort with bitcoin, it will no longer be considered a scam.

KnightElite

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Quote from: fullhdpixel on August 16, 2020, 03:47:27 PM

It depends on the people and the understanding they have about Bitcoin; if it’s just some people that has less or zero knowledge of what Bitcoin is, once they are told that Bitcoin is a scam, they will go ahead and believe that.

But, if it’s people that already understands that Bitcoin is just a payment method, they wouldn’t believe that, because they already know that Bitcoin is just a payment method and people are the ones that are using it the wrong way. Even the US dollar is being used for scam, every fiat in the world is used for scam, but we don’t say that fiat is a scam just because of some kids that are scammers, we still make use of it.

The problem is only few people who can considered as financial literate because a majority of the people are just believing on opinions and gossips. If a person doesn't studied financial literacy, most likely to happen is he/she going to believe easily if someone tell him that bitcoin is scam. Scammers have a factor why a lot of people see it as scam because they keep victimizing normal people for their own sake. Through financial literacy, people can understand what is bitcoin and people can find out that it is not a scam.

xen1oph

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People are involved in fraud in a wide variety of industries. There are swindlers in the trade who can sell junk instead of a good car; there are scammers who rent us apartments that they don't even own, and so on. At the same time, that trade, that rent, that other industries continue to exist without harm to the image.

Therefore, I believe that scammers will not be able to tarnish the image of cryptocurrencies sufficiently.

teosanru

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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

Definitely yes, I have had many communications with different people who are not involved in cryptocurrency. Most of them generally give this excuse only that these things are used for scams and fraud. I think even the media portrays it in such a way. The recent twitter hack scam was portrayed more as a bitcoin scam by many media channels and folks have the habit of judging a news merely by reading the headlines. But this problem unfortunately has no solution at all.

fullhdpixel

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It depends on the people and the understanding they have about Bitcoin; if it’s just some people that has less or zero knowledge of what Bitcoin is, once they are told that Bitcoin is a scam, they will go ahead and believe that.

But, if it’s people that already understands that Bitcoin is just a payment method, they wouldn’t believe that, because they already know that Bitcoin is just a payment method and people are the ones that are using it the wrong way. Even the US dollar is being used for scam, every fiat in the world is used for scam, but we don’t say that fiat is a scam just because of some kids that are scammers, we still make use of it.

suvo05

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Still some people think that bitcoin is dark web money. The scam is every where, whether you are dealing with BTC or fiat. But the mainstream media only focused about the scam related to BTC, rather than talking about the good uses of the BTC. So obviously it has some bad reputation in the mainstream world due to those scams. But people are getting educated about BTC now, they can now understand that it's not BTC's problem it's our fault.

Zionatin

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I'm sure scams hurt everything no matter what niche, world, or category they are in. Scammers can even give peoples race or culture a bad name. So I would not be surprised if scams gave bitcoin a bad name as well.

Quote from: ?? on ??

Of course, even though we can say that it will contribute to the popularity of bitcoin and cryptocurrency in general, scams still have bearing to Bitcoin's reputation in the mainstream world.

That's why it is our task. Us who can understand which one is a scam and which is not to educate people, especially the newcomers about this.

And I found some websites that can help on determining which websites are scam and which are not. Which bitcoin wallets are used for scam and which are not.

Here's the link:

https://scam-alert.io/

and here's another one:

https://www.bitcoinabuse.com/terms

Keep safe everyone!

Nice sites thanks. Honestly though most of these people are total and complete idiots and they are surprised when they are scammmed. Look at these idiots for example https://scam-alert.io/scam/19Zd4ptQeNzQk7aoSiHMKHKpcfADoQGKsq

People actually invest 8k usd in this site.
The sextorition one where they claim they have pictures of you and show you one of your passwords. If you fall for that then what can I say? I even emailed the scammer back and asked them to send me some extra copies for my friends xP The email bounced.

carriebee

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Quote from: ufaiz50 on August 14, 2020, 06:03:30 PM

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

of course scam can damage the image of bitcoin or the name of bitcoin indirectly, surely there are some people who are think negative to bitcoin and do not believe in bitcoin because of the scams case. in any business there must be cases of fraud because users or humans have an opportunity to be deceived, I think to eliminate scams by often educating the users and being more vigilant.

When some people here in my country already heard about scam in cryptocurrency they were afraid to learn what truly it's all about. Somehow for those people lack of knowledge about bitcoin discourage to join because of the scam reputation. So this really means it does affect only those people who have close minds to educate in crypto.

Fredomago

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Leading Crypto Sports Betting & Casino Platform

Quote from: Zemomtum on August 14, 2020, 06:49:43 PM

People do engage in money laundering and it has not brought down the reputation of the fiat currency. There are a lot of scams as relates to digital currency and not Bitcoin alone but we can see that the space is waxing stronger

Life as we know it. When mainstream media's start to criticize something and bring bad impressions to something it will create such
images people immediately reacts and believe in it. this news about scam businesses is not new they've been exposed from any form
of currency it happened only that mainstream media wants to disgrace bitcoin to move away people's interest.

Ayiranorea

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Leading Crypto Sports Betting & Casino Platform

Quote from: ?? on ??

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

Yup, isn't it already tainted? Try asking local guys around your neighborhood about Btc, I'm sure some of them knew btc because of the scam issues they are involved. Silk road incident is a big issue back then and the effect is this, bitcoin being known as a currency only used in illegal activities. Kind of sucks that uninformed people now stick to this idea. Scam and illegal activities is just a small percentage of what Btc can really offer. And they are missing it.

Not only with bitcoin or some other altcoins, it is common to see more and more scams. Right now each and everything is happening through the internet, in specific bitcoin and other crypto related activities won't happen without internet connectivity. This itself turned to be a easy way for scammers to cheat people.

Rather than positive incidents, negative incidents will spread much faster. In such a way is the scams associated with cryptocurrencies. It'll easily reach the people and affects the reputation of cryptocurrency.

finaleshot2016

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Degen in the Space

Absolutely yes! In my experience of sharing my knowledge about cryptocurrency, it's very difficult to share those if the listeners don't want to believe me because of those bad impressions of bitcoin. There's a lot of Ponzi and scam platform that uses bitcoin to their platform just to scam people and it's not good for bitcoin.

I'm lucky enough that I learned a lot here in the forum and I didn't grow up of having a bad impression towards bitcoin because of misuse of it such as payment for illegal transactions of drugs, guns and many more. Also, people who are techy enough are having seminars around every university so they can explain how does cryptocurrency works.

So obviously, scams really hurt the reputation of Bitcoin and it also hurts the reputation of those organization who believe and uses cryptocurrency.

Zemomtum

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CitizenFinance.io

People do engage in money laundering and it has not brought down the reputation of the fiat currency. There are a lot of scams as relates to digital currency and not Bitcoin alone but we can see that the space is waxing stronger

ufaiz50

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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

of course scam can damage the image of bitcoin or the name of bitcoin indirectly, surely there are some people who are think negative to bitcoin and do not believe in bitcoin because of the scams case. in any business there must be cases of fraud because users or humans have an opportunity to be deceived, I think to eliminate scams by often educating the users and being more vigilant.

DdmrDdmr

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There are lies, damned lies and statistics. MTwain

Not just scams, but misuse of cryptocurrency for terrorism related fundraising campaigns. Today, the US Department of Justice released a notice titled "Global Disruption of Three Terror Finance Cyber-Enabled Campaigns - Largest Ever Seizure of Terrorist Organizations’ Cryptocurrency Accounts".
see https://www.justice.gov/opa/pr/global-disruption-three-terror-finance-cyber-enabled-campaigns

Without going into the details, some of which remain unclear to me after reading the release (i.e. How the U.S. authorities seized the crypto content of over 300 cryptocurrency accounts -> residing on Exchanges I presume), the above does harm the reputation, and what’s worse, sets a spotlight on cryptocurrencies for authorities to look at in the wrong shade of desired light.

Abiky

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www.Crypto.Games: Multiple coins, multiple games

Quote from: Nellayar on August 12, 2020, 04:42:48 PM

The truth about bitcoin is that it`s anonymity feature did not use for good but it use as a factor to scam people while hiding the real identity online. This is the most reasonable fact that happens in bitcoin. It is used by scammers as a payment or promises to the people. In fact, during the 2017 bull run period bitcoin was exposed to the mass due to its volatility, it was also the time where many scammers had been conveyed people to send some money to their account and it will double in a month when it was converted in BTC.

Many people also thought that bitcoin is the scam, without finding enough facts and research about it.

One thing for sure is that scammers will have a hard time concealing their identities on the Bitcoin blockchain due to its pseudonymous nature. Authorities can easily catch malicious actors by following the trail of coins on the Blockchain. I'm starting to wonder why most scammers don't use privacy coins instead of Bitcoin for their nefarious actions? As long as scams continue to take the crypto world by storm, people will think twice before doing any investment on Bitcoin or any other cryptocurrency on the market. Only true believers of Bitcoin (like myself) will stay in it no matter what happens in the mainstream world.

While mainstream media has given Bitcoin some bad reputation, people can become enlightened if they do their own research. With knowledge, people will be able to separate Bitcoin from scams in cyberspace. It's up to us to spread the word about Bitcoin, counteracting any negative reputations provided by mainstream media and naysayers (like Warren Buffet). As popularity and development grows for Bitcoin, more people will join the crypto train. Considering that the pioneer cryptocurrency has been in cyberspace for 11 years now, scams may have little to no effect over its prominence worldwide. Just my thoughts Grin

bonjouros

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Scams can surely affect the bitcoin reputation especially if bitcoin has been use for their scams attempt. Most of the people who have no further knowledge with regards to bitcoin and other currencies
will think that bitcoin is scam and we can easily lost a potential investors of bitcoin if this will continue.

So not only the reputation are at stakes if the scams will continue to ruin the good image of bitcoin and other currencies.

Topic: Do scams harm Bitcoin's reputation in the mainstream world? - page 6. (Read 1887 times)