Topic: Do scams harm Bitcoin's reputation in the mainstream world? - page 7. (Read 1887 times)

You just need to find good with every bad media presentations.

Your point is valid since every currency can be used by scammers and hackers to transact with their
looted  money, the media are just pointing this to degrade bitcoin, but it helps since there are people
who read or heard the news will be attracted and start looking for this investment currency.

Fraudsters had indeed given bitcoin and other cryptos a bad reputation and they are banking on its decentralized feature to perpetuate this dastardly act its becoming hard convincing newbies nowadays to investing in bitcoin due to scams, couple with the fact that the moribund and bankrupted MMM ponzi scheme also uses bitcoin to collect funds from investors before disappearing into thin air, we have many task ahead by trying to encourage and convince would-be investors to having a positive mindset toward investing in bitcoin when they news scaring them about those twitter hacks, hyips etc.

Negative information related to anything will widespread in a much shorter time period compared to the good about the same. This is how there is a bad image for bitcoin getting portrayed as the transaction token for darkweb needs.

More number of scammers have begun to use the term bitcoin to scam people. Somewhere one might have heard of its growth, but they never analyse it before making an investment. This scam approaches when identified spoil the good with bitcoin.

I think that it adds up to the misconceptions about it but it also cause people to be curious about hot issues and so it is a way of somehow driving their attentions here. I just hope that at the end of the day, they would see the essence of Bitcoin.

The main actor of the twitter hack who requested a number of bitcoins using accounts with blue ticks has also been caught because of the transaction history used by hackers using bitcoin. The transaction provides investigators with information to easily catch the hackers. With the twitter hack involving bitcoin, of course the public will know about bitcoin and what its advantages and disadvantages are. This will be increasingly recognized by the public.

Based on my own experience, the answer is a resounding YES. I have many high school friends and college classmates that I have talked to, on reunions and through online. When we start talking about investments and stocks, I try to insert crypto currencies and Bitcoin and I am surprised that they immediately say the words "That is a scam" or "No way I will invest in a pyramid scam" and similar talk without me explaining what is Bitcoin and how it works. They immediately conclude that Bitcoin itself is a scam. So I usually do some explaining about the nature of some of the scams and tell them Bitcoin is not a scam.

Why should Bitcoin be to blame? before this news was published, there was a lot of bad information about bitcoin which was said to be used for various crimes such as buying and selling drugs, terrorism, and others. but in fact, until recently bitcoin was fine. it looks like the media might be the main factor causing the damage to bitcoin's reputation in the eyes of the public.

Yes, when there is a rumor about bitcoin being a scam, more people will get to know more about it.

The curiosity of each individual when they hear anything about bitcoin, especially if it is negative, their curiosity will bring them to gathering answers to all the questions created inside their mind. The more their curiosity gets deeper, the more they will dig information about bitcoin.

In reality, there are only few people who are interested where we can say that they are hungry to learn information about bitcoin. It is sad because most of the people in my community became victim of fake news where when they heard bitcoin, they always think that it is a form of investment where it is scam.

This is the result of the past scammers before who keep creating ponzi scheme investment where they keep inviting a lot of people and in the end many people will lose their money. Scammers are keep tarnishing the not only the bitcoin but the whole cryptocurrency community. It is so sad because people view it as negative and not a new payment system that will change the broken system.

The last scam on twitter that requested for bitcoin, increase the search for bitcoin on search engine. Criminal are only exploiting the anonymity and security behind the coin, however, the anonymity has other advantages. For any bitcoin stolen into a known address it will require more expertise to protect being monitored and converted into fiat, so it is more difficult to keep stolen bitcoin that keeping. I just hope countries dont adopt Russia restriction on bitcoin transaction but it will great process to control hackers

I think the rumors of bitcoin scams only make bitcoin bigger than ever and more people will know bitcoin. I firmly believe that people who own a lot of bitcoins and buy bitcoins are tech savvy and understand what bitcoin does. Bitcoin is not just a cryptocurrency, it is an asset for you to store your assets against inflation. It's a quality investment, when you look at the bitcoin chart you'll see what I say makes perfect sense.

Good point and we all agree to that, time and proper education regarding to this system will open up minds by those people who are still looking oppositely. With proper information and right knowledge not just a biased one coming from mainstream medias which  more likely being corrupted by people around traditional banking industries. This negative views will be replaced once people realized that bitcoin is not a tool for scamming but a useful system to help the financial industry. From that point, more and more people will start to embrace  and adopt this currency, it takes time but it will happen.

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.

Agree. The more scams emerge, the tighter regulations will be. KYC and AML will be a requirement to get access to Bitcoin in the mainstream world. While decentralized solutions are an option, their low liquidity makes them widely unpopular in the crypto/Blockchain space. There's no denying that scams will harm Bitcoin's reputation worldwide, due to lack of people's education. If they'd learn more about how Bitcoin works, they wouldn't believe everything that's said on mainstream media. The majority doesn't care more or less about Bitcoin, as the world goes around Fiat nowadays. Bankers and governments will try their best to prevent people from using Bitcoin on top of Fiat. This means that its reputation will be in the ground, in order to make people use the traditional banking system more thoroughly. Only veterans in the crypto space and those looking for an "exit route" will use Bitcoin no matter what.

While it's true that people are starting to understand the risks in crypto investment, there's still a long road ahead. The crypto/Blockchain space needs more time to mature in order to be widely recognized as legitimate in the mainstream world. With good education, people will be able to distance Bitcoin from scams in cyberspace. Let's hope that heavy-handed regulation puts an end to scams once and for all, for the prosperous growth of Bitcoin and the entire crypto industry. Just my thoughts

We need to let people choose what they believe, and they want, and we can not force them to do what we want. I am sure if they think that bitcoin can benefit them, they will still use bitcoin, or they will learn about bitcoin because they see that they can change their lives for the better. We don't need to use bitcoin for bad things because we need bitcoin to stay with us for a long time, so we can only spread the good thing about bitcoin to the public.

No matter how huge our trust is, toward Bitcoin and other cryptos, there will still be people who will talk negatively about it. But what's ironic is that, everytime the market price, or let's just say something about it is being profitable, they will still ride with the trend. To put it simply, those who are calling Bitcoin a scam are those who know nothing much about it. There are indeed cases in which cryptos are involved in scams, and so do fiat currencies, because that is mainly dependent to the people who are using it. No matter how bad its reputation is, those who know more about it, will surely stay.

It depends if the person knows what is Bitcoin and knows that Bitcoin was just used as a tool just like a Fiat in other scams as well.
Only those who doesn't know would think bad about it since all currency could be used to scam and scammer are already doing there job right before Bitcoin was created.
But I think it doesn't really harm the reputation of Bitcoin since the one's who doesn't know it wouldn't really care about it.

Yes, Of course. It affects Bitcoin's reputation and other Cryptocurrencies reputations because of the news that spreads fast pertaining to them as scams and fraud. These news are easily read because of their headlines and since people are spending their time on social media networks this days because of the pandemic, anything that they read is worth their while. We must always be careful on how we present Cryptocurrency since being involve around it can really help us.

i think it boils down to what comes up immediately when people make a search about btc on the internet, this news outlet can't be compare to individual social media accounts, this are sites with high traffic and visitors per day, so it is very easy for any bad publication about btc from them to get to the top, and can easily suppress any other type of individual or group post on the internet, but then, i guess it is left to people to chose what to believe.

     Of course it does. Heck, even scams unrelated to bitcoin contributes to how people see bitcoin since it naturally looks like a ponzi scheme. And so, despite the fact of bitcoin not bing a scam, people see it as a scam automatically since they are already wary about all the scams they have seen through their entire life.

     Now, in regards for the question of how to distance bitcoin itself from scams, it is entirely impossible. Because there will always be people who would take advantage of anything for their own greed even if it means giving pain or problems to others. Although there may be many ways or ideas that may come to people's minds on how to make this happen, they are only ideas or dreams that cannot be applied onto real world situations. In short, it's just entirely impossible.