How To Spot A Bitcoin Scam - page 3.

michkima

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Quote from: valucash on September 05, 2017, 05:17:36 PM

Any ideas on how to spot a bitcoin scam?

The very first sign is that they offer something that is too good to be true! Take for example most hyips you see on the internet and even here on the forum.
Those that offer like 10% profit per day without even having any good reason why they can give that much profits. Those are the easy ones to detect.

Potato Chips

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Quote from: xandriel on September 11, 2017, 10:40:57 AM

If you want known a scammer. I just say. Dont trust anyone on internet. always use escrow. Check their feedback carefully. Everything can be fake. Hard to believe anyone in this crypto world

well escrows are great and proven useful but you can't use them all the time, it differs per situation for example in a cloud mining site, first they won't use some kind of escrows

who will keep your money while they're mining (assuming that they are) and if the target profit didn't met you'll gain your money back, theres no such a thing.

Feedback is also great but not all sites have them. i think the trick is to determine is its too good to be true. you know putting yourself in their shoes and asking yourself, "if i do

this will i get a decent profit?" if you think not then its probably not

xandriel

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If you want known a scammer. I just say. Dont trust anyone on internet. always use escrow. Check their feedback carefully. Everything can be fake. Hard to believe anyone in this crypto world

ArrogantPeacock

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if it was obvious how to spot a scam, people wouldn't get scammed

do you own research about the team/project and founders.. additionally check the whitepaper, designs, social medias and do a thorough research before putting your money at risk

maokoto

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One of the things I use to consider if something is a scam is think about where the profit comes from. If the site/investment profit to pay you cannot be explained, then it is probably a scam.

Also the longevity of the site. If it has been around for a good time, it is less likely for it to be a scam.

amaral1977

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Quote from: akira2048 on September 05, 2017, 09:17:30 PM

Read the the white paper

* Contains something like refer or invitation system, possibly scam
* Wouldn't work without the bitcoin part in the real life, possibly scam too
* Copy of other projects, scam

I tend to agree with you, however:

- even UBER and other "real life" deals are offering referrel systems.
- A disruptive, very inovative project on the blockchain would probably not work without the bitcoin part
- After you see some succefull business you tend to have "similar" projects. Litcoin is a copy of bitcoin and it is not a scam.

However to the average guy, with less knowlegde your advice is good, and could keep people away from dirty scammers.

buwaytress

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The rules for spotting a scam remain the same, whether or not it involves Bitcoin. Like many posters here share, the general guiding principle should be "if it's too good to be true, it probably is".

Of course, this doesn't speak too well to a lot of newcomers since the hype surrounding Bitcoin in the media is what probably got them to come here and learn about it. We've all seen the hyberbole. "Best performing asset class!" "10x returns in less than two years!" "Will reach $1 million in 10 years!"

So a lot of context should be built up first. And a lot of misconceptions cleared up before taking a look at Bitcoin. Bitcoin isn't a magic gold mine. The riches of the early adopters are not similar to that of pyramid schemes. Learn to differentiate between potential and guarantee. Treat the hyperbole as educated guesses on potential, see the guarantees of returns as scams.

SmokeMcPay

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If they deny to trade with escrow/ is too good to be true.

These are 2 rules to spot scammers a looooong

ObscurePen

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It is good that you asked. Scammers are fairly common on this forum. Here is a simple guideline to prevent being scammed:

The first thing that you must always do when trading with a member on this forum, is check their trust. If the trust displaying negative feedback, it would be better that you did not trade with that specific member. Or if the member has something that you really wish to have, use a trusted escrow. There are a few trusted members who offer free escrow services. One such member is “sebastinJu”. I have never personally, used sebastianJu, but a few of my friends have said favourable things about him. There are also escrow bots on the internet. A few are Bitify and Escrow.com.

The next thing is to what out for any “dodgy” or misleading activity by the user, during the trade. If such suspicious activity does occur abort the trade or insist for a trusted escrow.

These 2 tips should let you notice a scam and prevent one from occurring to you.

JPMoron

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There are some parameter to spot it:
too good;
too cheap;
too much discount;

FAKE TEAM?
Be careful for this one.

Weawant

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Quote from: Fourgh on September 06, 2017, 08:33:52 PM

Quote from: valucash on September 05, 2017, 05:17:36 PM

Any ideas on how to spot a bitcoin scam?

well, one thing is bitcoin banks promising you to return 200% of your initial investment in a short period of time. That would be a very good clue that this institution or individual is just getting bitcoins and when he reaches the certain amount he needs, he suddenly disappears with your bitcoins. Be careful of that scheme.

Yes if the certain institution of fake ones offer a 200% return on short time period of your investment then it can be called scam since the decent legal company gives only few percentage in returns of our invest so we should make this as shady as hell and need to avoided with.

Fourgh

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Quote from: valucash on September 05, 2017, 05:17:36 PM

Any ideas on how to spot a bitcoin scam?

well, one thing is bitcoin banks promising you to return 200% of your initial investment in a short period of time. That would be a very good clue that this institution or individual is just getting bitcoins and when he reaches the certain amount he needs, he suddenly disappears with your bitcoins. Be careful of that scheme.

nasibakar

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To be honest it is not easy,
I was sending ETH to an ICO but I didnt click to send it as my working colleagues ask me and we had dicsussion about job,
when I got back to send for ICO suddenly I read something on this forum that an ICO which I was palnning to invest probably a scam,
I didnt have a ny idea about it.
I was so lucky at that time.

The point: it is not easy or even very hard to spot scam.

energycom

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Quote from: player514 on September 06, 2017, 09:55:03 AM

Quote from: alyssa85 on September 06, 2017, 09:52:04 AM

Quote from: gentlemand on September 05, 2017, 05:20:59 PM

There is one extremely straightforward rule - if it looks too good to be true then it is.

On top of that always google site:bitcointalk.org 'subject' and see if anything comes up. If nothing at all comes then that's not an encouraging sign.

Risk free returns are impossible. If there was a legitimate interest paying Bitcoin option I can guarantee you every single Bitcoin on Earth would pile into it instantly as they're all sat doing nothing. There is literally not one on the entire planet.

Lending on well known exchanges has enough risk, let alone all these bullshit ponzis. Have you been offered a specific 'opportunity'?

Also google 'coin name scam'. If other people are having problems with that coin, they will have written about it and it should come up when you google.

This is surprisingly simple but also a good piece of advice. Google is a very powerful tool if you know how to use it correctly. Also, for the most part, coins are scams when they seem too good to be true or when they're fudging numbers. Always use your intuition to see whether or not a deal seems too good to be true.

Google doesn't tell you if a project is scam. You need to first make sure the team members have real linkedin profiles known publicly. So that you can trust them. And you need to investigate their background.

And white paper is also vital. It should be original without plagiarism.

sheamus10

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Quote from: laris2 on September 06, 2017, 12:52:11 PM

1) Do a background check
2) If something says you its too good to be true, most likely it is
3) Are you feeling the hype?
4) Are huge profits guaranteed?

I want to ask sir?
what is meant by the hype whether this is also one indication of scam in bitcoin world, I am very curious about this discussion.
because the scam is really very harm us all. Embarrassed

Blamsud

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Quote from: valucash on September 06, 2017, 04:46:23 PM

One good reason, China had to block ICO's, it's a fertile ground for scams.

Chinese investors will not let themselves out for the trendy way now how to have bunch of money. Maybe when they find out how to detect a scam ICO, they might back in business real soon.

valucash

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One good reason, China had to block ICO's, it's a fertile ground for scams.

Sileni

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Same as any other scam;

If you find yourself with a potential for huge profit but the underlying scheme is opaque, you're about to be scammed.

waru96

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fully of bad news and they are trying to fomo us very much and as ico they are not having any http links ..i think there us lot ways to spot and you may google it can find it also

laris2

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1) Do a background check
2) If something says you its too good to be true, most likely it is
3) Are you feeling the hype?
4) Are huge profits guaranteed?

Topic: How To Spot A Bitcoin Scam - page 3. (Read 2110 times)