Topic: Newbies be aware, don't fall into the trap of getting high ROI in Bull Market (Read 284 times)

I feel pity for those who fall for these scams and believe their words thinking they can make a lot of money in no time without doubting how good it all sounds, I mean how can you believe someone saying that you will get the return on your investment in just 10 days while your initial investment stays safe? If earning money was that easy, everyone would take a loan, earn a bunch of money, and then return the loan within a couple of weeks and then have their own money.

$400 a day with just a $4,000 investment is too good to be true, and anyone with a little IQ should know it, but I understand that they trap you in a way that you lose the ability to think critically or doubt them and their words. They are expert in doing these things and people that are naive get trapped easily.

They are lazy because the little effort they put in is usually enough to get a satisfactory number of victims fall for their schemes and make them money. The scams worked in the past and they still work today. There will always be new internet users browsing the web with not enough knowledge about how to protect themselves. There will also be new elderly people who have no one to protect them who will fall for scams because they use their hearts when making decisions. It's a sad reality.

Even though it's not bull market time, those kinds of posts on social media are still there and that's what scammers do. I know there are other methods that the scammer will use and since this is what we are discussing then here's what I do about it. I only believe in it if I were to found someone who really earn money from it meaning it is not one of their team pretending to be someone who earn from their ROI or a partner of some sort to make them believe that they are not a team member (more likely getting paid to make a fake reply kind of like that).

Scammers in social media, what a surprise. But, it's these particular Facebook groups which tend to attract scammers. These posts don't exist in say, a Star Wars fan group. You need to have entered a specific group type with "making money out of crypto" as the main topic. Which you shouldn't have entered in the first place as they're fraud.

Also, what bull run are we talking about? Price recovery in the Bitcoin land is like a morning coffee. Bull run will begin when we exceed the $70k.

Scammers are lazy and they do lazy traps by repititions with similar methods as they only do batch scam and they don't need to get 100% success rate. They need like 1% success rate or even smaller rate. They spent very little inputs and almost don't lose anything if they end with 0% success rate for a single scam batch. They will repeat it with other scam batches until finding victims.

It is targetting greed of people and after building relationship, it will make it easier to scam. People who have belief in scammers after some successful trades, will even defend scammers if any relative warn them to be carefull with a likely scam.

The core of each scam is always the same. Scammers only slightly update their methods. As soon as there is talk of guaranteed profits daily, weekly, or monthly, consider it a scam. And if someone approaches you online, wanting to change your life and make you rich, know that it's a scam.

As OP showed in their example, some scammers even have the patience to build a business relationship with their victims, be it by trading with them or in some other way. They make a couple of normal deals to build trust, and then comes the real scam. So, no matter how long you have known a person or dealt with them, be careful at all times. 10 small deals might just be a trick to lure you in for the 11th big one, which is a scam.

There’s no guarantees that one will make high ROI when bull run comes most particularly for newbies as they are not skillful and well-experienced on trading or investing in the market. So if one promises you that you will have the highest ROI, note that too good to be true is already a scam so always avoid that certain thing. Don’t believe in others are saying, as you are the only who can tell whether you’re be in high profits or not based on your performance in the market.

It is true that scammers are not only available in the cryptocurrency market during the bull run. The cryptocurrency market is characterized with scam and scammers are always available right from the beginning and they would also continue to be in the industry in as much as cryptocurrency continues to exist. But of course during the bear market most of the scammers are not seen because the market will not be lucrative and there aren't many new comers who would patronize their scam. It is during the period of the bull run that many newbies who has no experience or good information about the cryptocurrency market will join the bandwagon in order to make some profits. The scammers are always smart and innovative. They are smarter than you because they are always devising a new means to take you unaware and scam you. Meanwhile we aren't even researching more on how to escape them.

In order to prepare our minds we need to understand that scam is not living the cryptocurrency industry anytime. So we need to device a means to live with scammers and be ahead of them and not to eliminate them totally because that is clearly impossible. Newbies be wise.

Scammers aren't only active during the bull runs, they are attracted to crypto because of its properties like censorship resistance and privacy, which makes scamming a lot easier. And knowing about the examples of scams is good, but it will never be enough, because scammers will never tire of inventing newer and more sophisticated schemes. What's important it to learn one fundamental rule - if you're sending money to someone and have no realistic plan how to get your money back, you have a high chance of getting scammed.

I guess you mean P2P platform not 020 platform. It's peer to peer, means person to person. The simple meaning of that is you buy from me and I sell you the cryptos that I have that you want inside a platform without the intervention of the platform where we are trading.

If that's not yet enough for you, there are a lots of descriptions that you can find on the web like this[1].

[1] What is P2P Crypto Exchange and How Does Peer-to-Peer Work?

Those scammers are going on with almost all of the facebook pages and comment section. And that's why when I use my FB, I don't comment randomly to pages.

No, the sequence is completely different. Scammers hack or buy already verified accounts, and then change the name and avatar, after which they fill the feed with information from the copied profile. Well, in order for the X administration to respond in a timely manner to such a profile change, complaints about such fraudulent profiles should be sent.

I am quite familiar with the p2p story. When you have so many trading partners, you become a target of scammers. My golden rule is never to make any deals outside p2p platform.
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Hi senior colleague, please what's the meaning of 020 platform. I really want to know. Thanks in advance.

This is an ideal time for scammers to easily get to their victims. The hype surrounding the bitcoin halving and bull season will pique the interest of many people in the cryptocurrency space. This will result in a large number of newbies coming to take money they have never worked for in the space. It is very easy to approach these newcomers because their primary goal is to make more money or receive a large sum of money upon their initial entry into the market. They are easily convinced and duped out of their money. The cryptocurrency community is large and requires guidance on what and what not to do which most newbies don’t bother to ask about.

The only person or people who could fall to this scam are people who wants to become Rich over night without them stressing for it at a time we can measure them to be the greedy ones because if they aren't greed they won't fall into this scam and I believe that they knew it could be scam but, since they are blindfolded with greed they wouldn't know when they will be easily scammed by those people.

Few times on my Facebook I have been having some forms of irregular pm and  unwanted business offer but I declined them even to an extent I went forth blocking them to make sure I am not being hypnotized by their sweet words because most at times you wouldn't know when you will fall victim by just following them to chat free and they will brain watch you with all manners of fakes promise even to the points of sending you fake withdrawal /deposit screenshot by then you wouldn't know when to get your wallet associated with their site.

When you think about how far crypto has come and how exposed people have become to crypto, you'd believe people don't fall for cheap scams like this anymore, but a lot of people still fall for this. As ridiculous as it sounds, people still fall for it.
These kinds of scams are making the rounds on social media. I saw one recently on X where they said something like they'll refund the gas fee or whatever they were talking about. A lot of these scams are unbelievable. It should be obvious.

With the kind of enlightenment on this forum, it will be difficult for active members on this forum to fall for such scams (not saying it's not possible), so my worry is people who do not understand how crypto works.
People always allow their greed to get the better of them. When you add greed to ignorance you get a very unhealthy combination.
We should try our best to educate people on popular scams like this in any way we can. You never know who you might be saving.

What an interesting encounter you had with that buyer. I often get to see that phone number thing too from a few merchants I've transacted with but I always ignored their requests and wait for them to respond. Of course, they always did before the time window ran out. It's needless asking for anyone's number when the stuff needed for the whole transaction exercise has been on the platform. I think there's a warning on Binance against exchanging phone numbers and chatting outside the platform or so. Those with fraudulent minds will keep luring traders to chat them up.

Let me even share this. On my second attempt at P2P,  the buyer marked the order as paid and asked me to release coins. What saved me was the warning on the site which I had assimilated that on no account should anyone release coins without verifying it with bank logins and that we shouldn't rely on sms alone. We should log into our bank app and confirm it there first. So, the buyer insisted that he had made payment but I told him he had to wait until I confirmed it. The buyer never sent any cash until the transaction timed out. I could've reported him to Binance if I knew how then.

I saw this kind of post even not in bullrun. Scammers never get tired on promoting their scam on social media snd they are using almost every event in crypto including bear market or bull run.

I always stumble on this kind of post on comment section on social media like facebook and X. While on telegram, scammers usually impersonating an admin of the group you made a chat that will PM you this kind of offer. I’m done being a newbie so I don’t know if there’s still newbie that being a victim on this obvious scam. I think what makes them dangerous is the fact that they are already widespread while some new think of it as legit if they are first time in crypto due to their gullible traits for new kind of investment that will give good return.

Damn! This is something that could have been avoided. Right from the beginning your friend could have smelt that it's a scam. Actually, this the first time it's coming to my attention that p2p traders do have lengthy conversation on the Binance chat because I don't do that. Also, she wasn't supposed to trust a stranger she just met online no matter what. It's good she reported the issue to Binance but I'm sure she's not going to get her money back, the worse that can happen is that the scammer is going to get a ban.

Insane Post OP made a huge contribution in highlighting the general scams going on in the market, such topics need to be actively discussed so the newbies can be saved from getting scammed by these signals sellers and shity people who have nothing good to provide except selling their own so-called courses, signals and scamming people with the tactics.

The general awareness campaign should be continued.. Actually, most people who fall into these traps never belong to the community of learners they just try their luck to find some shortcut to make money but educating such people is also our duty as community members. Everyone needs money but a good way is what matters in this whole cycle.

Its very funny when people get comfortable easily with lies, like the saying goes, being scammed is a  product of  greed. Like how could you believe someone would pay you $400 daily from a $4k investment?, that means you're getting your full capital as gain in just 10 freaking days . It was an obvious red flag if you asked me. Some people are different, some trust easily when you've been good to them, I just believe your neighbor acted on blind trust and greed.

 I've had such stupid offer from a telegram scammer who promised me to help recover lost or forgotten wallets, asking for subscription ranging from $300 -$1500. He even have me a demo which looked real to have found some wallets of $1217 worth of solana, asking me to just pay and take the  found coins, I asked him to take the coins as my subscription and give me nothing, but he declined and I got on red asked immediately. I asked myself a simple question. If this guy was getting these huge funds consistently, why's he advertising for little funds as subscription and that discouraged me and I avoided the obvious scam subscription.

Most too good to be true offers are scams and most times people are too greedy that they'll be seeing the loop holes in the conversations and presentations, but they keep convincing themselves that its legitimate and they end up shooting themselves on the foot.

Keep dreaming buddy!
Elon Mask does not care about the scams happening on his platforms. He is a market manipulator himself. Tell him to ban the users who promote some random scam projects in his tweets. If he started moderating his own account, people would be safe. I have seen tasks like where users need to post comments on Elon Mask's posts. As long as Twitter is getting money for the blue verification badge, they will continue approving the blue badge. The funny thing is, my twitter account was suspended for an unknown reason and I didn't bother to reopen one.

This is important information that all newbies need to know that any deal outside the Binance platform is at their own risk. We should also know that somebody having huge collateral doesn't guarantee that such a person cannot be a scammer. I wonder how people will just trust a stranger on the social media and give him such an amount without any guarantee.

Please extend my sympathy to your neighbour and tell him that it is not the end of the world. It is painful that he has just learned his lesson after paying an expensive price. You could also teach him about long-term Bitcoin Investment and let him understand that most get-rich-quick schemes are scams.

I know this scams are common, but as common as they are, guess what? People are still falling into the traps easily, OP I don't think that this will end, the only way to limit this is if Elon Musk fights scammers on Twitter, I strongly believe that people are falling into scams more on that Twitter social media.

It's a good thing that you are sharing this on here but it's more damaging than anyone can think of, wvwey corners on Twitter is full of phisihing links and fake ROI like you have on your original post, it make me so sick that I stopped using Twitter anymore.

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I wish there is a Twitter like social media meant for crypto investors where people can take action on scammers that posts nonsense like this on social media for innocent people to fall into, I expected Elon Musk to do this but he is not doing anything, newbies need to be very cautious on social media platforms even Facebook and Telegram, not just Twitter, they are everywhere.

The  market bullrun haven't started yet, you can consider where we are currently to what we had on the last all time high and see how we are still more far to where we are heading, but in preparation for this, just as you have advised, we need to be more careful about the way we see things and accept them without doing proper investigation on them, a lot of people will be taking advantage of the bullrun coming to deceive others to fall Into their traps.

It sounds a bit insensitive and harsh, but sometimes people learn best from their own mistakes. These mistakes are sometimes very expensive and difficult to deal with, especially if it involves money such as life savings and money needed for basic life needs. People should learn that the internet is a very dangerous place full of people with very bad intentions who use every possible platform to get close to their victims.

I mean if someone is giving you free money tricks in 2024, that's a scam. If you are falling for this, maybe you deserve it. That's how I think it is.
People only fall for these scams when they are greedy. And greed is a sin, and it is punishment for the person for being greedy and I think that's how it should work.
Just don't be greedy guys, ez.

I don't know what kind of bull market you're talking about, but I don't see anything like that happening - compared to the end of 2021 and the beginning of 2022, the Bitcoin price only recovered, and only when we move towards the new ATH can we say that the real bull market has started. That never happened before the halving, and I believe it won't happen this time either.


Your neighbor and all other "neighbors" should not do things they obviously have no idea about. I don't know what your neighbor's parents taught him when he was little, but my parents taught me not to talk to strangers. What people do online is completely incomprehensible to me, as if they don't have a grain of common sense in their heads.

Newbies will still fall victims to all those scammers despite the things you displayed here to expose scammers strategies in the community because, those that always follow shortcut to make money always end up to the hands of scammers.

 I have seen things like this in the social media like Facebook or Whatsapp but I knew that are not real investment in the platform but there are some people that still believe in them hope that they will achieve their goal from there than to end up in regret.

Blue check or gold check with very little followers is not signal of a trusted account on X. Newbies must pay attention on accounts that has numbers like Elonmusk1, Elonmusk2, it is very good signal of potential fake and scam accounts on X.

In addition, after see the account name, let's check account registration date and total followers. If registration date is new, another signal. If total followers is low, another signal. If followers are high, check more with Twitter Audit scores.

https://www.followeraudit.com/
https://www.twitteraudit.com/

What I wonder here is those fake profiles got a verified status on Twitter sometimes its gold check. Damn even newbie could fall or professional if they dont check such group real account. Elon Musk should do something about this as those scammers are draining peoples wallet.  They should track and monitor those scammers account and flagged them or have tagged as scammers migrating from account to account. They are so hard working to imitate account and try to do a scam post when something important gets announced like airdrop.

Scams are everywhere, this is the internet so scammers will roam around looking for prey for their victims especially by promising $400 / day it is too promising but it will not come true.

Beginners are always tempted by the offers they encounter, they try to understand a little but immediately melt when there is a sizable return even though having to deposit $4000 is included in the large category but this is a fact that happens where they are deceived by Binance P2P trading because they are out of agreement on the platform.

I wouldn't be surprised by scams, but will always be extra cautious because scammers come from everywhere so it's important to always do more research.
Never expect profits

I have seen many fake Binance profile claiming to be giving out bonus and airdrops. I have also seen fake Binance telegram group claiming to be in charge of the original site and giving out airdrops only if one can pay for the transaction fee. These are methods that are used to lure potential investors that do not know the left from there right. We need to be wise and not fall for little scam like this because they are everywhere on the internet.

 There are so many cheap trading signals groups that would ask you to go and register on a rare trading site and if you are not careful, you could end up losing your funds to the hands of scammers. This message is not just to the newbies, everyone need to see and get aware of these scam attempts and be conscious of them at all means.

Many users are using some names or project such as Binance to post their airdrop links sometimes all we need is to verify and check the project details cause its also needer to make sure what we are joining are legit projects.

So easy to say its binance invested project but confirming it is crucial to everyone who will join that.

This in group facebook right? If you see a hand symbol like the OP screenshot, it indicates someone has just joined and is immediately offering or providing a link on Facebook, you have to be careful. If you join a group anywhere on social media, avoid clicking on links that lead to payments or offer link. That alone is actually enough to avoid spam.
Also, if you will using P2P service, make sure it has a good track record, clearly profile and I think have a track record in previous transactions or may be trust person. And yes, scammers are often posing as legitimate businesses or individuals. but one that can be countered by staying vigilant and double-checking everything especially url. Make sure URLs and email addresses are genuine before you click or respond. Yeah, in crypto is full of opportunities, but it's also a playground for scammers.

Thank you for this warning, after all, if it is not new to me and I'm fully aware of such, it could at least save others. One thing that is still baffling me is how people are so naive about this, people are desperate and greedy, and that is why they are often victims. I mean those people you wouldn't even believe that they can be a victims. That reminds me of my friend who I hold in high esteem, he called me last year, around August thereabout, and started introducing a crypto HYIP termed "Ethereum mining." This guy had started already since his friend also introduced him to it and they've been making daily and weekly money from it having connected their Trustwallet to it. I shouted and asked him who was mining Ethereum?

I told him Ethereum doesn't work that way, they were only using your heads, your ignorance. Well, I only hope he yielded to my advice. I said that because I didn't bother to ask him again after then since we are not in the same state. By now, I believe they would have disappeared with people's money again, just like the friend I warned 3 years ago but was adamant, he lost a huge amount of money due to greed. These guys are coming in a different form nowadays and are mostly centring on cryptocurrency since it is the latest earning mean in town, we should all be careful. If one is such that is not smart, he/she should ask questions from smart people, maybe that should be able to solve this menace.

Anything that promises high returns without the direct investment in cryptocurrency or any asset that is well-known and in a trusted channel, is better we shun them. 

Binance P2P conversations must take place within the application so that you can report the chat, and the guarantee must be done using the platform, otherwise you are talking to a stranger on social media, and he may rob you if you cannot know his country or bear the legal procedures for that.
The loss comes from the fact that some people prefer to provide P2P fees, considering that the other party has become reliable, but we live in a world where your friend can scam you for 10 dollars.

That and having a minimum idea about how the markets work and the returns that can be obtained, in order to be able to detect right away scams just by the profitability offer. Someone who offers you $400 a day profitability for investing $4,000 is trying to scam you. Period. I'm offered that and I don't think anything else, I know it's a scam. That's why I think we need more education in that sense.

Mostly, greed and the idea of becoming a millionaire overnight lead newbies to getting scammed that easily. If only, people were extra cautious with these internet investments and also inquire from other more experienced people before diving in. Lots would have survived getting scammed.

I am quite familiar with the p2p story. When you have so many trading partners, you become a target of scammers. My golden rule is never to make any deals outside p2p platform.

There are too many of these and they're unstoppable because these social medias where they're spreading can't filter them. And whether we're on a bull season or bear, they were never gone.
Many of their victims are the ones that don't really have an idea on what crypto these and they take advantage of that once they have understood that their potential victim doesn't know anything.

Scams like these are common on centralized exchanges nowadays. That's why it's better to use decentralized exchanges for transactions. Many people are getting scammed, and it's unclear what measures these platforms are taking against scam traders. The problem is worsened by scammers having verified profiles and fake testimonials.

Just yesterday I was going to trade a small amount of coins to my local currency. So I searched for reputable traders on binance. After I had found one who seemed to be worth my sell I placed my order. Unfortunately I opened the chat and found some rubbish he had written stating that he will not send funds until I had sent my mobile no. Like why do you want my mobile no for trading. I decided to wait a little but he stood by his words and didn't send. When I saw what was happening, I then write out a fake no for him and immediately he transferred my funds in a sec. I was surprised to see that these people are up to something else. With no warning before placing my order. He actually taught I would be so stupid to have given him my no. These is how they scam or track down someone in real life.

We should be cautious when using exchanges because many traders are dishonest. Avoid sharing personal information or engaging in discussions with traders online to prevent loss of funds or danger. Newcomers should be especially wary of falling for such scam attempts.

The bull market has started, only talk is going around about the Bitcoin Bull Market. In the meantime, a group of people have come out on various social media who are stealing a lot of money from people by showing various temptations. Among them, the most common victims of fraud are those who are impersonating others in order to obtain trading signals.

Some activities of fraudsters in verious social media:



People don't understand that if the trading signals/airdrop were useful then those who give the signals would be able to earn by trading themselves why are they begging on social media!

In fact, when they use these words 'Binance', 'Bull Run', 'Trust Wallet', 'Coinbase' in their seductive message, people easily believe them.

I am sharing with you the story of my neighbor who has been cheated by someone on Binance P2P market last week, to warn those newbies who get crazy when hearing low investment high ROI.

My neighbor said that while doing P2P trading on Binance, one stranger got very comfortable with her. That stranger gave her a tempting offer, he told to her about a system of earning 300 to 400 dollars daily by investing 3000 to 4000 dollars. My neighbor valued his words very much as she had always dealt with that person through Binance P2P. Point to be noted that the stranger was a verified P2P merchant and deposited a significant amount of assets as collateral, that's why my neighbor slowly started to believe his words gradually(It didn't happen overnight, it happened gradually over months).

At one point, the stranger was able to convince her to invest $4,000 with him. After this, the real story begins, the profit is far from being given, and the date of returning his dollars is getting delayed by telling various stories. At one point, he pretended to be unable to return the dollar, using the excuse of an accident. After talking to Binance support, it was found out that such an incident has happened to many people, and although they held a significant amount of collateral they were unable to help cause the incident happened outside of Binance.



Be aware Binance P2P users, avoid talking to strangers during and after the transaction.