PONZI SCAMS ARE STARTING TO RISE - page 4.

memecoin

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Quote from: Pain Packer on April 13, 2018, 02:53:26 AM

Here in the Philippines, there's a rise in ponzi scams by using bitcoin to attract potential victims and it gives bitcoin a bad reputation. Many people are easily fooled by this scams because they are promised of a big return of investment when they invest on some people. I REPEAT, not on bitcoin BUT ON PEOPLE. Here a sample link:

http://www.gmanetwork.com/news/money/content/649487/more-bitcoin-scam-victims-surface-claim-billions-in-losses/story/

#From GMA News Site (Legit News Agency in the Philippines)

Ponzy has been around for a long time on the internet. I think Ponzy made people mistake with Bitcoin. As far as I can see, Recently some Ponzy sites have added a new form of payment and that is Bitcoin. So many people think that Bitcoin is Ponzy

brooklynian

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People are getting scammed by HYIP daily and yet failed to learn. High Yield Investment Platform (HYIP) has been on the increase for some time and so many people have been attracted to it buy the outrageous interest promised. The people who get trapped by this planned scam are the ones looking to get rich overnight.

mekie

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There are ponzi schemes in fiat as well as Bitcoin, people are gullible and will always look at schemes that promise that you will get rich quickly (rich being relative) the oft repeated mantra, "if it looks to good to be true, then it probably is". Don't fall for the hype and lure of quick riches. Crypto, especially bitcoin is just the bait to catch the unwary(and very good bait too) as it's easy to show spectacular rise in value of bitcoin over the last year.

jjacob

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Quote from: Olayinka225 on August 05, 2018, 12:21:26 PM

It once with fiat currency. The bitter truth about this is that, it is the first joiners that will benefit the most from the platform while the last comers will greatly be doomed. I just want the lesson that most of us must have learnt from fiat ponzi scheme to be used for this bitcoin ponzi as well.

Btc this time is Gold to loose not

The first joiners do not benefit from Ponzi schemes. Those who manage to get out before it crashes are the only ones who benefit. And legally, they may not benefit too, because it still will be possible to claw back returns.
The only ones who truly benefit are the ponzi operators, who usually disappear overnight.

Olayinka225

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It once with fiat currency. The bitter truth about this is that, it is the first joiners that will benefit the most from the platform while the last comers will greatly be doomed. I just want the lesson that most of us must have learnt from fiat ponzi scheme to be used for this bitcoin ponzi as well.

Btc this time is Gold to loose not

hometester

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the people who were deceived are guilty of it. so do not worry. they will still return to bitcoin

SaiWAFU

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Yep. A lot of the targeted victims here are lured by a big income. At first they'll be given let's say 600usd stating that it's their earning from a 20,000usd investment. Then nothing will be followed.

This could result for bitcoin banning in the country if it continues to be used for scamming.

Xlady

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This is true. I've seen lots of adverts promising of a stricter method and stuff. Lol and funny enough some people will fall again for these scams. Wish there were ways to ban all these from duping innocent victims.

TrunksIsHere

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yes yes yes, this is true as more and more scams are coming alive every day and this is a bad sign.

sdipmlrp

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Bitcoin is only used by these swindlers. I think bitcoin is good. This is not a problem.

justsimpleram

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Yes many ponzi scams are now starting so scam people that don't know about in this like ponzi scheme. Some of it is using crypto to get people to invest in their investment scam. Then after a few days this scheme will spread and will get so many people. And after they collect a huge money they will be gone and all the people that join is gonna be cry about their investments.

francesyrus

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Quote from: Pain Packer on April 13, 2018, 02:53:26 AM

Here in the Philippines, there's a rise in ponzi scams by using bitcoin to attract potential victims and it gives bitcoin a bad reputation. Many people are easily fooled by this scams because they are promised of a big return of investment when they invest on some people. I REPEAT, not on bitcoin BUT ON PEOPLE. Here a sample link:

http://www.gmanetwork.com/news/money/content/649487/more-bitcoin-scam-victims-surface-claim-billions-in-losses/story/

#From GMA News Site (Legit News Agency in the Philippines)

Yeah you are right, some people are making bitcoin looks a ponzi scheme because of scammers that are roaming around, not only in the Philippines but worldwide. They make use of bitcoin to scam others by means of investment. Me also had been scammed before by sites that promise to double your bitcoin/money for short time.

buternasek

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Quote from: Osakrita on July 30, 2018, 08:15:16 AM

A lot of newer investors get confused on what bitcoin is and the ponzi schemes that uses bitcoins are as a means of payment.In the end, it gives bitcoin a bad reputation for those who cannot distinguish the fact.

for that tread is made to find ways that we can minimize the risk of fraud.
I think this is a shared responsibility, in order to make the reputation of bitcoin no longer bad in the eyes of the world...

Osakrita

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A lot of newer investors get confused on what bitcoin is and the ponzi schemes that uses bitcoins are as a means of payment.In the end, it gives bitcoin a bad reputation for those who cannot distinguish the fact.

mk4

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There has always been a lot of ponzi scams running in 3rd world countries like the Philippines. It's right up on their faces and people doesn't give a damn. Especially the #1 ponzi scheme, Frontrow. I couldn't even count how many friends I have on social media that are into these schemes.

tenebriscaelum

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Quote from: inigoes on July 30, 2018, 05:48:58 AM

I think we should start compiling all the list of crypto scams and cash grabs. That way people can keep track of the scammers and cash grabbers out there. There are a lot of fake institutions as well.

Even if you do that there are still too many people that can scam you without knowing their identity and the only time you know you are scammed is why you realized that your money is already gone. Scammers are learning new ways to scam people and specially people who do not know entirely what the cryptocurrency market is or any other market that the scammers present to us and the only way we can avoid being scammed is through being meticulous in every information that they provide.

inigoes

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I think we should start compiling all the list of crypto scams and cash grabs. That way people can keep track of the scammers and cash grabbers out there. There are a lot of fake institutions as well.

Pain Packer

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Here in the Philippines, there's a rise in ponzi scams by using bitcoin to attract potential victims and it gives bitcoin a bad reputation. Many people are easily fooled by this scams because they are promised of a big return of investment when they invest on some people. I REPEAT, not on bitcoin BUT ON PEOPLE. Here a sample link:

http://www.gmanetwork.com/news/money/content/649487/more-bitcoin-scam-victims-surface-claim-billions-in-losses/story/

#From GMA News Site (Legit News Agency in the Philippines)

Topic: PONZI SCAMS ARE STARTING TO RISE - page 4. (Read 859 times)