Topic: [PSA] WARNING: HOW TO AVOID MASTERNODE SETUP SCAMS (Read 432 times)

making sure you guys are aware of the issues

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warning to all

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Below are five tips to help you avoid masternode setup scams:

1. Never Send Your Wallet.dat File
One of the more common scams involving masternode coins involves “helping those with issues” Some scammers will try to help struggling users by asking for their wallet.dat file. This information contains one’s user wallet address as well as the associated private key. If the file is protected by a password, they won’t be able to abuse this information. Unfortunately, most users never create a password. As such, sending this file over to someone else will almost always result in lost funds.

2. Don’t Share Your VPS Info
Setting up a masternode usually involves using a VPS to keep the node online on a 24/7 basis. Sharing the VPS information with users should in theory, not result in stolen funds. However, a hacker can still hijack this information by inserting their own genkey and collecting a few rewards on behalf of unsuspecting users. Although this is not a common occurrence, there is no reason any third party should ever need to access your masternode’s VPS information.

3. Remote Help Programs are a No-go
Users who struggle with their masternode setup may also receive offers from others to help them by remotely taking control over their computer. This is, once again, an approach which needs to be avoided at all costs. When a criminal remotely connects to your computer, all kinds of harm can be done. Stealing the wallet.dat file is just one of the many possible outcomes. Simply avoid dealing with tools like these, as every potential can be resolved through regular chat sessions.

4. Beware of Impersonators on Discord
More and more masternode-capable currencies rely on Discord for all communication. Unfortunately, it is relatively easy to create a duplicate user name which resembles that of a known developer or community manager. Avoiding any contact with unknown or untrusted users is mandatory, as all discussions should be kept in public chat rooms for everyone to see.

5. Avoid Dodgy Websites
Although this applies to cryptocurrency in general never visit suspicious websites. This is an all too common practice in this industry and one that spills over into masternode coins as well. Especially when it comes to downloading wallets, never rely on the links provided on Discord or social media. Look up the original announcement thread on Bitcointalk, as that will always contain the correct information.

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There you go. Well stated here. Be extra safe.

Really be wary of all the social media sources. It may be helpful or not advisable to consider before tracking them. Learn how to protect your property and choose good sources to join. Reducing risk of losing money in investment is not fun at all.

this is still being missed my friends

There doesn't seem to be any hacking abilities that a server can do on its end. Even if an employee goes Rogue. The wallet remains with the masternode user.

everyone is different

I don’t really think this is a kind of thing that requires the help of anyone to setup, most especially strangers. It is an easy task, and if you can’t do it, then it’s best you don’t. Or maybe if the op’s system is legit, you can follow it. As for. Me I need nobody’s help in doing this kind of thing.

right, because giving up that info is like accessing your funds. do not do it

he said it “Do not trust anybody”

Like cannabis cultivation

Rule 1 - tell nobody
Rule 2 - tell nobody
Rule 3 - 20 million - tell nobody

It is crazy that many people are still not aware of the scams that are going on in the masternode section.

It is recommended to NEVER allow anyone access to your masternodes.

Actually, our services do not have access to the server's gen key. There is stil lsome risk, that we believe, that leaves the user open for issues, by having access to the Gen Key. We prefer not to help with that area.

I would say that people aren't educated enough to know the importance of their private keys and server access yet. This is why we believe it is in our duty to educate people in the process.

Cool idea, I like the fact that you only have an access to the server's gen key.
I still can't understand people who want to set up a masternode but has no basic knowledge in crypto , setting up a masternode is not so hard if you follow a youtube video and there are many, and if you actually pay for the installation and you give to the service provider your private key, I guess that you deserve to lose your funds as it's like completely throwing it away.