Topic: SCAMS IN CRYPTO & HOW TO RECOGNIZE THEM - page 2. (Read 1652 times)

Part 6 - Pyramide & Ponzi Schemes




A well-known example is BitConnect:
BitConnect promised to take Bitcoin Investing to another level and open it up to everyone. For this, the makers behind BitConnect have introduced their own Coin, the BitConnect Coin (BCC), and a few months later the BitConnect Lending platform. With the platform, it was possible to invest in automated Bitcoin trading and benefit from daily distributions.

As you can see very well in the following picture, BitConnect profits are above average (even if the return on Crypto can be higher) - 40% per month for a passive system is unrealistic.





It is very easy to see what happens when the system collapses.
The danger with this project was that many - also known - creators, influencers and Twitterers actively promoted the project and presented it as an ideal source of income. Why? Because they used their referral codes and were thus rewarded for every new user. In the end, the followers paid dearly their trust in those.


Tips:
Researched projects in which you want to invest (DYOR - do your own research) and do not trust anyone blindly, no matter who in your environment is just totally convinced of a project.
Have no unrealistic profit expectations, no one gives you money
If you do not understand a system or project, do not invest in this project.

Update: In the next days I'll add "Pyramid and Ponzi Schemes"
Stay tuned!

Thank you guys!
I'll update this thread.

Using multiple accounts on where you mean bro, If you want to exchange on the altcoins in the trading site I am not sure what is wrong in that. If you want to create the multiple accounts at this forum means that is advisable and not tolerated too.

I think scam op asked and you have mentioned both are different only mate.
Then scam in ICO project may here from the bounties and then investment over any airdrops and etc...

Ive been doing this after i do experience last time when my main email been hacked i dont know how it happened but im now careful on engaging to things which i do have email registered on each own bounties and airdropts.

For the post and OP, this deserves merit for all the effort being putted on here where do make warnings for those people when it comes to potential type of scamming attempts.There are lots of ways thats why we should really have an eagle-eye type of eyes. hahaha

perhaps with posts like this give awareness for us if you want to do something in the world of crypto must be careful in every step.

Yes,it is better to have separate email address for participating in bounties and use different kind of passwords to save ourselves from scammers.Better to keep the passwords not in digital form because the phishing links can copy our clipboard.

Nice compilation of ways to detect scam.

Some users here got scam already because they create same username and email in different site so better not to do that then we should create new username and password if you afraid to create new one because that's hard to save i suggest to write your username and password to notebook then save in telegram then for more good try to save also in social site

good information, to be more careful in Crypto. especially to avoid scammers.

and I am sure that all those who jump into the world of crypto must have experienced it.

I myself too, but this I made a lesson for me so I am more careful and careful.

I tell you what, it's easiest to think everything is a scam

This is very good post to get the idea about scams and legits in the crypto field but the sad thing is that the scammers are getting updated everyday and make the site looks so original so we also need to get updated with the news about the crypto currency field to avoid any scams and while login to sites it is better to login from bookmarked page to avoid the close sites.

scammers love telegram chats over discord

the information you share really contains very useful information for many people. Congratulations for sharing nice content. It's good to see such shares.

This post doesnt really have the intention on completely stopping scams but rather it do only spreads awareness and given out some illustrations which is really helpful into newbie or people who are just getting in recently either engaging into bounties or directly investing into those projects in the market. Recognizing them would really be just simple by just doing simple routine or indications which even you common sense would able to point out if those project are fraud or legit.

It is amazing to note the volume of useful information packed into this post. Thanks for sharing this on the forum.Phishing websites are a real problem,one has to be extremely care to check out the sites especially exchanges before inputing personal details.It is also good practice to include email verification in withdrawals since 2FAs can be fooled as indicated in the post

Helpful, nice to see someone do something like this. Merited your post. Unfortunately, all these examples won't stop the scams, and people still need to learn to practice good behavior online and understand first how to even prevent themselves from ever facing a situation where they have to check website names and identify scams.

Add the tip for Website scams to bookmark sites often used after verifying they are correct. And only access from bookmarks. Google search is such a dangerous thing I never use it for going to websites.

Edited.

This one of the way to catch the legit project or not with the social account mate. I see the ICO projects are really helpful for the people looking to make the investment double after the tokens listed on the exchange dude.
Please read the white paper first and then confirm who are all the experienced devs part of the project.
I mostly looking into these information only. If all set good only even I go participate in their bounty campaign.

Very good detail for detecting scams crypto or ICO, i will just to add to on my personal experience on how to detect them is by checking the members the team as well their social media account if they are claiming to be part of the project. For me thats the best way to check if the crypto is genuine or not