Topic: There are still really a lot of fools when it comes to crypto investment? - page 5. (Read 1078 times)

Even with real money, people still become victims of these schemes because they are not aware of how it goes. And that's why lack of awareness is the reason for them to become a victim of these cons. It's kinda harsh to say that there still a lot of fools around in the world but that's a fact. We cannot stop these scammers by just pointing them out but to raise awareness to the communities that we are in so that they will be stopped becoming victims of this. Also, the mindset of people that gets along with a quick return and rich overnight success is what also keeps them falling for these cons.

As long as there are people who rush into something without prior research and studies, scamming won't definitely be stopped. Scammers are everywhere, and if you are not cautious with what you are doing with regards to money or investments, you'll definitely fall into being scammed. In fact, this is not only for crypto but in different investment opportunities. Where there are poorly knowledgeable people, that's when scams are highly possible.

We can't blame them because the hesitation on this market is real! If people are not well-versed in some aspects, they won't touch it. Hence, they are not interested to get involved up until when they are seeing the prices are skyrocketing in the market. That's when they will try to get their hands on when everyone is already talking.

So if you encounter any person trying their hands on this market, better give them a piece of advice to take precautions of what they are about to experience. If they are not yet oriented with the basics, then, try to educate themselves first. Don't be in a rush for the mere thought of profits. Because believe me, even long timers here can't guarantee the success of every investment that you will make on this market.

  For some things, we have other types of more serious problems in this sense. It is not the scam of opportunists in itself that becomes insignificant. Google, for example, Bing or search platforms are negligent in disclosing such scammers, always being able to protect them. Another thing is that, for example, Google's payment system favors those who generate money, even if it is illicit.

So perhaps I see that a personality like Bill Gates is a major actor and executioner behind this process. There may be others, but they are just apprentices of his. No one has ever heard of Bill Gates' theses, the influence of the Teletubbies, etc., in addition to the way he indirectly controls the media. He already has half a generation working for his ideologies and stereotypes without him lifting a finger. And he did this consciously.

This is pure behavioral science, combined with philosophical hermeticism.

This certainly opens many doors for people with bad intentions to do what he needs and still get away with it harmlessly. I ask you. Almost everything we do today depends on Google. Who do you think is actually behind this? For those who are more aware of this system, they know that Gates has a hand in all of this.

I believe that if God allows it, one day we will need to do regression to understand our behavioral triggers and put him in psychopathy books because for some unexplained reason he moves these technologies as he believes he would like the human world to be. Honestly, this is quite complex because I still can't extrapolate in the analysis of his real personality, only by seeing him in person.

There are many behavioral differences between people who use Microsoft and those who found alternatives in other operating systems. Bill Gates almost managed to close the development of Linux, for example, in the 90s and he really is like a digital "emperor".

There are many historical holes and gaps that go unnoticed. Today we have a generation of 15 to 25 years old absorbed in the internet. Those over 25 years old up to 39 are suspicious that something is wrong. Anyone who is over 40 or completely disoriented is either taking advantage of the loopholes he created or trying to get out of it. It's a much bigger game than we can imagine. There would need to be another "Gates" with the antidote to help people get out of the trance and hypnosis experienced by Microsoft's operating system. This is real.

The problem with this kind of scam is that the government itself is not fast enough to act.  The turtle phase of the government in verifying whether a company is a scam or not makes lots of investors to put their money into this scam scheme. 

Most of the time these kinds of scam have license applied and approved for certain functions but after gaining the license these scam company starts to collect funds to people which also needed an another license from the financial institution.  People can't find fault on the company because they are provided a license to operate under the same company name even though this same company has no right or license to collect money.  Mostly the government are late to found out the fraud after many people had been victimized by these scam.

These greedy people missed the opportunity to invest in Bitcoin when it was pretty cheap during the early years, and to make "only" 50% or 100% over a Bitcoin investment initiated nowadays isn't enough for them, so they feel tempted and fascinated by the offers made by scammers through crypto tokens and altcoins. This category of investor wants to turn few hundreds of dollars into many thousands of even millions in very short time periods.

As consequence, they get scammed, because there isn't any reliable methods which ensure that margin of profit on short run. Even Bitcoin demands patience from investors, returning profits only after years in some cases. So, it's not a magical currency to make millionaires overnight.

The fact people nowadays are extremely immediatist also plays a big role in financial matters, triggering anxiety and compulsivity on them, what leads to dumb decisions like investing in hiyps and ponzi schemes.

This is more about the lack of economic education that is endemic all around the world than about being smart, governments all over the world prefer to keep their citizens ignorant about those topics, and this is because it is a big business, as just as scammers deceive their victims, banks and other institutions deceive people all the time legally to give them their money, do whatever they want with it, earn a lot of money and then refuse to give any of those profits to those that gave them their trust, so there is no incentive at all to change this and it is up to each one of us to inform ourselves about the risks that are inherent to any market.

Some people are not just smart, some people becomes greedy after hearing a very tempting offer regarding the profit they are going to make. Even in the next ten to twenty years to come, there are people who will still fall victim for this kind of scam. Lack of crypto knowledge can also lead to this because its possible to use the pump and dump algorithm of an altcoin to convince a naive person who doesn't have any cryptot knowledge into investing in a scam project.  For example, if you pick a token that has pumped by 100% in just a short period of time, and you show it to a novice and tell the person that if they invest $1000 that they will make a 100% profit in just few days, if the person has the money and doesn't have any knowledge about crypto, such person can become a victim.

I have seen something similar but a bit different happening in our country. There is a group that scams people online by telling them they are a company that would help them make investments either in cryptocurrencies or stocks and that they will get good returns for their investment.

What the group does with that money shows how good they are at what they do. So they first convince the victims to invest money, then they utilize P2P platforms from centralized exchanges such as Binance. They offer to pay a higher price than the market to USDT or other stablecoin sellers for selling their coins in bulk to them. Some sellers sense the danger but some become greedy looking at the offer because they offer a higher price than the current market price and one can get a good profit if they are getting that much value for their coins because they can immediately buy more coins with the money.

So, when a seller agrees to sell them their coins, what they do is they take the payment credentials such as bank or mobile account details of the seller and give those details to the person that they have convinced to make investments and ask him to send the payment to that account calling the account holder their agent or team member living within the same country. The victim sends the money, and the USDT seller from the P2P market receives the funds and releases the USDT to them. The victim later realizes that they have been scammed, what they do is they go and complain against the person who received the funds from them.

It's all done through a gameplan, the guy selling USDT gets stuck when the victim complains against them, their account gets blocked, funds confiscated, and in worst-case scenarios, even authorities get involved.

I don’t think this scam is related to crypto alone because people just seek quick gains not just crypto and when they find out crypto is available for quick gain they invest immediately without the knowledge if this platform is 100% trusted or a scam scheme. Nowadays scammers work together with the source so in this kind of situation who should we blame? I don’t think anyone is above mistakes but how we act towards our mistake should be right, most times you’ll be surprised people experience scam always in the crypto space and I always ask why, maybe they lack the knowledge as a newbie especially when they trick customers with higher returns, what’s more better in terms of addressing this issue? since people fall victim always.

Fraud in general can occur with different modes. People often say that mode with ordinary levels is easy to guess so that it can be avoided, but there are still trapped because of ignorance.
The perpetrators continue to develop new ways of carrying out fraud. Fraud in the crypto world requires more knowledge because in this field is not just ordinary knowledge because the perpetrators targeted victims of knowledgeable people.

For people who have been involved in the world of crypto, it might still be trapped because there are many types of crypto, especially brands that make the mind that crypto is rich quickly.
Instead of bothering with fraud in the crypto world, Bitcoin is the only one that cannot be cheated as long as we know how to get bitcoin and how to store it.

Exactly, there are still people that will still fall prey to it because there are various methods of scam now of which anyone who is not careful and cautious enough will end up falling victim so it's not only about cryptocurrency.
Most things about cryptos requires personal knowledge and security because everything is in your custody unlike banks that literally does the protection of ones funds and yet it doesn't mean that the security of your funds can't be tampered with that's when some of the vital information about your account is being exposed to scammers.
Cryptocurrency involves a lot of carefulness because if you lose your seed phrases then your coin is lost forever or if you are careless and a third party gets knowledge of your keys then possibly your coins are gone so someone who is not disciplined enough cannot deal with crypto assets as not your keys not your coins.

Scammers have been running this con since the beginning of time, if you are able to build up a con around the latest buzz words that are quite often in the news and can be hard for people to understand - you will be able to fool some people if that is your objective. It might not be one out of ten, or even 1 out of a hundred, but if the average daily wage in your country is $5 but you have access to the internet, then you only need to fool one out of 1,000 people out of 10k to become very rich in your home country. That is the strategy they take and it does work. Even some of the cleverest people in the world might not be immune to these scams if caught in the right context, and we all get old and more vulnerable which is another "opportunity" for them to steal money.

Of course. We live in a time when such lucrative tools are still dark. But this is due to the poles that allow such resourcefulness. Paradises like Dubai and the United Arab Emirates need to be duly punished, because they collaborate with drug trafficking and all the worse things. The great paradox we are experiencing today is that bitcoin was built to unbase the dollar on oil. But as the desert snake is still clever, somehow they are alive, even if they are already dying.

The main question is how the US, which backed the dollar with oil, will collaborate to undo this shit.

Of course. We cannot forget the mainstream. That would be another big topic.

I sincerely hope that William receives the throne soon from his father, Charles, because it may be the only major concrete change to bend the system. I must admit that there is a lot of righteous power coming from there.

And that somehow these corrupt Arabs fall from their power quickly, by flood or whatever it takes. That has gone beyond the limits of common sense.

I do not deny that Southeast Asia, especially Cambodia, is the largest nest of online fraud and there are quite a lot of victims, as you said, initially they were lured with jobs, but there the victims were forced to become fraudulent agents on social media. In my country, there are around 1138 citizens who became victims and were successfully repatriated. Not only in the crypto industry that is the object of fraud, but also online gambling spammers, Cambodia is the nest.

According to the Indonesian Ministry of Foreign Affairs, from 2020 to 2024 there were a total of 3,703 Online Scam Cases and human trafficking crimes, all of which came from Cambodia. Quite terrible !!
Then according to the BBC, there are 250 Indian citizens who are also trapped in Cambodia because they are forced to run an online fraud system of money laundering and crypto fraud. Furthermore, this case has stolen attention for a long time and the UN has also responded because the victims reach hundreds of thousands from all over the world.

Source 1138 citizens
Source 3,703 cases of online fraud
Source BBC
Source UN

People fall for scam either because they are greedy or ignorant. Most times it is the former. When greed stops existing in the world, scam will stop being a profitable business. People think scammers use crypto because it is anonymous and it is a easy way to send money from one country to another but I believe the reason why scammers like to scam victims through crypto is because many are ignorant of cryptocurrency. It is easy to scam someone in a business that he/she does not have sufficient knowledge about. Crypto trading, Stocks, Forex and Real Estate are investments that scammers often use to get money from their victims

I rarely see or even I have never heard that the victim is much smarter than the scammer, and the point is if there is still at least one person who is fooled then it means that smarter people are still scattered but unfortunately they use their skills to harm others.
On the other hand, as the saying goes, "experience is the best teacher" because experience will give you real knowledge, I understand that of course a beginner cannot have experience, but I think at least they can ask other people about whether something offered by others is fraudulent or not, and I think this is a mandatory action for at least someone to do every time they find new things as a precaution.

And it is also important to use a rational mindset every time you find something new, you are strongly advised to ask for at least some credible evidence and if you feel that it is unreasonable then never get involved or agree to the offer especially in activities involving money.

Scammers like to situate themselves in countries where the poverty rate and corruption are high. It is easy to run a high yield investment scam in a country where majority of the population are living below poverty level. Because of the economic crisis, people there will be more convinced to invest $1 to get $100.

I’m concerned about the human trafficking part. It seems some of the culprits are claiming to be forced to work at the call centers? That would suggest that they themselves are victims of the syndicate and were not paid for their services. This is the first time I’m hearing of trafficked workers being used for scam.

Some business tycoon in their earliest days would start off on the part of integrity, honest work and goodwill. What baffles me is that after a few years the moral values which they stood for in their founding days would all have vanished. You begin to think to yourself, how these guys lost it because their names and reputation would be smeared with so much dirt, corruption, controversies, and bad ways that you can't fathom how they got there. And this is the story of Ly Yong Phat, aside these issue of his involvement in crypto investments frauds, over the years there have been other dirty issues about it. Yet, somehow, he still manages to thrive in the country and was as some point held an appointment in government. The takeaway for me here is that crypto investment scams and frauds are not limited to one country, it is very highly prevalent. And it thrives because people will always greedy and want to get-rich-quick, an illusion that doesn't exist except through crime.

Am I the only one having difficulty understanding what this has anything to do with crypto?

I can read someone got sanctioned for involved in human trafficking and forced labor and I see another quote mentioned convincing people to invest on hyip schemes.

Someone, please explain the connection.