Topic: Why Do People Label Bitcoin as a Scam? - page 4. (Read 634 times)

Pure ignorance and unwillingness to do personal research and financial management. In my country, whenever there is BTC pump, there arises many 'new' startups promising sky high returns. Basically charlatans selling shovels. People believe these stories and put their hard earned money for 300% gain over weekend and get scammed. Thus, it gained a bad reputation (among the ignorant).

In the midst of genuine projects like Bitcoin and all other altcoins, unfortunately another parallel world of scaming schemes exists that promises people fast paying investments especially on social media platforms like Facebook,  Instagram etcetera...and I think this is done by misrepresentation  of BTC as they use some of its success stories to sell their products and in the end it gets labeled 🏷  to be a scam altogether as innocent people don't get what's promised and lose their initial capital too..

Where's the confirmation? I only see "crypto wallet" not each coins he bought.

I will give the confirmation, you're wrong @OP, he bought Bitcoin, Terra, Joe and Shiba Inu. Only Bitcoin perform better than other coins he bought, he also distinguish between "Bitcoin" and "junk".

Most people will call asset or something is scam when the value drop.


https://x.com/DrJoeAbah/status/1856409653376135253

He said crypto scam not Bitcoin, so for me that's different and I'm with him said that crypto is scam because mostly scam, only little part exist with clear development the other just to raise money.
People think that investments that provide big and fast profits are usually scams because they don't know clearly how the Bitcoin market works.

Well, it's his opinion and anybody on the internet can say anything that's on their mind even though in fact, they know deep inside of them that it isn't a scam.

I can say that Bitcoin's a scam, or Bitcoin will go to 0 like Dan Pena is doing. I can also say that Bitcoin will not reach $100,000 in the next bull run if I want to, but of course I don't mean it. It's the same with that person. He bought some Bitcoins and made money from it, but still, he still calls it a scam. Maybe he doesn't understand what Bitcoin is and he just bought because he saw a random person online making money on Bitcoin hence, he invested on it as well, and didn't care to learn about it.

Humans in general is strange. TBH, I'm not bothered anymore if somebody calls Bitcoin a scam. With where it is right now, the only ones that call Bitcoin a scam are those close-minded people and those who don't even know what Bitcoin is.

They do because they don't understand it.  I found bitcoin sometime back in 2013 or 2014, one or the other.  I wasn't scared to hide the fact that I was researching this new technology and as I sat on the trade desk at a very large financial institution I read "Mastering Bitcoin" and oh boy did I take a lot of shit.  But they thing is those who always gave me shit, had no idea how bitcoin worked.  I always ask them one questions.. "what's the blockchain?" When they couldn't answer I'd lecture them on doing their own reserach.

Those are shitcoiners and should not be taken seriously and those set of people should not be given any chance to mislead newbies with they negative perception about Bitcoin despite the fact that they have benefited from their Bitcoin investment and taken profits with remaining investments in Bitcoin to keep growing he still went ahead to tarnished Bitcoin image among unsuspecting newbies who may get deceived by this his way of reasoning I term such people as hypocritical minded people because you still biting the figures that feed you, and I dont know why those that lack basic knowledge about Bitcoin are always quick to make such concluding statements about Bitcoin being scam.

The best thing to do with this kind of people is to make sure you place them in ignore list and never try to convince them in any ways, because for the best of their own knowledge, their suicided in blackmailing Bitcoin in public but went behind to still invest in Bitcoin, and taking gains from they investment.

Another thing is that, those that call Bitcoin scam in public and still invest in Bitcoin in the secret are those that have gone against their religion and country stands against Bitcoin, let say for a religion that see anything internet money as a sin and encouraging their congregation against involving in it, it becomes an easiest technique for them to play such hide and seek game with Bitcoin along the way.

Bitcoin has been called scam by ignorant people who don't know what they are talking about and by people who saw their personal interests threatened by Bitcoin invention. The second group uses the first to reinforce their attacks against Bitcoin, but thankfully in vain, since Bitcoin is growing stronger cycle after cycle.

Unfortunatelly there are also many scammers who adopted Bitcoin to run their criminal schemes, so people who see such schemes tend to connect Bitcoin to crimes, although it's not a smart conclusion, considering Bitcoin is money and that criminals always deal with some kind of money. If it's not Bitcoin, it's going to be any other fiat currency. At same time, people aren't going to call fiat currencies a scam for that reason, right?

Wait a minute, does it mean that some one who was able to acquire Bitcoin and hold for God's know when can not make a little research of what he just made profit with? His ignorance must be very expensive because making mockery of something that he is a part of us really crazy and I think he's just happy because of the profit he has made and he couldn't find something else to write on he's X handle. The only way people especially the media will start seeing Bitcoin as a scam is if the word Bitcoin becomes separated by other cryptocurrency because a lot of people has lost their funds through the purchase of shit coins and some altcoin so whenever they hear cryptocurrency they would not ask if it's Bitcoin or not they will just believe that everything known as cryptocurrency is used to scam.

I didn't see him mention bitcoin, but there is a high chance that he also generalised it and knows about bitcoin and still refers to it as a scam. Some people don't understand how all these things work; they see all crypto as a Ponzi scheme because there is a high chance of always getting profit when you invest in something.
 
They don't do research to know how the market works. I really don't pay attention to such kinds of tweets or talk again because even if you try to advise or talk to such a person, they will always find it difficult to believe you; what they say is what they believe to be real. If all crypto is a scam like he said, then he's probably a scammer for taking advantage of a scam project.

Lots to take from the OP.

Firstly you/everyone needs to separate Bitcoin from Crypto.

Technically he is right by calling Crypto a scam and he is also generalising. Crypto
refers to all other cryptography $hitcoins which are predominantly owned by someone
or a group and so controlled which means they are open to all sorts of scams.

Unfortunately a lot of people lump Bitcoin into the same group as $hitcoins out of ignorance
and lack of understanding.

Over the years the media have attacked Bitcoin and its been associated with organised
crime again by people who dont have a very good understanding of Bitcoin v Crypto^$hitcoins

It is simple - ignorance. Once they start do a lil bit of research or reading, they will surely change their opinion. This technology is not a scam. It is the people who are using it are creating the notion that this tech is a scam. Sooner or later, they will change their stance and won't worry about other people's negative outlook towards this market.

Smiles.. though it's funny but I will say is lack of knowledge.
He invested because he was forced to do so, maybe his friends invested and he decided to do so even as that he wasn't convinced enough to invest in bitcoin.
Those who calls Bitcoin are typical people who are scamming bitcoin by indirectly making profits from it because if it's scam there wouldn't have been a day he could have taken the profit from bitcoin maybe he could had sold and dash away the profits to someone else to enjoy the benefits.
This is how those who lack knowledge behaves when it comes to what they don't have single idea about it.

Why are people quick to refer to Crypto specifically bitcoin as scam? This person bought bitcoins worth  £383 in May 2022. As at December 6th 2024, it was worth £1,000. This is over 161.1% increase. He withdrew half of it and said he wants to leave the other half. What baffles me is that he still went ahead to say, Crypto is still a scam. That it has eventually favoured me doesn’t mean it’s not a scam. Infact he opined that it is unexplainable wealth. This human behaviour that is strange -  skepticism persisting even in the face of its success. For me, the real scam is choosing not to understand Bitcoin and missing out on its potential benefits. Share your opinions.

Edit: He mentioned Bitcoin specifically because that was the cryptocurrency he purchased. It's him not me who is using the term 'crypto' and 'Bitcoin' interchangeably. If you need confirmation, you can refer back to the original story for context https://x.com/DrJoeAbah/status/1865108570557059505