Bitcoin Investment Scams

[superman2727]

There are so many fishy businesses found in the bitcoin world

There are some that use Bitcoin for scamming people around the internet

They are sales talking you to purchase or invest with on their company.

Hope you are aware of this. Maybe you can share some of your experiences.

[chrstnmaula]

Wherever there is a lot of evil that can take your hard work. In bitcoin world this is a virtual money where you can be real money. Based on my experince I have not been scamed here in bitcoin world because I just choose my investment there in legit and expectation. so I advise those users who have bitcoin to be careful when you click on their website before you invest.

[superman2727]

2 hours ago, chrstnmaula said:

Wherever there is a lot of evil that can take your hard work. In bitcoin world this is a virtual money where you can be real money. Based on my experince I have not been scamed here in bitcoin world because I just choose my investment there in legit and expectation. so I advise those users who have bitcoin to be careful when you click on their website before you invest.

That's right!  Always make sure that the company you are investing for is legit and trusted. Before investing, make a research about the company to make sure that you will not get scammed! 

[Martinsx]

I have made the mistake of trusting any site or company that I see online promising business opportunities and investments with good chance of making good profits without seeing good reviews on it.

There are lots of scamming sites posing as good companies looking for people to dupe all the name of selling bitcoin or cryptocurrency to someone. I would only deal with coinbase anytime I want to deal on cryptocurrency. 

[Jasonn]

What are some good review sites where you can research these companies?  Are they free?  If not, what might be some typical fees?  Anyway, it's better safe than sorry!

[EfficientNinja]

By this time, everyone should be aware of the Bitconnect scam. Lots of people got scammed by this cryptocurrency investment which promises impossible interest rates on a daily basis. My rule of thumb is, if something is too good to be true, there's a very high chance that it is a scam. I've also heard of Ponzi MLMs that requires new members to invest a sum of money and instructs them to invite more people to earn money.

[Martinsx]

10 hours ago, EfficientNinja said:

By this time, everyone should be aware of the Bitconnect scam. Lots of people got scammed by this cryptocurrency investment which promises impossible interest rates on a daily basis. My rule of thumb is, if something is too good to be true, there's a very high chance that it is a scam. I've also heard of Ponzi MLMs that requires new members to invest a sum of money and instructs them to invite more people to earn money.

I have friends who have been scammed a lot of money from falling into the hands of bitcoin online scammers. I would have fallen to these scammers traps but I was fortunate enough to come across a good review of the best trusted site one can invest in cryptocurrency. 

Ponzi nearly rendered me penny less, MLM is what I never dared to get close to because of the issue of getting downliners. 

[EfficientNinja]

On 5/14/2018 at 8:58 PM, Martinsx said:

I have friends who have been scammed a lot of money from falling into the hands of bitcoin online scammers. I would have fallen to these scammers traps but I was fortunate enough to come across a good review of the best trusted site one can invest in cryptocurrency. 

Ponzi nearly rendered me penny less, MLM is what I never dared to get close to because of the issue of getting downliners. 

It's good that you are now staying away from MLMs. Although some people are earning from them because they are good at finding downlines, I find the process of earning money through MLMs unethical. It's like you're passing your job to others and letting them do the work for you. And this chain of passing their own jobs continue only making those at the top money.

Bitconnect wasn't an MLM but it still scammed a lot of people. It's best to research an investment well before putting any money on them.

[Martinsx]

56 minutes ago, EfficientNinja said:

It's good that you are now staying away from MLMs. Although some people are earning from them because they are good at finding downlines, I find the process of earning money through MLMs unethical. It's like you're passing your job to others and letting them do the work for you. And this chain of passing their own jobs continue only making those at the top money.

Bitconnect wasn't an MLM but it still scammed a lot of people. It's best to research an investment well before putting any money on them.

You are absolutely right with the analysis of how MLM programs works, the top distributors are the ones who earn a lot of money from the sufferings of their downliners and how funny this is, you are never truly explained how it works until you have already lost your money in it. Sometimes I still wonder why some of these MLM companies are still in business because they have been exposed on many fronts on how people lose money in the program.

Cryptocurrency - Bitcoin is completely different from MLM programs, it's not run the same way but there are fake sites out there, so one definitely need to be cautious about the one to deal with. 

[Steve5]

On 5/11/2018 at 10:10 AM, chrstnmaula said:

Wherever there is a lot of evil that can take your hard work. In bitcoin world this is a virtual money where you can be real money. Based on my experince I have not been scamed here in bitcoin world because I just choose my investment there in legit and expectation. so I advise those users who have bitcoin to be careful when you click on their website before you invest.

Yes, it's very important to be picky. This is because it involves real money. No ones wants to be tricked and used by greedy people. It's also a waste of time if it's not even legit.

[Steve5]

On 5/11/2018 at 12:32 PM, superman2727 said:

That's right!  Always make sure that the company you are investing for is legit and trusted. Before investing, make a research about the company to make sure that you will not get scammed! 

I did some research as well. Though, the problem here could be most users coming in blind. They're not aware of certain tell tale signs that hints at fishy business. And that's without taking into account a lot of technical jargon in the bitcoin community.

[Steve5]

On 5/12/2018 at 7:54 AM, Martinsx said:

I have made the mistake of trusting any site or company that I see online promising business opportunities and investments with good chance of making good profits without seeing good reviews on it.

There are lots of scamming sites posing as good companies looking for people to dupe all the name of selling bitcoin or cryptocurrency to someone. I would only deal with coinbase anytime I want to deal on cryptocurrency. 

This is why it's crucial to always check the company's legitimacy. A lot of times people can be swayed by nice looking graphics and site editing. Most scam sites nowadays have adapted to look and feel real. They even have convincing fake reviews.

[Steve5]

On 5/14/2018 at 10:51 AM, EfficientNinja said:

By this time, everyone should be aware of the Bitconnect scam. Lots of people got scammed by this cryptocurrency investment which promises impossible interest rates on a daily basis. My rule of thumb is, if something is too good to be true, there's a very high chance that it is a scam. I've also heard of Ponzi MLMs that requires new members to invest a sum of money and instructs them to invite more people to earn money.

That's a great rule! Most of the obvious signs that something's not right comes from their promises. A lot of amateur scamming sites promise big returns on your money. But I am worried about some of them upping their game by doing long cons. People only realize they've been once it's too late.

[Martinsx]

On 5/17/2018 at 11:51 AM, Steve5 said:

This is why it's crucial to always check the company's legitimacy. A lot of times people can be swayed by nice looking graphics and site editing. Most scam sites nowadays have adapted to look and feel real. They even have convincing fake reviews.

This is absolutely true what you just mentioned about how these fake scamming sites have upped their game in looking real just like a legitimate site, with the view of easily deceiving people to believe in what they are selling, but only to dupe them all at the shortest possible time. 

[Steve5]

14 hours ago, Martinsx said:

This is absolutely true what you just mentioned about how these fake scamming sites have upped their game in looking real just like a legitimate site, with the view of easily deceiving people to believe in what they are selling, but only to dupe them all at the shortest possible time. 

Good thing that people are learning to properly discern things. They don't get easily fooled once they've been had. And many are sharing their experience in order to prevent more victims by scam sites. I'm glad that this is the case.

[Martinsx]

32 minutes ago, Steve5 said:

Good thing that people are learning to properly discern things. They don't get easily fooled once they've been had. And many are sharing their experience in order to prevent more victims by scam sites. I'm glad that this is the case.

Exactly, for the fact that some people have fallen victim of these scam sites on more than one occasion, they are most likely to give bad reviews about these sites which puts a red flag on it anytime someone who has seen and read such reviews come across such sites. 

[Steve5]

Some scam sites actually try to hide this. They either make the negative reviews invisible or delete them. But even if they did this, they still can't stop people from exposing their misdeeds.

[Martinsx]

1 hour ago, Steve5 said:

Some scam sites actually try to hide this. They either make the negative reviews invisible or delete them. But even if they did this, they still can't stop people from exposing their misdeeds.

It's impossible to get rid of all the bad reviews made about a particular brand, product, site etc. So therefore, no matter how hard a scam site tries to hide its dirty deeds, it's still would be exposed. 

What am I even saying, such sites don't stay long in business, because the owner would likely be caught. So they just scam the few who they got and disappear off the grid. 

[Kakashi2020]

On 5/14/2018 at 10:51 AM, EfficientNinja said:

By this time, everyone should be aware of the Bitconnect scam. Lots of people got scammed by this cryptocurrency investment which promises impossible interest rates on a daily basis. My rule of thumb is, if something is too good to be true, there's a very high chance that it is a scam. I've also heard of Ponzi MLMs that requires new members to invest a sum of money and instructs them to invite more people to earn money.

I do agree that there's a lot of ponzi schemes around that's why Facebook is now taking down ads and posts about cryptocurrencies. Bing has also followed suit.  

In the Philippines there's a lot of cryptocurrency scammers who uses new coins to dupe investors. I just don't understand why the government is not taking steps to close these companies sooner? What always happens is these companies would be able to operate for months getting amassing 100's of millions then it would fold after which investors would complain, only then would the government steps in.  By this time the people behind the scams would have jump shipped to another country where they would spend their lives in luxury.

[EfficientNinja]

12 hours ago, Kakashi2020 said:

I do agree that there's a lot of ponzi schemes around that's why Facebook is now taking down ads and posts about cryptocurrencies. Bing has also followed suit.  

In the Philippines there's a lot of cryptocurrency scammers who uses new coins to dupe investors. I just don't understand why the government is not taking steps to close these companies sooner? What always happens is these companies would be able to operate for months getting amassing 100's of millions then it would fold after which investors would complain, only then would the government steps in.  By this time the people behind the scams would have jump shipped to another country where they would spend their lives in luxury.

The crypto scams in the Philippines are also the main reason people associate Bitcoin as a scam. Whenever anyone hears the word Bitcoin, they already assume it is a scam because of not having the correct knowledge about cryptocurrency. They think to have Bitcoin, you'll have to join an MLM. I think it's too late to teach the majority of the population about what crypto is because it already has a bad reputation.

[Steve5]

21 hours ago, Martinsx said:

It's impossible to get rid of all the bad reviews made about a particular brand, product, site etc. So therefore, no matter how hard a scam site tries to hide its dirty deeds, it's still would be exposed. 

What am I even saying, such sites don't stay long in business, because the owner would likely be caught. So they just scam the few who they got and disappear off the grid. 

That's so funny! Like what were we all thinking? It's so obvious that they do that all the time. They collect the cash of the few unfortunate users they've fooled and bail. I wonder if this is the current trend among scam sites.

[Martinsx]

35 minutes ago, Steve5 said:

That's so funny! Like what were we all thinking? It's so obvious that they do that all the time. They collect the cash of the few unfortunate users they've fooled and bail. I wonder if this is the current trend among scam sites.

Yes of course, it's certainly a regular and common trend or modus operandi of all scammers and scamming websites. They never stay too long to leave behind much digital footprints to be tracked and traced back to them. 

Once they have gotten a reasonable amount of money from the ones that fall prey to their schemes, they would run off like a bat out of hell. 

[Henrywrites]

On 4/29/2018 at 3:32 AM, superman2727 said:

There are so many fishy businesses found in the bitcoin world

There are some that use Bitcoin for scamming people around the internet

They are sales talking you to purchase or invest with on their company.

Hope you are aware of this. Maybe you can share some of your experiences.

I have had a single experience of losing money by trading Bitcoin, but I have seen some of my friends that lost huge sums of money as a result of trading with turn wrong set of people. The market of coins is one that we need to be careful who we decide to send our money to in exchange for any form of coins.

[Martinsx]

1 minute ago, Henrywrites said:

I have had a single experience of losing money by trading Bitcoin, but I have seen some of my friends that lost huge sums of money as a result of trading with turn wrong set of people. The market of coins is one that we need to be careful who we decide to send our money to in exchange for any form of coins.

It's such a shame that you experienced being scammed and I'm sure it's because you didn't know the trusted exchange sites to use. I would recommend Coinbase and Binance for you next time. 

Good luck. 

[Kakashi2020]

53 minutes ago, Martinsx said:

It's such a shame that you experienced being scammed and I'm sure it's because you didn't know the trusted exchange sites to use. I would recommend Coinbase and Binance for you next time. 

Good luck. 

I've seen the sites of both Binance and coinbase, the problem with those sites is that there's a high minimum deposit and a high withdrawal deposit am I right? And they get a percentage on all buys, sells, is this correct?  Binance is so complicated that even I can't understand it.  Coinbase is simpler.