Pay Attention to These 7 Bitcoin Scams - TheStreet
Bitcoin Lifestyle Trading System Scam Review Exposed With
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12-17 21:44 - 'HEX isn’t a Scam. It’s a just a really bad investment if you trade ETH for it and fail to realize that the system is designed to profit the creator - just like a casino. And similar to a casino, the losers will outnumber...' by /u/Cartographer72 removed from /r/Bitcoin within 71-81min
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You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments. It all started with the release of the release of Satoshi Nakamoto's whitepaper however that will probably go over the head of most readers so we recommend the following videos for a good starting point for understanding how bitcoin works and a little about its long term potential:
Limited Supply - There will only ever be 21,000,000 bitcoins created and they are issued in a predictable fashion, you can view the inflation schedule here. Once they are all issued Bitcoin will be truly deflationary. The halving countdown can be found here.
Open source - Bitcoin code is fully auditable. You can read the source code yourself here.
Accountable - The public ledger is transparent, all transactions are seen by everyone.
Decentralized - Bitcoin is globally distributed across thousands of nodes with no single point of failure and as such can't be shut down similar to how Bittorrent works. You can even run a node on a Raspberry Pi.
Censorship resistant - No one can prevent you from interacting with the bitcoin network and no one can censor, alter or block transactions that they disagree with, see Operation Chokepoint.
Push system - There are no chargebacks in bitcoin because only the person who owns the address where the bitcoins reside has the authority to move them.
Low fee scaling - On chain transaction fees depend on network demand and how much priority you wish to assign to the transaction. Most wallets calculate on chain fees automatically but you can view current fees here and mempool activity here. On chain fees may rise occasionally due to network demand, however instant micropayments that do not require confirmations are happening via the Lightning Network, a second layer scaling solution currently rolling out on the Bitcoin mainnet.
Borderless - No country can stop it from going in/out, even in areas currently unserved by traditional banking as the ledger is globally distributed.
Portable - Bitcoins are digital so they are easier to move than cash or gold. They can even be transported by simply memorizing a string of words for wallet recovery (while cool this method is generally not recommended due to potential for insecure key generation by inexperienced users. Hardware wallets are the preferred method for new users due to ease of use and additional security).
Bitcoin.org and BuyBitcoinWorldwide.com are helpful sites for beginners. You can buy or sell any amount of bitcoin (even just a few dollars worth) and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also check out the bitcoinity exchange resources for a larger list of options for purchases.
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Bitwage. Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".
Securing your bitcoins
With bitcoin you can "Be your own bank" and personally secure your bitcoins OR you can use third party companies aka "Bitcoin banks" which will hold the bitcoins for you.
If you prefer to "Be your own bank" and have direct control over your coins without having to use a trusted third party, then you will need to create your own wallet and keep it secure. If you want easy and secure storage without having to learn computer security best practices, then a hardware wallet such as the Trezor, Ledger or ColdCard is recommended. Alternatively there are many software wallet options to choose from here depending on your use case.
If you prefer to let third party "Bitcoin banks" manage your coins, try Gemini but be aware you may not be in control of your private keys in which case you would have to ask permission to access your funds and be exposed to third party risk.
Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email! 2FA requires a second confirmation code to access your account making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.
As mentioned above, Bitcoin is decentralized, which by definition means there is no official website or Twitter handle or spokesperson or CEO. However, all money attracts thieves. This combination unfortunately results in scammers running official sounding names or pretending to be an authority on YouTube or social media. Many scammers throughout the years have claimed to be the inventor of Bitcoin. Websites like bitcoin(dot)com and the btc subreddit are active scams. Almost all altcoins (shitcoins) are marketed heavily with big promises but are really just designed to separate you from your bitcoin. So be careful: any resource, including all linked in this document, may in the future turn evil. Don't trust, verify. Also as they say in our community "Not your keys, not your coins".
Where can I spend bitcoins?
Check out spendabit or bitcoin directory for millions of merchant options. Also you can spend bitcoin anywhere visa is accepted with bitcoin debit cards such as the CashApp card. Some other useful site are listed below.
Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /BitcoinMining would be happy to help you out. If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. If you would prefer to keep it simple there are several good options. You can view the global node distribution here.
Just like any other form of money, you can also earn bitcoins by being paid to do a job.
You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins.
The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
one bitcoin is equal to 100 million satoshis
1,000 per bitcoin
used as default unit in recent Electrum wallet releases
1,000,000 per bitcoin
colloquial "slang" term for microbitcoin (μBTC)
100,000,000 per bitcoin
smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $10000 for one Bitcoin, a $10 meal would equal:
For more information check out the Bitcoin units wiki. Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit. Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval. Welcome to the Bitcoin community and the new decentralized economy!
News Heading into Thursday July 23rd 2020 NOTE: PLEASE DO NOT YOLO THE VARIOUS TICKERS WITHOUT DOING RESEARCH. THE TIME STAMPS ON THE FOLLOWING ARTICLES MAY BE LATER THAN OTHERS ON THE WEB. THE CREATOR OF THIS THREAD COMPILED THE FOLLOWING IN A QUICK MANNER AND DOES NOT ATTEST TO THE VERACITY OF THE INFORMATION BELOW. YOU ARE RESPONSIBLE FOR VETTING YOUR OWN SOURCES AND DOING YOUR OWN DD.
Senate Republicans, White House near agreement on coronavirus relief package
CNTG ($12.15) CENTOGENE Announces Convenient At-Home Coronavirus Test Solution Now Available in Germany on Online Marketplace
BIOL ($0.45) BIOLASE Announces Closing Of Oversubscribed Rights Offering
INUV ($0.57) Inuvo Announces Proposed Public Offering of Common Stock
DRIO ($7.25) reported 8 new insider (buys) trades to the SEC
ALGN%20today%20announced,for%20Invisalign%20and%20iTero%20doctors.&amp;amp;amp;amp;amp;amp;amp;text=The%20goal%20of%20ADAPT%20is,Invisalign%20doctors%20and%20their%20staff) Align Technology Launches the Align Digital and Practice Transformation (ADAPT) Program for Invisalign and iTero Doctors Globally
Montage Resources Divesting Wellhead Gathering Infrastructure for $25 Million, Announces Preliminary Second Quarter 2020 Production Performance, Lowers Full Year 2020 Capital Spending Guidance. Montage Resources trims full-year capex forecast (MR)
The world of DeFi is exploding but is it all it’s made out to be?
DeFi (decentralised finance) is most certainly the buzz in the crypto world this minute. It’s bringing similar feelings which was the 2017/18 ICO phase, where a mammoth of new projects begun to explode onto the scene, each with their own promise of new innovation and use case. Hindsight has shown us that most of those projects have ultimately failed, or worse, were outright scams that took advantage of not so wise investors looking to make a buck. Obviously, not all projects fit that description, with many teams still around today working on and delivering their individual visions. Crypto is, after all, still a big experiment of new technology.
Enter DeFi: Serum
DeFi has exploded into the limelight over the last few months, with some tokens appreciating hundreds of percent in price. It appears to be the catalyst that has driven a huge market shift in the crypto world, and for those who’ve been around a number of years, this is a welcome change. In this piece, I’m going to examine a particular project called Serum.
Serum is the world’s first completely decentralized derivatives exchange with trustless cross-chain trading brought to you by Project Serum.
The Serum Project is aiming to create both a decentralised exchange and a cross-chain swapping mechanism. In this article, I’m going to focus solely on the cross-chain swapping aspect of Serum. Although the Serum whitepaper is quite short and lacking in detail, it is useful to derive some understanding of how the cross-chain swapping protocol should work. Throughout this review, I will use it to describe how the imagined protocol works.
Let's assume Alice wants to trade some BTC for ETH and Bob wants to trade some ETH for BTC using Serum. These two users are matched and agree on a price using an on-chain order book on the Solana blockchain (whitepaper provides no practical details on how to do this). Once these users are matched, Bob must send the ETH he wants to trade to an Ethereum smart contract, plus some amount of ETH ~200 USD worth (see section 4 below) to the smart contract as collateral. Alice will also need to send some collateral to the smart contract. Once this initial setup process is complete Alice then has to send her BTC to Bob’s BTC address and if Bob receives the BTC from Alice he can then release his ETH from the smart contract sending it to Alice’s ETH address. Upon completion of this both Alice and Bob are refunded their ETH collateral. So what happens if something goes wrong? For example, say Alice never sends BTC to Bob, after some period of time Bob can initiate a dispute. When the dispute begins both Alice and Bob present a portion of the Bitcoin blockchain information to the smart contract (see section 3). The smart contract then decides whether or not Alice did send BTC to Bob. If she hasn’t then the smart contract returns Bob's ETH and collateral to Bob and also takes Alice’s ETH collateral and gives that to Bob. The same occurs in reverse if Alice sends BTC but Bob never approves the transfer of ETH from the smart contract. This scheme seems pretty simple, there’s no oracles and no centralised parties, however, it has a number of disadvantages.
1. User-Provided Collateral Is Bad for User Experience
Each time a user conducts a swap they must reserve some percentage or fixed amount to cover the collateral for the swap. This collateral amount needs to be present to prevent griefing attacks where users initiate swaps with no intention of ever following through and sending funds to the alternate participant. However, this creates a poor user experience as both Alice and Bob need to have at least the value of the dispute fee committed to the contract in collateral before they conduct a swap. This is totally foreign from the normal exchange experience in which you only require a single coin and a single transaction to begin trading. For example, if using Serum to trade Bitcoin you would need to hold Bitcoin and ~200$ of Ethereum and also interact with the Ethereum chain before any swap occurs. This adds unnecessary complexity and confusion, especially for newcomers to the crypto space.
2. ETH Must Always Be on One Side of the Swap
Although the Serum method of cross-chain swapping could occur on any blockchain with smart contracts, the Serum whitepaper makes it clear the Serum arbitration contract is going to be deployed on the Ethereum blockchain. This means one party must always be locking the full value of the trade in ETH using an Ethereum smart contract. This makes it impossible, for example, to do a single step trade between Bitcoin and Monero since the swap would need to be from Bitcoin to ETH first and then from ETH to Monero. This is comparable to other proposed cross-chain swap systems like Thorchain and Blockswap, however since those networks use AMM’s (automated market makers)and decentralized vaults to take custody of funds, the user needs not to interact with the intermediary chain at all. Instead in Serum, the user wanting to swap Bitcoin to Monero will need to do the following steps:
Send Ethereum collateral to the Serum arbitration contract
Send Bitcoin to the user they are swapping with.
Send Ethereum back to Serum arbitration contract
Send Ethereum out of Serum arbitration contract
Receive back Ethereum collateral
It might be possible to remove or simplify step 4, depending on how the smart contract is built, however, this means a swap from BTC to Monero would require 2 Ethereum and 1 Bitcoin transaction in the best-case scenario. Compared with the experience of other cross-chain swapping mechanisms, which only require the user to send a single transaction to swap between two assets, this is very poor user experience.
3. Proving Transactions on Arbitrary Chains to a Smart Contract Is Not Trivial
Perhaps the most central part of the Serum cross-chain swapping mechanism is left completely unexplored in the Serum whitepaper with only a brief explanation given.
“[The] Smart Contract is programmed to parse whether a proposed BTC blockchain is valid; it can then check which of Alice and Bob send the longer valid blockchain, and settle in their favor”
This is not a trivial problem, and it is unclear how this actually works from the explanation given in the Serum whitepaper. What actually needs to be presented to the smart contract to prove a Bitcoin transaction? Typically when talking about SPV the smart contract would need the block headers of all previous blocks and a merkle inclusion proof. This is far too heavy to submit in a dispute. Instead, Serum could use NIPoPoW, however, these proofs only work on chains with fixed difficulty and are still probably prohibitively too large (~100KB) to be submitted as a proof to a contract. Other solutions like Flyclient are more versatile, but proof sizes are much larger and have failed to see much real-world adoption. Without explaining how they actually plan to do this validation of Bitcoin transactions, users are left in the dark about how secure their solution actually is.
4. High Dispute Fees Force Large Collateral on Small Trades
Although disputes should almost never happen because of the incentives and punishments designed into the Serum protocol, the way they are designed has negative impacts on the use of the network. Although the Serum whitepaper does not say how the dispute mechanism works, they do say that it will cost about ~100 USD in GAS to dispute a swap. Note: keep in mind that the Serum paper was published in July 2020 when the gas price was about 50 Gwei, as Ethereum use has picked up over the past month we have seen average GAS prices as high as 250 Gwei, with the average price right now about 120 Gwei. This means that at the height of GAS prices it could have cost a user ~500 USD to dispute a swap. This means for the network to ensure losing cross-chain swaps aren’t made each user must deploy at least $200 in collateral on each side. It may be possible to lower this to collateral if we assume the attacker is not financially motivated, however, there is a lower bound in which ransom attacks become possible on low-value trades. Further and perhaps more damagingly, this means in a trade of any size the user needs to have at least 300 USD in ETH laying around. 100 USD in ETH for the required collateral and 200 USD if they need to challenge the transaction. This further adds to the poor user experience when using Serum for cross-chain swapping.
5. Swaps Are Not Set and Forget
Instead of being able to send a transaction and receive funds on the blockchain you are swapping to, the process is highly interactive. In the case where I am swapping ETH for Bitcoin, the following occurs:
Send a transaction to the Serum arbitration contract with my collateral.
Send a transaction to the Serum arbitration contract with the funds to be traded.
Wait until the Bitcoin transaction sent to my address has an acceptable amount of confirmations (up to 60 mins, depending on network congestion).
If the Bitcoin transaction is never received then I need to wait for a timeout to occur before I can participate in the dispute process.
Send a transaction to the Serum arbitration contract unlocking my funds and sending them to the participant.
And on the Bitcoin side (assuming the seller is ready), the following must take place:
Send my Ethereum collateral to the smart contract.
Send the Bitcoin.
Wait until the Seller has accepted that Bitcoin.
If the Seller never accepts the Bitcoin I sent to him then I need to wait on line for the dispute process.
Wait to receive my ETH + Collateral back.
This presents a strange user experience where the seller or seller’s wallet must be left online during this whole process and be ready to sign a new transaction if they need to dispute transactions or unlock funds from a smart contract. This is different from the typical exchange or swapping scenario in which, once your funds are sent you can be assured you will receive the amount you expected in your swap back to you, without any of your wallets needing to remain online.
6. The Serum Token Seems to Lack a Use Case
The cross-chain swapping protocol Serum describes in its whitepaper could easily be forked and launched on the Ethereum blockchain without having any need for the Serum token. It seems that the Serum token will be used in some capacity when placing orders on the Solana based blockchain, however, the order book could just as easily be placed off with traditional rate-limiting schemes. There is some brief mention of future governance abilities for token holders, however, as a common theme in their whitepaper, details are scarce:
Serum is anticipated to include a limited governance model based on the SRM token. While most of the Serum ecosystem will be immutable, some parameters without large security risks (e.g. future fees) may be modified via a governance vote of SRM tokens.
Until satisfactory answers are given to these questions I would be looking at other projects who are attempting to build platforms for cross-chain swaps. As previously mentioned, Thorchain & Blockswap show some promise in design, whilst there are some others competing in this space too, such as Incognito and RenVM. However, this area is still extremely immature so plenty of testing and time is required before we can call any of these projects a success. If you’ve got any feedback or thoughts about Serum, cross-chain swapping or DeFi in general, please don’t be shy in leaving a comment.
I have been holding crypto and following the ecosystem for a long time, and I believe crypto will revolutionise the financial system and still has much potential to increase in value. However until now my holdings have been mostly handpicked. In traditional investments I am a subscriber to passive investing and usually invest in broad index funds, and I want to apply that investment philosophy to my crypto holdings. With this in mind I looked at some available crypto indices and none of them seemed to fill my needs, but looking at them helped me define some of the criteria for my own index:
Not too broad
I will be reproducing the index manually, so having too many assets will make the extra hassle of trading and storing the small-weighted assets not worth it.
I don't see the point of including stablecoins in a cryptoasset index. If I wanted to invest in the asset the stablecoin tracks I'd be better off holding the followed asset itself.
Exclude centrally managed tokens
All indices I found included assets such as Binance Coin and OKB. I see investing in such assets as investing in the managing entity and not in the crypto ecosystem itself, as those tokens will be much more correlated with the business success of the entity than with the success of the ecosystem.
Require reasonable trading availability
The asset must be available for trading in a reasonable number of exchanges.
Market capitalization weighting
Free-float market cap weighting is the standard method of weighting whole-market indices. I have seen some indices that use square root of market cap weighting in order to not be so Bitcoin-heavy, but I am not convinced that that is a better representation of the market or that it would lead to better returns. With these criteria in mind I evaluated the top coins by market capitalization. I decided to use CoinGecko as my main source, but I do cross check the values with CoinMarketCap and CoinCap.io to avoid some big flaw in CoinGecko's methodology.
Obviously the big guy is in.
I also have no issues with Ethereum.
Ripple is a bit too centrally-controlled for my taste and there's also the worry that the value of the XRP token itself may not be too correlated with the network's success, but I still consider it to be worthy for inclusion.
Tether is excluded due to being a stable coin and being centrally-controlled.
The only thing that worries me about Bitcoin Cash is that the community seems to be too worried about insisting that it is the true Bitcoin instead of developed, but I don't see any reason to exclude it given my criteria.
This is the first asset with which I don't have too much experience. Their website is a bit too heavy on buzzwords, but my research seems to show that it is a real network, there's no big problems with their whitepaper.
I personally have no idea how Bitcoin SV is so high in market capitalization, as I see it as just Craig Steven Wright's tool to strengthen his Satoshi claim, but the point of the index and the criteria is to remove my personal feelings from the decision, so it stays in.
Litecoin is one of the oldest assets around and I have no objection for it.
This is the first one where I am having a hard time deciding if it stays in or not. Its website is full of buzzwords. They have a whitepaper explaining how the network works, but I can't see it as much more than a centrally-managed token with a bunch of apps around it and no real value proposition. The company itself seems shady, having been through a name change, as it was previously called Monaco, the way their cards work smells heavily like a Ponzi scheme, they promise huge interest rates for staking random coins with them and the amount of people that show up speaking well of it in any post about it reeks of paid shills. For some reason it is also not listed on CoinCap.io, although it is listed on CoinGecko and CoinMarketCap. It is also listed on fewer exchanges than other coins we've seen so far. I couldn't find any concrete evidence of it being a scam, but I am excluding it for being a centrally-controlled token.
This is a Binance-controlled token, so it is out.
I also didn't know much about this coin, but my research didn't raise any red flags about it, so it's in.
This one is an ERC20 token, but it is managed by a smart contract and although it seems to be somewhat centrally-controlled by now it does have a governance model to make this control be diluted over time. It is also trying to solve a real problem, so it is in.
I was not too familiar with it, but after researching about it I really like the idea. I see no problem in including it.
Stellar feels to me a bit too much like Ripple 2.0, but I don't have any concrete problems with it.
This is an OKEX-controlled token, so it is out.
Another one of the old kids in town, I have no problems with it.
I have a "too buzzwordy" feeling about TRON, and I feel it is a bit too much connected to its founder, but no concrete problems as well.
This is a bitfinex-controlled token, so it is out.
USD Coin is excluded due to being a stable coin and being centrally-controlled.
This is an asset that I am not too sure I understand completely, and it is not listed from CoinCap.io and its market cap is not computed on CoinMarketCap. From what I can gather a cToken is meant to be a token that identifies that you have deposited in Compound's loan market. The only place where it is really traded is in the Compound exchange itself, and it's value is tied to the interest accrued from the loans in the platform and to the underlying asset, which in this case is DAI, a stablecoin. I find Compound Finance interesting and intend to read more about it, but I don't think cDAI is fit for my index, as it is not freely tradeable and tied to a stablecoin.
This is a Huobi-controlled token, so it is out.
This is one more buzzwordy smart contract platform with no concrete red flags to it.
A fork from the main Ethereum chain that rejects the rescue of stolen funds from a buggy smart contract. I am sympathetic to the idea of rejecting a centrally-proposed hardfork, and I see no red flags with this coin. And with this we are up to my intended 15 assets. This is the composition of the index with current market capitalizations:
This is the portfolio I intend to target from now on, with occasional rebalances of course. I would like to hear what you think about my criteria and my application of them, and where I could improve it.
How to Recover Money Lost to Online Investment and Scam
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If you are living in the U.S. and want to buy cheese from France, either you or the company that you buy the cheese from has to pay the French for the cheese in euros (EUR). This means that the U.S. importer would have to exchange the equivalent value of U.S. dollars (USD) into euros. The same goes for traveling. A French tourist in Egypt can't pay in euros to see the pyramids because it's not the locally accepted currency. As such, the tourist has to exchange the euros for the local currency, in this case the Egyptian pound, at the current exchange rate. The fact that forex is volatile in nature makes it easy to lose money trading forex. But you can hire a verified recovery expert to get your lost funds back. How to Recover Money Lost to Bitcoin Bitcoin (₿) is a cryptocurrency was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009 when its implementation was released as open-source software. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Bitcoin transactions are verified by network nodes through cryptography and are recorded in a public distributed ledger known as blockchain. Bitcoins are created as a reward for a process known as bitcoin mining. They can be exchanged for other currencies, products, and services. Research carried in Cambridge estimates that in 2017, there were between 3 to 6 million people using a cryptocurrency wallet, especially bitcoin. Due to the fact that bitcoin is not well regulated, it is easy to lose bitcoin or lose money to bitcoin. How to Recover Money Lost to Cryptocurrency A cryptocurrency is a digital or virtual currency that is usually secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology, which is a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation. Cryptocurrencies are systems that allow for the secure payments online which are denominated in terms of virtual "tokens," which are represented by ledger entries internal to the system. "Crypto" refers to the various encryption algorithms and cryptographic techniques that safeguard these entries, such as elliptical curve encryption, public-private key pairs, and hashing functions. 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So, you want to get into crypto. Which coins should you buy?
So, you want to get into crypto? Which coins should you buy? The five major fiat currencies in the world are USD, EUR, YEN, CHF, GBP. These account for almost all the world’s international trade. In many parts of the world one or more of these currencies are readily accepted, even if the local currency is mandated by the government. According to Coinmarketcap, there are 5787 cryptocurrencies and tradable tokens out there. Quite a few are jokes or scams. Some have been abandoned by their developers. Many have so few users and so little trade that they can barely be said to exist at all. At most, only a tiny handful, maybe only one or two, could ever possibly succeed. How should a newcomer choose? Let’s start with some basics: what is your aim here? Do you want to make some money? Or are you “in it for the technology”? Rule one: be clear about why you’re getting in. In other words, what do you want to get out of this? Be super clear about your exit strategy, whatever it may be. And stick to it. Next, risk: Crypto is a new and highly risky asset class. Out of 5800 coins, most of them (and possibly all of them) will go to zero. How would you feel if your stake was gone—really gone—lost forever? Do not put in more than you are prepared to lose. But prices are rising along with the animal spirits. You want in. Which coin should you buy? If making some money is your aim, then perhaps the central consideration is liquidity. If you don’t understand what the word liquidity means in the financial context, take 30 minutes and find out. In short, imagine you decide to sell your car – at the exact same time that most people with your model are selling theirs too. Lots of competition and relatively few buyers = low price. Or let’s say you want to buy a house in a particular (and popular) neighborhood, but there’s only one property for sale. The seller can name their price. Poor liquidity means you pay too much for something on the way in, and you sell it too cheap on the way out. While you’re researching liquidity, look up the notion of opportunity cost too. This is the idea that when we spend money on X we cannot then spend that same money on anything else. Which assets are you not investing in? Could there be a better bet? There is also the so-called founders’ effect, and the concept of the evolutionarily stable strategy, not to mention any number of cognitive biases to watch out for. Cut to the chase: a large fraction, at least, of your investment should be in those coins with the best liquidity—Bitcoin and Ethereum. Together these two coins account for the vast majority of all crypto trading and liquidity provision (excluding stablecoins, which do not appreciate). No matter how brilliant you think other systems might be (and a few really are), they are very, very unlikely to unseat either Bitcoin or Ethereum. If you’re savvy and skillful (and lucky) you might do well trading minor coins, which can have very high price volatility, but remember that most traders lose money. The biggest wins are almost always made by those who buy and hold, and who cash out at a pre-determined point. Finally, take your time, listen to some old hands, and ask questions here, especially if you suspect a scam. There are some really great people on this board (some of whom will disagree with at least some of what I’ve just written). A diversity of honest and experienced opinion can only help you. I would also recommend the Youtube channels of Benjamin Cohen https://www.youtube.com/channel/UCRvqjQPSeaWn-uEx-w0XOIg and Andreas Antonopoulos https://www.youtube.com/channel/UCJWCJCWOxBYSi5DhCieLOLQ as a start. Good luck.
Interest in Bitcoin is increasing globally. More and more people are willing to participate in Bitcoin trading and mining. However, Bitcoin history shows that it is not always as safe as we would like it to be. Let’s take a look at some major Bitcoin hacks.
Allinvain is a nickname of a user on BitcoinTalk forums. Basically, he was the first one to experience a major Bitcoin loss. He lost 25,000 bitcoins, all together it was worth around $500,000. The user believed that someone hacked into his computer to steal BTC.
Shortly after Allinvain’s case, the next hack attempt happened. Mt Gox was one of the biggest exchanges that provided a trade between Bitcoin and fiat money. Hackers compromised its website and started to sell Bitcoins. Their actions made the price go down dramatically. However, attackers did not pay attention to the $1000 limit Mt Gox had. Nonetheless, that hack attack had an important influence on BTC.
Exchanges are being attacked by hackers quite often. In 2012 Bitfloor suffered a terrible attack and lost 24,000 BTC (around $250,000). Unfortunately, this exchange was not able to survive the attack and was closed in 2013. In 2015 Bitstamp exchange was hacked. It lost approximately 19,000 BTC (around $5 million). In 2016 Bitfinex also lost 120,000 BTC (around $77 million) to hackers.
The last attack happened in one of the biggest social nets. Twitter became a part of the latest attackers’ actions. The most significant and world-famous accounts promoted Bitcoin scam for several hours.
The most important question is how to protect your Bitcoin savings from upcoming attacks. Here are some basic things that may help you to be safe:
Use trustworthy antivirus software
Choose your exchange service wisely Make sure that it is properly registered and has a policy for emergency situations.
Be careful when choosing a Bitcoin wallet There are lots of options to choose from now. Check the history of the service, make sure it suits your purposes.
Use different wallets Avoid putting all your savings in one place.
Keep your private keys safe It is important to remember that the loss of private keys will lead to the loss of coins.
Use a multifactor authentication Multifactor authentication links your account to your mobile phone.
Do not believe in easy money We all should remember that “there's no such thing as a free lunch” but there are a lot of impersonators & scammers.
Even though there is no way to be a hundred percent safe, there are a lot of steps we can take to avoid unfortunate losses. Cryptocurrency services are improving their protection systems all the time, and we all should do what we can to make this network more secure.
‘I would never invest one cent in Bitcoin,’ says Ryanair CEO
Micheal O’Leary, the CEO of major budget airline Ryanair, has come out very bearish on Bitcoin (BTC). Recently speaking to The Times, O’Leary likened Bitcoin to a Ponzi scheme and advised investors to avoid it:
“I have never, and would never, invest one cent in Bitcoin, which I believe is equivalent to a Ponzi scheme. [...] I would strongly advise everyone with any shred of common sense to ignore this false story and avoid Bitcoin like a plague.”
O’Leary was referring to an apparent crypto scam, “Bitcoin Lifestyle,” which claimed to have his approval in a promotional campaign. A bogus article on a fake news outlet claimed that, in an interview on the Late Late Show, O’Leary shocked audiences and the host Ryan Tubridy by showing how much money he was making with the Bitcoin scheme, which advertises itself as an automated trading system.
‘I would never invest one cent in Bitcoin,’ says Ryanair CEO
Micheal O’Leary, the CEO of major budget airline Ryanair, has come out very bearish on Bitcoin (BTC).Recently speaking to The Times, O’Leary likened Bitcoin to a Ponzi scheme and advised investors to avoid it:
“I have never, and would never, invest one cent in Bitcoin, which I believe is equivalent to a Ponzi scheme. [...] I would strongly advise everyone with any shred of common sense to ignore this false story and avoid Bitcoin like a plague.”
O’Leary was referring to an apparent crypto scam, “Bitcoin Lifestyle,” which claimed to have his approval in a promotional campaign. A bogus article on a fake news outlet claimed that, in an interview on the Late Late Show, O’Leary shocked audiences and the host Ryan Tubridy by showing how much money he was making with the Bitcoin scheme, which advertises itself as an automated trading system.
What is Crypto Legacy Pro? See Our Detailed Review BITCOIN PROFIT REVIEW: SCAM OR LEGIT?
Trading for Bitcoin and dozens of other cryptocurrencies, as well as EO coin, Litecoin, and Etherum. Quick Crypto Legacy Pro withdrawals. Withdrawal requests are processed among twenty four hours. Compatibility with all types of personal gadgets, as well as mobile phones, tablets, laptops, and mainframe computers. A free Rapid-Fire coaching decision from a professional coach to assist you get started. The Crypto Legacy Pro web site reports that in keeping with statistics, new users who take the call can make a median of $a hundred on their initial trade. Free access to the Crypto Legacy Software for a limited time. What that means is that before the supply is closed, the only quantity that you may should pay is $250, that is your trading capital. Everything else, as well as the trading signals, can be offered to you free. Is Crypto Legacy Pro Scam or Not? https://preview.redd.it/lcbt1ebfphj51.jpg?width=1712&format=pjpg&auto=webp&s=bef45dfab49ae680202d097cd14a357b4aca55f7 Is Crypto Legacy Pro legit? Taking a range of things into thought, this software appears to be genuine. For instance, the way in that it works is cheap, practical and scientifically smart. Plus, all the Crypto Legacypro client testimonials shared on the product web site praise and approve of this software. So are several freelance Crypto Legacy Pro reviews featured on-line? All of that implies that this might be a real piece of software. Pros OR Advantages ofCrypto Legacy Pro Platform Users claim that profiting with Crypto Legacy Pro System is as straightforward as selecting the correct signal. You are doing not require any trading skills or expertise to create the Crypto Legacy Pro App work for you. Neither do you need to be knowledgeable regarding cryptocurrencies? 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As such, you are doing not want to worry concerning creating a big budget to be able to profit from this trading signal software as you would possibly assume Can You really Build Profits Trading With the Crypto Legacy ProSystem? The robot reports that there is no limit as to the quantity of cash you'll build. One of the key factors that verify how much you'll create is clearly the quantity of investment you make, but, we have a tendency to recommend that you start with the minimum demand of $250. Free instant access to your own trading account, when finishing the fast Crypto Legacy Pro sign up process, thus that you'll start profiting immediately. Unlike other various trading software, you do not have to wait for a bound period in order for your account to induce approved initial before you can . Crypto Legacy Pro Coaching Decision Last but not least, new members receive a free Rapid Fire coaching call where a professional coach will help them get founded and build the initial profit. Not thus many similar companies will hold your hands till you're ready to go it alone as Crypto Legacy Pro will. Plus, the corporate reports that new members are ready to make a minimum of $100 in their initial trade if they take the call. Also, check our latest review of the Bitcoin Aussie System here. How to urge Strted with Crypto Legacy Robot https://preview.redd.it/x9bik2dgphj51.jpg?width=1000&format=pjpg&auto=webp&s=8df18f216255e29c3e05f1a0040619e4ef80028b Getting a Crypto Legacy Pro membership is as simple as following the easy steps below: Open an account: Visit the product website and fill out the form that claims “It’s Not Too Late To Join Us”, which is located next to the merchandise video. After getting into your 1st name and your email address, click on the orange button below that says “GET ACCESS NOW”. Crypto Legacy Pro AccountThen enter your second name before selecting a brand new auto-generated password, if you are doing not like the initial password. You can do so by clicking on the blue button that claims “CLICK TO COME UP WITH PASSWORD” next to the password field. Once that, enter your phone range and click on the button below that says “START NOW.” Step 2: Check With Demo Trading: When a successful initial Crypto Legacy Pro login method, this optional feature permits you to apply trading with the software, using virtual currencies, before you begin performing life trading with actual cryptocurrencies. It's a great means to test the software and see its effectiveness before putting money into it. Crypto Legacy Pro DepositAfter you check and ensure that the software works, you will want to feature money to your account to start trading. You'll do so through your mastercard or debit card not to say via bank transfer services. https://www.cryptoerapro.com/crypto-lagacy-pro/
Part 1/4 - NSA Connection: First off, the SHA-256 algorithm, which stands for Secure Hash Algorithm 256, is a member of the SHA-2 cryptographic hash functions designed by the NSA and first published in 2001. SHA-256, like other hash functions, takes any input and produces an output (often called a hash) of fixed length. The output of a hashing algorithm such as SHA-256 will always be the same length - regardless of the input size. Specifically, the output is, as the name suggests, 256 bits. Moreover, all outputs appear completely random and offer no information about the input that created it. The Bitcoin Network utilises the SHA-256 algorithm for mining and the creation of new addresses. Who is Satoshi Nakamoto? What does Satoshi Nakamoto mean? Out of respect for their anonymity, it would be rude to speculate in a video about who Satoshi Nakamoto is likely to be. The reality is, it's not important. Let me explain: Any human being can be attacked. Jesus could come back from the dead, and there would be haters. Therefore, the Satoshi Nakamoto approach neutralises the natural human herd behaviour, exacerbated by the media, to attack and discredit. This is a very important part of Bitcoin's success thus far. Also, from a security perspective, those who wish to dox Satoshi Nakamoto in a video are essentially putting his, or her, or their, life at risk...for the sake of views. As a genius who has produced an innovation not just from a technical perspective but also a monetary perspective, they should be treated with more respect than that. As for the name Satoshi Nakamoto, I would speculate that it is a homage to Tatsuaki Okamoto and Satoshi Obana - two cryptographers from Japan. There is another reason for the name, but that...is confidential. In 1996, the NSA's Cryptology Division of their Office of Information Security Research and Technology published a paper titled: "How to make a mint: The cryptography of anonymous electronic cash", first publishing it in an MIT mailing list and later, in 1997, in the American University Law Review. One of the researchers they referenced was Tatsuaki Okamoto. Part 2/4 - 'Crypto Market': Most of the crypto market is a scam. By the way, this was predicted very early on in the Bitcoin Talk forums - check out this interaction from November 8th, 2010: "if bitcoin really takes off I can see lots of get-rich-quick imitators coming on the scene: gitcoin, nitcoin, witcoin, titcoin, shitcoin... Of course the cheap imitators will disappear as quickly as those 1990s "internet currencies", but lots of people will get burned along the way." To which Bitcoin OG Gavin Andresen replies: "I agree - we're in the Wild West days of open-source currency. I expect people will get burned by scams, imitators, ponzi schemes and price bubbles." "I don't think there's a whole lot that can be done about scammers, imitators and ponzi schemes besides warning people to be careful with their money (whether dollars, euros or bitcoins)." Now, on the one hand, lack of regulation is more meritocratic (as you don't have to be an accredited investor just to get access). On the other hand, it means that crypto is, as Gavin said, a Wild West environment, with many cowboys in the Desert. Be careful. This is the same with most online courses - particularly 'How to get rich quick' courses - however with crypto you have an exponential increase in the supply of victims during the bull cycles so it is particularly prevalent during those times. In addition to this, leverage trading exchanges, which are no different to casinos, prey on naive retail traders who: A) Think they can outsmart professional traders with actual risk management skills; and B) Think they can outsmart the exchanges themselves who have an informational advantage as well as an incentive to chase stop losses and liquidate positions. Part 3/4 - CBDCs: The Fed and Central Banks around the world have printed themselves into a corner. Quantitative easing was the band-aid for the Great Financial Crisis in 2008, and more recent events have propelled the rate of money printing to absurd levels. This means that all currencies are in a race to zero - and it becomes a game of who can print more fiat faster. The powers that be know that this fiat frenzy is unsustainable, and that more and more people are becoming aware that it is a debt based system, based on nothing. The monetary system devised by bankers, for bankers, in 1913 on Jekyll Island and supercharged in 1971 is fairly archaic and also does not allow for meritocratic value transfer - fiat printing itself increases inequality. They, obviously, know this (as it is by design). The issue (for them) is that more and more people are starting to become aware of this. Moving to a modernised monetary system will allow those who have rigged the rules of the game for the last Century to get away scot-free. It will also pave the way for a new wealthy, and more tech literate, elite to emerge - again predicted in the Bitcoin Talk forums. Now...back to the powers that be. Bitcoin provides a natural transition to Central Bank Digital Currencies (CBDCs) and what I would describe as Finance 2.0, but what are the benefits of CBDCs for the state? More control, easier tax collection, more flexibility in monetary policy (i.e. negative interest rates) and generally a more efficient monetary system. This leads us to the kicker: which is the war on cash. The cashless society was a fantasy just a few years ago, however now it doesn't seem so far fetched. No comment. Part 4/4 - Bitcoin: What about Bitcoin? Well, Bitcoin has incredibly strong network effects; it is the most powerful computer network in the World. But what about Bitcoin's reputation? Bankers hate it. Warren Buffett hates it. Precisely, and the public hates bankers. Sure, the investing public respects Buffett, but the general public perception of anyone worth $73 billion is not exactly at all time highs right now amid record wealth inequality. In the grand scheme of things, the market cap of Bitcoin is currently around $179 billion. For example, the market cap of Gold is around $9 trillion, which is 50x the Market Cap of Bitcoin. Money has certain characteristics. In my opinion, what makes Bitcoin unique is the fact that it has a finite total supply (21 million) and a predictable supply schedule via the halving events every 4 years, which cut in half the rate at which new Bitcoin is released into circulation. Clearly, with these properties, it seems likely that Bitcoin could act as a meaningful hedge against inflation. One of the key strengths of Bitcoin is the fact that the Network is decentralised... Many people don't know that PayPal originally wanted to create a global currency similar to crypto. Overall, a speculative thesis would be the following: Satoshi Nakamoto is one of the most important entities of the 21st Century, and will accelerate the next transition of the human race. Trusted third parties are security holes. Bitcoin is the catalyst for Finance 2.0, whereby value transfer is conducted in a more meritocratic and decentralised fashion. In 1964, Russian astrophysicist Nikolai Kardashev designed the Kardashev Scale. At the time, he was looking for signs of extraterrestrial life within cosmic signals. The Scale has three categories, which are based on the amount of usable energy a civilisation has at its disposal, and the degree of space colonisation. Generally, a Type 1 Civilisation has achieved mastery of its home planet (10^16W); A Type 2 Civilisation has mastery over its solar system (10^26W); and a Type 3 Civilisation has mastery over its Galaxy (10^36W). We humans are a Type 0 Civilisation on this Scale. Nonetheless, our exponential technological growth in the few decades indicates that we are somewhere between Type 0 and Type 1. In fact, according to Carl Sagan's interpolated Kardashev Scale and recent global energy consumption, we are about 0.73. Physicist Freeman Dyson estimated that within 200 years or so, we should attain Type 1 status. As a technology that, through its decentralisation, links entities globally and makes value transfer between humans more efficient, Bitcoin could prove a key piece of our progression as a civilisation. What are your thoughts? Is it true...or false? https://www.youtube.com/watch?v=1oQLOqpP1ZM
Particl Marketplace is a decentralized marketplace for trading goods and services. Every installation becomes an independent node of this network and is helping to distribute it. Payments are made private and anonymous under the aid of its own cryptocurrency named PART. It utilizes CT and RING CT for privacy. Furthermore, it shares the as most secure comprehended privacy technologies from the industry-leading electronic currency Monero and makes its security features available on the Bitcoin codebase. Additionally for the metadata needed to list products and to let users communicate with each other an encrypted protocol named SMSG is utilized. Only corresponding parties are able to decrypt its content. This benefits the marketplace to be able to scale.
Problems Particl Marketplace solves
The use-cases and problems getting solved are multidimensional.
Saving money for its participants
No revenue share fee, no final value fees (sales commissions), no payment processing fees, no subscription fees, no participation fees, no value based listing fees, instant settlement -no retention of payments for vendors
Free markets, no censorship, self governance, no product-listing manipulations
Privacy and security first
No user-data, no data misuse, scam and fraud protection with two-party escrow system, custom storefronts with custom access-rules, protection of supply chains & intellectual property, DDoS protection
Enable untapped markets
Empowering and protecting companies to make OTC (Over the counter) deals with unknown/untrusted business partners of any industry, without the risk of being scammed. Of course this is not limited to companies.
Discuss: Bitcoin currently has no value, because storing value requires utility first. Assets that aren't useful can't be used to store value.
This makes Bitcoin currently worth between $0.00 and $0.01 in my mind. Why? Because ten years of development and exposure has lead to less layer 1 utility than in 2010. That's pretty bad and it indicates that the network has been captured by bad actors that are only interested in the short-term financial gains it can bring. For those who are banking on the Lightning network... proposed layer 2 solutions do not compete against alternatives proposed by much more interesting projects like Ethereum and IOTA (which are both going for an industry-first approach, the only viable way to bring a complex technological product like cryptocurrencies to the masses). "But... but... what about fiat money? What about gold? Both of those store value, right?" - Well, yes. Both store value, but both have actual utility too. Bitcoin doesn't because its utility is speculative, which requires much more unpredictable criteria. Starting with fiat money, what gives it utility is the fact that it's legal tender. It can be used to pay your taxes and buy literally anything in most given countries (that's not a hyperbole, in a lot of places the definition of 'legal tender' is that it has to be accepted by a seller in exchange for a good or service - they cannot refuse your fiat money). For the case of gold, you probably don't know that about half of all gold on Earth is used to make jewelry, with about 15% used in random industries (from art to aerospace, electronics, etc.). Only about 35% is held in reserves, which means the price of gold is most likely between 1/3 and 1/2 speculation (which is fine for any commodity, zero speculation is impossible as long as it's traded). Comparatively, Bitcoin's speculation is damn near 100% of its price. If a major flaw is discovered, or another cryptocurrency is adopted as actual money before it, it's game over, Bitcoin is going back to literally zero. Not only that, but absolutely nothing indicates that it'll be a dominant force even in the medium-term (first-mover advantage is a joke considering how few people even know about cryptocurrency and how few people actually spend their Bitcoin). Meanwhile, groups like Grayscale are just going full steam ahead with the purely speculative approach in trying to chuck Bitcoins at every random person, focusing only on ads showing how corrupt the current financial system is and equating that with Bitcoin being the money messiah. It's a circus and it bothers me that nobody seems to see it, but it has been obvious that things are engineered that way. On the same breath you have people demonizing every single decision that has been made in the history of finance, while on the other the same people are cheering at the prospect of any possible Bitcoin derivative asset imaginable. One day it's about transacting quickly and evading greedy bankers and their fees, the other it's about being 'digital gold'. Now I feel like this nonsense is engineered opacity and confusion: when you walk into a room where everyone is screaming, you can't understand a thing. To conclude: Bitcoin is obviously not the future, so why are there so few candid discussions about it? My answer is that there are, but our media (this is both social and traditional media) is designed in a way that heavily favors confirmation bias. Furthermore, very few experts on this subject actually exist (would need both a deep understanding of crypto, finance and macroeconomics) and even fewer have adopted a truly neutral stance since there is so much money to be made scamming noobs. Things are quite simply too chaotic and uncertain for the people with real integrity to step in and set the record straight yet. What do you think?
Topic originally posted in CryptoCurrency by buddykire [link]
Buttcoin is holding the entire crypto space back, so of course I´m a little salty. It´s literally making the world a worse place, and setting human progess back a few years. Such a shame that most people can´t see the bigger picture. Imagine if all the money, work and marketing spent on buttcoin, was actually spent on a coin with a future instead. Buttcoin is just gonna pump to some number, then dump right back down at some point, like what happened in 2018. Many people have killed themselves at the hands of buttcoin. Average guy gets phucked while the whales manipulate the market and become billionaires. They talk about buttcoin like it has a bright future and will change the world, but this couldnt be further away from the truth. Yes, it has changed the world and it accomplished a lot as the first crypto. But it´s time to move on. If the human population had been smart enough, lets say some 200 IQ aliens came down to earth. They would shut off bitcoin immediately and build something better from scratch. These big exchages know that butcoin will eventually fail, but they unethically market it because they make a chitload of money on it. Promise unrealistic things to people that don´t know any better. People who have no idea of all the flaws of the system, or even how it works. Crypto while great under the hood in some cases, is just the latest example of human greed and incompetence. Putting money before progress. Unable to see the bigger picture. What I´m looking for from the cypto community as a whole, is a confession that you are only in it for the money, nothing else. Thats it. Buttcoin is decentralized money, and I get people want to diversify in uncertain times where fiat currency is on shaky ground, nothing wrong with that. But realize that btc has no long term future and will die, thats a fact. Just saying lol. Bitcoin made the world progress in the beginning, but it cannot carry the torch any further. Whats gonna happen is bitcoin will pump and dump till it´s dead. A cycle of pump and dumps. Since it actually can never support mass adoption, it will never be more than a speculative asset first, traded on nothing but hope, lies and manipulation. Speaculation will always be the number one usecase, and not just any speculation, but specualtion based on an extremely manipulated market ruled by people who are not good people. Supporting bitcoin is pretty unethical in my book at least. Newbies go in with their life saving and they lose a lot of it because there are so many scams. And bitcoin makes these scams possible in the first place. Bitcoin not being mass adoped leaves room for shady actors to fill a gap of promise of a new mass adoption cryptocurrency. And thus the cicle continues. If another crypto already occupied that gap, and was the number one leader, there would be less scams, and people would be better educated. I see very few people speaking about this, so I take it upon myself to be a person fighting the good fight in a sea full of bad actors. Bitcoin becoming this grand thing is an illusion and dream selling, nothing more. It is flawed in so any ways, it cannot succeed long term. Maybe even satoshi is a greedy prick since he still havent sold his massive stack. He is clinging onto his invention even tho it stands no chance. Or maybe he´s just not as bright as everyone thinks. Btc might just fall back down when the stock market collapses again, and when the demand for dollars increases, or not. Who the hell knows. " The only thing I know for sure is that bitcoin will die" - Descartes. Bottom line: If you support bitcoin you are part of the problem, not the solution. Your actions indireclty contribute to hinder innovation and keep humanity from making faster progress. By supporting bitcoin, you are also indirectly supporting all the scams in crypto that make people lose money. This is just a fact, take a look in the mirror. And atleast admit that you´re only here for the money, and that you dont give a shit about decentralization. Either you support it or you don´t.
buddykire your post has been copied because one or more comments in this topic have been removed. This copy will preserve unmoderated topic. If you would like to opt-out, please send a message using [this link].
Buttcoin is holding the entire crypto space back, so of course I´m a little salty. It´s literally making the world a worse place, and setting human progess back a few years. Such a shame that most people can´t see the bigger picture. Imagine if all the money, work and marketing spent on buttcoin, was actually spent on a coin with a future instead. Buttcoin is just gonna pump to some number, then dump right back down at some point, like what happened in 2018. Many people have killed themselves at the hands of buttcoin. Average guy gets phucked while the whales manipulate the market and become billionaires. They talk about buttcoin like it has a bright future and will change the world, but this couldnt be further away from the truth. Yes, it has changed the world and it accomplished a lot as the first crypto. But it´s time to move on. If the human population had been smart enough, lets say some 200 IQ aliens came down to earth. They would shut off bitcoin immediately and build something better from scratch. These big exchages know that butcoin will eventually fail, but they unethically market it because they make a chitload of money on it. Promise unrealistic things to people that don´t know any better. People who have no idea of all the flaws of the system, or even how it works. Crypto while great under the hood in some cases, is just the latest example of human greed and incompetence. Putting money before progress. Unable to see the bigger picture. What I´m looking for from the cypto community as a whole, is a confession that you are only in it for the money, nothing else. Thats it. Buttcoin is decentralized money, and I get people want to diversify in uncertain times where fiat currency is on shaky ground, nothing wrong with that. But realize that btc has no long term future and will die, thats a fact. Just saying lol. Bitcoin made the world progress in the beginning, but it cannot carry the torch any further. Whats gonna happen is bitcoin will pump and dump till it´s dead. A cycle of pump and dumps. Since it actually can never support mass adoption, it will never be more than a speculative asset first, traded on nothing but hope, lies and manipulation. Speaculation will always be the number one usecase, and not just any speculation, but specualtion based on an extremely manipulated market ruled by people who are not good people. Supporting bitcoin is pretty unethical in my book at least. Newbies go in with their life saving and they lose a lot of it because there are so many scams. And bitcoin makes these scams possible in the first place. Bitcoin not being mass adoped leaves room for shady actors to fill a gap of promise of a new mass adoption cryptocurrency. And thus the cicle continues. If another crypto already occupied that gap, and was the number one leader, there would be less scams, and people would be better educated. I see very few people speaking about this, so I take it upon myself to be a person fighting the good fight in a sea full of bad actors. Bitcoin becoming this grand thing is an illusion and dream selling, nothing more. It is flawed in so any ways, it cannot succeed long term. Maybe even satoshi is a greedy prick since he still havent sold his massive stack. He is clinging onto his invention even tho it stands no chance. Or maybe he´s just not as bright as everyone thinks. Btc might just fall back down when the stock market collapses again, and when the demand for dollars increases, or not. Who the hell knows. " The only thing I know for sure is that bitcoin will die" - Descartes. Bottom line: If you support bitcoin you are part of the problem, not the solution. Your actions indireclty contribute to hinder innovation and keep humanity from making faster progress. By supporting bitcoin, you are also indirectly supporting all the scams in crypto that make people lose money. This is just a fact, take a look in the mirror. And atleast admit that you´re only here for the money, and that you dont give a shit about decentralization. Either you support it or you don´t. I´m here to offer a differnet perspective than the usual circle jerk taking place here.
Hello visitors and subscribers of scams! Here you will find a master list of common (and uncommon) scams that you may encounter online or in real life. Thank you to the many contributors who helped create this thread!
If you know of a scam that is not covered here, write a comment and it will be added to the next edition.
Caller ID spoofing It is very easy for anyone to make a phone call while having any number show up on the caller ID of the person receiving the phone call. Receiving a phone call from a certain number does not mean that the person/company who owns that number has actually called you. Email spoofing The "from" field of an email can be set by the sender, meaning that you can receive scam emails that look like they are from legitimate addresses. It's important to never click links in emails unless absolutely necessary, for example a password reset link you requested or an account activation link for an account you created. SMS spoofing SMS messages can be spoofed, so be wary of messages that seem to be from your friends or other trusted people.
The most common scams
The fake check scam (Credit to nimble2 for this part) The fake check scam arises from many different situations (for instance, you applied for a job, or you are selling something on a place like Craigslist, or someone wants to purchase goods or services from your business, or you were offered a job as a mystery shopper, you were asked to wrap your car with an advertisement, or you received a check in the mail for no reason), but the bottom line is always something like this:
The scammer sends you a very real looking, but fake, check. Sometimes they'll call it a "cashier's check", a "certified check", or a "verified check".
You deposit the check into your bank account, and within a couple of days your bank makes some or all of the funds available to you. This makes you think that the check is real and the funds have cleared. However, the money appearing in your account is not the same as the check actually clearing. The bank must make the funds available to you before they have cleared the check because that is the law.
For various and often complicated reasons, depending on the specific story line of the scam, the scammer will ask you to send someone some of the money, using services like MoneyGram, Western Union, and Walmart-2-Walmart. Sometimes the scammer will ask for you to purchase gift cards (iTunes, Amazon, Steam, etc) and give them the codes to redeem the gift cards. Some scammers may also give you instructions on how to buy and send them bitcoins.
Within a couple of weeks, though it can take as long as a month, your bank will realize that the check you deposited was fake, and your bank will remove the funds that you deposited into your account and charge you a bounced check fee. If you withdrew any of the money from the fake check, that money will be gone and you will owe that money to the bank. Some posters have even had their bank accounts closed and have been blocked from having another account for 5 years using ChexSystems.
General fraudulent funds scams If somebody is asking you to accept and send out money as a favour or as part of a job, it is a fraudulent funds scam. It does not matter how they pay you, any payment on any service can be fraudulent and will be reversed when it is discovered to be fraudulent. Phone verification code scams Someone will ask you to receive a verification text and then tell you to give them the code. Usually the code will come from Google Voice, or from Craigslist. In the Google version of the scam, your phone number will be used to verify a Google Voice account that the scammer will use to scam people with. In the Craigslist version of the scam, your phone number will be used to verify a Craigslist posting that the scammer will use to scam people. There is also an account takeover version of this scam that will involve the scammer sending a password reset token to your phone number and asking you for it. Bitcoin job scams Bitcoin job scams involve some sort of fraudulent funds transfer, usually a fake check although a fraudulent bank transfer can be used as well. The scammer will send you the fraudulent money and ask you to purchase bitcoins. This is a scam, and you will have zero recourse after you send the scammer bitcoins. Email flooding If you suddenly receive hundreds or thousands of spam emails, usually subscription confirmations, it's very likely that one of your online accounts has been taken over and is being used fraudulently. You should check any of your accounts that has a credit card linked to it, preferably from a computer other than the one you normally use. You should change all of your passwords to unique passwords and you should start using two factor authentication everywhere. Boss/CEO scam A scammer will impersonate your boss or someone who works at your company and will ask you to run an errand for them, which will usually be purchasing gift cards and sending them the code. Once the scammer has the code, you have no recourse. Employment certification scams You will receive a job offer that is dependent on you completing a course or receiving a certification from a company the scammer tells you about. The scammer operates both websites and the job does not exist. Craigslist fake payment scams Scammers will ask you about your item that you have listed for sale on a site like Craigslist, and will ask to pay you via Paypal. They are scamming you, and the payment in most cases does not actually exist, the email you received was sent by the scammers. In cases where you have received a payment, the scammer can dispute the payment or the payment may be entirely fraudulent. The scammer will then either try to get you to send money to them using the fake funds that they did not send to you, or will ask you to ship the item, usually to a re-shipping facility or a parcel mule. General fraudulent funds scams The fake check scam is not the only scam that involves accepting fraudulent/fake funds and purchasing items for scammers. If your job or opportunity involves accepting money and then using that money, it is almost certainly a frauduent funds scam. Even if the payment is through a bank transfer, Paypal, Venmo, Zelle, Interac e-Transfer, etc, it does not matter. Credit card debt scam Fraudsters will offer to pay off your bills, and will do so with fraudulent funds. Sometimes it will be your credit card bill, but it can be any bill that can be paid online. Once they pay it off, they will ask you to send them money or purchase items for them. The fraudulent transaction will be reversed in the future and you will never be able to keep the money. This scam happens on sites like Craigslist, Twitter, Instagram, and also some dating sites, including SeekingArrangement. The parcel mule scam A scammer will contact you with a job opportunity that involves accepting and reshipping packages. The packages are either stolen or fraudulently obtained items, and you will not be paid by the scammer. Here is a news article about a scam victim who fell for this scam and reshipped over 20 packages containing fraudulently acquired goods. The Skype sex scam You're on Facebook and you get a friend request from a cute girl you've never met. She wants to start sexting and trading nudes. She'll ask you to send pictures or videos or get on webcam where she can see you naked with your face in the picture. The scam: There's no girl. You've sent nudes to a guy pretending to be a girl. As soon as he has the pictures he'll demand money and threaten to send the pictures to your friends and family. Sometimes the scammer will upload the video to a porn site or Youtube to show that they are serious. What to do if you are a victim of this scam: You cannot buy silence, you can only rent it. Paying the blackmailer will show them that the information they have is valuable and they will come after you for more money. Let your friends and family know that you were scammed and tell them to ignore friend requests or messages from people they don't know. Also, make sure your privacy settings are locked down and consider deactivating your account. The underage girl scam You're on a dating site or app and you get contacted by a cute girl. She wants to start sexting and trading nudes. Eventually she stops communicating and you get a call from a pissed off guy claiming to be the girl's father, or a police officer, or a private investigator, or something else along those lines. Turns out the girl you were sexting is underage, and her parents want some money for various reasons, such as to pay for a new phone, to pay for therapy, etc. There is, of course, no girl. You were communicating with a scammer. What to do if you are a victim of this scam: Stop picking up the phone when the scammers call. Do not pay them, or they will be after you for more money. Phishing Phishing is when a scammer tries to trick you into giving information to them, such as your password or private financial information. Phishing messages will usually look very similar to official messages, and sometimes they are identical. If you are ever required to login to a different account in order to use a service, you should be incredibly cautious. The blackmail email scam The exact wording of the emails varies, but there are generally four main parts. They claim to have placed software/malware on a porn/adult video site, they claim to have a video of you masturbating or watching porn, they threaten to release the video to your friends/family/loved ones/boss/dog, and they demand that you pay them in order for them to delete the video. Rest assured that this is a very common spam campaign and there is no truth behind the email or the threats. Here are some news articles about this scam. The blackmail mail scam This is very similar to the blackmail email scam, but you will receive a letter in the mail. Rental scams Usually on local sites like Craigslist, scammers will steal photos from legitimate real estate listings and will list them for rent at or below market rate. They will generally be hesitant to tell you the address of the property for "safety reasons" and you will not be able to see the unit. They will then ask you to pay them a deposit and they claim they will ship you the keys. In reality, your money is gone and you will have no recourse. Craigslist vehicle scams A scammer will list a vehicle on Craigslist and will offer to ship you the car. In many cases they will also falsely claim to sell you the car through eBay or Amazon. If you are looking for a car on Craigslist and the seller says anything about shipping the car, having an agent, gives you a long story about why they are selling the car, or the listing price is far too low, you are talking to a scammer and you should ignore and move on. Advance-fee scam, also known as the 419 scam, or the Nigerian prince scam. You will receive a communication from someone who claims that you are entitled to a large sum of money, or you can help them obtain a large sum of money. However, they will need money from you before you receive the large sum. Man in the middle scams Man in the middle scams are very common and very hard to detect. The scammer will impersonate a company or person you are legitimately doing business with, and they will ask you to send the money to one of their own bank accounts or one controlled by a money mule. They have gained access to the legitimate persons email address, so there will be nothing suspicious about the email. To prevent this, make contact in a different way that lets you verify that the person you are talking to is the person you think you are talking to. Cam girl voting/viewer scam You will encounter a "cam girl" on a dating/messaging/social media/whatever site/app, and the scammer will ask you to go to their site and sign up with your credit card. They may offer a free show, or ask you to vote for them, or any number of other fake stories. Amateur porn recruitment scam You will encounter a "pornstar" on a dating/messaging/social media/whatever site/app, and the scammer will ask you to create an adult film with hehim, but first you need to do something. The story here is usually something to do with verifying your age, or you needing to take an STD test that involves sending money to a site operated by the scammer. Hot girl SMS spam You receive a text from a random number with a message along the lines of "Hey babe I'm here in town again if you wanted to meet up this time, are you around?" accompanied by a NSFW picture of a hot girl. It's spam, and they'll direct you to their scam website that requires a credit card. Identity verification scam You will encounter someone on a dating/messaging/social media/whatever site/app, and the scammer will ask that you verify your identity as they are worried about catfishing. The scammer operates the site, and you are not talking to whoever you think you are talking to. This type of scam teases you with something, then tries to make you sign up for something else that costs money. The company involved is often innocent, but they turn a blind eye to the practice as it helps their bottom line, even if they have to occasionally issue refunds. A common variation takes place on dating sites/dating apps, where you will match with someone who claims to be a camgirl who wants you to sign up for a site and vote for her. Another variation takes place on local sites like Craigslist, where the scammers setup fake rental scams and demand that you go through a specific service for a credit check. Once you go through with it, the scammer will stop talking to you. Another variation also takes place on local sites like Craigslist, where scammers will contact you while you are selling a car and will ask you to purchase a Carfax-like report from a specific website. Multi Level Marketing or Affiliate Marketing You apply for a vague job listing for 'sales' on craigslist. Or maybe an old friend from high school adds you on Facebook and says they have an amazing business opportunity for you. Or maybe the well dressed guy who's always interviewing people in the Starbucks that you work at asks if you really want to be slinging coffee the rest of your life. The scam: MLMs are little more than pyramid schemes. They involve buying some sort of product (usually snake oil health products like body wraps or supplements) and shilling them to your friends and family. They claim that the really money is recruiting people underneath you who give you a slice of whatever they sell. And if those people underneath you recruit more people, you get a piece of their sales. Ideally if you big enough pyramid underneath you the money will roll in without any work on your part. Failure to see any profit will be your fault for not "wanting it enough." The companies will claim that you need to buy their extra training modules or webinars to really start selling. But in reality, the vast majority of people who buy into a MLM won't see a cent. At the end of the day all you'll be doing is annoying your friends and family with your constant recruitment efforts. What to look out for: Recruiters love to be vague. They won't tell you the name of the company or what exactly the job will entail. They'll pump you up with promises of "self-generating income", "being your own boss", and "owning your own company." They might ask you to read books about success and entrepreneurs. They're hoping you buy into the dream first. If you get approached via social media, check their timelines. MLMs will often instruct their victims to pretend that they've already made it. They'll constantly post about how they're hustling and making the big bucks and linking to youtube videos about success. Again, all very vague about what their job actually entails. If you think you're being recruited: Ask them what exactly the job is. If they can't answer its probably a MLM. Just walk away.
You should generally avoid answering or engaging with random phone calls. Picking up and engaging with a scam call tells the scammers that your phone number is active, and will usually lead to more calls. Tax Call You get a call from somebody claiming to be from your countries tax agency. They say you have unpaid taxes that need to be paid immediately, and you may be arrested or have other legal action taken against you if it is not paid. This scam has caused the American IRS, Canadian CRA, British HMRC, and Australian Tax Office to issue warnings. This scam happens in a wide variety of countries all over the world. Warrant Call Very similar to the tax call. You'll get a phone call from an "agent", "officer", "sheriff", or other law enforcement officer claiming that there is a warrant out for your arrest and you will be arrested very soon. They will then offer to settle everything for a fee, usually paid in giftcards. [Legal Documents/Process Server Calls] Very similar to the warrant call. You'll get a phone call from a scammer claiming that they are going to serve you legal documents, and they will threaten you with legal consequences if you refuse to comply. They may call themselves "investigators", and will sometimes give you a fake case number. Student Loan Forgiveness Scam Scammers will call you and tell you about a student loan forgiveness program, but they are interested in obtaining private information about you or demanding money in order to join the fake program. Tech Support Call You receive a call from someone with a heavy accent claiming to be a technician Microsoft or your ISP. They inform you that your PC has a virus and your online banking and other accounts may be compromised if the virus is not removed. They'll have you type in commands and view diagnostics on your PC which shows proof of the virus. Then they'll have you install remote support software so the technician can work on your PC, remove the virus, and install security software. The cost of the labor and software can be hundreds of dollars. The scam: There's no virus. The technician isn't a technician and does not work for Microsoft or your ISP. Scammers (primarily out of India) use autodialers to cold-call everyone in the US. Any file they point out to you or command they have you run is completely benign. The software they sell you is either freeware or ineffective. What to do you if you're involved with this scam: If the scammers are remotely on your computer as you read this, turn off your PC or laptop via the power button immediately, and then if possible unplug your internet connection. Some of the more vindictive tech scammers have been known to create boot passwords on your computer if they think you've become wise to them and aren't going to pay up. Hang up on the scammers, block the number, and ignore any threats about payment. Performing a system restore on your PC is usually all that is required to remove the scammer's common remote access software. Reports of identity theft from fake tech calls are uncommon, but it would still be a good idea to change your passwords for online banking and monitor your accounts for any possible fraud. How to avoid: Ignore any calls claiming that your PC has a virus. Microsoft will never contact you. If you're unsure if a call claiming to be from your ISP is legit, hang up, and then dial the customer support number listed on a recent bill. If you have elderly relatives or family that isn't tech savvy, take the time to fill them in on this scam. Chinese government scam This scam is aimed at Chinese people living in Europe and North America, and involves a voicemail from someone claiming to be associated with the Chinese government, usually through the Chinese consulate/embassy, who is threatening legal action or making general threats. Chinese shipping scam This scam is similar to the Chinese government scam, but involves a seized/suspicious package, and the scammers will connect the victim to other scammers posing as Chinese government investigators. Social security suspension scam You will receive a call from someone claiming to work for the government regarding suspicious activity, fraud, or serious crimes connected to your social security number. You'll be asked to speak to an operator and the operator will explain the steps you need to follow in order to fix the problems. It's all a scam, and will lead to you losing money and could lead to identity theft if you give them private financial information. Utilities cutoff You get a call from someone who claims that they are from your utility company, and they claim that your utilities will be shut off unless you immediately pay. The scammer will usually ask for payment via gift cards, although they may ask for payment in other ways, such as Western Union or bitcoin. Relative in custody Scammer claims to be the police, and they have your son/daughtenephew/estranged twin in custody. You need to post bail (for some reason in iTunes gift cards or MoneyGram) immediately or the consequences will never be the same. Mexican family scam This scam comes in many different flavours, but always involves someone in your family and Mexico. Sometimes the scammer will claim that your family member has been detained, sometimes the scammer will claim that your family member has been kidnapped, and sometimes the scammer will claim that your family member is injured and needs help. General family scams Scammers will gather a large amount of information about you and target your family members using different stories with the goal of gettimg them to send money. One ring scam Scammers will call you from an international number with the goal of getting you to return their call, causing you to incur expensive calling fees.
Online shopping scams
THE GOLDEN RULE OF ONLINE SHOPPING: If it sounds too good to be true, it probably is. Dropshipping An ad on reddit or social media sites like Facebook and Instagram offers items at huge discounts or even free (sometimes requiring you to reblog or like their page). They just ask you to pay shipping. The scam: The item will turn out to be very low quality and will take weeks or even months to arrive. Sometimes the item never arrives, and the store disappears or stops responding. The seller drop-ships the item from China. The item may only cost a few dollars, and the Chinese government actually pays for the shipping. You end up paying $10-$15 dollars for a $4 item, with the scammer keeping the profit. If you find one of these scams but really have your heart set on the item, you can find it on AliExpress or another Chinese retailer. Influencer scams A user will reach out to you on a social media platform, usually Instagram, and offer you the chance to partner with them and receive a free/discounted product, as long as you pay shipping. This is a different version of the dropshipping scam, and is just a marketing technique to get you to buy their products. Triangulation fraud Triangulation fraud occurs when you make a purchase on a site like Amazon or eBay for an item at a lower than market price, and receive an item that was clearly purchased new at full price. The scammer uses a stolen credit card to order your item, while the money from the listing is almost all profit for the scammer. Instagram influencer scams Someone will message you on Instagram asking you to promote their products, and offering you a discount code. The items are Chinese junk, and the offer is made to many people at a time. Cheap Items Many websites pop up and offer expensive products, including electronics, clothes, watches, sunglasses, and shoes at very low prices. The scam: Some sites are selling cheap knock-offs. Some will just take your money and run. What to do if you think you're involved with this scam: Contact your bank or credit card and dispute the charge. How to avoid: The sites often have every brand-name shoe or fashion item (Air Jordan, Yeezy, Gucci, etc) in stock and often at a discounted price. The site will claim to be an outlet for a major brand or even a specific line or item. The site will have images at the bottom claiming to be Secured by Norton or various official payment processors but not actual links. The site will have poor grammar and a mish-mash of categories. Recently, established websites will get hacked or their domain name jacked and turned into scam stores, meaning the domain name of the store will be completely unrelated to the items they're selling. If the deal sounds too good to be true it probably is. Nobody is offering brand new iPhones or Beats or Nintendo Switches for 75% off. Cheap Amazon 3rd Party Items You're on Amazon or maybe just Googling for an item and you see it for an unbelievable price from a third-party seller. You know Amazon has your back so you order it. The scam: One of three things usually happen: 1) The seller marks the items as shipped and sends a fake tracking number. Amazon releases the funds to the seller, and the seller disappears. Amazon ultimately refunds your money. 2) The seller immediately cancels the order and instructs you to re-order the item directly from their website, usually with the guarantee that the order is still protected by Amazon. The seller takes your money and runs. Amazon informs you that they do not offer protection on items sold outside of Amazon and cannot help you. 2) The seller immediately cancels the order and instructs you to instead send payment via an unused Amazon gift card by sending the code on the back via email. Once the seller uses the code, the money on the card is gone and cannot be refunded. How to avoid: These scammers can be identified by looking at their Amazon storefronts. They'll be brand new sellers offering a wide range of items at unbelievable prices. Usually their Amazon names will be gibberish, or a variation on FIRSTNAME.LASTNAME. Occasionally however, established storefronts will be hacked. If the deal is too good to be true its most likely a scam. Scams on eBay There are scams on eBay targeting both buyers and sellers. As a seller, you should look out for people who privately message you regarding the order, especially if they ask you to ship to a different address or ask to negotiate via text/email/a messaging service. As a buyer you should look out for new accounts selling in-demand items, established accounts selling in-demand items that they have no previous connection to (you can check their feedback history for a general idea of what they bought/sold in the past), and lookout for people who ask you to go off eBay and use another service to complete the transaction. In many cases you will receive a fake tracking number and your money will be help up for up to a month. Scams on Amazon There are scams on Amazon targeting both buyers and sellers. As a seller, you should look out for people who message you about a listing. As a buyer you should look out for listings that have an email address for you to contact the person to complete the transaction, and you should look out for cheap listings of in-demand items. Scams on Reddit Reddit accounts are frequently purchased and sold by fraudsters who wish to use the high karma count + the age of the account to scam people on buy/sell subreddits. You need to take precautions and be safe whenever you are making a transaction online. Computer scams Virus scam A popup or other ad will say that you have a virus and you need to follow their advice in order to remove it. They are lying, and either want you to install malware or pay for their software.
Chinese Brushing / direct shipping If you have ever received an unsolicited small package from China, your address was used to brush. Vendors place fake orders for their own products and send out the orders so that they can increase their ratings. Money flipping Scammer claims to be a banking insider who can double/triple/bazoople any amount of money you send them, with no consequences of any kind. Obviously, the money disappears into their wallet the moment you send it.
Door to door scams
As a general rule, you should not engage with door to door salesmen. If you are interested in the product they are selling, check online first. Selling Magazines Someone or a group will come to your door and offer to sell a magazine subscription. Often the subscriptions are not for the duration or price you were told, and the magazines will often have tough or impossible cancellation policies. Energy sales Somebody will come to your door claiming to be from an energy company. They will ask to see your current energy bill so that they can see how much you pay. They will then offer you a discount if you sign up with them, and promise to handle everything with your old provider. Some of these scammers will "slam" you, by using your account number that they saw on your bill to switch you to their service without authorization, and some will scam you by charging higher prices than the ones you agreed on. Security system scams Scammers will come to your door and ask about your security system, and offer to sell you a new one. These scammers are either selling you overpriced low quality products, or are casing your home for a future burglary. They ask to enter your home While trying to sell you whatever, they suddenly need to use your bathroom, or they've been writing against the wall and ask to use your table instead. Or maybe they just moved into the neighborhood and want to see how you decorate for ideas. They're scoping out you and your place. They want to see what valuables you have, how gullible you are, if you have a security system or dogs, etc.
Begging With a Purpose "I just need a few more dollars for the bus," at the bus station, or "I just need $5 to get some gas," at a gas station. There's also a variation where you will be presented with a reward: "I just need money for a cab to get uptown, but I'll give you sports tickets/money/a date/a priceless vase." Three Card Monte, Also Known As The Shell Game Unbeatable. The people you see winning are in on the scam. Drop and Break You bump into someone and they drop their phone/glasses/fancy bottle of wine/priceless vase and demand you pay them back. In reality, it's a $2 pair of reading glasses/bottle of three-buck-chuck/tasteful but affordable vase. CD Sales You're handed a free CD so you can check out the artist's music. They then ask for your name and immediately write it on the CD. Once they've signed your name, they ask you for money, saying they can't give it to someone else now. Often they use dry erase markers, or cheap CD sleeves. Never use any type of storage device given to you by a random person, as the device can contain malware. White Van Speaker Scam You're approached and offered speakers/leather jackets/other luxury goods at a discount. The scammer will have an excuse as to why the price is so low. After you buy them, you'll discover that they are worthless. iPhone Street Sale You're approached and shown an iPhone for sale, coming in the box, but it's open and you can see the phone. If you buy the phone, you'll get an iPhone box with no iPhone, just some stones or cheap metal in it to weigh it down. Buddhist Monk Pendant A monk in traditional garb approaches you, hands you a gold trinket, and asks for a donation. He holds either a notebook with names and amounts of donation (usually everyone else has donated $5+), or a leaflet with generic info. This is fairly common in NYC, and these guys get aggressive quickly. Friendship Bracelet Scam More common in western Europe, you're approached by someone selling bracelets. They quickly wrap a loop of fabric around your finger and pull it tight, starting to quickly weave a bracelet. The only way to (easily) get it off your hand is to pay. Leftover sales This scam involves many different items, but the idea is usually the same: you are approached by someone who claims to have a large amount of excess inventory and offers to sell it to you at a great price. The scammer actually has low quality items and will lie to you about the price/origin of the items. Dent repair scams Scammers will approach you in public about a dent in your car and offer to fix it for a low price. Often they will claim that they are mechanics. They will not fix the dent in your car, but they will apply large amounts of wax or other substances to hide the dent while they claim that the substance requires time to harden. Gold ring/jewelry/valuable item scam A scammer will "find" a gold ring or other valuable item and offers to sell it to you. The item is fake and you will never see the scammer again. Distraction theft One person will approach you and distract you, while their accomplice picks your pockets. The distraction can take many forms, but if you are a tourist and are approached in public, watch closely for people getting close to you.
So i want to buy Bitcoin with PayPal without ID verification on Paxful. Online, Paxful claims that the Bitcoins of the traders are already in the Escrow System when you are trading, which means that the traders should not be able to simply get their bitcoins back as long as you don't close the trade, which means that scams should not be able to make any profit of scamming as long as you don't close the trade. Am i overseeing something? Is trading there safe? Update: My trading partner was from Kenya, which seemed very suspicious at first, but because he had a very high currency on the side, a lot of trades, no negative reviews and was there for a long time too, i choose to trade with him anyways. He was fast and good, the trade was completed after only 5 minutes and i'm happy with the result. The wallet of Paxful is also fine. So in my case everything went fine, and i can recommend the site.
Binance scammed me 1516 USDT with unethical verification requests! Stay Away from this Scam Exchance!
I woud like here to point how BINANCE scammed me 1516 USD with some bullshit and unethical requests. What happened? On 2019-12-20 I registered a binance account. I choosed to not verify my account as the limits of 2 BTC were more than enough for me! I deposited same day 0.21 BTC and sold it for USDT. Since I didn't use my account. On March 30 I logged in from a new computer. The system sent me an email to authorize the new device. This was done successfully. Later I tried to withdraw around 700 USD worth of BTC. The request was cancelled an the sytem asked me to verify my identiy. What???? What's the purpose of using unverified account????? So whenever I change my machine and login, I will have to submit my documents?? Meanwhile I had some discussion with live support, who tried to help. Finally, I have been told that I have no other choice than doing the full verification. I decided then to do the verification which was done finally successfully. You can see here: https://preview.redd.it/pkqhioutdfs41.png?width=493&format=png&auto=webp&s=fe4b632deb7d6d133d0894f6dfe1ac39b458b463 I spoke again with the support, they told me that I can try again, now that I'm fully verified, I can withdraw my funds. https://preview.redd.it/v0gddx81efs41.png?width=488&format=png&auto=webp&s=fbe27450f5a0a6247080be59d0c0f064c736eb55 So I tried again to withdraw some BTC, first the status for "Waiting for approval" then later it changed "Rejected" with the info "Withdraw rejected. Risk control". What??? I contacted again the support and I have been told that I will receive an email from Binance within few hours. Almost 20hrs passed, nothing from Binance. So I opened a Ticket. u/ilir_binance 2821529 # is Ticket number for reference! Ticket was opened on 03/31/2020 (12 days ago by the time of writing this post). Next day I received an answer from Binance support. And look what these people are asking me:
Dear user, Thanks for reaching out, We apologize for the delay in response due to the high volume of requests. As per checking, we found that the withdraw function was suspended due to the withdrawal risk control. We are willing to help you resume the withdrawal of your account. However, we may need some information to make progress. Security questions:
Account registration date
Account registration IP
So far this is not a problem to provide. I already provided this. Furthermore, they asked me to record a video :
A video of the first deposit you made to your Binance account. The video would contain the login process (do NOT show password) of the platform/wallet where you made this transaction to your Binance account, find the transaction and show us the full TxID, date and amount information.
Seriously?????? These were parts of my answer to them, same day:
Hello guys, Thank you for your reply, but I'm sorry to say that what you are asking is absolutely unethical, but it's okay. Your Kingdom, Your rules. I'm happy to solve this issue, take out my money out and never use again your terrible exchange. [...]
", please provide your withdrawal records and communication records with Binance CS" Where the hell should I get communication records?? I had some chat with your support when my account got locked. But where the hell should I get these communications?? Are you kidding me? You asked for my withdrawal records? Which ones??? One was rejected, the other was cancelled. So there was no withdrawal so far. So why are you asking something that does not exist?? [...]
And finally you wrote:
"A video of the first deposit you made to your Binance account. The video would contain the login process (do NOT show password) of the platform/wallet where you made this transaction to your Binance account, find the transaction and show us the full TxID, date and amount information. " My account was opened on the 20th December 2019! I made my first deposit on the same day, 0.21.. BTC. This has been now now more than 4 months!!!! How should I remember now which wallet I used by that time and what Transaction ID? Are you kidding me?????? It was not a platform, I remember I used a wallet, but I dont remember which one anymore. I checked all my current wallets and I couldn't find this transaction. It was this transaction based on my deposit history:https://www.blockchain.com/btc/tx/....
So they basically are asking me things that they know I can't provide and so would get a way to keep my money. I asked them if it will be enough to provide anything else and close this case.
I will request then to withdraw all my coins and after that I will request you to close my account. I will never use again your service. I look forward to reading you soon, as we can close this case.
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