cryptocurrency forum

How To Spot A Scam

Discussion in 'Intermediate Level' started by Jayko, May 4, 2018.

  1. Jayko

    Jayko Scholar

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    Alright, so I've been looking around on this forum, and I've noticed that many people don't realize that there are some posts on here that look like scams. I've decided to put together a little list of instructions on what I do to see if something is a scam or not. But DO NOT take my word for it. Sometimes I get it wrong, but better safe than sorry. Anyway, watch out for the typical behavior from scammers who will usually fit at least two or three (and sometimes even more) of the following characteristics:

    0. Newbies, NEVER DO BUSINESS WITH OTHER NEWBIES, EVER. There are plenty of veteran members to do business with and ALWAYS use escrow. If you're a newbie you're doing business with another newbie, there's a 100% chance that you will get scammed (or you're a scammer yourself).
    1. New account (usually created within the last 3 months, plus or minus)
    2. Low-medium message count with vapid posts of little to no contributory value
    3. Use of a seemingly realistic first/last name as their forum account name
    4. Signs posts with a full name
    5. Straight out of Newbie mode right into Lending (requesting a loan of course)
    6. Straight out of Newbie mode right into Currency Exchange (PayPal, Liberty Reserve, Western Union)
    7. Straight out of Newbie mode and selling gift cards/codes/Steam games of any kind (they'll often be purchased with stolen CC info, leaving you holding the bag later on down the road)
    8. Any user blatantly claiming to be female
    9. New user trying to sell an Apple iAnything
    10. Sob stories asking for handouts
    11. Never send to a Bitmerch.com address for escrow!!!
     
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  2. JakalCorp

    JakalCorp Contributor

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    Thanks. I may have needed this. Any tips on telling whether or not a sit is a scam?
     
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  3. Jayko

    Jayko Scholar

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    Arpit and Beardhat like this.
  4. MAGA

    MAGA Master of Crypto Staff Member Super Admin Premium Member

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    Good tips, I'm always amazed at people falling for scams. If its too good to be true, it probably is.

    • Never do something without first researching about it.
    • Be paranoid! Every time I get emails, phone calls, messages that look sketchy I'll google about it.
    • Never give any info away to anyone unless you are 100% sure you know what you are doing.
     
  5. Asia

    Asia Scholar

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    I've been a victim of scammers a few times and I lost my money when I was trying to buy a bitcoin. Now I'm looking for a safe way to buy BTC that is fast and secure. Do you know any?
     
  6. Lisam023

    Lisam023 Contributor

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    Scammers are everywhere and it`s really important to take care of safety.. especially when we are talking about money ;) I used https://buycoinnow.com/ twice and nothing wrong has happened. It works really quickly
     
  7. malgosiam

    malgosiam Contributor

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    We should do everything that keep our money secure. Take your time and find out how particular place where you want to invest is taking care of safety. Then decide if it fits for your needs and thats it. Is better to waste time on reading infos and checking opinions of exchange than wasting money.
     
  8. Arpit

    Arpit Moderator Premium Member

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    @Jayko Wow. Someone has actually taken the time to put this together. That's a great resource. I'll check. Thanks
     
  9. russel123456

    russel123456 Contributor

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    i understanding and thanks to you
     
  10. ViktoriaM

    ViktoriaM Contributor

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    Bitcoin, crypto - it's all now in the trend .. Scammers are not interested in dealing with banks, they want a new one, that's why there are so many around crypto currency. When I studied the topic of ICO, I found good information about the ICO.
    What to focus on when preparing for ICO?
    1) An idea. It is one of the simplest and, at the same time, most difficult ICO steps. Not every startup realizes that investors are already fed up with all kinds of ICOs, including those using token sales to obtain illicit gain. Investors have become much more scrupulous, thus it is quite important for a startup to have a fresh and efficient idea that will bring actual benefit.

    2) A team. When startup founders decide what product they want to launch, it’s time to find like-minded people. Most frequently, companies need programmers, content specialists, PR managers, designers, legal advisors, and marketers. It would be better for these people to have a real experience in ICO campaigns, which will allow to succeed faster. However, the market is now lack of specialists, so you should consider an option of hiring remote workers.

    3) Registration of a company and choice of jurisdiction. It is a quite crucial point because, choosing a certain country where a startup carries on its business, you also choose the laws to comply with. It refers to AML/KYC, tax legislation, and all sorts of subordinate acts. Therefore, you should choose the most flexible jurisdiction regarding token sales.

    4) Whitepaper and MVP. Seemingly complex words are quite simple in fact. MVP is your Minimum Viable Product that you should definitely design and show to potential investors. Otherwise, you will hardly raise much funds during an ICO. Whitepaper is a description of your campaign, including a business plan, token distribution, information about the product, and the whole concept in general.

    5) Marketing. This term is pretty comprehensive, but it is marketing that affects the first impression about startups and first funds. The better marketing campaign is, the more people will find out about a startup. Marketing includes website launch, email newsletter adjustment, development and management of social media accounts, announcement of bounty campaigns on specialized forums, answers to the users’ questions, advertising on major online platforms, placement on ICO trackers, and even translation of documents into other languages.
     

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