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How do you know if your new bitcoin program is a scam?


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This is not an easy subject.  There are so many new  bitcoin programs coming online - how do you know which ones are legitimate?  I joined one a little over a year ago and it is still in business. I guess that's one way to judge the program, but no one is going to wait a year.  Besides the most obvious way,  investing your money and watching it go up or down, how do you judge a new program?

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Guest mrclean0325

From what I have seen, and heard from others, the scammy ones use the same techniques as the scams we are used to seeing.

 

1. Send us money so we can send you money....

 

2. Make a bazillion Bitcoin (or other cryptocurrency) by building a downline with little money invested.

 

3. Pay us so much per month to mine and get rich with no work

 

From my understand of the tech (I am in no way an expert and may be wrong) the "mining" is using your computer (or A computer somewhere) to validate transactions and may find a new Bitcoin during this process and requires a bit of power and time to do. It is also my understanding that there is a finite number of Bitcoins that can be create which is where they get their "value". It is also my understanding that there are so few Bitcoins left to "find", mining is usually a losing proposition at this point since the cost for the equipment and power to run it is greater than the return you can possibly get since most of the Bitcoin have already been "found".

 

It seems the value of a Bitcoin or whatever other cryptocurrency you are using is based like commodities trading and is up to who wants to pay what for a Bitcoin. I have also read that now banks and other regulators are getting involved along with other taxing agencies have started to come up with ways to get their share of the pie. I have also read where fees are going up for transfers at an alarming rate and most people are only transferring larger amounts because of these fees.

 

The problem I have with the whole thing is they are basically using a program. A software that is creating all of the cryptocurrency. It is open source which means anyone and their brother can "create" a new currency (which it seems they are doing in increasing rates). None of them are backed by anything..no gold, silver, land, property, government, or basically anything but the "blockchain" and what real currency people are willing to trade for it at any given moment.

 

Historically fiat currencies (currencies with no tangible value base like gold or silver) don't survive and do cause massive economic problems during their run. Most of the world runs on fiat currencies and inflation is controlled by the banks through interest rates and the governments on how much money they want to print.

 

So Bitcoin does have a great value right now, but since the banks and governments are looking into ways to get their slice of the pie and if people start shifting to another cryptocurrency without these new rules and regs - then the Bitcoin market could bottom out pretty quickly as people move to the other currencies.

 

So I get a headache from trying to figure all of this out the same way for stock trading and forex...just too confusing for me! :P

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For starters, I do not join programs that do not provide information about the people involved or running it. There are too many anonymous websites that end up being scams.

 

But in general, a program looks scammy to me when it:

 

1. Offers guaranteed returns

2. Requires payment to make money.

3. Offers payment for signing up without explaining how you would receive payment or what the qualifiers are.

4. Offers to do the work for you

5. Has extravagant displays of wealth

6. New with no track record of performance

7. Has an anonymous website registration showing in whois.

8. Requires social security number (U.S.) to sign up

 

 

A new program called Cryptocurency Bank MLM appears to be a scam.  (the spelling is theirs, not mine).  They offer $50 in cryptocurrency for signing up. But does not say whether it is in Bitcoin or other. It may be that they are creating their own cryptocurrency. 

 

There are a bunch of other "red flags" to make this a pass for me.

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For starters, I do not join programs that do not provide information about the people involved or running it. There are too many anonymous websites that end up being scams.

 

But in general, a program looks scammy to me when it:

 

1. Offers guaranteed returns

2. Requires payment to make money.

3. Offers payment for signing up without explaining how you would receive payment or what the qualifiers are.

4. Offers to do the work for you

5. Has extravagant displays of wealth

6. New with no track record of performance

7. Has an anonymous website registration showing in whois.

8. Requires social security number (U.S.) to sign up

 

 

A new program called Cryptocurency Bank MLM appears to be a scam.  (the spelling is theirs, not mine).  They offer $50 in cryptocurrency for signing up. But does not say whether it is in Bitcoin or other. It may be that they are creating their own cryptocurrency. 

 

There are a bunch of other "red flags" to make this a pass for me.

 I have to agree. Beware of this one for sure.

This site advertises it's biz address as

Cryptocurency Bank MLM (CCBM)

International Commerce Centre

1 Austin Road West

Kowloon, Hong Kong.

After doing a bit of online digging I find that there is no record of any registered business with that name at that address or anywhere else.

 

There is a financial center at that address with companies like Morgan-Stanley having offices there which is probably why the owners of this fictitious company uses it on it's website. 

Nobody is ever going to just give away $50 worth of anything valuable just for becoming a free member. This is a scam for sure.

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  • 2 weeks later...

Very good advice.  Thanks to all for sharing.  One more thing from my perspective.  If I like a new program and I decide to put in a few bucks, I always start at the least expensive level.  If it turns out to be as good as I had hoped, I can always upgrade later.

*************************************************************
There are two ways to face the future. One way is
with apprehension; the other is with anticipation  .
*************************************************************

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  • 1 month later...

I wanted to add something to this conversation. IF you are looking into doing some bitcoin mining ALWAYS check it out first. There are a number of them out there. Do a google search with the website's name and the word "review". When you look at the results, it should give you your answer pretty quick. Just be sure to read the posts carefully.

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  • 2 weeks later...

"ANYTHING OVER 1% A DAY YOU NEED TO STAY AWAY"!!! 

 

Here is a great little phrase that I have learned to judge which bitcoin programs are real or fake. I do not risk any money with any program promising more then 1% a day in earnings. "It is just not possible"!!!

  1. I DO NOT JOIN BITCOIN HIGH % MULTIPLIERS, BITCOIN DOUBLERS or BITCOIN SOFTWARE BOTS!!!
  2. I ALSO DON'T WASTE MY TIME AND MONEY WITH ANY BITCOIN CROWD FUNDING OR MATRIX PROGRAMS! (I'm not saying they are all fake or scams but I just don't personally like these programs) 

 

I have a lot of experience with losing money with bitcoin scams because a year ago I jumped head first into many scams promising huge daily earnings because I believed all the hype when these programs first came out. Since then I have learned how to take one look at a program and know if it is a scam or if it is even worth my time to join.

 

Many of these scam bitcoin programs are nothing more then "automated website scripts" that are automated and have "no real bitcoin mining or investing" going on at all. Many of these sites pay a very high daily percentage on your investment and after a few weeks no longer exist and are history. I joined 3 of these programs over this past year just hoping one of them would be legit and everyone shut down after one month. So I learned my lesson the hard way, and I took what I learned and searched for a legitimate company that I could begin with a small investment and gradually gain my money back. 

 

Well I found that company and program and I am now am in profit despite the $1000 I lost during this past year on the scams I joined. The program I joined only promises a maximum of 1% a day in daily earnings,  but it gives me the ability to compound up to 100% of my daily earnings. So I have been compounding 100% of my earnings everyday and I have been able to grow my bitcoin very fast.

 

So before I go another great way to see if a program is real or worth your time and money is to go on YouTube to see any reviews and to see what good or bad results people were having with this bitcoin program. This is how I found my present bitcoin program because when I looked up review videos on YouTube for this particular program I couldn't find one negative review on YouTube. I 

 

If you want to know what this program is and a few of the other bitcoin programs that I know are safe then just email me at williammanuel3rd@gmail.com and I will reply back to you to offer any help you may need.

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  • 5 years later...

It's important to do your research before investing in any new bitcoin program. Make sure to read reviews from other users and look for red flags that may indicate a scam. Also, research the company behind the program and check to see if they are legitimate. Finally, never invest more than you can afford to lose.

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  • 6 months later...
To determine if a new Bitcoin program is a scam, you should be cautious and conduct thorough research. Here are some steps to help you identify potential scams:

Check the Credibility of the Team: Investigate the background of the people behind the program. Legitimate projects often have well-known and reputable individuals involved. Scams may use fake names or hide the identities of their creators.

Verify Registration and Licensing: Ensure that the program is registered and licensed in the appropriate jurisdiction. This information should be publicly available, and any program operating without proper licenses may be a scam.
 
Examine the Whitepaper: Read the project's whitepaper. A legitimate program should have a well-documented plan and technical details. Be wary of projects with vague or poorly written whitepapers.
 
Community and Social Media: Research the community around the program. Legitimate projects often have active communities on platforms like Reddit, Twitter, and Telegram. Look for discussions, reviews, and feedback from other users.
 
Website and Contact Information: Carefully review the program's website. Look for contact information, such as a physical address and a legitimate support email. Scams may lack these details or provide false information.
 
Too Good to Be True Promises: Be cautious if the program promises guaranteed high returns or seems too good to be true. No investment is risk-free, and scams often use these promises to lure in victims.
 
Ponzi Scheme Warning Signs: Be alert to characteristics of Ponzi schemes, such as a reliance on new investments to pay existing investors. If a program primarily generates profits by recruiting more participants, it's likely a scam.
 
Security Measures: Ensure the program uses appropriate security measures for user data and funds. Look for features like two-factor authentication (2FA) and cold storage for cryptocurrencies.
 
Transparency: A legitimate program should be transparent about its operations, including financial reports, code repositories, and blockchain records. Scams tend to hide this information.
 
Regulatory Compliance: Check if the program complies with relevant cryptocurrency and financial regulations in your country. A lack of compliance may indicate a scam.
 
Scam Warnings: Search online for scam warnings and reviews related to the program. Many websites and forums share information about known scams and fraudulent projects.
 
Trust Your Instincts: If something feels off or too good to be true, it probably is. Trust your instincts and don't invest money you can't afford to lose.
Consult Experts: Seek advice from experts in the cryptocurrency field, financial advisors, or legal professionals to help evaluate the legitimacy of the program.
 
Remember that the cryptocurrency space is rife with scams, so it's crucial to exercise caution and skepticism when considering any new Bitcoin program or investment opportunity. If in doubt, it's often safer to avoid it altogether.
 
I actually put together a course to help people assess crypto and reduce risk @ https://www.acheiving-success.co.uk/crypto-recovery-pro

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