20+ Bitcoin scams and how to spot and avoid them Comparitech

Why I went from Bits to Butts

About a year and a half ago I learned about Bitcoin just prior to The Great Run Up of April 2013. I was immediately captivated by the idea of making an insane ROI of +500% and let greed cloud my perception from the start. To be fair though, I diligently studied Bitcoin: how it worked from mining to transactions, the economic implications, and the freedom it offered from banks. After a few months of research I was sold. I began to pour the little money that I had saved into it, convinced that in a few months time, my investment of $3,000 would soon hit $10,000+. I was right for all the wrong reasons.
From the beginning, I thought I had stumbled upon the financial equivalent of the Internet in its infancy. This was going to be the greatest decision of my life. Bitcoin offered a system that allowed people to be their own individual bank while making money in the process. I was also convinced that the US Central Bank was devaluing the dollar through inflation and it was my duty to protect myself and my future. In reality, Bitcoin offers no advantages over the traditional banking system, which I will detail below:
Ever since the last run up in price during the month of December, I have become disillusioned by Bitcoin and the incessant promotion over in /Bitcoin. None of the above mentioned flaws are actually good for Bitcoin. Nor is Bitcoin a safe investment if you are looking to store your money. If you want Bitcoin to be a currency it has to be relatively stable during periods of high volume; which is the exact opposite of how it acts. I sold my initial position in Bitcoin and now am sitting on a decent amount because I know that the pyramid scheme will continue for the near future and will look to cash out during the next run up.
To be honest though, I think the technology is quite amazing (especially how it has overcome the double-spend problem) and would not be surprised if future financial instruments or other technologies are based off of the original concept. I do however think that Bitcoin is a pyramid scheme and I am grateful that I have come to this conclusion before it's too late.
submitted by JesusDied to Buttcoin [link] [comments]

Idea: how to solve Bitcoin theft by a tech entrepreneur

The problem: The last few weeks have seen over $500m of bitcoin theft as we all know. Highlights:
These are not isolated incidents. A quick wikipedia search will reveal a dozen other bitcoin exchanges that have been hacked and forced to shut down since 2010.
As a relatively new bitcoin user, I'm personally shit scared about my coins getting stolen or lost. It's my #1 concern. And for new people getting into BTC, this is the main thing that scares people. Exchanges going under, OR coins getting stolen somehow during storage or transfer. Never before has money been so easy to steal, with so few consequences.
If $450m were stolen in a bank robbery instead of MtGox, I'd bet several people would be in jail by now. But b/c of the pseudo-anonymous nature of BTC, there are less consequences for online criminals.
My background is that of a tech entrepreneur. I enjoy solving hard problems. When I look at this situation, I see security as the main short-term hurdle that will prevent people from saving large amounts of money in BTC.
My solution: create an insured FDIC-like cold storage service where people and companies can save their BTC, just like a savings account. I've worked with specialty insurance companies before such as Lloyds of London, and I believe someone would be willing to write a large insurance policy covering people's deposits. Each person's deposits could be insured upto say $100,000.
Provided we do a good enough job with security and cold storage (NO trading, just cold storage), and given the FDIC-like insurance protection, I believe this might assuage a lot of fears people have about losing their BTC to scams, malware or fraud.
What do you guys think? What would you call it? Do you think this would help drive BTC adoption as a whole by making the average mom-and-pop person feel safe about their deposits?
submitted by mojolabs1 to Bitcoin [link] [comments]

Bitcoin heist: NiceHash hacked for $68 million in bitcoin - TomoNews Mt Gox offline - Bitcoin Crisis! - Netlinked Daily MtGox Bitcoins to BTC e Bitcoins in 50 seconds - YouTube BITCOIN PRICE , BITCOIN FUTURE in doubt G20 Day 1 / Mastercard Open To Crypto / MtGox Dump Debunked / Trump Bans Petro

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. I accept BITCOIN 5 Bitcoin units can hardly double their numbers, so they are not immune to theft or fraud. Bitcoin users do not. There are certain imperfections and weaknesses within the Bitcoin system that sophisticated hackers can use for their use to rob Bitcoin. The incident at Mt. Gox, as well as several less reported cases, highlight that Bitcoin exchanges are particularly vulnerable to hacking ... It's taking money obtained through illegal activity (theft, robbery, solicitation of bribes, drug... Menu. Home. Forums. New posts. What's new. New posts Latest activity. Donate. Log in Register. What's new. New posts. Menu Log in Register Home. Forums. OFF TOPIC . Current Events. US clamps down on Bitcoin, fears lack of control Thread starter nikoloslvy; Start date May 17, 2013; Prev. 1; 2 ... Last year, Mt Gox abruptly suspended operations, and then shut down amid word the site had been the target of a massive hacking operation: some 650,000 BTC, worth $500m, vanished from its vaults, though these days the plummeting price of Bitcoin has significantly lowered that dollar figure. Bitcoin exchanges and other financial institutions dealing in Bitcoin transactions have been prone to security threats and hacks in the recent past; one instance being early in 2014 when hackers reportedly stole more than USD 5 million in virtual currency from Bitstamp, a major Bitcoin exchange.155 In early 2014, Mt. Gox announced that it lost Bitcoins of value equivalent to USD 620 million of ...

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Bitcoin heist: NiceHash hacked for $68 million in bitcoin - TomoNews

MtGox Bitcoins to BTC e Bitcoins in 50 seconds BITCOIN PRICE , BITCOIN FUTURE in doubt http://youtu.be/eO-yrpQpIT8 What is NAMECOIN BITCOIN'S First Fork http... Shout out to Mt. Gox! NiceHash was started in 2014 as a marketplace for miners to rent out their hash rate to others. The market cap for BitCoin is currently worth over $225 billion. The ... Bitcoin is still holding on to that 8,300 level. It keeps poking it’s head above it, and then shaking it’s tail below it. So so far it has not decisively made up it’s mind. HELLOW FRIENDS THIS VIDEO IS ABOUT TOP EXCHANGED HACKED AND THEIR CASE STUDIES.. LIKE COMMENT SHARE SUBSCRIBE* ===== Ethereum mining rig price ... NCIX is having a Grand Opening for our Toronto Store this Saturday, March 1st! Show up early (or late) and you could win a bunch of prizes worth over $5,000! Details: https://www.facebook.com ...