Hot answers tagged

70

Unfortunately, given the public's limited of understanding of cryptography this is apparently an easy fraud to pull off. The key trick is that non-technical people are prone to believe things that just sound jargony enough and that technical people tend to think they know a lot more than they actually do-- and so they're easily sent off into the weeds. In ...


45

How do I recover from a cryptocurrency scam? You don't. At least, you don't recover your money. I guess you recover by learning from the mistake and doing things more safely in future. It may be worth asking an accountant if the financial loss on your investment can be offset against other taxable income. I contacted my bank to see if they could do ...


31

It's not completely clear what the situation is, but from what I gather it seems that you're the sender and the recipient is not acknowledging a payment you have sent. I assume that you have verified that the credited address 1Gouzjo9Jav1k4AmRoUJJMzidVfnMoSieS matches the one that you were supposed to pay to, and that the amount matches the invoiced amount. ...


25

The Scenario is confused, because it assumes that there is only one side to a trade. The scenario assumes that the money goes "into the Bitcoin economy" when people buy bitcoins. This is confusing, because it sounds as if there were only one side to the trade. You will find that the scenario doesn’t imply Bitcoin to be a Ponzi scheme, once you take a closer ...


22

It is definitely a scam. They typically pay people who paid in before with the payments of the people who pay in later. This is unsustainable and it will collapse leaving those who paid in later without any money. Furthermore, most of them will simply take your money and leave. This is a scam and so is everything that promises absurd rewards. This includes ...


21

Blockchain.info pairing code allows you to sync wallets. For example, it's for when you have coins on your phone and you want to be able to spend them from your computer. So, they synced their wallet with your account, including the private keys, and stole your coins. From their website: As with your wallet ID, you should never share your pairing code ...


20

I'm sorry to be the bearer of bad news: It looks like your funds are gone and the security of your computer is compromised. A quick google suggests that is one of the electrum phishing destination addresses. You can find more information on the attacks against electrum here: http://electrum-malware.surge.sh/


18

I'm sorry for your loss. As a 'tech person' reasonably informed about cryptocurrency, I concur that it is highly unlikely that you will ever recover any money. Some information about Bitcoin and online scams Technically, it is not hopeless though. You recovering (some) money would hinge on this chain of events: It is not completely impossible that the ...


17

No, you were not defrauded because you did not lose anything real. You did not lose 10 BTC. You did not lose $1,556.76. You lost potential, yet unrealized gain as a result of the delay in processing your order. You may have not had access to either amount for a period of time because of the flag thrown on your transaction. AFAIK, Coinbase does not publish ...


12

You can create fake transactions and blocks including fake transactions all day long if you want. Your problem would be getting other people to accept those blocks and they won't because they can very easily see that it contains fake (better word: invalid) transaction(s) and simply disregard those blocks completely. The first invalid block wil never be ...


11

There is no danger in providing your Bitcoin address. For sites that use inputs.io, certainly you have to provide some way for them to know which account to credit. The security of that account depends on the strength of your password, and how much you trust inputs.io. A more fundamental problem with these faucets is that they are a complete waste of time. ...


10

Your question is equivalent to asking, "Does SHA256d have a trapdoor?" SHA256d is a well studied algorithm. It's believed not to have a trapdoor. If the creator of bitcoin has a way to break SHA256d, stealing all our bitcoins would be the least of our worries.


10

Here all famous scammers/sites: List of Known Bitcoin Scams: Beware of Fraudsters! Bitcoin Scammers list


10

A bitcoin address is not like a credit card number. You can safely give your bitcoin address out publicly. What the email is asking for is something you should never give out publicly: the mnemonic that you use (e.g. if you use Electrum, they have a 12-word mnemonic code), from which you can calculate your private keys. With this, they can easily steal all ...


10

This is definitely a concern, and is the reason why Bitcoin users are encouraged to wait for several confirmations before accepting a transaction and delivering goods. It's not quite as easy as you suggest, though. When you made your transaction at the cafe, it was, as you say, broadcast across the network. Barring connectivity problems, every node on the ...


10

Bitcoins are no different from any other commodity in this regard. We say that the price of a car is $45,000, but that doesn't guarantee that you can sell one for $45,000 unless you can find someone willing to buy one for $45,000. When we say some particular number is the price, we mean that's basically the number that buyers and sellers both agree that it ...


9

Short of having law enforcement and the legal system whose jurisdiction the scammer(s) reside in compelling them to return the funds, you are out of luck. Bitcoin transactions are irreversible. Once they have the coins in addresses for which you do not own the keys, there is nothing you can do to recover them. Your only option may be to treat this as an ...


8

Basically, yes. Coinbase is notorious for this type of shady practice; hit me just last week. At least you got a reply, their customer service ignored my requests for updates. A few quick searches will find you quite a few repeats of this same old story. It's best to not think of Coinbase as an exchange at all; think of them as just a store that sells ...


8

Faucets like that really exist and work, however, there probably are also some fakes. Nothing can be done with a Bitcoin address except to use it as a recipient address and/or see the transaction and balance history of the address. E-mail addresses are not required to send bitcoins. Unless you can discern another legit reason for them needing the email ...


8

In general bitcoin means: "if you don't own the keys, you don't own the coins" (for example web wallets or exchanges) and "if you hand over the keys (have them stolen) or sign a transaction to the wrong destination (buy a cheap iPhone from Nigeria) then you just learned a lesson the hard way". Having said that, Bitcoin does offer some unique protection ...


8

Bitcoin is sound technology, but somewhat hard to understand encompassingly. Due to the amount of money that is involved, numerous ponzi-schemes and other scams have sprung up in its vicinity. From what I've read, and the recount of another Bitcoin meetup member that went to a OneCoin presentation: OneCoin appears to be a pyramid scheme aimed at people that ...


8

Onecoin is not only a scam it is a criminal organization. The have stolen a lot of money from their customers. http://rettit.no/mrbitcoin/index.php?title=OneCoinSCAM


8

Reductio ad absurdum: Let's say it works. Invest the equivalent of 1$ on Day 0. Day 1: you get 2$, let's reinvest them! Day 2: you get 4$, let's go on! ... Day 30: you get 1073741824$, i.e. in one month you are billionaire. Day 37: you are the richest man in the world Then why doesn't the creator of this "Bitcoin Doubler" do it for himself? If it works, he ...


8

Nope, sorry, there's no way to do this. The whole point of Bitcoin is it's censorship resistant, so there's no way to publicly blacklist addresses (although some exchanges have been known to spy on your incoming and outgoing transactions, such as Coinbase which have a TOS that prohibits it, and will threaten to close an account if you send transactions ...


8

You cannot do anything aside from trying to seek legal action. Transactions on the bitcoin network cannot be undone.


7

A Ponzi scheme is characterised as follows (this is according to Wikipedia, rather than for example the US Department of Justice, which would focus more on the criminal culpability in its definition): A Ponzi scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital ...


7

This is definitely a scam. Even if an activation fee was a legitimate thing, they would just charge that amount out of the amount you were going to receive - if you were to receive $1000 and the fee was $5, they'd just give you $995. Beyond that, no bank I'm aware of charges fees in cryptocurrencies. Don't send any money to these people.


6

It's a short list. Cash Liberty Reserve (though they did freeze some customer funds recently until they became verified) Bank Wire (though see comment below) Webmoney (supposedly) Here's the payment methods hardness list: http://en.bitcoin.it/wiki/Payment_methods


6

There's no way this is legitimate. Domain is less than a month old All product photos can be found elsewhere on the web. http://www.stss.ru/products/workstations/tesla/RX240T8.2.html http://www.fractal-design.com/?view=product&prod=94 Address/phone number/name on Contact Us page differs from address/phone number/name on WHOIS record. They say their ...


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