Hot answers tagged

75

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 ...


50

I have been scammed 6 months ago Then criminals expect you to be gullible and foolish. You are a prime target for them. So they'll try new ways to trick you. BTC REFUND DEPARTMENT No such thing. synchronise my wallet with the address They want to fool you with a watch-only address, where your wallet shows an amount of money that belongs to someone else ...


46

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. ...


26

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 ...


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

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/


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

"Buying hash rate" is a synonym for a concept called cloud mining. In proof of work-based consensus systems, mining refers to a process of expending computational power to secure the network. As the integral computation is performing a cryptographic hash function, this is also referred to as hashing, and the amount of computation you can perform as ...


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 ...


12

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 ...


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 ...


10

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


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

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.


8

The Blockchain is the only truth At the time I wrote this, that transaction has 204 confirmations. That means it was absolutely definitely received. If the address is correct and the recipient says they didn't "receive" it, they are wrong. Either their wallet isn't properly synchronised or they are mistaken (or lying to you) Note that Bitcoin doesn'...


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

someone on blockchain support ask me to tell him my back up fund 12 word in order to reverse my bitcoin which was unconfirmed in my transaction Sorry to say, you were definitely scammed. You cannot reverse a bitcoin transaction in that way, the scammer only told you that so that you would give them the 12 word phrase. With that phrase, the scammer could ...


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.


7

Here's a few checks I'd advise anyone to do. Does it promise to earn you more than 10% profit in less than a month? If so it is a fraud. Does it make implausibly impressive claims like "SEC awards {businessname} as one of the best Trading platform of 2018 with 247 contact"? (hint: that's not the sort of thing the SEC ever does). Are there very ...


6

Bitcoin transactions cannot be reversed unless some kind of escrow is implemented. Take this as a hard learned lesson. Sorry for your loss.


6

That is not possible. By the decentralized design of Bitcoin, nobody has the ability to "cancel" the coins in an address held by someone else. I'm sorry you were hacked, but it is almost certainly impossible to recover, block, or trace the funds at this point.


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