How to tell if its a scam ?
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It's a scam if -
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Bitcoin BTC is the original. All other coins are Scams or copies- WHY ?
Scams
Some coins require a "premine" and to be issued by an entity. "Ill make 100,000,000 of my new coin, but first put 10,000,000 in my pocket then sell the rest and ill be a millionaire". (pre-mine scam).
Copies
Van Gogh. Which one do you want ?
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Latest crypto scam section
Artwork commissioned to FUD Bitcoin sponsored by Scammers
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This is the latest scam doing the rounds on Twitter. You'll receive a message looking like this "Hi I'm a student - I don't know how to sell ---- coin".
If you look , there'll be a small amount, not enough gas to send. So you're supposed to add to the wallet so theirs enough to send. As soon as you do it will all disappear in a puff of smoke. |
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Obvious Scam coin rouges gallery
Bitconnect Bitconnect (nothing to do with Bitcoin) was the classic SCAM / Ponzi scheme. A very large quantity of Bitconnect coins were pre-mined. The Hype was hyped - The price was pumped. Seeing the price rocketing, people bought in which made the price increase even more, up until the rug was pulled.
The pre-mined coins where sold very quickly leaving investors or “bag holders” holding a "bag" of worthless coins. This is what governments do to your savings, only much more slowly. Its called -
Basically call it ANTHING other than money printing just to make your eyes glaze over with boredom. |
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Squid game coin
Squid game - Let’s look at the rug pull (or rope pull :O ) - Lovely !
Riding the viral popularity of the TV show to pull the suckers in. Good luck finding somewhere to sell. |
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EthereumEthereum is more of a programable money experiment, a different animal completely. While I do not believe it has set out to be a deliberate scam. It does have draw backs I.E. A large pre-mine, a none fixed supply (which means bad actors could print some for them selfs).
Compared to Bitcoin, Ethereum is extremely complicated so is going to have much bigger scaling problems than Bitcoin ever did. Ethereums is generally required to buy alt coins, but all alt coins are scams so Ethereums has no reason to exist. 
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Proof Of Work
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What does it mean ?
Otherwise we could just use
Proof of work ensures a slow release of coins over time allows everyone to participate. |
Why is it essential ?
Lets suppose for a minuet - No POW, whats to stop a premine ? Just like a spread sheet they can simply edit the number in their wallet. Hey presto they’re rich 🤑 ! |
All money is a SCAM !
Bitcoin is the only one that does not benefit a government, organization or individual.
There's nearly 5000 crypto currencies, at least 99% are Deliberate SCAMS the other 0.999% will go no where. Leaving in my opinion only 3 truly free currencies-
There's nearly 5000 crypto currencies, at least 99% are Deliberate SCAMS the other 0.999% will go no where. Leaving in my opinion only 3 truly free currencies-
- BITCOIN BTC
- Gold
- Silver
Copies and fakes
Many people have copied Bitcoin, its easy theres even an actual website that will do it for you !
But do you want the original Mona Lisa or the copy ? Will everyone leave Facebook to go to a new social media website ? NO cos no one is on it. The value IS the NETWORK not the software.
But do you want the original Mona Lisa or the copy ? Will everyone leave Facebook to go to a new social media website ? NO cos no one is on it. The value IS the NETWORK not the software.
Who does Bitcoin benefit ?
Those who buy earliest and deepest will benefit most from the expected massive price rise. Ultimately mankind will benefit from having incorruptible money. Companies & Pensions will benefit from yield on their BTC.
