Bitcoin - Some said it is a fraud / scam | Warrior Forum - The #1 Digital Marketing Forum & Marketplace

10 years ago

Originally Posted by info126

I have a question about Bitcoin. In my country a few months ago, it was all over the news that a lot of people lost money in Bitcoin and some say it is a fraud / scam. Anyone care to explain what Bitcoin is really about and hope u can share your opinion about Bitcoin here.

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From what country are you?
I'm interested to know more about bitcoin. Anyone here who have a say on this?

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sr.20

10 years ago

Hi Info

there is a site call localbitcoins, they are really great and is a marketplace for buying bitcoin.

I have purchased bitcoins from here so i can recommend.

They have various different options for payment - Cash-Bank Transfer- Papyal-Money Gram etc etc

The bitcoins are placed in escrow so its safe. and you dont need a big budget some vendors like you buy only a very small about like $30 > big deals over $200,000

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vishwa

10 years ago

Bitcoin is consider as highly risking payment options and ignored by some of the marketers.

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Syssolution 10 years ago

Bitcoin is a virtual currency and accepted by some of the online portals and game companies like Fiverr and Zenga etc.
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littledan

10 years ago

Bitcoin is a crypto currency that cuts out the need for banks and hence reduces the cost of doing business with other countries down to practically zero. It also protects the user from bail ins from corrupt governments as we saw in Cyprus and will likely see a whole lot more of in the future.

Bitcoin has value because only a set number of bitcoins will ever be issued, which is the opposite of the $, £ and now the euro which will be printed to to hell and destroy any real value it ever had, which in the case of the dollar is nothing since 1971 when Nixon took America off the gold standard.

There are many alternatives to bitcoin including, Namecoin, Litecoin, Dogecoin, Peercoin and Mastercoin, although bitcoin is currently the best well known and most popular. If you are serious about buying and holding crypro currencies as an alternative or hedge against traditional currencies it would be a good idea to build a portfolio out of the main ones rather than just holding one.

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danielpbarron

10 years ago

Originally Posted by littledan

There are many alternatives to bitcoin including, Namecoin, Litecoin, Dogecoin, Peercoin and Mastercoin, although bitcoin is currently the best well known and most popular. If you are serious about buying and holding crypro currencies as an alternative or hedge against traditional currencies it would be a good idea to build a portfolio out of the main ones rather than just holding one.

Most of the other "altcoins" are basically pump and dump scams; Namecoin might be an exception, but you don't need to invest in it to use it (it's not likely to go "to the moon"). Mastercoin isn't even comparable; it rides on top of the Bitcoin network. If you want to invest in crypto-currencies, stick to Bitcoin.

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littledan

10 years ago

Originally Posted by danielpbarron

Most of the other "altcoins" are basically pump and dump scams; Namecoin might be an exception, but you don't need to invest in it to use it (it's not likely to go "to the moon"). Mastercoin isn't even comparable; it rides on top of the Bitcoin network. If you want to invest in crypto-currencies, stick to Bitcoin.

That's precisely why I recommend constructing a portfolio of crypto currencies. Bitcoin would be the largest currency at the base of my portfolio and then it is down to the individual to do their own due diligence to select the others, just as you would for building a stock portfolio.

Just because there are bad companies in any stock index it doesn't necessarily suggest you should stick to one stock, crypto currencies are no different in that respect. You have to do your homework and ensure you are happy with the risks.

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JensSteyaert

10 years ago

Bitcoin is the main crypto currency around, but there are hundreds, if not thousands of similar crypto correncies around these days.

If you want to make money from it, then i think you missed the train a bit (unless you like to gamble).

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iVentureBiz

10 years ago

For a basic overview of what bitcoin is check out the website:
https://bitcoin.org/

Personally I've been fascinated with bitcoin for a long while but I haven't taken the plunge on it as I personally feel that the market is going to bottom out on it in the future.

Essentially you've got this currency backed by nothing (kinda like every other currency in the world but whatever..). There is only a finite amount that will ever be release which is 21,000,000.

This currency can be used to pay for things and you can split off parts of bitcoins to 8 decimal places without a central bank. All transaction are publicly stored on a ledger that anyone can look at any time and verification is handled by tons of people that are "mining" for more coins. The value of bitcoins are purely based on what someone else is willing to pay for them. In order to get USD for bitcoins you need to sell them to another person or a marketplace.

You get bit coins by...

1. Buying from a seller. There are tons of places selling them
2. Sell stuff and accept bitcoin as payment.
3. Mine for coins. Which is essentially putting your computer to work on processing transactions for other people in the hopes of getting rewarded with a newly generated coin.

However the big flaw is that the earnings for "mining" are dropping as more coins come out, there are only every going to be 21 million in circulation (we're at like 14 million already) and it's getting to a point where you need special hardware just to get involved in "mining" and you need to be part of a mining pool......blah blah blah.

Meanwhile many companies are making a killing by pumping out this special hardware which they are selling to people and some even lease these hardware to people - so you can in essence rent a "mining" system where the company supplies the hardware and service and you collect the money but that's just insane if you ask me and a real sign to where this is going.

I mean if bitcoin was really all that great these companies pumping out all this hardware would be just adding them to their own stringing of mining bots. 50,000 miner bots with NASA level hardware mining the last 7 million coins in the hopes of selling them all at $600 a piece (their current going price).

Anyways... bitcoin. One of many e-currencies, more than likely doomed in time by design we're way past the bell curve for the average new comer to make money with it as an investment. As a currency it's gonna flat line after the investment bubble has burst which it's already starting to now that countries are denouncing it and even trying to tax it.

Anyhoo that's all just IMHO. :-)

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AreebH4P

10 years ago

You do some betting in dollars or someone steals your money. Will you call dollars fraud?

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Brian Tayler

10 years ago

People lost money in an exchange that deals in Bitcoin (Mt Gox).

The prices of Bitcoin can rise and fall in value just like any other currency.

Could it be viable long term? Sure.

No one knows for sure the future though. If it'll be widely adapted. If it'll replace online transactions (Credit Cards, etc).

It certainly has a good chance to.

There are also other digital currencies that are doing pretty well too.

Specifically: Lite Coin and Doge Coin.

Doge Coin was more started as a joke or way to tip people for a post on the web site reddit: the front page of the internet. Surprisingly (or not if you understand the wonders of the internet) it's caught on and has actually increased in real monetary value since its adaptation and acceptance over time.

Another quick thing to note... Google recently (last day or so) added Bitcoin exchange rates to their instant search answers section of search results. Big companies like Google embracing Digital Currencies will do nothing but help ensure the longevity of digital currencies as a whole.
(Source: Google adds Bitcoin exchange rates to instant search answers | PCWorld)

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InitialEffort

10 years ago

@ iVentureBiz

Great answer, very complete except for one huge thing: international transactions cost absolutely nothing. I can't overstate how huge this is for many small business, including a side project I'm working on.

For a variety of reasons, identical goods can cost different amounts in different countries. Bitcoin can potentially give you huge discounts for buying/selling. Additionally, wiring money isn't exactly cheap and if you do it on a recurring basis can cost $100's/month unless you use Bitcoin.

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Tsnyder

10 years ago

Those people who said it's a fraud and a scam... listen to them.

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Steve B

10 years ago

Here's something to think about . . .

Name one basic and important industry in the U.S. that isn't regulated. I can't think of one.

Banking - Real Estate - Medical - Dental - Insurance - Legal System - Drugs - Environment - Fuels - Automobiles - Education - Transportation - Investing - and on and on.

Why do you think regulation of these industries is necessary?

Because many individuals and businesses care about themselves more than they care about others and will stop at no length to gain an advantage over others.

I'm not saying we don't have too much regulation in many cases; but crooks and thieves will game the system and do whatever necessary to gain wealth and power. So we regulate because health and welfare are too important to leave "unsecured".

Now, look at Bitcoin and tell me who is looking out for your interests?

Don't tell me that the Bitcoin system isn't vulnerable to attack. Don't tell me it can't be hacked, manipulated, fixed, or somehow cracked open by creative computer geniuses. And when that happens all the believing, trusting, hoping coin holders will be left holding the bag.

Steve

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danielpbarron

10 years ago

Originally Posted by Steve B

Here's something to think about . . .

Name one basic and important industry in the U.S. that isn't regulated. I can't think of one.

Banking - Real Estate - Medical - Dental - Insurance - Legal System - Drugs - Environment - Fuels - Automobiles - Education - Transportation - Investing - and on and on.

Why do you think regulation of these industries is necessary?

Because many individuals and businesses care about themselves more than they care about others and will stop at no length to gain an advantage over others.

I'm not saying we don't have too much regulation in many cases; but crooks and thieves will game the system and do whatever necessary to gain wealth and power. So we regulate because health and welfare are too important to leave "unsecured".

Now, look at Bitcoin and tell me who is looking out for your interests?

Don't tell me that the Bitcoin system isn't vulnerable to attack. Don't tell me it can't be hacked, manipulated, fixed, or somehow cracked open by creative computer geniuses. And when that happens all the believing, trusting, hoping coin holders will be left holding the bag.

Steve

Regulations are generally for the purpose of keeping out competition; not to protect the consumer.

Service providers will get "hacked." Opinions will be manipulated. But the protocol itself is solid; that is, as long as you know what you are doing (understand cryptography), it is highly unlikely that your funds will go missing. But if that is your true concern, then you should certainly not trust FIAT currencies.. They are manipulated as a matter of course (federal reserve). Accounts get hacked all the time; identities, stolen.

It's pretty funny that your hook is, "who is looking out for your interests?" That's the kind of mentality that Bitcoin has come to destroy. Big Brother and Uncle Sam can't bail you out of this one; it's sink or swim now. Time to separate the wheat from the chaff.

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RichBeck

10 years ago

Originally Posted by Steve B

Here's something to think about . . .

Name one basic and important industry in the U.S. that isn't regulated. I can't think of one.

Banking - Real Estate - Medical - Dental - Insurance - Legal System - Drugs - Environment - Fuels - Automobiles - Education - Transportation - Investing - and on and on.

Why do you think regulation of these industries is necessary?

Because many individuals and businesses care about themselves more than they care about others and will stop at no length to gain an advantage over others.

Steve,

"Regulation" only works if the regulators aren't "in bed" with those they regulate... Where there are boatloads of money, there will be corruption to some degree... in the Financial world... corruption is an epidemic.

I'd highly suggest you watch Inside Job. That will show you what regulation really is.

In the film, they painstakingly document "the systemic corruption of the United States by the financial services industry and the consequences of that systemic corruption."

See if you can stomach watching the whole film in one sitting....

All The Best,

Rich Beck BCIP, MCSD, MCIS

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Ardoris

10 years ago

I don't think Bitcoin is Fraud/Scam although it's risky.
Newegg.com is taking that risk.
Newegg.com - BITCOIN ACCEPTED

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Rbtmarshall 10 years ago
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celente

10 years ago

i do not know much about BITCOIN

But I have 2 friends in australia that have lost over $2000 USD on them. So tread CAREFULLY, tread VERY CAREFULLY KIDS!

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SuperKC

10 years ago

Bitcoin is a small step in the future of currency, its the future.

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aryanshah

10 years ago

For the people this doesn't work they call it scam........ Lot of marketers are still making huge money.

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miklanderson2

10 years ago

They're making huge money selling mining programs and bitcoin information. The only people getting rich off bitcoins themselves are the ones who got in early and bought a large amount at a low price.

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danielpbarron

10 years ago

Originally Posted by miklanderson2

They're making huge money selling mining programs and bitcoin information. The only people getting rich off bitcoins themselves are the ones who got in early and bought a large amount at a low price.

It's not about getting rich; it's about surviving. What does it mean, that good money pushes out bad money? It means there will come a time when you go out to buy food and nobody wants your dollars.

I suspect that there is a great deal of overlap between the group of individuals who favor gold, and the group of individuals who favor Bitcoin. Where gold is limited in that it can only be in one physical location at a time, Bitcoin can be secured in such a way that there is no single point of failure; it is for this reason that the former can be seized by terrorist groups (for example, the U.S. govt.), and the latter cannot (with proper implementation) -- not to say that gold is a bad bet; I'm still going to hold onto a few bars.

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dburk

10 years ago

Hi Info,

Bitcoin is not a fraud or scam, those that claim that are just talking rubbish about something they probably do not understand. It is a form of digital currency and as such it can get into the hands of fraudsters and scam artists, just as any other currency can. The fact that someone can lose money in a scam doesn't mean the money itself is a scam. The fact is that Bitcoin transactions are more secure and transparent than cash, and as a result it is less likely to be used during the commission of a crime.

Bitcoins rise in popularity has led some investors to speculate in trading bitcoin just as they speculate in the changing values of other currencies. This has led to an even more rapid acceptance of Bitcoins as it provides for more ways and market places to exchange the digital currency for any other currency you prefer.

Worldwide acceptance of Bitcoin is rapidly growing and isn't likely to cease anytime soon, IMHO. Bitcoin payments offer the advantage of a more secure transaction at a tiny (nearly free) cost per transaction. It is certainly less risky than accepting credit card payments.

Most online merchants that accept Bitcoins will instantly transfer the payment from Bitcoin to their preferred currency, even before the online transaction is completed. And the is no such thing as a charge back on Bitcoin payments, like there is with credit cards. As I said it is the transaction method that offers the least risk of any other alternative payment method.

Here is a short partial list of some of the online retailers that now accept Bitcoin payments:

Overstock.com
Newegg.com
Tigerdirect.com
Zynga.com
Expedia.com
DigitalRiver.com
Dell.com
1800flowers.com

Coinbase has signed up 35,000 merchants that now accept bitcoin
Bitpay has signed up 40,000 merchants now accepting bitcoin

eBay Is Considering Integrating Bitcoin Into PayPal

It's still early days for Bitcoin, but it already reminds me of the days when people use to think you were crazy to think people would ever buy things over that temporary fad called the World Wide Web, and startups like Amazon.com would never make a penny on the web. I cannot predict the future, but I was pretty sure the web was more than just a temporary fad that would go away when people got bored of it, and I'm pretty sure that digital currency isn't a fad that will go away anytime soon either.

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ForumGuru

Banned 10 years ago

Dish will be accepting Bitcoin...

ENGLEWOOD, Colo.--(BUSINESS WIRE)--DISH today announced that it will become the largest company to accept bitcoin. As the first subscription model pay-TV provider to make this move, DISH will begin accepting bitcoin payments from customers starting in the third quarter. DISH Network L.L.C. is a wholly owned subsidiary of DISH Network Corporation (NASDAQ: DISH).

Dish is huge and I agree with dburk it does not look like Bitcoin is going away anytime soon.

Cheers

-don

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UnkwnUsr

10 years ago

I don't think Bitcoin itself is a scam. However, it is an unregulated currency with no central control and beyond that it is all completely anonymous. Purchasing something online with Bitcoins is like sending cash in the mail, it requires a lot of trust. Most people though aren't really interested in using Bitcoins to buy anything the market is made up almost exclusively of investors and speculators. So if you're good at that kind of thing then go for it.

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gasman

10 years ago

It's not a scam by any means, but with any currency it's value changes.

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master reseller

10 years ago

Sometime back, a guy acquired bitcoins and kept them not thinking they were worth anything. And, then just this year cashed them in and had enough to buy a small apartment. Not so bad really, though I think he had held onto it for a few years since the very beginning.

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and5wf

10 years ago

Bitcoin is a digital currency. But it is high risky.

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seasoned

10 years ago

At least one company, that is RELENTLESS in spreading such things, has declared this to be a fantastic investment claiming fantastic increases. Such things usually don't end well.

Steve

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fluffypony

10 years ago

Originally Posted by seasoned

At least one company, that is RELENTLESS in spreading such things, has declared this to be a fantastic investment claiming fantastic increases. Such things usually don't end well.

Steve

That makes no sense whatsoever.

That's like saying "At least one company, that is RELENTLESS in spreading such things, has declared the US Dollar to be a fantastic investment claiming fantastic increases."

You understand what a currency is, right?

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danielpbarron

10 years ago

Originally Posted by fluffypony

That makes no sense whatsoever.

That's like saying "At least one company, that is RELENTLESS in spreading such things, has declared the US Dollar to be a fantastic investment claiming fantastic increases."

You understand what a currency is, right?

I think he was referring to me; I was a little too aggressive with some of my links.. sorry about that.

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whateverpedia

10 years ago

Bitcoins are the new tulips.

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littledan 10 years ago

Originally Posted by whateverpedia

Bitcoins are the new tulips.

Far more likely is that, Real Estate, Art, Stock Markets etc are the tulips of today. I mean look at the bond markets, US bonds at 200 year highs and Gilts at 300 year highs. The market in crypto currencies in comparison is tiny, and limited to a set number of coins too.

Then you have the Dollar, Sterling, Yen and Euro. No limit on any of these with nothing backing them and the skies the limit. Another tulip me thinks!
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- hardraysnight 10 years ago
  
  the bitcoin fraud scam has enabled me to triplicate my solar resources
  
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