Bitcoin isn't new, so why are scams still thriving?

Bitcoin's been around for a while now, and crypto scams have been a thing for years. By this point, folks should really know the key warning signs like guaranteed returns, shady investment sites, and random people promising easy cash. So why are we still hearing about people losing millions, or even billions, to these scams? With AI getting better, scammers can whip up more believable messages, fake profiles, voices, and even videos. Maybe it’s getting tougher to spot the scams, or maybe people are just being too lax when it comes to their money and chasing profits. So who's really at fault here? The users who keep falling for these tricks, the platforms letting fake ads and apps slip through, or the government for not stepping up enough?

It is just like asking the reason local currencies are also no more new but people are still scammed in a way the person scammed are fooled to send the scammer local currencies. There are many that are even in foreign currencies. Scam can not be eliminated because many people are ignorant of the scam right from young people to old people. There was a time that I went to buy phone, I was scammed before I knew it was a scam. The person sold an inferior phone for me but I paid high amount of money. That was a scam that I paid local currency.

Scams cannot be eradicated. People are bound to make mistakes, be gullible or ignorant about scammers and their methods of operation. You cannot for one second believe that everyone joining the network pays rapt attention to security, can you. A lot of people simply buy BTC because they want to make money and many of them do not even know the difference between a custodial and self-custodial wallet. A lot of such people are susceptible to scams. Choosing to use BTC is a decision to be your own bank, so on that note, your security rests on you. If you want to shift the blame or responsibility to someone else, then it may be a better choice to just stick to fiat.

This type of scam isn't limited to Bitcoin; it extends to almost anything digital, from social media videos to bank card theft. It's more related to user awareness than to cryptocurrencies themselves. Therefore, it doesn't matter whether Bitcoin is new or old, as long as investors trust what they read online or the people they associate with.

That is a bad analogy. Currencies are not really investments because people use them for everyday life, while crypto is treated more like an investment than a currency. That is why people invest in crypto, because they expect it to appreciate. The problem is, scammers are using the popularity of Bitcoin and crypto to fool people. So for me, the real cause here is the lack of knowledge from those who invest without understanding the risk. As for the government, I think there is only so much they can do because there are bigger problems to solve. After all, people are not forced to invest, so once they put their money in, they should already know that there is always risk involved.

It also extend to offline products in my country, if you want to buy cloth in my country and you do not have idea about it, you can be scammed. It is not only cloth but also other things that you want to buy. There are many websites that are selling cloths, shoes and other things like that, my friend bought one from a site, that was the end, his money was lost, the sites were in local currency. Scammers are very wise, if something is money, they have a way they can collect it from people that have no knowledge about scam.

No matter how long crypto stays, scams will continue to exist and will likely increase even more than what we have at this time. It's not by how long bitcoin has been on the space that tells that scam will reduce. Once you're able to understand how a particular scam works, another will come up that an unsuspecting novice might fall victim of. One of the ways scammers can use in getting victim is to make them feel overly relaxed that nothing can go wrong and then they hit in the most unsuspecting way. Even if bitcoin has existed for 100 years and you as an investor has stayed that long, Yiu still have to be cautious of scammers because any negligence on your part will make you a victim asap.

I get what you mean, but I am focusing my observation more on Bitcoin or crypto as a whole. Some people do not even know what Bitcoin really is, all they know is that Bitcoin went from zero to hero, so they believe that once they buy Bitcoin, their money will automatically grow. I am talking particularly about Ponzi schemes here. Other types of scams can be discussed in another topic, I guess. So the question in my mind is, why do people not study the fundamentals of Bitcoin first? If they understand what they are buying, maybe they will not easily fall for those scams using Bitcoin or crypto as bait.

As long as scammers exist, there will always be people who will fall for them because they make it look very real that you wouldn't suspect anything if you are new in the crypto space. Another is that, some of those who easily fall for scam are the ones that wants to reap from where they didn't sow because of greed. They think they're smart enough to outsmart the scammer unknown to them that's a bait. While, some are just being ignorant and don't think deep before doing things. Scammers are both online and offline so, it's not only about bitcoin or crypto.

Bitcoin will grow in adoption, value and price, it's true but different people have very different conditions from their finance to investment capital, and they will do very different with their bitcoins and how the join, stay and leave this market. All these decide whether their profit or loss, and it's their responsibility, Bitcoin is not responsible for that. Bitcoin will continue growing while in this market, there will surely be people who get profit and the others who get losses as the Bitcoin market is zero sum game. They are lazy and greedy so they don't want to learn Bitcoin fundamentals, even want to get quick and very high ROI. Such greedy thinking will lead them to something beyond Bitcoin like Ponzi scams, and what they buy, hold and hope for high ROI is not bitcoin but something else which very likely ends with disappearance and scam exit.

OP, you're asking the wrong question. Ask it more globally: why do scammers still exist? Why are there deceptions? Why are there people who are famous for their cunning plans to "take money from stupid people"? The answer is simple. Because there is a demand for fraud, and that means there are still people who are not educated, are stupid, or are greedy, and they motivate scammers to develop their deception schemes. Fraud has existed since the beginning of the world, and it doesn't matter if it's cryptocurrencies, money, or any invented values that people are willing to profit from by taking them from others.

Never involved government in anything that has to do with bitcoin, the government have not been able to get rid of scams involving Fiat currencies, what exactly would you have them to do stop bitcoin and crypto scams? And like I touched above, fiat scam is still present and thriving even in our today economy, is bitcoin and cryptocurrencies older than Fiat? You obviously know the answer to the question. Then why do think fiat scam still exists not minding the fact it's thousands of years old? Many people refuse to learn, while we also have newbies who are coming into bitcoin and crypto on daily basis, if every one will give their self to adequate knowledge, it might not reduce scam in crypto, the victims will drastically reduce.

As long as there are greedy people and the one that don't pay much importance to security protocols, scammers will continue to get business. Scammers are continuously updating there attacks vectors and those who don't pay much attention to that aspects become victim of scammers. It is not that hard to identify a scammer because their schemes are always filled with lucrative incentives with little investment. If you are not greedy, you can easily identify them. Just small precautionary measures can save you from getting scammed.

Not everyone are using bitcoin the same way you does, understand that not everyone as well understand the use of Bitcoin as you do, while scammers don't also depend on a single strategy to execute their plans on targeted victims, there are many ways they could ensures that the perpetrated scam to any unscrupulous bitcoin user, we only must not give them a single chance to create vulnerability for them to attack us.

The short answer is that most people who get into crypto are below average intelligence. They expect 100%+ returns every year and chase those gains. Most are so delusional, they will even call x10 gains over a decade a scam. I think a lot of people on this forum are going to have a hard time when they grow up and discover 10% gains annually is something most people can’t even get on their portfolio.

Scams cannot be eradicated, no matter how strict the regulations are, scammers will continue to find various ways to scam people. moreover, not everyone has the same knowledge and level of vigilance, so there are still people who can easily accept offers that sound profitable without first verifying them. so you will continue to see people getting scammed from time to time.

Have you forgotten that we are not new to Fiat currency and yet you see a lot of scams going on on different platforms by different scammers using diverse techniques, what matters when it comes to security of our asset is our knowledge and awareness we have towards it that will not permit any other person to have access to anything that belongs to us, because any chances they have will be used against us and they will not spare, if you are into Bitcoin, then you will know that you need to learn more about security and privacy has been important for your safety.

Everyone are lacking because as a user its our own due diligence that we have to do to avoid getting scammed. If the users are still getting scammed then service providers and governments should put in more efforts so that users are aware of all the types of scams going around. It's no one person or entity who is at fault but everyone. But we must know that it won't stop completely but we can surely try to reduce the number of people getting scammed.

We can see how the old methods of scammers are still being used to find potential victims. Those who have long been familiar with Bitcoin and crypto are not necessarily free from the risk of being scammed. It's just that I believe scammers target beginners more. We know that nowadays more and more people are interested in owning or trading Bitcoin. With limited knowledge, beginners are more vulnerable to schemes designed by scammers.

Bitcoin is younger than traditional assets, and the fact is people still get scammed and lost money with stocks, real estates, gold and other things. It's very naturally reasonable why people still lose money in Bitcoin market and in the society. I believe that even many decades in the future, there will be people lose money in Bitcoin market, with scams or failures in investment, trading in spot or trading in margin and futures market. Fortunately with time, there are more resources to learn about Bitcoin from fundamentals to technical, and the same with Bitcoin market from investment to trading. People who are ready to learn for their careful preparations before joining Bitcoin market, will reduce risk of being scammed.