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Crypto and bitcoin - any purpose and use beyond their plethora of scams and frauds?

I am by no means an expert on crypto, bitcoin or NFTs. I am quite honestly the opposite.

But so much about crypto, bitcoin and NFTs seems to be about scams. In fact, many people’s Instagram accounts have been hacked to promote and endorse crypto and bitcoin scams and contain fake bank transaction screenshots saying that the hacked victim invested $500 with some fraudulent investor scam Instagram user and got back $10,000 in just 3 hours and claim that it’s real and legit.

Many hackers have even forced their victims to film a video of themselves saying that they invested $500 with a particular fake fraudulent investor and got back $10,000 in just 3 hours and that it’s real and legit. These hackers tell their victims that if they do this video they will get their account back but the hacker instead puts that video on the victims profile and stories and sends it to the victims followers. Some hacked Instagram accounts contain a picture of a car and/or house and say that purchasing these were only possible due to the cryptocurrency and forex investments they made.

When crypto was made I don’t know if the founders had the intention for a lot of scams to be based on crypto and bitcoin. I sure hope this was not the founders’ intention.

To some degree crypto and bitcoin disgusts me because of all of this if any of my friends, colleagues, acquaintances and even relatives on Instagram or Facebook asks me anything about crypto I will just block and assume they are hacked.

Could anybody please tell me.

Is there more to crypto and bitcoin that all of these frauds and scams?

I am asking this because whilst I have heard that in reality it is not a get rich quick scheme and that it is very risky and volatile and is not for everyone to invest and only those who know about it well, I get the impression that it is largely just a scam.
Reply 1
I'm sure some honest people with good intentions made some money off crypto in the early days... But I wouldn't touch it now.
Reply 2
Original post by Joinedup
I'm sure some honest people with good intentions made some money off crypto in the early days... But I wouldn't touch it now.


Oh ok. But I am guessing that it took those people at least a few months if not longer to make some money right?

I mean obviously it never was a get rich quick scheme where you can make high returns in 3 hours like those fradulent Instagram investors claim.

Just to ask, would you not touch it now because it is highly volatile and highly risky and full of scams or for another reason?

I just wanted to understand all of this better that is why I am asking
Thee good technology behind some of the currencies like blockchain which is being adapted by some banks - it makes transactions much quicker.

Have to see Cryptocurrency for me really more as an investment/commodity with huge volatile risk.

It’s use really is for sending funds and such quickly across the world I suppose with little fees if you use things like Monero/LTC. It beats using something like MoneyGram/Western union both in fees and time.

Many counties don’t have the banking systems we have either and have to pay fees for accounts, transfers and such, so it has some utility.

Realistically there’s only two that seem to have value/purpose long term and that’s BTC and Eth and even then I think Bitcoin beats that out.

It’s been shown you can create (and people have) scam coins in a few hours and I’d say 99% of the ‘coins’ out there are just a waste and have no value.

That said I don’t think we’ll ever see Bitcoin used daily worldwide as a currency. I think governments like the U.K. will make their ‘digital pound’ and that will win.

A lot of crypto for me is trying to solve problems that don’t really exist for the average person - and whilst scams run rife and such it’ll never take wide adoption. Fees with Bitcoin for example are insanely high and your Bitcoin can vastly vary in value day to day, when realistically the money in my bank can’t. My money in my bank is secured and safe up to £85k.
Reply 4
Original post by gandalfslipper
Thee good technology behind some of the currencies like blockchain which is being adapted by some banks - it makes transactions much quicker.

Have to see Cryptocurrency for me really more as an investment/commodity with huge volatile risk.

It’s use really is for sending funds and such quickly across the world I suppose with little fees if you use things like Monero/LTC. It beats using something like MoneyGram/Western union both in fees and time.

Many counties don’t have the banking systems we have either and have to pay fees for accounts, transfers and such, so it has some utility.

Realistically there’s only two that seem to have value/purpose long term and that’s BTC and Eth and even then I think Bitcoin beats that out.

It’s been shown you can create (and people have) scam coins in a few hours and I’d say 99% of the ‘coins’ out there are just a waste and have no value.

That said I don’t think we’ll ever see Bitcoin used daily worldwide as a currency. I think governments like the U.K. will make their ‘digital pound’ and that will win.

A lot of crypto for me is trying to solve problems that don’t really exist for the average person - and whilst scams run rife and such it’ll never take wide adoption. Fees with Bitcoin for example are insanely high and your Bitcoin can vastly vary in value day to day, when realistically the money in my bank can’t. My money in my bank is secured and safe up to £85k.


What things is it used to send funds for because I don’t think it’s widely accepted in e-commerce?
Reply 5
Original post by midnight999
What things is it used to send funds for because I don’t think it’s widely accepted in e-commerce?

internationally, say sending money from america to uk, yes you can use platforms like wise or paypal but their fees are higher than say eth, it also will take at least 24 hours, whereas eth would be a few minutes. in addition it is sort of safer (for the normal person this doesn't matter), on paypal and wise it is possible to charge back, you could lose your money, when dealing with strangers thats worrying but with crypto, it is guaranteed you have received it. but yea 99% of crypto coins are scams, but technology is super promising.

oh and you can use cryptocurrencies on the majority of e-commerce payment providers, even amazon and shopify are considering it, if the largest and smartest companies in the world are investing and are interested, it is probably something to look into
Reply 6
Original post by svr_
internationally, say sending money from america to uk, yes you can use platforms like wise or paypal but their fees are higher than say eth, it also will take at least 24 hours, whereas eth would be a few minutes. in addition it is sort of safer (for the normal person this doesn't matter), on paypal and wise it is possible to charge back, you could lose your money, when dealing with strangers thats worrying but with crypto, it is guaranteed you have received it. but yea 99% of crypto coins are scams, but technology is super promising.

oh and you can use cryptocurrencies on the majority of e-commerce payment providers, even amazon and shopify are considering it, if the largest and smartest companies in the world are investing and are interested, it is probably something to look into

Ok thanks fo letting me know. Due to a horrible experience I had with my Instagram being hacked to promote crypto scams I will never look into it.

What I would like to ask you is?:

Why is Instagram full of fake and fraudulent crypto scam "investors" who promote false get rich quick schemes where you can invest $500 with them and get back $10,000 in just 3 hours and these scammers hack people's Instagram accounts and post fake screenshots of a bank transaction showing that they got high returns in 3 hours and these hackers even ask their victims to send a video of themselves saying that they invested $500 with the fake fraudulent Instagram investor and got back $10,000 in just 3 hours and that it is real and legit?

Why do these fake and fraudulent crypto scam "investors" on Instagram upload pictures of fancy cars, fancy houses, fancy holidays and a laptop lifestyle and portray this image that by investing in crypto you can become very wealthy and be able to own fancy cars, houses and afford luxury holidays?
Reply 7
Original post by midnight999
Ok thanks fo letting me know. Due to a horrible experience I had with my Instagram being hacked to promote crypto scams I will never look into it.

What I would like to ask you is?:

Why is Instagram full of fake and fraudulent crypto scam "investors" who promote false get rich quick schemes where you can invest $500 with them and get back $10,000 in just 3 hours and these scammers hack people's Instagram accounts and post fake screenshots of a bank transaction showing that they got high returns in 3 hours and these hackers even ask their victims to send a video of themselves saying that they invested $500 with the fake fraudulent Instagram investor and got back $10,000 in just 3 hours and that it is real and legit?

Why do these fake and fraudulent crypto scam "investors" on Instagram upload pictures of fancy cars, fancy houses, fancy holidays and a laptop lifestyle and portray this image that by investing in crypto you can become very wealthy and be able to own fancy cars, houses and afford luxury holidays?

Social media will always be full of frauds who sell dreams, it’s nothing new, has been around for a very long time. The reason for why can be very deep and philosophical but it’s just another way for immoral people to make money. Have you watched wolf of Wall Street or the boiler room? They were based 20+ years ago and is kind of the same principle where it’s pretty much selling people a dream but stealing their money.

It sucks, younger kids look at the fancy stuff and look up to it, they get a false reality of how hard it is to become wealthy, and the majority of older people who “invest” with these scammers are spending their last bit of money out of desperation. Those Instagram gurus who do that should be locked up in my opinion, and in fairness there are people out there who expose these people and they do end up getting taken to court and prosecuted.
Reply 8
Original post by svr_
Social media will always be full of frauds who sell dreams, it’s nothing new, has been around for a very long time. The reason for why can be very deep and philosophical but it’s just another way for immoral people to make money. Have you watched wolf of Wall Street or the boiler room? They were based 20+ years ago and is kind of the same principle where it’s pretty much selling people a dream but stealing their money.

It sucks, younger kids look at the fancy stuff and look up to it, they get a false reality of how hard it is to become wealthy, and the majority of older people who “invest” with these scammers are spending their last bit of money out of desperation. Those Instagram gurus who do that should be locked up in my opinion, and in fairness there are people out there who expose these people and they do end up getting taken to court and prosecuted.

I have seen Wolf of Wall Street but not the Boiler Room.

I totally agree that those Instagram gurus should be locked up. I don't think enough have been caught and locked up. I think that those people who expose scammers mostly expose scam callers e.g. Jim Browning, Pierogi and others. I can't think of many, if any person who exposes Instagram investment scammers but there might be someone that I do not know about.

Honestly, I think that people's social media particularly Instagram accounts getting hacked to promote crypto and bitcoin scams is taking it way too far since people's identities are stolen. I am against scams completely but I would much rather lose $50 for buying a product which never arrived than have my Instagram (or any other social media) account hacked (and therefore lose access to the account) to promote a scam of any type (not only crypto or bitcoin scam but any scam... however most hacked Instagram and other social media accounts are promoting crypto and bitcoin scams).
Reply 9
I feel there are a lot of scams around money in general. I've heard the government prints more money out of nowhere. And that that money is not backed by anything and causes inflation, which is basically watering down the value of our savings. How is that fair?

I agree that a lot of cryptocurrency is at least a waste of time, if not a scam. The only two I trust are Bitcoin and Nimiq, which has a lot in common with Bitcoin but is fast and cheap to send and so a better way to buy a coffee than Bitcoin. I hope this helps!
Reply 10
Original post by thevegman
I feel there are a lot of scams around money in general. I've heard the government prints more money out of nowhere. And that that money is not backed by anything and causes inflation, which is basically watering down the value of our savings. How is that fair?

I agree that a lot of cryptocurrency is at least a waste of time, if not a scam. The only two I trust are Bitcoin and Nimiq, which has a lot in common with Bitcoin but is fast and cheap to send and so a better way to buy a coffee than Bitcoin. I hope this helps!

Yes there seems to be tons of scams around money such as investment scams and crypto scams. I have never heard of Nimiq but Bitcoin has a lot of scams associated with it. Lots of hacked Instagram accounts are promoting bitcoin scams and bitcoin get rich quick schemes which claim that you can invest $500 with a fake fraudulent bitcoin investor and get back $10,000 in just 3 hours and they say that it is real and legit.

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