Different types of Bitcoin Scam
The Honey Pot
So – this one works by actually you getting Bitcoin, sometimes free, this then encourages you to invest, but guess what, you never even recoup your initial investment. You might get SOME of it back but never a profit. In fact, what happens is that you’ve been recommending the site because they promise you some kind of bonus but you will never make money – Bitminer is a classic example of it.
The Bitcoin Doubler
NEVER be stupid enough to try this. Why on earth would someone want to double your Bitcoin? What possible use would it be? I have tested 2 of these sites and they never pay out. Your Bitcoin is just taken and spent on something lovely.
The Advertising Scam
This is quite clever, they promise you Bitcoin in exchange for viewing ads, this is difficult to spot because there are some GENUINE advertising networks. However, the fake ones will get you to invite 10 people and then in order to get your 50 Bitcoin, complete a task which is looking at advertisements and giving your details to some unscrupulous virus filled website or software. Once that’s done you will find you can’t complete the task. Which means, sadly, they have your info and you never get your coin.
(not the film)
So basically this is a bit complex, but it works by you making an investment and then inviting others to join your matrix. However, people seem to LOVE signing up for things and not doing their investment. So what happens is your matrix never “completes”. So you never get paid :-(. – Some people do manage to complete their matrix of invited people, but it’s hard to do.
The Fake ICO (Initial Coin Offering).
So fake coins. It’s quite easy to invent a fake coin and get people to buy it, but it has no blockchain behind it, it’s just collecting money. Then in 5 years, when they have long after done a runner, you’re left with worthless digital tokens that don’t actually do anything.
The Free/Paid Blockchain Hacking Software
Ok – Read my lips. You cannot hack the Blockchain. It would require massive amounts of computing power. Actually, I think a million dollars was offered for anyone who could hack it.
So you download the software and it pretends to hack the blockchain, it pretends to send money to your account but guess what. Nothing. You bought the software. You get no money.
The Fake Mining sites
So this is basically a Ponzi scheme in disguise and some of them are VERY convincing. They don’t actually have any mining equipment. So they take peoples money for a while, payout for a while, but always make a profit when the site magically goes into maintenance mode and then disappears.
I hope that’s of help, please get in touch using Contact Us if you want me to check out any sites.