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The Honey pot scam and how it gets you!

It seems one of the most prolific scams within Bitcoins is the honey pot. It works like this.

So they promise you returns of say double your money and you deposit 0.005 BTC as a test, they pay you back 0.01 BTC as promised, so you think, hey what have I got to lose? So you pay them back in the 0.01 they sent you hoping to double your money, then what? Nothing, no payout, and when you check your account it simply says “PENDING”, you try and contact them and nothing.

Some of them are even cleverer, offering a referral system to “SPEED UP” payments from your account. So you help them scam more people by referring people, which sometimes may even release some of your money back to you, however, be aware that the money is probably coming from the people who signed up “underneath” you. So in fact you are helping scam them with the same thing you’ve been scammed with.

Where they are UK based limited companies, I am looking to report them to Trading Standards as they basically are fraudulent websites. If it looks too good to be true, it probably is.

Technically if you think it’s a honey pot, when they return your doubled money walk away. Also do what I do and that is RARELY invest more than 0.01 BTC in anything. If you have 500 investments in BTC sites and 400 work (that’s optimistic BTW), they will cover the dodgy ones.

Also check the site out on SCAMFOO first.

Fake Mining Sites

Bitminer is one of these – claims to be (in the name) a mining site, but in fact it’s not at all, because if you use a mining calculator you’ll find it is promising returns way above what standard miners will produce. I’m using Splititmining and my own home rig (I know that’s not a scam because guess what! it’s mine!) with Slushpool.

Casino Sites

These you will always lose on, they are programmed to always make money.

Please be careful folks, I test these sites so you don’t have to.

You could try my lottery which is actually not a scam!

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