The Danger of The Billion Coin and Onecoin Scams.
I am Seeing a Disturbing Trend in the World of Crypto-Currencies.
Over the last few months we have seen a massive surge here in Latin America about this scam coin called Onecoin. Those of us who are active in the world of Crypto-Currencies understand the ramifications of these tokens. They have nothing to do with Crypto-Currency but rather hijacking the technology in name only and using it to rob regular people of their hard earned income.
I don't think I need to talk much about Onecoin since there is plenty of articles about the illegitimacy of this scam token.
The Billion Coin Scam is Starting to Get Attention.
This one has me perplexed. How do people believe in this stuff? Watch this video and see every trick in the book to hook you with greed. The easiest way to attract the masses is through the emotion of greed and it seems to be working great. I was on a FascistBook thread that truly scared me. These people will do anything to make a buck.
Check Out This The Billion Coin Chart and Try Not to Loose Your Cool.
What I have noticed is that people who I thought were true Crypto-Currency enthusiasts are falling for this scheme. If you want more confirmation that The Billion Coin is a scam then go to the link on Bitcoin Talk.
I find it deplorable that people are pushing these tokens. Many of the people who are falling for these scam tokens are first time Crypto-Currency users. They hear about the success of Bitcoin and other AltCoins and get excited about new ground floor opportunities. The problem is that when one of these scams come tumbling down it will leave a mark on the whole Crypto-Currency world.
Thanks for your efforts to get the word out. There's such a steep learning curve for people new to cryptocurrency that it's unfortunately rather easy for the perpetrators of these types of scams to find victims.
These days I'm also becoming increasingly worried about ICOs. With First Blood and SingularDTV selling out so quickly, it's clear there is massive demand for ICOs with a ridiculous amount of people looking to flip coins for rapid, easy gains. I'm sure this fact is not lost on scam artists either, so I'd expect to see many scam ICOs in the months ahead trying to prey on the greed of the masses.
Regulation is one way to combat this problem, but then the question is what jurisdiction applies to any given crowdsale and how exactly do you enforce it across non-existent virtual borders? Going down that route simply opens a whole can of worms that's not easy to deal with.
For now, I think the only way to combat such things is by knowledge. Posts like this one that raise awareness are always good. People need to be educated as well on how to conduct their own due diligence to separate out good investments from bad ones. There are always warning signs to look for. One telltale sign for me is if a project pitch sounds like the digital equivalent of a used car salesman trying to sell me a lemon. Some common red flags:
Your Red Flags are good points for anyone to follow. I don't want Crypto to catch the attention any regulators imagine how quickly the optimism would change to pessimism. Many of us don't like government and their thugs.
I also don't want to see crypto attracting too much regulatory attention. One reason I got into it in the first place is because it's so convenient not to have to deal with all that red tape. Unfortunately continued scams and high profile hacks such as The DAO, Bitfinex, etc are likely to catch the eye of the regulators. We've already seen in New York how heavy handed legislation can stifle the industry. I sure hope that doesn't start spreading elsewhere.
The one good thing about the ICO stuff and Altcoins is that they address crypto people. I see that as a kind of B2B relationship where "buyer beware" rules. OneCoin etc targets Noobs and Moms and Pops and they are pure scams.
WOW.. This article is was written 10/16/2016 back when TBC was at a value of about 30 €/ea.. It crazy how their site is showing 76,546.96020490 € /ea (35.69898031 BTC/ea) it also is showing that the price will never go down. Crazy claims!! I rather stick with BTC and this auto trading platform to make more BTC over time. http://mytcc.team
I can report the same problems from Europe. Recently, the Munich Bitcoin Meetup said they were considering to do some kind of information strategy, because they keep getting asked about it by newcomers. I was at the Ludwig von Mises conference saturday, also in Munich, and Aaron Koenig, the Bitcoin speaker, has also been asked about it from the crowd. Looks like we crypto people thought this was just a bad joke for too long. People are really falling for that crap.
I just had an unpleasant encounter with a "true believer" myself (in the comments):
https://steemit.com/food/@future24/another-new-quick-and-easy-homemade-recipe-chicken-nuggets-with-tomatoes-mozzarella-and-vegetables-english-only
This is not good at all. They really slow the growth of Bitcoin and Crypto-Currency in general if and when the governments of the world make a big deal about it.
I actually hope the governments will know the difference, but Bruce Fenton shares your concerns:
https://cointelegraph.com/news/bruce-fenton-onecoin-has-no-value-when-it-collapses-regulators-will-blame-all-cryptocurrencies
Yes, they will put all crypto-currencies in one basket and try to crush them with a hammer. Even though they will not succeed it will slow progress.
Unbelievable...
This got me thinking.....
TBC is never a scam, people need to start embracing this currency and join hand with the tbcian in the world