The mainstream reaction to Bitwise’s recent report showing that 95 percent of total reported bitcoin trading is fake was, predictably, to see it as further proof of the lawlessness and scammy. Bitcoin Prime Fake News Websites In an effort to trick people into signing up, the creators of the Bitcoin Prime scam have also created several fakes news websites to promote it. Mar 22, · New research is casting even more doubt on the legitimacy of bitcoin trading. An analysis published by Bitwise this week shows that 95 percent of bitcoin spot trading is faked Author: Kate Rooney.
Bitcoin trading is fakeBitcoin Trader Review - Read What 52 People Say
Looking at the long list of complaints at the bottom of this page, we can completely reassure this is a scam, and we were right from the beginning! Just take a look at what our users have to say about it:. Too many promises, too aggressive and a definite scam! This guy sums it up perfectly. Unfortunately, some people still fall for empty promises and lies spread by these robot makers.
Phil from Auckland has done the smart and common-sense thing: he actually researched and read some reviews BEFORE reaching for the wallet and giving money away. And speaking of reviews: please be careful what you read or more importantly what you trust because a tool among many others to get more clients for their scam is to pay for positive reviews. Price of Bitcoin is constantly rising… a great way for regular people to invest… great for newbies… and the cherry on top: the brokers behind this robot are going to do everything needed to help you achieve steady results.
And what about Bitcoin price constantly rising? On the same website that posted that stellar review, you will find people in the comments praising the results of Bitcoin Trader:. And pigs fly. The material was quickly taken down by the websites but I believe some people still got duped.
Beware of Fake News! Check facts. More recently, fake articles emerged, claiming that Andrew Forrest Chairman of Fortescue Metals Group was somehow involved with Bitcoin trading robots and that he endorsed investments in such apps.
Google soon removed the fake add after being alerted to it by The Australian Financial Review but this all goes to show that you should pay extra attention to all cryptocurrency app endorsements that appear to come from major financial figures or well-known personalities.
Last but not least we have pop-ups. The Bitcoin Trader Sucks because it is nothing but hype. Markets Pre-Markets U. Key Points. Ninety-five percent of spot bitcoin trading volume is faked by unregulated exchanges, according to a study from Bitwise this week. The firm analyzed the top 81 crypto exchanges by volume on industry site CoinMarketCap. New research is casting even more doubt on the legitimacy of bitcoin trading.
Related Tags. In , South Korean financial authorities and the local Bitcoin community exposed one of the most insidious Bitcoin scams: a fake exchange called BitKRX. To avoid this type of Bitcoin fraud, stick with popular, well-known Bitcoin exchanges and forums so you get news of fakes quickly. Bernie Madoff may be one of the most well-known Ponzi schemers. He did it with mainstream investments. But the principle of a pyramid scheme , in which you take money from new investors to pay previous investors, can be applied to Bitcoin scams.
The men operated BitClub Network for years. The scheme solicited money from investors in exchange for shares of cryptocurrency mining pools. It also supposedly rewarded investors for recruiting new investors.
As you can imagine, the investors never got any returns on their investments in the end. A common scam is to present a new cryptocurrency as an alternative to Bitcoin. My Big Coin was shut down for this reason. If somebody emailed or called and said they were from the IRS and that you owed back taxes that had to be paid immediately, would you send them money? Unfortunately, many people do. Instead of having the victim wire money via Western Union or transfer funds to a bank account, con artists are contacting victims and demanding that victims transfer bitcoins.
The best way to avoid this scam is to be skeptical of phone calls or emails that say they're from a government agency. Malware has long been a way for hackers to get passwords needed to access computer networks or steal credit card and bank account numbers.
If your Bitcoin wallet is connected to the internet, they can use malware to get access and drain your funds if you're not protecting yourself from malware. You can download malware by clicking links in your email.
You can also download it from websites and social media. There might be a post, for example, where someone claims a certain program allows you to mine bitcoins for free. Download it, and you could get malware.