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All crypto promoted online is a scam... do your homework and understand what you are investing in before you hand over your life savings. it still amazes me how people would spend hours researching a restaurant's Yelp reviews before committing to eating there. But, believe some crazy scheme will make them rich without a moment's hesitation.
>...what you are ~~investing in~~ gambling on before you...
FIFY you there too. But otherwise, your comment is dead on correct. I'd upvote it twice if I could.
All investments are a gamble. Some just have more inherent risk and less liquidity than others. In fact, the entire CDS market is specifically to hedge against gambles.
In my neck of the woods, companies can offer shares as an additional incentive for staying with the company. By law, once the stock is vested, it can also be taken as cash + interest (if the stock didn’t appreciate, you’re just getting what the stock was worth at the initial moment of offering) so there’s really no way to lose. And obviously the entire thing is insured, in case the company goes bankrupt you will just get the cash + interest.
[https://www.investopedia.com/articles/basics/09/compare-investing-gambling.asp](https://www.investopedia.com/articles/basics/09/compare-investing-gambling.asp)
Just because there's risk involved in both doesn't mean they are the same.
A scammer tried to scam me with Bitcoin. I bought $1000 of Bitcoin - but NY has alot of rules so I had to wait a week to transfer it. I made $310.00 profit, cashed out, and did not give the scammer a dime.
The fact that there are now 250+ of them to trade in really says it all. It should be obvious that very few of these will ever be worth anything. In most cases, the people who made them are just hoping for them to go up in value so that they can sell everything, make a bunch, and bail.
Crypto.com isn’t really a scam though. These are volatile speculative investments, sure. But it’s not a scam in that you won’t get exactly what you pay for.
Are these meme coins good investments? Probably not. But if you understand what you’re buying and want to buy some, crypto.com is a great choice.
I wouldn’t consider this a scam tbh. But I’m sure the /r/scams gang of goons that parrot “aLL cRYpTo iS a ScAm!!!!!!!” will happily downvote anybody who suggests otherwise 😅
Glossing over the part where it’s advertising a particular coin.
It’s not helpful to say “the stock market isn’t a scam, so invest in the company we are advertising”
It depends on your definition of scam. For many people, any product that portrays itself in a false way is a scam. Crypto is very much that.
Yes, its possible to make money on crypto if you're very lucky or willing to pass your loss on to somebody else. It also possible to win the lottery. By far the most reliable way to make money from crypto is to invent a useless coin like this and then persuade gullible people to give you real money for it.
https://www.bbc.co.uk/news/business-68677487
https://www.dailymail.co.uk/news/article-13235553/Crypto-supervillain-goddess-run-3billion-bitcoin-swindle.html
https://www.cps.gov.uk/cps/news/sentence-update-fraudsters-sentenced-ps21m-loss-cryptocurrency
https://www.nytimes.com/2023/11/21/technology/binance-changpeng-zhao-pleads-guilty.html
This all reads exactly like a set of people you should trust with your savings.
It's really not that hard to make money investing in crypto, you don't need luck, you just need due diligence. Honestly, all these comments from people who don't have a clue what they're talking about make me laugh.
People wouldn't say the lottery is a scam in the same way that someone running a refund scam is scamming you. The same applies here, it's not really a scam.
Case in point :) People are being irrational, what's new.
I'm not saying that the lottery and crypto are equivalent. Those were in different paragraphs. The lottery was simply an example of using probability in a marketing context. The lottery is entirely transparent about how it works, its called a lottery.
Crypto is sold under many false pretences, as a currency, as ownership of a digital asset, even as some sort of democratised/decentralised way of performing transactions. They aren't sold as value gambling tokens, which is exactly what they are.
This isn't being advertised as anything other than a platform where you can buy alt coins. That's it, there's no scam about it, they are legitimate products being sold and this is a legitimate ad for a legitimate platform. The same as something like a trading card. The value is entirely speculative. Something being higher risk doesn't make it a scam.
> The lottery is entirely transparent about how it works, its called a lottery.
As are legitimate crypto exchanges like this one selling legitimate coins. Did you read the ad? What about its claims make it a scam?
> alt coins
It's not currency. That was easy. Not sure why you even asked.
As for this whole *did you read the ad* thing, I see this a lot from crypto advocates. The idea that disapproving of it means you don't understand it. Ironically, this is another way of supporting one of the first deceptions, the idea that its complicated clever technology. So to be clear, I disapprove of it because I understand it perfectly.
Its also not hard to understand, the blockchain anyway. Crypto is just gambling on the value of block tokens.
It is currency. You can exchange it for USD pretty much instantly, the same as all other crypto.
I have 0 crypto holdings, I wouldn't advocate for holding crypto. I also wouldn't call it a scam in the same way any of the other actual scams are posted on this sub. That's all I had an issue with, you called it a scam when that isn't correct at all and you don't apply the same logic you do for actual scams. It's a case of special pleading because you don't like crypto.
Your definition of currency includes everything and is therefore meaningless.
You're arguing the technicality of what it actually is, I'm talking about the way its sold. There's a long list of things that are technically legal but sold in a way that makes them a scam. Most of those things end up in a court case at some point despite being perfectly legal. I'm not even sure that crypto's legal status is all that settled for the moment.
Not to mention, they don’t have any fix value or stable way to track physically…it like, if the server went down or there no power, nobody gonna want it because they can’t access it compared to actual physical minerals. You want values? Get minerals from reputable sources. Values change, but it’ll always be steady and in demands.
Hey but you get them at true cost instead of pretend cost.
RDDT needs the revenue, more ads for scams, more revenue and more clicks when people say they got scammed on this subreddit
I'm making this comment and hope not to be called a racist, but 9 times out of ten of the scam calls talking about you having an account with them for certain things, they sound foreign, like Indian or Pakistani or similar. So every time I hear someone like that I know it will more than likely be a scam. Because I am doing that, I am getting no more calls. Took a while but I did it.
That is a post warning people about Crypto scams, albeit from someone in Canada who sells bitcoin legally.
This sub in and of itself does not promote anything shady. If you find a thread that you believe doesn't fit the sub, please report it to the mods. They are very hands-on here.
yes… they paid reddit.. to promote the advertisement.. so therefor… reddit is promoting it. are you challenged?
When a youtuber gets paid $X to promote a VPN/product, what’s that called? A paid promotion..
so this well known figure… PROMOTES a product.
I hate to burst your bubble... But, "Promoted" ALWAYS means it is a "Paid Advertisement". I'm not sure what you think what the word means. But, every product that is "promoted" from actors "promoting" cigarettes to wannabes "promoting" the flavor of the week were all paid to say those things.
You really should have taken a marketing class in HS.
Someone paid Reddit to host an ad for crypto scam. Reddit accepted the ad and "promoted" the ad. How did you miss the point completely and not understand this is what OP meant?
Obviously, if Reddit are hosting the ad then they are complicit in promoting it.
That guy was being both wrong and an asshole at the same time and you are so offended by downvotes that we now deserve to be scammed? That is your current position?
Your r/Scams post/comment was removed because **it's rude or uncivil**.
This subreddit is a place for civil and respectful discussions about scams. Uncivil and rude behavior, including using excessive or directed swearing, extreme or sexual language, and any form of discrimination, is not acceptable in this subreddit.
Your /r/scams post/comment was removed because it lacks civility. Posts and comments within this subreddit should be useful, respectful and use appropriate language at all times. Dissenting opinions are expected, but you should conduct yourself in a mature and polite manner. Name calling, personal attacks, flaming, etc are not permitted.
Do not discuss moderator decisions in the comments. If you would like to discuss moderation, send the moderators modmail (no direct messages or chat requests).
/u/Age_of_extinction - This message is posted to all new submissions to r/scams; please do not message the moderators about it. ## New users beware: Because you posted here, you will start getting private messages from scammers saying they know a professional hacker or a recovery expert lawyer that can help you get your money back, for a small fee. **We call these RECOVERY SCAMMERS, so NEVER take advice in private:** advice should always come in the form of comments in this post, in the open, where the community can keep an eye out for you. If you take advice in private, you're on your own. **A reminder of the rules in r/scams:** no contact information (including last names, phone numbers, etc). Be civil to one another (no name calling or insults). Personal army requests or "scam the scammer"/scambaiting posts are not permitted. No uncensored gore or personal photographs are allowed without blurring. A full list of rules is available on the sidebar of the subreddit, or [clicking here](https://www.reddit.com/r/Scams/wiki/rules/). You can help us by reporting recovery scammers or rule-breaking content by using the "report" button. We review 100% of the reports. Also, consider warning community members of recovery scammers if you see them in the comments. Questions about subreddit rules? Send us a modmail [clicking here](https://www.reddit.com/message/compose/?to=/r/Scams). *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/Scams) if you have any questions or concerns.*
All crypto promoted online is a scam... do your homework and understand what you are investing in before you hand over your life savings. it still amazes me how people would spend hours researching a restaurant's Yelp reviews before committing to eating there. But, believe some crazy scheme will make them rich without a moment's hesitation.
>...what you are ~~investing in~~ gambling on before you... FIFY you there too. But otherwise, your comment is dead on correct. I'd upvote it twice if I could.
All investments are a gamble. Some just have more inherent risk and less liquidity than others. In fact, the entire CDS market is specifically to hedge against gambles.
Not all investments are a gamble, actually. There are fringe cases where losses are insured by law. But no, crypto isn’t investment, it’s speculation.
Insured as in treasury bills and muni bonds?
Those are not fringe cases.
Fair point. What fringe cases are you referring to?
In my neck of the woods, companies can offer shares as an additional incentive for staying with the company. By law, once the stock is vested, it can also be taken as cash + interest (if the stock didn’t appreciate, you’re just getting what the stock was worth at the initial moment of offering) so there’s really no way to lose. And obviously the entire thing is insured, in case the company goes bankrupt you will just get the cash + interest.
[https://www.investopedia.com/articles/basics/09/compare-investing-gambling.asp](https://www.investopedia.com/articles/basics/09/compare-investing-gambling.asp) Just because there's risk involved in both doesn't mean they are the same.
All crypto is a scam. FIFY
Oh yeah? Then why do I have over 200,000 KUM Coins?
Only some trusted Financial/crypto apps are pretty trustworthy
A scammer tried to scam me with Bitcoin. I bought $1000 of Bitcoin - but NY has alot of rules so I had to wait a week to transfer it. I made $310.00 profit, cashed out, and did not give the scammer a dime.
It's the equivalent of a casino ad IMO. Should adhere to similar rules.
All crypto is a scam period!
The fact that there are now 250+ of them to trade in really says it all. It should be obvious that very few of these will ever be worth anything. In most cases, the people who made them are just hoping for them to go up in value so that they can sell everything, make a bunch, and bail.
Not surprising.
They dont care only what grant them money
What is this trend with 4chan meme coins. It's just not going away
disgraceful, like all social media
Crypto.com isn’t really a scam though. These are volatile speculative investments, sure. But it’s not a scam in that you won’t get exactly what you pay for. Are these meme coins good investments? Probably not. But if you understand what you’re buying and want to buy some, crypto.com is a great choice. I wouldn’t consider this a scam tbh. But I’m sure the /r/scams gang of goons that parrot “aLL cRYpTo iS a ScAm!!!!!!!” will happily downvote anybody who suggests otherwise 😅
Glossing over the part where it’s advertising a particular coin. It’s not helpful to say “the stock market isn’t a scam, so invest in the company we are advertising”
BOME is also not a scam. Shitcoin, yes, scam, no.
It depends on your definition of scam. For many people, any product that portrays itself in a false way is a scam. Crypto is very much that. Yes, its possible to make money on crypto if you're very lucky or willing to pass your loss on to somebody else. It also possible to win the lottery. By far the most reliable way to make money from crypto is to invent a useless coin like this and then persuade gullible people to give you real money for it. https://www.bbc.co.uk/news/business-68677487 https://www.dailymail.co.uk/news/article-13235553/Crypto-supervillain-goddess-run-3billion-bitcoin-swindle.html https://www.cps.gov.uk/cps/news/sentence-update-fraudsters-sentenced-ps21m-loss-cryptocurrency https://www.nytimes.com/2023/11/21/technology/binance-changpeng-zhao-pleads-guilty.html This all reads exactly like a set of people you should trust with your savings.
It's really not that hard to make money investing in crypto, you don't need luck, you just need due diligence. Honestly, all these comments from people who don't have a clue what they're talking about make me laugh.
People wouldn't say the lottery is a scam in the same way that someone running a refund scam is scamming you. The same applies here, it's not really a scam. Case in point :) People are being irrational, what's new.
I'm not saying that the lottery and crypto are equivalent. Those were in different paragraphs. The lottery was simply an example of using probability in a marketing context. The lottery is entirely transparent about how it works, its called a lottery. Crypto is sold under many false pretences, as a currency, as ownership of a digital asset, even as some sort of democratised/decentralised way of performing transactions. They aren't sold as value gambling tokens, which is exactly what they are.
This isn't being advertised as anything other than a platform where you can buy alt coins. That's it, there's no scam about it, they are legitimate products being sold and this is a legitimate ad for a legitimate platform. The same as something like a trading card. The value is entirely speculative. Something being higher risk doesn't make it a scam. > The lottery is entirely transparent about how it works, its called a lottery. As are legitimate crypto exchanges like this one selling legitimate coins. Did you read the ad? What about its claims make it a scam?
> alt coins It's not currency. That was easy. Not sure why you even asked. As for this whole *did you read the ad* thing, I see this a lot from crypto advocates. The idea that disapproving of it means you don't understand it. Ironically, this is another way of supporting one of the first deceptions, the idea that its complicated clever technology. So to be clear, I disapprove of it because I understand it perfectly. Its also not hard to understand, the blockchain anyway. Crypto is just gambling on the value of block tokens.
It is currency. You can exchange it for USD pretty much instantly, the same as all other crypto. I have 0 crypto holdings, I wouldn't advocate for holding crypto. I also wouldn't call it a scam in the same way any of the other actual scams are posted on this sub. That's all I had an issue with, you called it a scam when that isn't correct at all and you don't apply the same logic you do for actual scams. It's a case of special pleading because you don't like crypto.
Your definition of currency includes everything and is therefore meaningless. You're arguing the technicality of what it actually is, I'm talking about the way its sold. There's a long list of things that are technically legal but sold in a way that makes them a scam. Most of those things end up in a court case at some point despite being perfectly legal. I'm not even sure that crypto's legal status is all that settled for the moment.
Not to mention, they don’t have any fix value or stable way to track physically…it like, if the server went down or there no power, nobody gonna want it because they can’t access it compared to actual physical minerals. You want values? Get minerals from reputable sources. Values change, but it’ll always be steady and in demands.
FYI, some of them are involved in f1 as sponsors
Hey but you get them at true cost instead of pretend cost. RDDT needs the revenue, more ads for scams, more revenue and more clicks when people say they got scammed on this subreddit
Yep, you go public, you can't afford morals anymore
Just now?
Don't be ridiculous
I'm making this comment and hope not to be called a racist, but 9 times out of ten of the scam calls talking about you having an account with them for certain things, they sound foreign, like Indian or Pakistani or similar. So every time I hear someone like that I know it will more than likely be a scam. Because I am doing that, I am getting no more calls. Took a while but I did it.
[удалено]
That is a post warning people about Crypto scams, albeit from someone in Canada who sells bitcoin legally. This sub in and of itself does not promote anything shady. If you find a thread that you believe doesn't fit the sub, please report it to the mods. They are very hands-on here.
Reddit is not promoting it..."Promoted" simply means that it is a paid advertisement. you need to learn the difference.
yes… they paid reddit.. to promote the advertisement.. so therefor… reddit is promoting it. are you challenged? When a youtuber gets paid $X to promote a VPN/product, what’s that called? A paid promotion.. so this well known figure… PROMOTES a product.
Agreed. I don't know how it would be made more clear that it's being promoted. It says it next to the title. "Promoted"
Look on the upper right of the image. What word do you there?
I hate to burst your bubble... But, "Promoted" ALWAYS means it is a "Paid Advertisement". I'm not sure what you think what the word means. But, every product that is "promoted" from actors "promoting" cigarettes to wannabes "promoting" the flavor of the week were all paid to say those things. You really should have taken a marketing class in HS.
Damn, never seen someone so confident and so wrong at the same time. Impressive 👏
Someone paid Reddit to host an ad for crypto scam. Reddit accepted the ad and "promoted" the ad. How did you miss the point completely and not understand this is what OP meant? Obviously, if Reddit are hosting the ad then they are complicit in promoting it.
I guess they were toking up
They don't like logic. Lol. Next they'll call you a pedant.
[удалено]
That guy was being both wrong and an asshole at the same time and you are so offended by downvotes that we now deserve to be scammed? That is your current position?
Yes. Ignorance breeds stupidity. Edit: also, the guy is not wrong. Find out how internet marketing works.
Your r/Scams post/comment was removed because **it's rude or uncivil**. This subreddit is a place for civil and respectful discussions about scams. Uncivil and rude behavior, including using excessive or directed swearing, extreme or sexual language, and any form of discrimination, is not acceptable in this subreddit.
[удалено]
Your /r/scams post/comment was removed because it lacks civility. Posts and comments within this subreddit should be useful, respectful and use appropriate language at all times. Dissenting opinions are expected, but you should conduct yourself in a mature and polite manner. Name calling, personal attacks, flaming, etc are not permitted. Do not discuss moderator decisions in the comments. If you would like to discuss moderation, send the moderators modmail (no direct messages or chat requests).
Is this more of a scam than other cryptocurrency?