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[AudraMiller]

Before we all had to be very careful on the internet and with our credit cards as there were many fraud cases with regards to credit cars, however this has now moved to the crypto world. One of the major concerning facts about crypto is that it has an irreversible nature and it seems that the fraudsters are taking advantage of this.

This is different from a credit card, who when the criminal activity is noted, can be charge backed for a period of up to 18 months, whereas for bitcoin this is not possible. This makes bitcoin and other crypto the perfect prey for scammers and people are being warned to be very careful of these scams.

the most common scam is said to be trading, where you have to pay for a service and are never rewarded or refunded when you pay in crypto. To all those on this forum, please be careful of this moving forward. This is something that i felt was important to bring to the attention of all here.

 

[Amalive]

the most common scam is said to be trading, where you have to pay for a service and are never rewarded or refunded when you pay in crypto.

I am not sure what you are talking about, did you mean an exchange that holding your funds or buying a service e.g trading bot?
Well, there are numerous dishonest exchanges out there that's why we need to do our own research before using them to avoid that kind of case.

IMO the most common scam is fake giveaways (you can found them on YT) and exit scam from DeFi projects

 

[Balint098]

There's a company that develops a piece of technology that makes it possible to reverse crypto transaction. It's for Ethereum if I recall correctly, hope it can be applied to other crypto as well.

 

[Amalive]

There's a company that develops a piece of technology that makes it possible to reverse crypto transaction. It's for Ethereum if I recall correctly, hope it can be applied to other crypto as well.

That was interesting to see, whats the project name?

Indeed bitcoin transaction is irreversible but there is a gap in it, that is by creating an invalid transaction (double-spend). There are some malicious person use that method to deceiving people on buying an item, if you guys sell something and can be bought with bitcoin then be sure that the transaction from your customer need to has 1 confirmation (at least) before you send your items to him.

 

[Balint098]

That was interesting to see, whats the project name?

Indeed bitcoin transaction is irreversible but there is a gap in it, that is by creating an invalid transaction (double-spend). There are some malicious person use that method to deceiving people on buying an item, if you guys sell something and can be bought with bitcoin then be sure that the transaction from your customer need to has 1 confirmation (at least) before you send your items to him.

https://www.beermoneyforum.com/thre...-can-undo-btc-transactions.87708/#post-734294
I heard about it from this thread.

 

[Niftyicon]

G

Before we all had to be very careful on the internet and with our credit cards as there were many fraud cases with regards to credit cars, however this has now moved to the crypto world. One of the major concerning facts about crypto is that it has an irreversible nature and it seems that the fraudsters are taking advantage of this.

This is different from a credit card, who when the criminal activity is noted, can be charge backed for a period of up to 18 months, whereas for bitcoin this is not possible. This makes bitcoin and other crypto the perfect prey for scammers and people are being warned to be very careful of these scams.

the most common scam is said to be trading, where you have to pay for a service and are never rewarded or refunded when you pay in crypto. To all those on this forum, please be careful of this moving forward. This is something that i felt was important to bring to the attention of all here.

Good information you have shared now. All in all, when it comes to online transactions especially where crypto is involved, the least we can do for ourselves is to be cautious because frauds will always be everywhere.

 

[Slim Ariel]

Of course
No one's into fraud any more as a result of the changes in the technology....even though it took us all many years to realise the advantages that the Crypto has to offer us.....its far more better and more legal than fraud....

 

[AudraMiller]

I am not sure what you are talking about, did you mean an exchange that holding your funds or buying a service e.g trading bot?
Well, there are numerous dishonest exchanges out there that's why we need to do our own research before using them to avoid that kind of case.

IMO the most common scam is fake giveaways (you can found them on YT) and exit scam from DeFi projects

I agree with you on fake giveaways. And yes i was referring to bots. There are many bots for trading that require an initial investment that is not returned or that is simply taken during the scam. Also some of these bots make bad trades that profit the owner of the bot.

 

[Josemendez]

True bitcoin and credit card transaction are two distinct activities with credit card being legal and thus can be refunded after filling a case unlike in bitcoin where there is no such privilege

 

[AudraMiller]

True bitcoin and credit card transaction are two distinct activities with credit card being legal and thus can be refunded after filling a case unlike in bitcoin where there is no such privilege

I don't think that the refunding is directly related to the legality though. There are some countries that have legalized the use of crypto, however in these cuntries they are still unable to reverse or refund a bitcoin transaction.
I think that this issue needs to be more addressed by blockchain directly.

 

[Josemendez]

I don't think that the refunding is directly related to the legality though. There are some countries that have legalized the use of crypto, however in these cuntries they are still unable to reverse or refund a bitcoin transaction.
I think that this issue needs to be more addressed by blockchain directly.

The refunding was in respect to credit card transaction and not cryptocurrency transaction. Cryptocurrency can't be easily be reversed .

 

[sykt62]

There's a company that develops a piece of technology that makes it possible to reverse crypto transaction. It's for Ethereum if I recall correctly, hope it can be applied to other crypto as well.

I never heard of this news.also i dont think so that it can be happen
Because,how is possible.? If there any reverse transection,the whole market process will be change.scammers will take full benefit of it

 

[Josemendez]

I never heard of this news.also i dont think so that it can be happen
Because,how is possible.? If there any reverse transection,the whole market process will be change.scammers will take full benefit of it

I think the reverse transaction we are talking about here involves transactions that we're sent to wrong address that on a normal should have been lost. It is not just any transaction

 

[sykt62]

I think the reverse transaction we are talking about here involves transactions that we're sent to wrong address that on a normal should have been lost. It is not just any transaction

Then,that is in long future
These kind of reverse need to be in one company wallet
If we sent different company's waller why they gives money back.?
Like paypal,they have reverse transection in one account to another account

 

[Brain]

Your assertion is right, people of dubious chsrcter are really into fraud now with crypto. Maybe the annonymity of transaction with it might just be the issue here.

 

[ELSA-ELI]

There's a company that develops a piece of technology that makes it possible to reverse crypto transaction. It's for Ethereum if I recall correctly, hope it can be applied to other crypto as well.

This would be awesome as i lost a $50 to fraud or rather scamer who pretended to be a trader.Thank goodness i cant easily be decieved these days because i have gained such a huge chunk of knowledge in various faculties.But i have kept some records like the address,nsme he was using on Facebook and an email address though its encrypted.

 

[ELSA-ELI]

Yeah its really probable because most people, honest and dishonest are serving money more in crypto as compared to the bank.Eventually for those like me who do not hold alot of cash for a long time We will be lucky because we tend to keep our money In the bank eventually.

 

[microunit]

Before we all had to be very careful on the internet and with our credit cards as there were many fraud cases with regards to credit cars, however this has now moved to the crypto world. One of the major concerning facts about crypto is that it has an irreversible nature and it seems that the fraudsters are taking advantage of this.

This is different from a credit card, who when the criminal activity is noted, can be charge backed for a period of up to 18 months, whereas for bitcoin this is not possible. This makes bitcoin and other crypto the perfect prey for scammers and people are being warned to be very careful of these scams.

the most common scam is said to be trading, where you have to pay for a service and are never rewarded or refunded when you pay in crypto. To all those on this forum, please be careful of this moving forward. This is something that i felt was important to bring to the attention of all here.

well cryptocurrency was always introduced as something with an irreversible and almost complete anonymous transactions, while this is good for many who wants privacy this is also been a way for illegal transactions to rise

 

[Josemendez]

Then,that is in long future
These kind of reverse need to be in one company wallet
If we sent different company's waller why they gives money back.?
Like paypal,they have reverse transection in one account to another account

You didn't get the point. What I mean here was bitcoin money mistakenly sent to ethereum address are to be reversed as they are two incompatible coins

 

[AudraMiller]

You didn't get the point. What I mean here was bitcoin money mistakenly sent to ethereum address are to be reversed as they are two incompatible coins

I agree with you here. If coins are sent to the wrong wallet address they should be returned and reversed as the wallet will not be compatible with the coins. Therefore instead of is being lost there should be a case to get it back. I think most wallets check the coin wallet address before the transaction is made. Has this ever happened to you before?