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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.

 

[Josemendez]

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?

Yeah. The first money I lost in cryptocurrency journey was when I sent bitcoin to an ethereum address. The money never returned back to me till days .

 

[Balint098]

Can we even mistakenly send the wrong crypto to a wallet that doesn't support it? Pretty sure most wallet would warn or even block your transaction before it's done.

 

[sykt62]

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

Oh.its also can happens?
When its need confirmation if then anyone application then time it can happens
If this system begin it will be great for many users.

 

[microunit]

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?

with how the cryptocurrency network is designed with the ledger system I think the reversible thing is really hard or near impossible or take even more work than processing the initial transaction, as with the ledger you will have multiple copies of the transaction in the ledger, if you want to reverse that then you have to go through all of those transactions and then reverse them one by one

 

[AudraMiller]

with how the cryptocurrency network is designed with the ledger system I think the reversible thing is really hard or near impossible or take even more work than processing the initial transaction, as with the ledger you will have multiple copies of the transaction in the ledger, if you want to reverse that then you have to go through all of those transactions and then reverse them one by one

This is true. But i believe that this is a necessary feature moving forward with crypto. People will be more inclined to make use of crypto transaction if there is a way in which they can reverse the transaction in cases, such as the fraud cases discussed here. Without that there is no liability or insurance in crypto and this is what will ultimately drive people away.

 

[microunit]

This is true. But i believe that this is a necessary feature moving forward with crypto. People will be more inclined to make use of crypto transaction if there is a way in which they can reverse the transaction in cases, such as the fraud cases discussed here. Without that there is no liability or insurance in crypto and this is what will ultimately drive people away.

if there would be reversible transactions, I think the cost to pay for that would be more than what you payed for the transaction you committed

 

[AudraMiller]

if there would be reversible transactions, I think the cost to pay for that would be more than what you payed for the transaction you committed

I don't think so. Perhaps if you had to reverse a transaction the transaction fee will not be refundable but the transaction can. Therefore the miners will still be able to make their cut of the transaction to facilitate the reversal.

 

[NaGod5]

Yes it has moved seriously. Because it is secured that you can't track down the person who is moving the crypto. It's an advantage to individuals doing legit business and a disavanteg when one is scam

 

[microunit]

I don't think so. Perhaps if you had to reverse a transaction the transaction fee will not be refundable but the transaction can. Therefore the miners will still be able to make their cut of the transaction to facilitate the reversal.

that's what I'm kinda saying, because you reverse the transaction, what I'm kinda getting at is that you have to pay another fee for the transaction to be reverse as that would be more work for the miners

 

[Amalive]

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.

An initial investment? Did you mean subscription fees? I think it's normal to charge everyone who uses your service/bot and of course it won't be returned, if you won't being charged then just use the free service. Nevertheless, if it was an investment on behalf of trading then you should do deep check the legitmacy for their comany

 

[AudraMiller]

An initial investment? Did you mean subscription fees? I think it's normal to charge everyone who uses your service/bot and of course it won't be returned, if you won't being charged then just use the free service. Nevertheless, if it was an investment on behalf of trading then you should do deep check the legitmacy for their comany

This is true. Something i have also noticed is that there are many exchanges now that have a rule that in order to cash out you first need to send an amount to the site to 'activate' your withdrawal address. This is a clear scam indication on trading sites.

 

[Wisdom01]

Well I think some countries are planning on building a technology that can track crypto scammers and I think this might help fight fraud

 

[Brain]

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?

Yeah you are right,I noticed this when I want to send money out and I use a wrong address,the incorrect wallet will be automatically rejected. So it does happen to me

 

[AudraMiller]

Yeah you are right,I noticed this when I want to send money out and I use a wrong address,the incorrect wallet will be automatically rejected. So it does happen to me

Yes i am glad that wallets have this feature because it can then check if the wallet you have entered is associated with that specific coin. The sad thing is that if you make a mistake on one number or letter in your wallet, it is unlikely to pick it up and your funds could go to someone else or even be lost.

 

[bitforex22]

well this activation scam is common , some people ask for account that your account is hacked , some ask for cards for getting free prize so the counting can go endless if you keep on the ways to scam .. not to forget some people ask for free money , and some ask for a account loaded with funds for lower prize that's not all even now

 

[AudraMiller]

well this activation scam is common , some people ask for account that your account is hacked , some ask for cards for getting free prize so the counting can go endless if you keep on the ways to scam .. not to forget some people ask for free money , and some ask for a account loaded with funds for lower prize that's not all even now

This is true. It is sad to see that these scams have become all too common. There are also many third party applications that trick you into logging into a site through their app so that they can get your username and password in which case they will then have access to you funds.

 

[bitforex22]

This is true. It is sad to see that these scams have become all too common. There are also many third party applications that trick you into logging into a site through their app so that they can get your username and password in which case they will then have access to you funds.

and if you want to login to any website like this through your gmail , your gmail can be hacked within a minute usually google blocks such attempts very quick now , so gmail is best to use

 

[mahdi304]

and if you want to login to any website like this through your gmail , your gmail can be hacked within a minute usually google blocks such attempts very quick now , so gmail is best to use

you could also use 2 factor authentication on your gmail account and block such attempts just saying

 

[Niftyicon]

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.

This is one of the reasons that you see hyip sites including those doubler and tripled sites opt for investments in Cryptocurrencies most times so as to remain untraceable.

 

[Wisdom01]

well this activation scam is common , some people ask for account that your account is hacked , some ask for cards for getting free prize so the counting can go endless if you keep on the ways to scam .. not to forget some people ask for free money , and some ask for a account loaded with funds for lower prize that's not all even now

Yeah have seen similar thing on those pop up ads i only ignore them whenever i see them , because some of them keeps asking for your personal info to get prizes