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Bitadvisor

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Once you send BTC to someone's wallet, that transaction cannot be reversed. Furthermore, it is very unlikely that you will ever uncover the identity of someone from only a wallet address. With this in mind, consider if it is a good idea to send BTC to someone you don't know with the promise that 2 x of that value will be returned to you.

These Double Your BTC and Double your ETH are all scams, and people are still falling for it. Why? Why do people fall for any scam that to another person seemed very obvious? This is my assessment:

1. People believe that the opportunity is legit.
People evaluate the value/worthiness/truthfulness/legitimacy/accuracy of any message or statement based on:
- the source of the message,
- the context of the message,
- the quality of the message.
Scammers use these parameters to sell their lies:
- ...by using the name of someone famous, wealthy or trusted, for example Elon Musk,
- ...by forging the setting of the scam in a respected, trusted, feared and/or authoritative environment, for example by playing a video of a legitimate cryptocurrency conference while selling their scam in a YouTube video,
- ... by faking their location to be a country where scams normally don't originate from, for example pretending to be a cloud mining site from Canada or a financial services company from UK,
- ...by pretending that their industry is normal, for example money flipping
- ...by registering a real company,
- ...by pretending to be regulated by some authoritative body,
- ...by using a pretty website.

2. People are desperate, and desperation clouds your judgement.
Scammers feed on your desperation using tactics such as:
- placing a count-down clock on the scam website to manipulate your sense of urgency,
- convincing the victim that the only way for them to recover their losses is to send even more money,
- requiring that the victim recruit other victims to recover their losses.

3. People don't like to admit to themselves that they were wrong, especially if they ran a loss.
If you bought a very expensive pair of ugly over-priced shoes and you start to realise the shoes are actually ugly, instead of admitting your mistake you'll convince yourself the shoes are good looking.
-
The bigger a loss from you being wrong, the more you convince yourself that you made a profit.
- Once a person has been scammed with cloud mining, they will seek out more cloud mining sites and convince themselves the loss wasn't because they were wrong about cloud mining.
- Whilst in the midst of being scammed and having a loss, instead of admitting the loss, they will input even more money just to confirm to themselves that they are not being scammed.

These are the FACTS:
- Famous people don't ask you for money.
- Wealthy people don't give away money.
- Trustworthy people don't expect from you to trust them.
- How money flipping works: you give the scammer money and he flips you off.
- ALL cloud mining websites are scams.
- Company registrars don't regulate companies, nor do they check the accuracy of information that they are provided, they just register companies.
- Scammers also register companies, it does not mean they are legit.
- The quality of a website's design has no correlation to it;s legitimacy.

STOP FALLING FOR SCAMS!
 

microunit

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Most people falls for these as they are new to it and they just trust everything they see, i think it's sometimes important for them to get scam or learn it the hard way as they will learn much better that way
 

Kennysplash

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There is no free money anywhere. You are told to send an amount and receive double of it immediately, how? I wonder how people still get scammed with this method. But like you said, it is due to pure greed.
 

BullyMaguire

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Most of the people who fall for scam aside from newbies are people who always wanted to take the risks despite knowing that it's a scam they still wanted to try
 

ElPaule

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Great summary, even being active in this area, sometimes it’s hard to see difference between legit and scam, therefore everyone should have a base set of rules to interact with sites, our crypto rules of engagement, there rule one, if they ask for monies, step back if they ask for trust and pointing to trustpilot, step back.
With some more you get a nicely framework that guides through the hell of scam to find the one legit site.
 

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