How to deal with Scam projects?
18 sats \ 3 comments \ @TopEdged 12 Oct 2022 bitcoin freebie
Recently came across a so-called blockchain mining project running out of the middle east that claims to use centralised computing power to mine their own coins in exchange for their own payments. The project doesn't have a vision nor does it have associated projects. Their marketing strategy is to lure uninitiated individuals into buying into the project by selling the idea that this is the opportunity to invest in a project that is at it's initial stages - a possible rags to riches story
Overall, the biggest problem with such scam projects is that there is a loss in public faith and trust with respect to the potentialities of bitcoin and the crypto space.
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50 sats \ 0 replies \ @nerd2ninja 12 Oct 2022
The way we've been taking care of it so far, is with memes, and just informing people that anything that isn't Bitcoin is a scam. The Eth folks in particular were surprised by this assertion and we have to explain that yes Eth is a scam, it can be shut down by the government, and it did not use the fair initial distribution mechanism that Bitcoin uses (just as examples though there is plenty more).
We've also been trying to create spaces that are Bitcoin only so that no scam project has an opportunity to seed in the first place. This site is not necessarily one of those spaces, although a few of us are Bitcoin only maximalists.
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6 sats \ 1 reply \ @tomlaies 12 Oct 2022
Write a tweet or blog article or comment on their GitHub issues or something. It's the best you can do. People who are smart enough to research something before putting money in will be warned. People who are not smart enough ... it's a pity and it's kind of their own fault.
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100 sats \ 0 replies \ @TopEdged OP 13 Oct 2022 freebie
While i agree that the solutions are limited and our hands are tied in dealing with such projects, It's difficult to pit the blame on the people who invest don't you think? Individually yes, lack of due diligence should most definitely be blamed. But from a community point of view, to make sure that adoption of Bitcoin is fully realised - it is counterproductive to blame individuals for not being smart enough. I believe this approach is not inclusive enough which is primarily what the Bitcoin ecosystem intends to do. A community led project verification mechanism could and should be there to raise trust in the vision I believe.
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