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Will the pandemic result in more crypto scams?

  • Thread starter Thread starter BrolySSJ
  • Start date Start date
I think it will remain the same but with more prospect victims now since there's a lot of people that only learned about Cryptocurrencies and they're pretty vulnerable from these crypto scammers. Also since im a lot active online since the pandemic started and i noticed how many scams there is around.
 
Honestly this is the reason i was advise to avoid trading at the moment because lots of people where scam last year December because the number of investors has increased and most of them are in a hurry to make more cash here by leaving them vulnerable to scammers
 
Generally the pandemic and the stay at home policy has result to increase in cyber crime and crypto currency scam is not left out, especially those that will want to buy or rather sell their crypto currencies, we now have unverified sellers scamming people of their crypto currencies. So one need to be very careful when dealing with these kinds of people. Whether cyber crime will reduce that I don't know.
 
With the pandemic and lockdowns which has caused many people to be out of work, and resulting in doing everything possible to survive there are bound to be an increase in crimes. The increase in the number of people doing online jobs also came with an increase in the number of online scammers looking for means to defraud them of their hard earned money.
 
I think there will be more online businesses that will spring up as a result of the pandemic. But one will have to to be vigilant to make sure the ones that we get involved in are genuine because there will definitely be a high number of scams
 
BrolySSJ said:
This is also a valid point as to why the number of scams has increased as well. With many people being online almost constantly in a way it has become much easier to target these people and as such this has affected the number of scams as well as there is larger population for scammers to target.
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Yeah you got it right and now its best for the government to find an urgent solution to it , like they could create strict laws and policies to at least reduce the amount of scams, to avoid more scams in the future because that would be pathetic i think , i just hope things get better
 
Ehizzy1 said:
Yeah you got it right and now its best for the government to find an urgent solution to it , like they could create strict laws and policies to at least reduce the amount of scams, to avoid more scams in the future because that would be pathetic i think , i just hope things get better
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If the governments are able to try and minimise the number of cryptocurrency scams that are out there, then there is likely a good chance that they are moving forward with regulating cryptocurrency because they are taking these measures against the scams. By doing so this will increase the security of the internet system and also pave the way forward in order for cryptocurrency to be used as a legal tender for many goods and services moving forward.
 
BrolySSJ said:
If the governments are able to try and minimise the number of cryptocurrency scams that are out there, then there is likely a good chance that they are moving forward with regulating cryptocurrency because they are taking these measures against the scams. By doing so this will increase the security of the internet system and also pave the way forward in order for cryptocurrency to be used as a legal tender for many goods and services moving forward.
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Well it depends on the government , because most might actually regulate crypto currency scam sites to reduce scam rate , but when it comes to legal tenders and others they might not consider that because most see that as a threat to their financial institution and others i think, so I hope they should first regulate sites
 
During the lockdown, a lot of investment schemes, smart contract were introduced to people. The idleness led a lot of people into these scams and they ended up being disappointed. I beleive the pandemic a lot to do with this
 
Fraudsters are leveraging increased fear and uncertainty during the COVID-19 pandemic to steal your money and launder. According to the FCA, investors could lose “all their money” if they invest in crypto products offering high returns.
 
There as always been crypto scams even before the pandemic broke out. But I guess you right. A lot of people are jobless as a result of the pandemic and ate looking to invest in the crypto world. So more scams would exist
 
Ehizzy1 said:
Well it depends on the government , because most might actually regulate crypto currency scam sites to reduce scam rate , but when it comes to legal tenders and others they might not consider that because most see that as a threat to their financial institution and others i think, so I hope they should first regulate sites
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Yes this is a common way in which many of the regions and the countries are starting to view crypto as its use does threaten their current financial system. But whilst they may view this as a threat. I think that it is all the more reason that they should try and include it and regulate it so that the fiat and crypto can work together and provide enormous financial benefits.
 
First, always ask yourself, is this too good to be true? Promises of easy money can be a red flag.
Second, be wary of giving out account information or any personal details to a person you don't know or haven't thoroughly researched.
And third, beware of cryptocurrency investment and trading opportunities that promise high rates of return. The Canadian Securities Administrators warns of little regulatory oversight and a lot of risk. Cryptocurrency is not backed by banks or government and is not insured. You don’t have legal protections when you pay with it if something goes wrong, like you would with a credit card.
 
BrolySSJ said:
Yes this is a common way in which many of the regions and the countries are starting to view crypto as its use does threaten their current financial system. But whilst they may view this as a threat. I think that it is all the more reason that they should try and include it and regulate it so that the fiat and crypto can work together and provide enormous financial benefits.
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I think it would be hard for such thing to happen , because the government can easily control money but it would be hard for the government to start controlling crypto currency since its decentralised , and the best they could just do is to find means to ban them at all cost , since they don't want it to overshadow their financial institution
 
Ehizzy1 said:
I think it would be hard for such thing to happen , because the government can easily control money but it would be hard for the government to start controlling crypto currency since its decentralised , and the best they could just do is to find means to ban them at all cost , since they don't want it to overshadow their financial institution
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There was actually one chat that I had with a member on this forum where we spoke off the possibility that government can impose restrictions and taxes on exchanges in the crypto world and make exchanges and intermediary for transactions. This will be very good in the sense that they can benefit through taxing the exchange, and therefore in that sense crypto will be moving closer to being regulated.
 
BrolySSJ said:
There was actually one chat that I had with a member on this forum where we spoke off the possibility that government can impose restrictions and taxes on exchanges in the crypto world and make exchanges and intermediary for transactions. This will be very good in the sense that they can benefit through taxing the exchange, and therefore in that sense crypto will be moving closer to being regulated.
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Hmm yeah they could do so but the tax they get from those financial institution can't be compared to crypto tax and exchange tax , because even keeping your money in the bank , they still deduct tax from the people just to gain more revenue i think but its not like that on crypto tax, so that's how it majorly works
 
It's kind of sad but that's the reality, when there is great problem through out history, there are some dubious and wicked people who always benefits from the suffering of others.
Crypto currency scams would continually be on the rise as more people would find an alternative to get more source of income
 
Ehizzy1 said:
Hmm yeah they could do so but the tax they get from those financial institution can't be compared to crypto tax and exchange tax , because even keeping your money in the bank , they still deduct tax from the people just to gain more revenue i think but its not like that on crypto tax, so that's how it majorly works
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There are some articles that I have seen that actually ask the users to declare their crypto profits in order to be able to pay taxes on these and these tax rates can be up to 37% which is a very high value. I think that the only way exchanges and governments can actually enforce those are potentially through the KYC verification procedures.
 
During the lockdown in my country I am very much aware how people ceased the opportunity to defraud people of their money all in the name of investment.

I know how many times they tried to talk me into business but I couldn't fall for them.
Pandemic has been a way to make some people to be defrauded.
 
There are the some time of the cripto crancy of the lockdown of the currency of the logic and the business losses in the marin of profit Generally the pandemic and the stay at home policy has result to increase in cyber crime and crypto currency scam is not left out of the business
 
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