Reason: Bitcoin Is Not Regulated Although bitcoin users consider absence of a centralized governing authority as an advantage of bit...
Reason: Bitcoin Is Not Regulated
Although bitcoin users consider absence of a centralized governing authority as an advantage of bitcoin but yet it is a curse. When there is no authority to look after the matters and be held accountable if anything goes wrong, then only one law prevails in that case: The Jungle Law. Anything can happen, yet no one will be held answerable.
Once your private key (aka your bitcoin password) is lost or stolen, there is literally not even a 1% hope of getting your hard earned bitcoins back. Just last month (Nov 2017) over $33,000,000 worth Bitcoins were stolen because the user private keys were hacked through a get-rich gold scheme.
Million dollar bitcoins are stolen each month and no one could ever get them back. Anyone who says bitcoin wallets can not be hacked, must be a fan of “Star Wars” movie!
Check the complete list of hacked bitcoin exchanges at Chapter#2.13
Reason: Bitcoin Victims (Test Dummies) End Up Signing Petitions For Help
When you warn people against a scam and fraud like bitcoin, they often laugh at you and call you a Bitcoin troll. They call you a jealous out-dated man who isn’t as smart as them. When in fact all that you intend is pure goodwill. Such people realize their mistakes only when they are hit hard financially.
It really hurts me when I see people investing all their life savings into cryptocurrencies without having any proper knowledge of the technology itself. They do as guided by puppet speculators. This world today believes in paid celebrity endorsements more than any faith or religion.
Ordinary investors are being mislead on daily basis and there is no one stopping them. Why? Because its a pre-planned game to study human behavior towards the first P2P decentralized currency of the cashless agenda.
Let me present to you the real reactions of Bitcoin enthusiasts after they have lost all their investment by falling a prey to the scams and frauds of cryptocurrencies.
Reactions of Bitcoin users after Ethrade.org lost 100 Bitcoins worth about $1,000,000
Syohj Gangano from Philipine writes:
“i`m signing because i want my money back ! i work hard for it ! and its been a couple month since i open their site , and now i have no where to find them ! please give back our hard earn money !”
鄭 虞懷 from Taiwan writes:
“I lost about 60% of the investment in $ 5,000 BTC investment”
Naeem Hadi from Pakistan writes:
“Ethtrade is scammers. They are still working another project and i know they will run away after collecting a lot of bitcoin. They stole around 4 bln dollars worth of bitcoin from 0.5 million memebers. Arrest and recover all bitcoin and data of all members. I signed and whitnessed.”
Reactions of Bitcoin users after HashOcean cloud mining website disappeared and scammed 700,000 users:
Werner Philippus Burger from South Africa writes:
“I've invested $25,000 in hashocean and I've lost it all. Would really want these thieves to be prosecuted and make them pay back my money.”
Irving Castillo from Mexico writes:
“I had more then 70k usd [$70,000] invest on this f***k*ng scam. we need to find them in order to recover our loses.”
Wanda Jakowczyk from Poland writes:
“I'm signing because I am a victim of HashOcean. I lost the achievements of the whole life of my family and I want it back. I can proove that I had account I'm signing because I am a victim of HashOcean.”
Reactions of Nigerian Bitcoin users after they were scammed by BTClab.io:
Chris Thomas from Nigeria writes:
“I was duped of my 1.2 bitcoin, bitcoin laboratory said they pay 3.6% of my deposit daily and I deposited 1.2 btc, furthermore, they said I can as well withdraw my active deposit anytime I wish but now I couldn't withdraw anymore and I can't even sign into the site.”
GODWIN Omoregie from Nigeria writes:
“Am signing, because Btclab left with my more than $1000.”
Emmanuel Olulana from Nigeria writes:
“Am signing because btclab made away with my hard earned bitcoin, after deceiving us to invest and earn daily income. Please help.”
Reactions of Indian Bitcoin users after GBMiners founder Amit Bhardwaj scammed everyone by stealing over 20 billion Indian ruppees according to victims:
Akash Verma from India writes:
“I am signing because I invested about 3 Lacs of my hard earned money in this company and have never received a dime in return. Many of my friends have invested as well but they have not see the money yet. This guy has defrauded more than 200,000 people with revenue going to as much as 2,000 crores.”
Aruan Sidhar from Canada writes:
“This is bloody 2018, and the India Law do something fast. This guy and his team of frauds and that fake loser Dr. Ashish have stolen 15.6 bitcoins from me, and Not once repaid anything back.”
Ranjan Kar from India writes:
“I am a victim,I have invested 130 BTC with this company and in return he has given mcap .Now I am suffering with financial hardship but Amit is not responding. We request India Govt to help us in getting our money.”
Davinder pal Singh Singh from India writes:
“im one who got cheated by Amit Bhardwaj of lacs of my funds through GBC investment I paid for 15 bitcoins in year 2017. And not received back payouts.”
And the list goes on...
I can share the cries of thousands of Bitcoin users here but you can check them all by doing a simple search for “Bitcoin Scam” on petition sites. Click here to see the list of most of the petitions signed against bitcoin scams at change.org.
I just pray and hope that people may wake up and realize that money does not grow on trees nor on electronic scripts.
Complete List of Hacked Cryptocurrency Exchanges (2011-2018):
|Date||Exchange Name||Attack Type||Coins Stolen||Value (USD)|
|KICKICO (ICO)||Security breach||KICK||$8,000,000|
|Security breach||58 BTC||$540,000|
|Security breach||438 BTC||$3,300,000|
|Security breach||17,000,000 NANO||$195,000,000|
|2016 Aug||Bitfinex (Exchange)||User wallets/ |
|2016 May||Gatecoin (Exchange)||hot wallet/ |
|250 BTC + 185,000 ETH||$2,000,000|
|2016 Mar||ShapeShift (Exchange)||inside job||557 BTC||$230,000|
|2016 Mar||Cointrader |
|hot wallet/ |
|2015 Feb||Bter |
|cold wallet/ |
|2015 Feb||Exco.in (Exchange)||cold wallet/ |
|2015 Feb||Kipcoin (Exchange)||cold wallet/ |
|2015 Feb||796 (Exchange)||cold wallet/ |
|2015 Jan||Bitstamp (Exchange)||hot wallet/ |
|2014 Dec||Blockchain.info (Wallet)||user wallets (bug, R values)||267 BTC||$101,000|
|2014 Dec||Mintpal (Exchange)||inside job||3,894 BTC||$3,208,412|
|2014 July||Cryptsy (Exchange)||inside job||13,000 BTC + 300,000 LTC||$9,580,000|
|2014 Mar||CryptoRush (Exchange)||cold wallet/ |
|2014 Feb||Mt.gox (Exchange)||hot & cold wallets/ |
|2013 Nov||PicoStocks (Exchange)||cold wallet/inside job||6,000 BTC||$6,009,397|
|2012 Sep||Bitfloor (Exchange)||hot wallet/ Security breach||24,000 BTC||$250,000|
|2012 May||Bitcoinica (Exchange)||hot wallet/ |
|2011 Oct||Bitcoin7 (Exchange)||inside job||5,000 BTC||$25,000|
Kindly don’t act as test dummies, don’t volunteer for something that will enslave your future generation and snatch away their three most important assets i.e. Time, Freedom and Privacy.
Don’t work all your life to make someone else’s evil dreams a reality, instead work smart to make your dreams come true with dignity and honesty.
“Think like a KING not like a PAWN.”
The early you adopt crypto, the faster you help them enslave your future generation. A picture speaks a thousand words therefore I will leave the following message to Bitcoin users as a goodwill gesture.
Let knowledge be the ‘Only’ judge
“I reject all laws and morality” is a common sentiment on the official Bitcoin forum and other platforms. Anyone uttering a word against bitcoin is badly bullied with hatred and profanity. The early adopters who mined bitcoins for pennies will virtually stone you to death by sending flood of angry online followers attacking you. Despite knowing this, I wrote this research without fear of outburst from crypto-community. I stand with none but truth and honesty.
I am not even sure if Google will list it on SERPs because this article speaks too much truth that can’t easily be digested by the elites who control almost everything online.
I invite constructive feedback and criticism from all of you. At some point there are chances that I might look slightly biased to you but I promise to publish your views as long as you avoid profanity and argue logically.
Indeed as individuals we are just tiny drops of ocean but when these drops are combined it can generate a giant mammoth wave, capable of cutting through even the most strongest of rocks in its path. This theoretical imagination could become a reality only when we move out of our comfort zones and the “Let it go” behavior.
No one is more crueler than the one who attains silence to injustice by choice. Stop this corporate scam with your hands if you can, stop it with your tongue if you can or at least condemn it in your heart if you are that weak.
Hashtag in crypto-style (SHA256): A6Yy4vAPC2TAPLVUWQ264yWArgr7LJxXE5SoKyGmigvJ
Peace and Blessings,
Mohammad Mustafa Ahmedzai