Why Do People Fall for Bitcoin Scam Programs?

[SmartMiner]

Sadly a lot of people have gotten burnt in dodgy, scam or ponzi programs in recent times and more will be still scammed in future. Is this a case of people just big risk takers or it is plain greed falling for the hype of high returns in the shortest possible time?

[Possum577]

There's two elements at play,

(1) People here of all the big gains the earliest bitcoin adopters have made by acquiring early and holding for nearly a decade, so a person who's new to bitcoin is eager to find a way to "catch up", and

(2) That drive to catch up leads to a higher propensity for that person to experience the fear of missing out on the next big thing

These two elements affect people who subscribe to scamp programs (even when they know it's too good to be true) and the latest cryptocurrency ICO (even when they have no rational reason to believe that some new coin will be better than all that came before it).

[mjglqw]

Mostly because of them being greedy and being blinded by huge returns and very fast return of investments.

[SmartMiner]

There's two elements at play,

(1) People here of all the big gains the earliest bitcoin adopters have made by acquiring early and holding for nearly a decade, so a person who's new to bitcoin is eager to find a way to "catch up", and

(2) That drive to catch up leads to a higher propensity for that person to experience the fear of missing out on the next big thing

These two elements affect people who subscribe to scamp programs (even when they know it's too good to be true) and the latest cryptocurrency ICO (even when they have no rational reason to believe that some new coin will be better than all that came before it).

So true Possum577. Thanks for stopping by and for your valued contribution.

[SmartMiner]

Mostly because of them being greedy and being blinded by huge returns and very fast return of investments.

Thanks mjglqw, you are right. It's a shame people will fall for these time and time again.

[Rmcdermott927]

I think people hear stories of those who got rich by buying Bitcoin at $3 and see it as some sort of "get rich quick" scheme.

The reality is that now, it's just like any other commodity and people should manage it like their fiat money.

[Possum577]

It's so unfortunate to hear the stories after someone has lost all on an "investment" or been taken by a scam.

The only thing that helps these folks is the existence of forums like this one where someone can come and ask "does this deal seem legit?" or ask more specific questions and get a variety of honest opinions. Hopefully the education and awareness is getting through. The only way to end these scams is for people to stop subscribing to them.

Let's all agree to seek out those "is this a good deal" posts and threads to offer our educated opinion.

[senyap101]

It's probably due to lack of knowledge as some of them might not know the dangers of ponzi scheme... These kind of scheme gives you fast ROI but little that they know is that all of these schemes are simply full of lies and deceit... Who doesn't want to earn money fast??