Multi-millionaire Dick Smith threatens to sue The Guardian over Bitcoin scam ads – As Bitcoin moons, expect to see many more scams like this. Scammers will continue to take advantage of those who are new to this space. If you’re risk averse, stick to Bitcoin (BTC) and secure it on your own hardware wallet through your own node; do this & you’re well on your way to avoid getting rekt. Only connect your devices through open-source & reputable software. bitcoin.org is a good start. bitcoin.com is owned by a guy who promotes Bitcoin Cash (BCH) – this isn’t Bitcoin. I know, this space can be extremely confusing, please do you own due diligence (always). Never go through a random site/extension/wallet/email. Your hardware wallet won’t randomly ask you for your private key- getting phished could cost you everything. It happened to a KeepKey user a few months ago; he lost 7 BTC. The simple reason criminals want Bitcoin; it’s the most valuable. They all want to earn a lot of money quickly without the hard work. Scamming is extremely unethical & damaging to it’s victim – use your own hard earned fiat to buy Bitcoin scammers!
My number one easy-to-remember rule: If it sounds too good to be true, it probably is. This will keep you protected from 99% of scams. Never take anyone’s word as gospel. We have a saying in Bitcoin: Don’t Trust, Verify. Scammers will continue to use famous individuals as a tool to deceive & endorse. The most common type of scam to run is a ponzi. Everyone is making money until it collapses – last people joining, lose everything. If your new investment is making you a lot of money, please ask yourself – does this have the characteristics of a ponzi? Some ponzis are hard to pick, it’s not black or white unfortunately. Hodling Bitcoin in your custody will normally make you the most over time. Don’t give you Bitcoin to someone for interest/investment – it’s really not worth it. We have another saying in BItcoin: Not Your Keys, Not Your Coins.
On a positive note, Bitcoin may soon make hodlers a few thousand percent – not a ponzi or scam. Bitcoin is the currency of the people, here to save us all! Once you go deep down the rabbit hole, I promise you will come to this conclusion also.
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