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German man loses 400k GBP about $500k in Twitter Bitcoin scam

bbc.com

21–30 of 120 posts

Re: German man loses 400k GBP about $500k in Twitter Bitcoin scam

#21
post #18

> It also does sound quite plausible that someone like Elon Musk, a big supporter of cryptocurrency, would give away Bitcoin. Really? Most m(b)illionaires, however eccentric, typically don't go around doing the equivalent of throwing money from rooftops, especially not by means of blurry Times New Roman text on a GIF directing you to some .info website.

And of they did, why require that you first send them money? This is the most absurd scam to ever succeed.

Re: German man loses 400k GBP about $500k in Twitter Bitcoin scam

#22
post #5

> Sebastian double-checked the verification logo next to Elon Musk's name, and then tried to decide whether to send five or 10 Bitcoin. This is a vulnerability in Twitter's verification policy that Twitter refuses to fix. Originally, verification was supposed to mean "this person is who they say they are". But once an account is verified, you can change the name/profile picture to someone else. So hackers get access…

This won't solve it because a lot of scams rely on victim's greed,as was the case for the German in this story. This is no different from a scam I saw a few years ago,where some German tourist kept pouring money on a three cup game despite his wife's attempts to stop it. It took him less than 5 minutes to leave nearly €500. It's always the same: you think you are about to get something for nothing. I very much doubt there's a fix for it.

Re: German man loses 400k GBP about $500k in Twitter Bitcoin scam

#23

Assuming you have a defective moral compass, is there any reason to not run this scam. Easiest $ ever. Twitter nor law enforcement can do anything. The same guys doing it over and over. You can run this scam and make an easy $50-200k with some twitter posts and then use the $ to pay off the mortgage or student loans, or take a cruise, buy a luxury car or whatever. no one would know if you mix the coins before cashing…

I think to do it effectively you probably need to break a few laws, like using a stolen account of and kind to reach a large enough audience that will trust you.

So that's a reason not to, unless you're already in deep.

Re: German man loses 400k GBP about $500k in Twitter Bitcoin scam

#24
> The 42-year-old says he first invested $40,000 in Bitcoin in 2017, and quickly made his money back as the value of the coins rose on the open market. He cashed out and got his initial money back, but then watched excitedly over the years as the 10 coins grew to be worth nearly 500,000 euros.

Fortunately this sounds like he didn't lose anything, just never realised extra gains. I know it's slightly nitpicking, but losing your actual $500k and losing $500k unrealised gains from a gamble is a massive difference. Especially if you already withdrew the original investment.

Re: German man loses 400k GBP about $500k in Twitter Bitcoin scam

#25
post #7

I don’t understand how you can be tech savvy enough to send and (not?) receive Bitcoin but stupid enough to fall for this... EDIT: Thinking about it, it's technically difficult see the difference between Bitcoin (which will continue to be worth more) and other get rich quick schemes that may not have the same chance of success and directly being conned for money by people.

Hosted wallets make it almost as easy as using email.

Re: German man loses 400k GBP about $500k in Twitter Bitcoin scam

#27
post #7

I don’t understand how you can be tech savvy enough to send and (not?) receive Bitcoin but stupid enough to fall for this... EDIT: Thinking about it, it's technically difficult see the difference between Bitcoin (which will continue to be worth more) and other get rich quick schemes that may not have the same chance of success and directly being conned for money by people.

[deleted]

Re: German man loses 400k GBP about $500k in Twitter Bitcoin scam

#28

I never understand, why people who already have money, want to have more. Personally, I keep my money at the bank, for days when I will have to spend it (Buying things, going on holidays, etc)

Money can buy nice things, more money allow you to retire.

Some people want money to feel safe, or to change their life.

Re: German man loses 400k GBP about $500k in Twitter Bitcoin scam

#29
post #3

> There was a timer counting down, and the website promised participants that they could double their money. It is amazing how people fall for these scams. They seem to forget the time tested truth which is "if it sounds too good to be true then it ain't".

They've already bought into crypto which, for many, is just "free money".

Re: German man loses 400k GBP about $500k in Twitter Bitcoin scam

#30
post #3

> There was a timer counting down, and the website promised participants that they could double their money. It is amazing how people fall for these scams. They seem to forget the time tested truth which is "if it sounds too good to be true then it ain't".

Sounds like he already had 10 BTC, he probably got sold on "investing in BTC", price jumped since he got in so when you're riding high on easy wins why wouldn't another one come just as easily - sounds like easy come easy go to me.

I'm ambivalent about the tech, economics, environmental impact, but what ticks me off about BTC and crypto is the proselytizing idiots that it attracts - it's the modern day Jehovah's Witnesses. I rented an office recently and there was a bunch of "bitcoin investment strategists" in the space next to me, and this one guy in particular trying to sell me on the idea that we should get into blockchain development because that's going to be the future of everything ... You could sum the guy up as mouth breeding idiot on first impression and that didn't change as he kept talking. Really typical for the crowd IMO.

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