[WARNING] Crypto-giveaways con/scam

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[WARNING] Crypto-giveaways con/scam

Postby ipok » Tue May 28, 2013 6:42 am

This is going around in twitter. Seems similar to the Tradefortress experiment/scam. I would suggest caution with this. It is the first post in the blog. They're speaking of receiving free Ripple BTC (basically IOU's). Highly suspicious.

http://crypto-giveaways.blogspot.com

here is the original topic explaining the Tradefortress scam : https://ripple.com/forum/viewtopic.php?f=1&t=2552
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[WARNING] I think this is a con

Postby Simon Tomlin » Tue May 28, 2013 7:09 am

I mistakenly signed up for a twitter follow of crypto news which would send me tweets about a new gateway being set up and they were going to be giving away BTC/XRP.

I thought it was an initial small amount but once they finally gave details I now believe it to be a con trick.

Please correct me if I'm wrong - just trying to help others who might be new to Ripple.


http://crypto-giveaways.blogspot.co.uk/

The twitter feeds are from Crypto News
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Re: Another Scam!?! Crypto-Giveaways

Postby Simon Tomlin » Tue May 28, 2013 7:17 am

I actually fell for this one and trusted it for for like 10 mins before my morning tea kicked in and I sensibly cancelled the trust line.
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Re: [WARNING] I think this is a con

Postby JoelKatz » Tue May 28, 2013 7:20 am

Anything that begins with "trust me" is probably a scam.
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Re: [WARNING] I think this is a con

Postby dchapes » Tue May 28, 2013 8:45 pm

Yeah this is the exact same crap that TF tried to pull.

Just ask yourself if you really trust some random anonymously run blog site to hold ~$12,000 of your money for you (100 BTC). It would be nice if the (already fairly explicit) warning/confirmation message the client gives when adding trust were to give the warning in a few different phrasings to make it clear(er) what people are doing.

Still, no matter what it says there will always be fools that click where they're told without thinking. Nigerian spam e-mail that is "obviously" a scam still gets set for a reason (hint: because it still works some of the time).
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Re: [WARNING] Crypto-giveaways con/scam

Postby yukon » Wed May 29, 2013 2:30 am

definitely shady...suggesting a 100 BTC trust line preys on the naive
scary stuff!
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Re: [WARNING] Crypto-giveaways con/scam

Postby jamesong1029 » Wed May 29, 2013 6:28 am

i have been read a lot about these 'trust' scam stuff..however..i still don`t get it..what is the purposed they want people to trust them? let say we trust it for 100BTC in this case..what could it get if we don`t send anything?
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Re: [WARNING] Crypto-giveaways con/scam

Postby dchapes » Wed May 29, 2013 6:58 am

jamesong1029 wrote:however..i still don`t get it..
Please see the previously linked topic: https://ripple.com/forum/viewtopic.php?f=1&t=2552
If you still have questions after reading that then it's probably better to ask on that topic. (We don't need another rehash here IMO.)
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Re: [WARNING] Crypto-giveaways con/scam

Postby ipok » Wed May 29, 2013 7:05 am

jamesong1029 wrote:i have been read a lot about these 'trust' scam stuff..however..i still don`t get it..what is the purposed they want people to trust them? let say we trust it for 100BTC in this case..what could it get if we don`t send anything?




In this particular case you are not sending anything. You are exchanging trust and IOU's.

edit: dchapes beat me. I was going to try to explain this. It's better this way. Visit the topic dchapes linked for further questions or information
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Re: [WARNING] Crypto-giveaways con/scam

Postby Simon Tomlin » Wed May 29, 2013 9:57 am

@jamesong1029

To save you reading through pages of comments.

The risk is trusting 100 BTC to crypto giveaways AND HAVING some BTC IOUs from say bitstamp.

In this case the BTC IOUs are considered equal by ripple since you are willing to hold both.

The con artist then has to find a way to in effect swap the cryto-giveaway IOUs for the bitstamp ones.

How they do this I am not sure.

Once they have swapped them they can then redeem them from bitstamp.

Since the vast majority of folks will not have bitcoins or will be wary of any super deals offered, they will hope to snag one big fish in order to make the effort worthwhile.

They might be another way but I have yet to work it out.

I have read the other thread plus the wiki but still feel a bit unsure.

Although it is getting clearer (I think!)
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