Crypto Academy Season 3 Week 6 ~ Homework Post for Professor @yohan2on | Crypto Scams & how to avoid them

HELLO STEEMIT members, I hope you all are fine and doing well, so this is my homework given by the honorable professor @yohan2on , First of all, thank you so much, professor.

Crypto academy professors are doing their utmost to help steemit users learn about a variety of topics by sharing their expertise and information in order to help them make better use of this environment and helping us to not only learn but also enhance our skills here.

My Name is Shahab Khan ( @shahab1998 ) and this is my homework post of great Professor @yohan2on .

QUESTION 01: What are Crypto scams?

Make your research on any Cryptocurrency scam. (Attach a few references to the news surrounding that scam crypto project)

CRYPTO SCAMS:

When hackers employ various techniques to steal people's crypto assets, this is referred to as a crypto scam. . They propose many methods for gaining access to people's digital assets, with the primary goal of obtaining private keys and other pertinent information about people's accounts. They use a variety of tactics to gain access to private details. Scams abound online. When evaluating and switching platforms for your bitcoin property, be aware of the risks. Experts advise that when looking at digital bitcoin organizations and services, make sure they're blockchain-based, which implies they keep exact financial data.

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COMMON CRYPTO SCAMS NOWADAYS :

Following are the most common scams that happen and occur noways.

SOCIAL MEDIA SCAMS:

We should not trust on social networks or what What's App or Twitter or Facebook says, especially if the outcome is impossible to achieve. Fake accounts can be found all over the internet. If you simply give someone a small portion of your cryptocurrencies on these social networks because it can create hurdles for you. You can't be sure you're not following false profiles if you follow celebrities and CEOs on social media. The same is true in the world of bitcoin, which is rife with malicious bots.

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EMAIL SCAMS:

Scammers use forged emails to acquire their clients' banking details. These emails are typically sent by folks stating to be from organizations or firms and they will encourage you to register in with your account details in order to access incentives or rewards or bonuses. To avoid any type of asset loss, these suspected emails should be ignored as soon as feasible.

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FAKE WEB APPS:

Another common type of scam which is very famous and common is web app scam means scams through fake websites, Scammers deceive their victims by creating bogus websites. These sites may have manipulative crypto offerings that are quite appealing. They could take the form of increase demand or a hacked replica of legitimate cryptocurrency websites. Scammers altered this webpage in order to dupe individuals into giving up their personal activation keys. A surprising number of websites have been created to appear to be genuine startup businesses. If the lock icon in the URL bar does not indicate security, think twice.

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CRYPTO WALLET SCAMS:

Another scam that is getting common nowadays is exchange or the waller scam Crytowalletes now globally today and it has been the source of crypto wealth, but hackers today have found ways to sabotage the system, and now hackers have developed an online wallet. I won't forget last year when the news broke that hackers had stolen hundreds of thousands of account details.

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My Research on Scam Cryptocurrency:

REFERENCE

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So, the case and research i have done and I am discussing is of PIN COIN, so let's talk from the beginning, the PIN COIN appears to be a Confidence trick, but different investors thought it was genuine because of the promises they made. Imagine a 48 percent monthly return on investment, which is huge and difficult to resist. That's how fraudsters conduct business: high investment funds will be offered, and you'll find it difficult to repel.

As mentioned this PIN COIN was launched in the early's 18 and according to the recent data it has been identified as a coin associated with fraudulent activity, and their initial coin offering (ICO) has raised a significant amount of money, totaling over $600, from various investors. Pin-coin appears to be the most effective fraudulent swindle of all time in recent times.

And also an important thing, Due to the negative impacts Investors were surprised because the way things started going was in a negative direction, as spectators flogged the market and a massive investment worth approximately 66 crore dollars of this coin was created and exists in the market and this is a very big amount who was initially mistaken for a Taiwanese individual.

This is was of the biggest scam of the time and also this is not too old but the latest one, we should keep ourselves aware of all these situations and scams and also should be aware of the large return on investment slated to be paid to those to whom much is given and much is demanded. Also, we understand that everyone is looking for a way to supplement their income in order to meet their daily necessities, but we should join reputable forums and schemes that will enhance our spirits while also providing us with legal income.

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Ques 02: To what extent have Crypto scams affected the Crypto space?

Following are the effect and impacts on Crypto Space because or Crypto Scams:

BAN ON CRYPTO :

Many governments have prohibited cryptocurrency in order to protect their citizens from bitcoin frauds. Cryptocurrencies have been prohibited in Pakistan, India,, Ghana, Egypt, Turkey, and other countries. The main reason to ban cryptocurrencies is that it is free and open and any person, commits fraud, no one can hold them accountable because the government is not responsible in a decentralized system.

NO CREDIBILITY:

People think that cryo os safe but they neglect to inform investors about the security flaws that could jeopardise their assets. Consider a scenario in which you invested the majority of your savings and lost everything. You lose not just your money, but also your faith in cryptocurrencies. In most nations including Pakistan Turkey, India, the majority of the population, particularly the elderly, fall for these con games.

LOSS OF TRUST:

Many users or investors are hesitant to put their money in the crypto world due to the quick rise in crypto frauds. Many newcomers and newly joined people were used in a negative way as they were duped badly in the startinga and also they were duped shortly after entering the crypto world. This would have a negative consequence, and people would lose faith in any coin as a result of being duped by viral coins.

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QUESTION 03: Will regulations in Crypto add value to the Crypto space?

The crypto sector can be enhanced Like if individuals like Elon Musk will be unable to have a substantial impact on the market. The reason is this crypto market is decentralized so there is no check and balance and also the market is unorganized, a single tweet from him caused the price of Bitcoin to skyrocket. Another tweet by the same individual nearly brought the market to its knees. Governance of the crypto realm will blur the lines between it and central banking, making it more centralized than decentralized. after that, the impacts will be in this way that transaction costs will grow, and the privacy of its users will be abused.

Allowing cryptocurrency to be controlled will distort or eliminate the purpose for which it was developed. because then I will be operated by central crypto governance may help to alleviate some crypto concerns, like as scams and fraudulent tricks, I believe the downsides of crypto regulation will outweigh the benefits. As a result, crypto governance will not bring value to the blockchain ecosystem.

Another bad impact will be that there will be high taxes applied o crypto and also and there will be little or no distinction between cryptocurrency and digital currency leading many traders to return to fiat, as they are more popular and accepted, and less encryption will be required.

CONCLUSION:

Professor @yohan2on Thank you so much for this wonderful and informative lecture. In this lecture, we discussed crypto scams, their types, and also ways to protect crypto from scams and there bad impacts on the crypto market and learned they use a variety of tactics to gain access to private details. Scams abound online. When evaluating and switching platforms for your bitcoin property, be aware of the risks. Experts advise that when looking at digital bitcoin organizations and services, make sure they're blockchain-based, which implies they keep exact financial data.

That's all, This is my homework professor @yohan2on I hope you like it, and once again professor thank you so much for this informative lecture, This post is totally plag free.

Please share your valuable feedback.

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