"The problem with Crypto is, everything is unregulated".

[VirtualLarry]

https://www.reddit.com/r/NiceHash/comments/pfq1c8

Crypto user/miner, on Reddit, buys something with Crypto, and then has buyer's remorse, and tries to "reverse" the transaction, by begging the other party for a refund. Welcome to hyper-capitalism / crypto world.

Moved from Graphics Cards as it has nothing to do with them.
admin allisolm

 

[VirtualLarry]

VoskCoin discusses scams on BSC.

How any even semi-normal dude is supposed to figure this stuff is beyond me.

 

[HutchinsonJC]

I've tried to sort of pay attention to the basics of how it works and the value of mining since like 2008? By basics, I guess I mean just that.

I just read the reddit thread and the only thing I got out of it was that the guy bought something and realized a mistake and seemed confused about consumer protection options.

The video Larry posted almost sounds and looks like a foreign language to me. I'll probably have to watch 10x the content I just watched similar in nature before it starts to make sense to me. The big take away I got out of it was that some scamcoins<?> are using .io or other endings that are also used for websites which leads people to their website which some how facilitates the scam?

 

[VirtualLarry]

The video Larry posted almost sounds and looks like a foreign language to me. I'll probably have to watch 10x the content I just watched similar in nature before it starts to make sense to me. The big take away I got out of it was that some scamcoins<?> are using .io or other endings that are also used for websites which leads people to their website which some how facilitates the scam?

It's actually a bit more involved than that, just getting someone to visit a web site.

Ethereum, and Binance Smart Chain, support the idea of "Smart Contracts". Think of them kind of like automated vending machines that live on the blockchain. You can feed them various "Coins" / "Tokens", and they will process them a certain way. (DeFi works like this, as I understand it, as you can trade certain tokens IN and get certain tokens OUT, based on exchange rates, fees, etc.)

These scams are basically like a scammy vending machine, that you feed the "fake" airdropped tokens, and they get access to your wallet via the "Smart Contract" that you sent coins to and "allowed" the transaction, and then they steal your other tokens. Thank goodness that MetaMask evidently has something like Windows UAC, where they prompt you before any smart contract attempts to "spend" your tokens. Otherwise, Vosk would have been cleaned out.

Think of them like the crypto-culture version of the "Free Vacation Scam". You get a cold-call, offering that you've "Won a free $5000 vacation" (free air-dropped scam tokens), but in order to "Claim your prize", you need to give them banking or CC# details, to "pay for reservations". But once they get your banking info, they clear out your account.

This being the crypto-sphere, you may have no real recourse, although the last part of the video was interesting, some way to void authorizations on the Ethereum and Binance Smart chain? I'll have to look into that more. One of the issues with Bitcoin and forks, is that the transaction is basically non-reversable once it goes through. Which is what the first post was about.

 

[VirtualLarry]

They say, "A fool and his money are soon parted". No truer words for the Crypto world. Only, you don't have an entire banking system's anti-fraud policies, computers, personnel, etc., helping to save you from scams. Congratulations, you're your own bank. You're on your own with this kind of stuff now! Enjoy freedom. Kind of like living apart from civilization.

Edit: Upon reflection, it's not too much different, than if we were in an all-cash society, and didn't have banks to hold and "secure" our money, and we carried around all of our personal wealth with us on our person. Kind of being like an PvP "Outlaw" in an MMO, and not being allowed to use the bank. (Is that a thing in MMOs? Preventing PvP'ers from using the "bank"? IMHO, it should be. It would make PvP a potentially more serious decision to make.)

 

[Shmee]

A bit of a side question here, but what are your thoughts on safemoon @VirtualLarry ?

 

[VirtualLarry]

I've heard of SafeMoon, never owned it, never used it, have no plans to get in any way involved in it. Heard it's a scam from some people, some people think it will make them rich.

I'm just a simple (NiceHash) miner, sell BTC for USD, cash out every day or two. $$$ for pizza, occasionally something at WM like clothes, drinks, sometimes something like a laptop, if I manage to save up.

I don't "play" crypto. Am I passing up huge (potential) gains? Undoubtedly. But what I'm doing is safe and AFAIK scam-free.

 

[Shmee]

For sure. Some of my friends are really excited about the project. I am interested, but not sure.

I am surprised you aren't hodling a bit more though. Also, I would recommend using some direct ETH miner and mining directly to a wallet, and avoid NH. Yes NH is likely easier to setup, but from my understanding you don't have actual private key control, fees are higher, plus there is the whole issue where they betrayed Phoenixminer devs. Of course whatever software works for you is fine.

One thing I can recommend though is try to save some and diversify. BTC, ETH, ETC, ADA, DOGE, are all "big name" coins and you may want a bit of each.

Also, look into trading possibly, like on coinbase pro or another exchange. Coinbase pro does have higher fees, but at least they are US based, in SF no less, so they should be safe/safer. Of course, best policy is keeping your crypto secure offline till you need to sell/trade.

 

[ozzy702]

I'm just a simple (NiceHash) miner, sell BTC for USD, cash out every day or two. $$$ for pizza, occasionally something at WM like clothes, drinks, sometimes something like a laptop, if I manage to save up.

I don't "play" crypto. Am I passing up huge (potential) gains? Undoubtedly. But what I'm doing is safe and AFAIK scam-free.

That's what most of my friends have done since 2019. If I had gone that route my net worth would be like 10% of what it is today if I was lucky. Long term mining and DCAing without selling takes discipline and diamond hands but it pays off in the long run.

 

[NTMBK]

Shouldn't this be in P&N? I don't see anything in this story about graphics cards.

 

[ultimatebob]

Shouldn't this be in P&N? I don't see anything in this story about graphics cards.

It can't go to the P&N forum, unless VirtualLarry finds a way to blame this all on Donald Trump

Off Topic seems like a good place to make fun of someone who doesn't understand what the words "Non-refundable transaction" mean, though.

 

[NTMBK]

It can't go to the P&N forum, unless VirtualLarry finds a way to blame this all on Donald Trump

Off Topic seems like a good place to make fun of someone who doesn't understand what the words "Non-refundable transaction" mean, though.

It was in Graphics Cards when I was complaining- Off Topic seems like a good place!