Bitcoin Scams Are Back. Bitcoin Scams are Excellent Bitcoin Price Indicators.
When you see that Bitcoin scams are back you know that Bitcoin pricing is on an upward trend. Most of the cryptocoin and Bitcoin groups on Facebook were dead for the past several months. They were barren wastelands devoid of any movement or activity at all. Then something interesting starting happening at the end of March.
Bitcoin prices started to increase. The Bitcoin scams increased too. Bitcoin scams are back.
The news that Bitcoin scams are back is bad news with a silver lining. While nobody is happy to see innocent or gullible people get robbed by Bitcoin scammers, everybody should be happy by what always happens next; Bitcoin goes up.
Indeed, Forbes reported on this two years ago:
Whenever something gets hot, the only guarantee is that scamsters will lock onto it like a heat-seeking missile. The virtual currency bitcoin is no exception.
The wise investor knows good things are coming. Would-be Bitcoin investors should know to exercise “street smarts” in avoiding buying or selling Bitcoin any other way than through a reputable exchange.
For the Bitcoin critics and naysayers out there it must be said that in every age and generation there were people scamming the unsuspecting public out of their money. Elizabeth Holmes of Theranos is perhaps the best, most recent example of this. Bitcoin prices have a history of high volatility leading to jilting dips and life-changing gains. The Bitcoin scammers go into hibernation when the price is low then wake up and get back to work as soon as an upward trend in Bitcoin prices emerge.
In one sense we should be a muted kind of pleased to see Bitcoin scammers but angry at them for every other reason; they rob, cheat and steel from trusting, unsuspecting victims. I can’t resist to coin a phrase; every coin has two sides.