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Bitcoins/Cryptocurrency

edited 30 November -1 at 12:00AM in Savings & Investments
230 replies 29.1K views
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  • justificationjustification Forumite
    1 posts
    Second Anniversary
    MoneySaving Newbie
    I intended to invest £200 in primecrypto but they said make it £250 then another told me to change the 250 and replace it with 300. I refused and kept to 250 and would use PayPal he just said ok put your visa card up to the screen and gullibly I did and he had a gadget that took my payment. I later found the crooks had taken 3 times the amount from my account (I had already told them I only had £400 in my account). When I complained on chat I found I was talking to the same small gang of crooks over and over again who told me if I gave them all my other details sent on photo (bank card, letters, drivers licence etc) to prove who I am they would sort it. But they cannot be trusted. PRIMECRYPTO are just a small gang of thieves
    with sophisticated equipment.
  • coyrlscoyrls Forumite
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    You really think that they had a gadget that took a payment from your card when you held it up to your computer screen?
  • markj113markj113 Forumite
    255 posts
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    coyrls wrote: »
    You really think that they had a gadget that took a payment from your card when you held it up to your computer screen?


    This person is obviously at the cutting edge of tech with a deep understanding of digital payment methods.



    Just the sort of person that should be investing in cryptocurrency :think:
  • edited 17 September 2018 at 2:42PM
    FuturisticFuturistic Forumite
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    edited 17 September 2018 at 2:42PM
    I intended to invest £200 in primecrypto but they said make it £250 then another told me to change the 250 and replace it with 300. I refused and kept to 250 and would use PayPal he just said ok put your visa card up to the screen and gullibly I did and he had a gadget that took my payment. I later found the crooks had taken 3 times the amount from my account (I had already told them I only had £400 in my account). When I complained on chat I found I was talking to the same small gang of crooks over and over again who told me if I gave them all my other details sent on photo (bank card, letters, drivers licence etc) to prove who I am they would sort it. But they cannot be trusted. PRIMECRYPTO are just a small gang of thieves
    with sophisticated equipment.

    https://www.fca.org.uk/news/warnings/maplewalk-ta-prime-crypto

    You can try talk to your bank, good luck. Maybe providing above link may help.


    Buy through a regulated site like https://www.coinbase.com instead who are one of the very few with FCA license.
  • MalthusianMalthusian Forumite
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    Futuristic wrote: »
    Buy through a regulated site like https://www.coinbase.com instead who are one of the very few with FCA license.
    This seems to be one of those times when "once bitten, twice shy" would be more appropriate.
  • Important update! We have recently reviewed and updated our Forum Rules and FAQs. Please take the time to familiarise yourself with the latest version.
  • ben501ben501 Forumite
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    Futuristic wrote: »
    You can try talk to your bank, good luck. Maybe providing above link may help.
    Considering the technology we're dealing with here, surely placing the palm of their hand on the screen should be enough to contact whoever they need.:whistle:

    put your visa card up to the screen and gullibly I did and he had a gadget that took my payment.
  • So, being a person that likes to risk a little and also try something new I am looking forward to start my own cloud mining business but not quite sure if it is worth a shot. I've recently made some research on that topic and looked through some cloud mining services here but some points still seem unclear to me. How do they calculate their predictable profit and is this number guaranteed? Would gladly accept any advice if someone knows the answer.
  • edited 27 March 2019 at 9:46AM
    bowlhead99bowlhead99 Forumite
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    edited 27 March 2019 at 9:46AM
    JustABit wrote: »
    So, being a person that likes to risk a little and also try something new I am looking forward to start my own cloud mining business but not quite sure if it is worth a shot.
    The time to become a miner was before everyone else had the idea of renting computer power to become a miner. The gains that everyone has made in the past when they were one of only a few people doing it around the world, are no longer available.
    . How do they calculate their predictable profit and is this number guaranteed?
    Guesswork, and no. You may lose all the money you put in. It is not a regulated financial product, so they can make up any claims about returns that they like

    would gladly accept any advice if someone knows the answer.

    Think: if someone has a genuinely reliable and predictable profit making opportunity, why would they offer you a service where their cloud computing power mines bitcoins for you and gives you a good share of the profit? Why not make the predictable profit themselves, and reinvest all the profit into making more predictable profit for themselves?

    Answer, because selling you a service where you give them money, is more reliable income for them than the activity of actually doing the cloud mining.

    There are enough suckers in the world who have heard of large gains being made by miners, that they can get customers to give them the funding for the service. However, profit margin in mining is small, unpredictable, and there is not a huge amount to be made, which is why they want someone like you to show up and buy the service and give them your money. You may lose all your money without getting any real profits, of they go bust overnight, and they will not be losing sleep over your poor decision, but you will They are not offering the service to you out of love or altruism.

    Also:
    I've recently made some research on that topic and looked through some cloud mining services here but
    Cloud mining pro's site offering "Best Cloud Mining Services Overview" is hardly an unbiased view of the market, even if you've chosen to use it just as a starting point for researching the services. They will earn money for directing people to the services so are incentivised to lead you first to the ones who pay them the most. Actually the most successful and profitable miners that you'd want to team up with to make your fortune will not provide services to the public at all, they will simply get private investment and mine for themselves.

    As you can tell from the number of people who pop up here or on "review" sites with their links and ramping, it is incredibly difficult to get an impartial opinion anywhere, because everyone who tells you a service is good is likely to be doing it for their own vested interest. This could take the form of (e.g.) a referral fee, or simply the hope of more customer income driven to a service they use instead of a competitor that they don't use, in the hope that the service they had picked is slightly less likely to go bust; they may feel that if more customers start using that service there may be a little more chance of getting their money out rather than suffering a loss of some sort if/when there is a financial collapse or fraud at the service provider.
  • WillGatesWillGates Forumite
    39 posts
    Bitcoin and Ethereum at it again.
    Up over 100% this year.
    Will we see a new all time high?
  • Sir_RobinSir_Robin Forumite
    52 posts
    Second Anniversary 10 Posts
    I don’t expect it to keep climbing, it’s not clear what is actually causing this climb as I’m not feeling the hype that accompanied the first bubble. We know there are groups out there with mark-manipulating amounts of coin.

    I’ve cashed out my tiny amount, it was fun learning about it. I liked the technology and philosophy around it but in reality few people are using it as actual currency. I concluded It’s too volatile for me to commit a substantial amount to and not worthwhile to hold a small amount .
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