It is argued that 90+% of the investment programs flowing in the internet are HYIP scams and such scams continue to rip people off their hard earned money. This type of weird programs are widespread due to
- Human nature: greed for fast and easy money.
- Commission Junkies: Some people promoting HYIP and PONZI schemes to thousands of followers due to huge commission gains.
- Lack of personal research: no due diligence is done on the part of investor.
Moreover, huge success from crypto currencies and some legit online programs is also a factor. Hence why many programs promise 2 to 15% daily ROI with smart Bitcoin trading bots with promise of 0.3% hourly ROI ( example is Bitcoin Brain) and other programs like MMM United, BET Robert, Me-con , Bit connect- note that all failed HYIP scheme always come back with different names and claim legitimacy either via UK registration number (even my cat can register a company in UK) or in an Asian country. Most worryingly, however, is that there is no official person to contact or hold responsible if investors lose their money. However thanks to a great steemian like @mrwalt who has taken out time to do a constructive due diligence on HYIP and share his results via his steemit posts - against all odds (thanks buddy!!! good job) - in addition to @kyriacos , @xaero1 and @crypt0 (to mention just few) who consistently send in constructive advice via their posts or comments.
Scam , HYIP & Greed: How Steemit Can Save you from being ruined
As I indicated in my former posts, steemit is the best social media platform due to its great people , ability to learn new things and financial rewards. In addition to these principles, steemit is also a platform that takes the fight to scammers and spammers who want to take advantage of the great platform for their personal financial gains-here are few recent examples (see my older posts about spam and scam for more):
- @jerrybanfield researched on steemit top earners of the month-where he found out about smart voting scams see link here
- @stellabelle with the help of @sherlockholmes post found out about how @walterz stole someone else pictures online and posted it as his own on steemit-see link here and lets welcome the real owner of the pictures who just signed up on steemit see @thompjerry .
- @sherlockholmes aka steemit scam and spam slayer, fishing out scammers who use 1700+ accounts to rape our reward system dry –see link here
all these examples including being able to report plagiarists , spam and scammers to the newly born @sadkitten , @cheetah , @steemcleaners and @sherlockholmes via steemit chat shows that steemit is a platform that is doing something against spam and greed .
Moreover, if you want a legit success online then focus on the fun side of steemit (not money because money will come) , grow your followers through engaging in the platform via smart commenting and joining steemit groups , challenges , buy more steem power and follow smart steemians (we have a lot of them) who will always guide you via their prudent posts.
Conclusion: This post has outlined how many people have lost money: due to blind trust, greed and lack of due diligence .However steemit is great because of its member’s ability to prudently and openly post about the issue and take the fight to con artists who want to take advantage of the system- and through innovation, created tools to help in the fight.
What do you guys think?
• Scams are big issue here and I will certainly help in the fight
• Not all scams are essentially bad, i.e. I do not have a problem with any anyone
• Spams and scams are here to stay!!! Indicate why you think so
• @charles1 here you go again!!!! Stop writing nonsense; I do not agree with your analysis-in fact, I love scam!!!!
Send in your comment, Please resteem this for others to join and up vote to send your support.
Do you know that excessive supply can kill Steem, EOS, Bitshares and other coins? See my former post here
Spammers and Scammers are Scum !!! Koodos to all those mentioned that are helping to keep Steemit free from this typical on line crap !! And yet another reason why I love it here !! Great post , keep up the never ending fight , sadly enough ! Steem on my friend , upped and resteemed !!💕✌👍💕
wow my yummy laddy, thanks a lot for your support and comment ,wish you a blessed week 💕✌👍💕
You to my friend thanks ! And happy Sunday !😂😂😂
welcome ✌👍💕
Resteemed. HYIPS are dead scammers, ICO's are next
@anforo
I agree 100% for hyip ...explain why you mentioned ICO's...in ur comment...
Thanks, I agree with you. Thanks for your comment
Wow!
This is SOOO true. It is sad, but it is TRUE!
Really great post. Steemit to the moon!
SteemON!
welcome @quinneaker , thanks for your comment
I hate that all scam... report and destroy 👊 please
Hahah I agree, thanks for your comment
@charles1 - You've touched on one of my big concerns about Steemit. I love the whole concept behind the platform but something must be done to corral the scammers.
My idea for solving the problem should be fairly straightforward to implement. Steemit already has a system whereby users can upvote witnesses. Why not a similar mechanism for ostracizing bad actors?
Here's how it could work ---
Every user gets a single strike that they could apply to, or remove from any other user, at any time. Strikes would be tallied real-time so users would be able to monitor how the community is feeling about them, and hopefully, correct themselves. Offenders with the greatest number of strikes would suffer consequences such as:
Such a self-policing system could stop the scams while boosting overall content quality. The job of moderating would be made a lot easier too.
Hopefully, this gets read by one of the developers.
Good tips indee, thanks for sharing
This sounds interesting and has potential. However, what about a scammer who opens 1000 accounts and uses all strikes against you? Obviously, we would need some sort of weighting, like downvotes. But I do like the idea of a single strike per account.
I came to steemit thanks to @tomtrademore and his preppers groups. I soon found a renewed way start back into writing (I had been absent for about two years) and I am here for the writing platform and to reach a new audience.
The monetary benefit is way down my list of priorities on steemit.
Thank you for sharing this information.
Every day I am learning more and more about steem, SBD, SP, etc and how to develop a posts with more substance and motivation to others for commenting.
Good point, I agree with you...keep steeming to more success
NICE
What is nice about it?
100% Agreed. There is a high boost in HYIP programs online. They come, Give profit to some people and run away with hard earned money of investors. There are many better solutions to earn money online including the Best Steemit. Nice post
welcome, thanks for your comment
Hyip, Ponzi or pyramid investment schemes are all same. They will roll the funds till their Target and lastly disappear. Never invest your money in thin air with baseless golden dreams.
STAYSAFE
Good point, I agree. Thanks for your comment.
Awesome !!! I read it thoroughly,I got drowned into it,
Its really a GREAT POST....enjoyed it.
Every time i see your posts i get delighted,they are just awesome,keep it up :) good luck and
dont forget to upvote back.
Thanks for your comment
@charles1 got you a $1.73 @minnowbooster upgoat, nice! (Image: pixabay.com)
Want a boost? Click here to read more!
Thanks bot
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by charles1 from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews/crimsonclad, and netuoso. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
Thanks bot
nice writing @charles1 follow me ,, im make post about design
This post has received a 1.05 % upvote from @booster thanks to: @charles1.
Thanks bot
Great post
I for one hate spam ..scam and hyip as am a victim. Let's keep exposing this social I'll and nip them before they real their ugly head....nice post @charles1
welcome and thanks for your comment
Welcome as always
Thank you. For the information.
welcome
welcome
Sadly, there will always be scammers because like you said "people on greedy."
The work that the users listed above and many others do it key in filtering it out, being when you have a decentralized platform there is no "authority" to protect the individuals as a whole. The community itself needs to protect each other.
Good point, I agree with you. All members of steemit community should be at alert against scammers and spammers.
Excellent work dear friend @ charles1, very interesting, especially the spam, very good links to see the extraordinary action that is being done to counteract, it is a shame that this invading steemit. Together we can fight them.
Thank you very much for sharing this material
I wish you a beautiful Sunday.
welcome, and thanks for your support. Together we will fight spam, so try make a post about it and report any scam you see . Together we will make here a better place
Interesting, I was aware of a few people combatting the spam on Steemit, but not all of the ones you mentioned. Thank you for the research and article, @charles1.
welcome and thanksfor your support.
This was an excellent article and I appreciate the mention. As you have mentioned before if people can just dedicate themselves to the Steemit platform such as you have done it could pay them dividends beyond having to risk their money in a platform that could be gone tomorrow. Again great article and your hard work on Steemit is really paying off.
Welcome @mrwalt , thanks for taking out time to comment and support my work. I agree with you that hardwork pays off .
And thanks for your great contents, keep it up.
Well it was a well prepared and though out article.
welcome
scammer is spread all over the world please every one aware about this.
Good point, I agree
99% of those programs are scams
And in the U.K. many of those programs have showed on their websites legal documents of companies incorporated in England and Wales.
They have incorporated legal companies in order to attract more customers and have gone out of business after a few months.
You are correct, I wonder why UK govrnment dont do anything about it
They are still small fishes for the government.
small fishes that causes global pain in familes of those that lose all their money .
You are right, I know what you mean.
welcome , ignoring such crimes will make them grow bigger and uncontrollable as it is getting out of hand already online and most are registered in England - with free pass, what a shame!!!
yassshhh! :) Get em!
Thanks for the article Mr. Charles. :)
welcome and thanks for reading
Just as in the internet marketing world, crypto knows a lot of scams... I hope we all see the difference and do our research before investing into a project. These scams and Ponzi schemes give the crypto world a bad name and might prevent it from going mainstream. I'm sure there will be a solution and steemit is a great platform to help reveal which projects are to be trusted and which are scams. Another great read @charles1
Thanks a lot my dear Amy for your comment, I agree with you.
You are welcome.
same here
I really wish I had more time to read posts. I'm glad I stopped by today.
Spam & Scam is a problem in my opinion. @fubar-bdhr spends long hours hunting down users posting referrals for potential scams as a member of @steemcleaners.
Unfortunately @steamcleaners received so much push back & harassment from the community it would have made fighting plagiarism, identity deception, and other abuse difficult if we continued to flag these types of Spam & Scam posts.
Users have went so far as to threaten to dox him publicly. I've had users threaten to investigate me for corruption and dox me.
I think that behavior is indicative of the type of users attracted to these types of programs long term. Newbies get burned and stop.
I agree with you however all the team should not lose hope and stop doing their good job or steemit will be doomed.
Scammers always attack however stay strong and they will give up
The thing is, in reddit you have moderators for each community to do that... but in a decentralized platform it's hard to get these moderators... there's few rules.
Glad that there's someone enforcing these rules!!
I won't say steemit is the greatest, or one of the greatest examples of scam/spam fighting. But at least it's trying!!
Good point, I agree