Coin Studio Investment Reviews is Coinstudio.xyz a Scam or Should I Invest

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Beware of These 5 Bitcoin Scams

Bitcoin’s meteoric rise in prices in 2020 awakened mainstream interest in the original cryptocurrency.   But the rise in interest has not been without consequences. One of the downsides of new investors entering the market is the increase in the number of scams, frauds, and stories of retail investors who lose their coins to shady ventures. From ICO scandals to wallet theft and fraud, regular consumers can fall prey to crime easily.

It may seem as though it’s the Wild West for investors, but it doesn’t have to be. While there are certainly risks in the market, the opportunities may be irresistible for some. However, being cautious is always a must, and there are clear signs of scams that investors can look for. By avoiding these traps, users can better their chances of success and protect their investments. These are some of the most common scams and how they can be avoided.

Key Takeaways

  • Bitcoin investors can increase their odds for success by identifying common scams, such as Ponzi schemes, fake ICOs, and fraudulent exchanges.
  • One common scam, exposing bitcoin users to theft, is the sale of a hardware wallet with a compromised pre-configured seed phrase, which allows hackers to steal funds.
  • Since bitcoin exchanges are unregulated, fraudulent exchanges can trap investors with the promise of unrealistic prices and heavy discounts on use.
  • Websites featuring fake ICOs instruct users to deposit funds into a compromised wallet through their site, resulting in the theft of funds.

Hardware Wallet Theft

For users who are concerned with security and privacy, a hardware wallet—a physical device that stores their private keys—is an increasingly popular option. Usually, as small as keychain USB drives, these wallets offer an offline way to help crypto investors protect their bitcoin even further. However, there have been reports that some of them have built-in vulnerabilities that open them to hackers that could easily steal all a user’s holdings. 

This is far from the only issue, however. According to Ofir Beigel, the owner of 99Bitcoins.com:

One scam entails selling hardware wallets to users with a ‘pre-configured’ seed phrase hidden under a scratch card. The new user is told that he should scratch the card . and set up the wallet with the compromised seed.

This creates a backdoor that allows hackers to drain funds once a wallet is activated. These scams are becoming more common, but they can easily be avoided by only accepting wallets from trusted sources. 

Exchange Scams

Despite their decentralized nature, most cryptocurrencies are still bought and sold at exchanges. While this makes it easier to find the coins investors desire, there is still no regulatory body overseeing these exchanges in many countries. Thus, many investors have been left penniless when the exchanges they signed up for turn out to be traps. In December of 2020, several South Korean exchanges were exposed, leading to promises of stiffer regulations by the country’s authorities. 

These scams are not hard to spot but can be costly if not avoided. One of the biggest red flags is the promise of unrealistic prices. Exchanges that promise heavy discounts on bitcoin use this strategy to lure in unsuspecting victims.

Additionally, users can check exchanges’ URLs. Web addresses should always begin with HTTPS, a sign that traffic is encrypted. Visiting unsecured websites is a bad idea, but alert investors can avoid losing thousands by looking for the right signs.

Fake ICOs

One of the best results of the cryptocurrency boom has been the rise of the initial coin offering as a way for companies to raise capital. With thousands of new blockchain-based companies entering the market with unique ideas and exciting projects, users can now back their favorite businesses easily. However, this massive explosion of ICO opportunities has inevitably raised the specter of fraud.

There are several ways scammers can separate investors from their bitcoin. One popular method involves creating fake websites that resemble ICOs and instructing users to deposit coins into a compromised wallet. Other times, it’s the ICOs that are at fault.

Centra Tech, for example, a blockchain venture backed by several celebrities, has been sued in the US. The company stands accused of portraying fake team members, misleading investors, and lying about their products.   The best way to avoid these scams is close research that involves picking apart the white paper, reviewing the team behind the venture, key board members, and investors. Before making any investment, it’s vital to learn as much about the company as possible to avoid any unpleasant surprises.

Cloud Mining Schemes

Mining is the only way to extract new bitcoins without buying or exchanging them, but it has become an incredibly resource-intensive activity. Due to the unique way new coins are mined, it takes massive amounts of processing power and electricity, and thus money, to mine a coin. However, many companies now offer regular users the ability to rent some server space to mine coins for a set rate.

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Some companies offer “lifetime contracts” that keep costs the same and supposedly offer outstanding returns. However, as the difficulty of mining increases, the same investment will return smaller amounts each time. Moreover, some companies make bold claims regarding their returns without being transparent about the true costs and diminishing returns. Others operate Ponzi schemes that can lead to massive losses. It’s vital to look into opportunities and understand the risks and costs associated with mining before investing.

Multilevel Marketing

Even in the digital spheres, many multilevel marketing schemes have emerged that offer naïve investors excellent “opportunities” for progressively larger sums of bitcoin. MLMs, as they’re known, are predicated on offering quick returns, but involve taking more money for the promise of even higher profits.

One major company that has been repeatedly outed is OneCoin, whose owners were implicated in several other shady operations. The company offered investors massive earnings, as well as luxury goods and perks for paying more. 

However, there is little information on the company outside of its site, and users have left scathing reviews online. It’s important to pay attention to a company’s fine print and ensure that their claims are feasible and real. Avoiding these scams early can protect investors’ wallets.

With the current craze, being vigilant and doing one’s due diligence are a must before investing in bitcoin. The market is also showing signs of maturity, leading to better transparency and clearer rules. Regardless, a smart investor’s first step should always be careful research to ensure their investments are winners.

Top 5 Worst Coin Investments

Bad Coin Investments and Why You Shouldn’t Collect Them

Illustration: © The Spruce, 2020

Disclaimer: “Past performance is not an indication of future potential values. Any opinions expressed here are just that, an opinion and they reflect a personal buying preference for investing in coins. These opinions are not meant to denigrate or devalue any company’s offerings, which may or may not increase in value over time.”

#1 Worst Coin Investment – TV Shopping Show Dealers and “Mints.”

Number One on the list is the TV shopping network “coin dealers” and premium “mints” that sell nice looking commemorative coins for exorbitant prices. Unfortunately, these coins have no additional value beyond their bullion or face value when you or your heirs eventually sell them. Some of these so-called mints that sell coins on the TV and cable-based shopping channels sell genuine U.S. Mint coins that are almost always priced several times higher than the coins would cost from a reputable coin dealer!

These shows rarely sell anything that can’t be acquired elsewhere at more affordable prices, so don’t impulse buy from these TV shows! Do a little research, and you’ll see the same Silver Eagles at just a few dollars over spot price from traditional coin dealers. Uncirculated Morgan Dollars seem to be a prime product that TV shopping network coin dealers sell at an exorbitant price. They push these common coins as old and rare. When in fact, they can be purchased for a reasonable amount from your local coin dealer.

Another area that TV shopping networks feature in their coin shows is Proof sets and Uncirculated Mint Sets. They usually bundle these coins into ten, twenty-five, or fifty-year collections. They state that they are “rare” or “difficult to obtain” because they have assembled these sets into multiyear runs. Your local coin dealer can assemble a collection of Proof or Uncirculated Mint Sets for you at a fraction of the cost. Therefore, never buy coins from TV shopping shows!

#2 Worst Coin Investment – National Collector’s Mint

Second on the “do not buy” list are coins issued by the National Collector’s Mint. The United States Mint has issued warnings about this company’s misleading advertisements in the past, particularly its “Freedom Tower” coins. National Collector’s Mint advertisements imply that Freedom Tower coins and other medals have meaningful amounts of precious metal in them when in actuality, they do not.

Additionally, they produce a large quantity of “tribute coins” which are copies of genuine U.S. coins. They do follow United States law and mark each coin as “COPY” so they are not confused with genuine coins. However, they charge anywhere from $15 to $30 per coin. The actual market value is just a few dollars. Therefore, these tribute coins make a poor investment.

Also, despite the perception they often give to the contrary, nothing this “mint” makes has any association whatsoever with the genuine United States Mint, and it is a generally accepted opinion that the coins they sell are, and will remain, virtually worthless as an investment collectible.

#3 Worst Coin Investment – Franklin Mint & Similar Companies

Next on the “do not buy list” are coins and medals from the Franklin Mint and other premium collectibles mints such as the Bradford Exchange, etc. They are aggressive marketers who do sell genuine bullion coins, but their coins usually do not have any premium after-market value among coin collectors and investors.

You will typically find that when you buy a one-ounce silver coin that it is only worth the value of its silver bullion when you go to sell it. Beware of rubbish similar to the Franklin Mint’s colorized Obama coins!

#4 Worst Coin Investment – Spurious Sets

Another lousy investment is “spurious set” coins. These sets are popular TV shopping network products. You can also find these sets advertised in magazines and at flea markets. “Spurious sets,” are coin sets that are put together out of lower-grade common coins according to some theme.

The company assembles the low-grade coins into sets and places them into fancy plastic holders with elegant packaging. Common themes include coins that were all minted during World War II, the Vietnam War, or they are from different countries that celebrated Marilyn Monroe or some other bygone celebrity. Such coins are usually genuine, but they probably won’t be worth what you paid for them when you go to sell them.

#5 Worst Coin Investment – Modified Coins

The final type of worthless coin investment is modified coins, such as genuine U.S. Mint products that have been altered by adding holographic stickers or coloring. Coin collectors and numismatists consider these coins as “damaged,” and you will only get bullion value when you go to sell them. Some dealers will discount the buying price even further because of the added impurities that the paint and other elements applied to the coins.

The Best Types of Investment Coins

According to many experts, the best type of investment coins are rarer, key date coins issued by the United States, in the best grade you can afford. If you can’t afford to spend $2,000 on a coin to buy a key date in a high grade, then purchase common coins in the finest grades you can afford.

Lower-grade, common coins have historically not appreciated as much in value as key date coins do, so they are probably not a good investment choice (although they’re great for filling up the holes in albums, especially with kids helping out!)

In general, novice coin collectors collect pre-1965 90% silver U.S. coinage and silver world coins in high grades. These coins are excellent choices for the average person on a tight budget. Numismatists and coin experts believe that most types of U.S. Nickels are undervalued. For obsolete coins, most Walking Liberty, Franklin, and silver Kennedy Half Dollars are underrated according to many numismatic experts but only buy high-grade coins.

A final area of coin investing to consider is the bullion coins, especially coins that are traded at close to spot price (as opposed to Proof Silver Eagles and other premium United States Mint offerings.) With the growth of China and India and the likelihood that they will become “superpowers” within the next generation, all precious metals are expected to rise over the long term. Copper, in particular, is expected to boom compared to current prices. However, when purchasing precious metals you are accepting the risks and rewards of investing in a volatile market.

Iocya Market Reviews: is Iocya.com a Scam or Should I Invest?

Iocya Market Review: Scam or Paying? Iocya.com claims it could make you good profits from investments in oil trade. How true is this? Is it Legit? You may have come across many systems on the internet promising you quick fortunes, the truth is that majority of them turn out to be scams. In this review of Iocya Market, we provide you information based on our investigations and user experiences to help guide you make the proper decision.

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Iocya.com Scam Review: Disturbing Things Found

Most of this scam quick-profit investment schemes are HYIPs. What is a HYIP? It is a just a type of ponzi scheme. Initial investors only get paid when new people sign up and invest, what this means is that you are under pressure to bring in new investors so that you will get paid. As soon as the amount of new investor drops, the owners do away with the money invested, and the site is closed down since there is no longer enough money to pay initial investors. Those that benefit most times are the first investors. The system is not sustainable because it will surely shut down abruptly leaving your money trapped in the hands of the scammers that set it up initially.

Most of them provide a registration certificate and so-called evidence of payments. Don’t be deceived, anybody could get a sham address and certificate most especially from the Company House in UK which most of them use, for just £5. These companies claiming to be located in the UK or similar countries are not in actual sense located there.

Iocya.com is not a legit investment platform. Don’t be deceived by their promises.

Conclusion

Everyday we get complaints of people been scammed. Most people fall for these schemes because of the sweet promises of making huge profits within a short time. On a serious note, legit systems exists but scams are very very numerous. So you need a guide to help you make a good decision. We have made it our duty, by exposing scams.

Our Recommendation

They are lots of online investment opportunities which could fetch you money and give you a good Return On Investment. We constantly search them out to guide our readers so they don’t fall for scams. Always feel free to interact with us in the comment section.

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