pay-forever.com Review Is PayForever Scam or Should I Invest

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pay-forever.com Review: Is PayForever Scam or Should I Invest?

Pay Forever Review: Scam or legit? pay-forever.com claims it could make you high profits from investment. How true is this? Is PayForever Paying? 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 we provide you information based on our investigations and user experiences to help guide you make the proper decision.

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Pay-forever.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.

Sometimes these platforms might pose as an investment platform, doubler platform or even a mining platform. But the truth is that they do not have the equipment that make them what they claim to be. Rather what they do is circle the funds of investors, and when they have made a lot of unsuspecting investors trust them, they stop paying.

pay-forever.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.

Pay Attention to These 7 Bitcoin Scams

Bitcoin – the possible Pandora’s Box of the currency world – has never been short of controversy. Whether it be aiding the black market or scamming users out of millions, bitcoin is no stranger to the front page.

Still, the jury is out on the legality and usefulness of bitcoin – leaving it in a proverbial grey area. Bitcoin’s price has fluctuated throughout its history, falling and rising, currently hovering near $10,000. Perhaps you’ve found bitcoin while it looks to be on the rebound and find yourself interested in it as an investment.

However, there have been several legitimate bitcoin scams that have become infamous, and you need to know about them – but, what are the top 7 bitcoin scams? And how can you avoid them?

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What Is a Bitcoin Scam?

For most cases, it may be pretty obvious what a scam is – but with bitcoin, and cryptocurrency in general, things become murkier. Bitcoin itself is an unregulated form of currency that essentially is a mere number that is only given value because of an agreement. It’s basically like a moneybag with a lock on it – the code of which is given to the recipient of the bitcoin (an analogy drawn by Forbes in 2020).

Bitcoin scams have been famously criminal and public in nature. With no bank as a middleman in exchange, things become more complicated; so hackers and con men have had a heyday.

Top 7 Bitcoin Scams

There have been (and undoubtedly will be) nearly countless bitcoin scams, but these frauds make the list of the top 7 worst bitcoin scams to date. Take note.

1. Malware Scams

Malware has long been the hallmark of many online scams. But with cryptocurrency, it poses an increased threat given the nature of the currency in and of itself.

Recently, a tech support site called Bleeping Computer issued a warning about cryptocurrency-targeting malware in hopes of saving customers from sending cryptocoins via transactions, reported Yahoo Finance.

“This type of malware, called CryptoCurrency Clipboard Hijackers, works by monitoring the Windows clipboard for cryptocurrency addresses, and if one is detected, will swap it out with an address that they control,” wrote Lawrence Abrahams, computer forensics and creator of Bleeping Computer.

The malware, CryptoCurrency Clipboard Hijackers (which reportedly manages 2.3 million bitcoin addresses) switches addresses used to transfer cryptocoin with ones the malware controls – thus transferring the coins to the scammers instead. And, according to Asia Times, even MacOS malware has been connected to malware scams involving cryptocurrency investors using trusted sites like Slack and Discord chats – coined “OSX.Dummy.”

2. Fake Bitcoin Exchanges – BitKRX

Surely one of the easiest ways to scam investors is to pose as an affiliate branch of a respectable and legitimate organization. Well, that’s exactly what scammers in the bitcoin field are doing.

South Korean scam BitKRX presented itself as a place to exchange and trade bitcoin, but was ultimately fraudulent. The fake exchange took on part of the name of the real Korean Exchange (KRX), and scammed people out of their money by posing as a respectable and legitimate cryptocurrency exchange.

BitKRX claimed to be a branch of the KRX, a creation of KOSDAQ, South Korean Futures Exchange, and South Korean Stock Exchange, according to Coin Telegraph.

BitKRX used this faux-affiliation to ensnare people to use their system. The scam was exposed in 2020.

3. Ponzi Scheme – MiningMax

“Ponzi bitcoin scam” has got to be the worst combination of words imaginable for financial gurus. And, the reality is just as bad.

Several organizations have scammed people out of millions with Ponzi schemes using bitcoins, including South Korean website MiningMax. The site, which was not registered with the U.S. Securities and Exchange Commission, promised to provide investors with daily ROI’s in exchange for an original investment and commission from getting others to invest (basically, a Ponzi scheme). Apparently, the site was asking people to invest $3,200 for daily ROI’s over two years, and a $200 referral commission for every personally recruited investor, reports claim.

MiningMax’s domain was privately registered in mid-2020, and had a binary compensation structure. The fraudulent crypto-currency scam was reported by affiliates, resulting in 14 arrests in Korea in December of 2020.

Korea has long been a leader in technological developments – bitcoin is no exception. However, after recent controversy, it seems as though this is changing.

“But a lot of governments are looking at this very carefully,” Yoo Byung-joon, business administration professor at Seoul National University and co-author of the 2020 research paper “Is Bitcoin a Viable E-Business?: Empirical Analysis of the Digital Currency’s Speculative Nature,” told South China Morning Post in January. “Some are even considering putting their currencies on the blockchain system. The biggest challenge facing bitcoin now is the potential for misuse, but that’s true of any new technology.”

4. Fake Bitcoin Scam – My Big Coin

A classic (but no less dubious) scam involving bitcoin and cryptocurrency is simply, well, fake currency. One such arbiter of this faux bitcoin was My Big Coin. Essentially, the site sold fake bitcoin. Plain and simple.

In early 2020, My Big Coin, a cryptocurrency scam that lured investors into sinking an alleged $6 million, was sued by the U.S. Commodity Futures Trading Commission, according to a CFTC case filed in late January.

The CFTC case further details that the suit was due to “commodity fraud and misappropriation related to the ongoing solicitation of customers for a virtual currency known as My Big Coin (MBC),” further charging the scam with “misappropriating over $6 million from customers by, among other things, transferring customer funds into personal bank accounts, and using those funds for personal expenses and the purchase of luxury goods.”

Among other things, the site fraudulently claimed that the coin was being actively traded on several platforms, and even mislead investors by claiming it was also partnered with MasterCard, according to the CFTC case.

Those sued included Randall Carter, Mark Gillespie and the My Big Coin Pay, Inc.

5. ICO Scam – Bitcoin Savings and Trust and Centra Tech

Still other scammers have used ICO’s – initial coin offerings – to dupe users out of their money.

Along with the rise in blockchain-backed companies, fake ICOs became popular as a way to back these new companies. However, given the unregulated nature of bitcoin itself, the door has been wide open for fraud.

Most ICO frauds have taken place through getting investors to invest in or through fake ICO websites using faulty wallets, or by posing as real cryptocurrency-based companies.

Notably, $32 million Centra Tech garnered celebrity support (most famously from DJ Khaled), but was exposed for ICO fraud back in April of 2020, according to Fortune. The company was sued for misleading investors and lying about products, among other fraudulent activities.

The famous DJ wrote his support in a caption on Instagram back in 2020.

“I just received my titanium centra debit card. The Centra Card & Centra Wallet app is the ultimate winner in Cryptocurrency debit cards powered by CTR tokens!” Khaled wrote.

The U.S. Securities and Exchange Commission even issued a warning in 2020 about ICO scams and faux investment opportunities, brought on by a slew of celebrities who promoted certain ICOs (like Paris Hilton and Floyd Mayweather Jr. to name a few).

“Any celebrity or other individual who promotes a virtual token or coin that is a security must disclose the nature, scope, and amount of compensation received in exchange for the promotion,” the SEC wrote in an Investor Alert in 2020. “A failure to disclose this information is a violation of the anti-touting provisions of the federal securities laws.”

Another example is Bitcoin Savings and Trust, which was fined $40.7 million in 2020 by the SEC for creating fake investments and using a Ponzi scheme to scam investors. According to Coin Telegraph, Trenton Shavers, the organization’s leader, allegedly scammed investors into giving him 720,000 bitcoins promising a 7% weekly interest on investments – which he then used to pay back old investors and even fill his personal bank accounts.

6. Bitcoin Gold Scam – mybtgwallet.com

Nothing catches the eye of the naïve quite like the promise of gold – bitcoin gold, of course.

That is exactly what mybtgwallet.com did to unsuspecting bitcoin investors.

According to CNN, the bitcoin gold (BTG) wallet duped investors out of $3.2 million in 2020 by promising to allow them to claim their bitcoin gold. The website allegedly used links on a legitimate website (Bitcoin Gold) to get investors to share their private keys or seeds with the scam, as this old screenshot from the website shows.

Before the scam was done, the website managers (slash scammers) was able to get their hands on $107,000 worth of bitcoin gold, $72,000 of litecoin, $30,000 of ethereum, and $3 million of bitcoin, according to CNN.

Bitcoin Gold, the site’s wallet used in the scam, began investigating shortly after, but the site remains controversial. Still, firm released a warning to bitcoin investors.

“It’s worth reminding everyone that it will never be truly safe to enter your private key or mnemonic phrase for a pre-existing wallet into any online website,” Bitcoin Gold wrote. “When you want to sweep new coins from a pre-fork wallet address, best practice is the same as after other forks: Send your old coins to a new wallet first, before you expose the private keys of the original wallet. Following this basic rule of private key management greatly reduces your risk of theft.”

7. Pump and Dump Scam

While this type of scam is certainly not relegated to just bitcoin (thank you for the education, “The Wolf of Wall Street”), a pump-and-dump scam is especially dangerous in the internet space.

The basic idea is that investors hype up (or “pump up”) a certain bitcoin – that is usually an alternative coin that is very cheap but high risk – via investor’s websites, blogs, or even Reddit, according to The Daily Dot. Once the scammers pump up a certain bitcoin enough, skyrocketing its value, they cash out and “dump” their bitcoin onto the naïve investors who bought into the bitcoin thinking it was the next big thing.

Bittrex, a popular bitcoin exchange site, released a set of guidelines to avoid bitcoin pump-and-dump scams.

While “stackin’ penny stocks” may sound like an appealing way to earn an extra buck (thanks to its glamorization by Jordan Belfort), messing in bitcoin scams is nothing to smirk at.

How to Avoid Bitcoin Scams

With the inevitable rise of bitcoin in current and coming years, it is becoming increasingly important to understand and be on the lookout for bitcoin scams that could cost you thousands. As more people become interested in Bitcoin, more people are also likely to try and pull off a scam.

There is no one formula to avoiding being scammed, but reading up on the latest bitcoin red flags, keeping information private, and double checking sources before investing in anything are good standard procedures that may help save you from being duped. Cryptocurrency can be a confusing topic even for the experienced Bitcoin enthusiast, so the more you read up on the world of Bitcoin, the more prepared you can be. After all, knowledge is power.

Don’t Be Fooled By These 3 Money Scams

It’s surprisingly easy to fall prey to a financial con, and not just because we want to believe that we, too, can get rich quick.

Even if you’re making sincere efforts to save and invest for your future, it can be hard to get ahead financially. Making that task even harder is that many of us occasionally fall for scams that can rob us not only of money but also of time and energy.

Here, then, is a review of three money scams that you might run across, with tips for spotting them and avoiding them and other financial scams.

Image source: Getty Images.

The penny-stock pump and dump

Penny stocks ensnare many investors — especially newer and less sophisticated ones. That’s because if you don’t understand some investing basics, they can seem like wonderful opportunities.

A penny stock is one that’s trading for less than about $5 per share. Such low prices can make it seem like the stock is a bargain — to those who don’t understand that a stock’s price alone means little. A $1 stock can still plunge and become a $0.25 one. And a $200 stock can always grow into a $400 one.

Penny stocks are usually tied to unproven, volatile companies, often with little to no earnings. And while the companies themselves may be entirely legitimate — albeit young or small — their stock prices are easily manipulated by scammers because they have relatively small market caps, and don’t usually trade heavily.

The classic pump-and-dump maneuver is an unfortunately great example: First, the ambitious con artists buy lots of shares of a penny stock, then starts hyping the company in newsletters, online, in day trader chat rooms, and elsewhere. They’ll present a compelling story, claiming that the company is on the verge of curing cancer, proving a new oil field, or exploiting some other figurative gold mine.

Naive investors will get excited, start buying shares, and push the price higher. The rising prices will often excite further investors to buy in too, adding more hot air to the bubble. The scammers will then quickly sell their shares at the inflated prices and reap the profits. Afterward, they turn off the hype machine, (and the company may publicly debunk the rumors) share prices fall back to their natural levels, and those who took the bait get stuck with the losses.

You can avoid penny stock heartaches simply by steering clear of companies with very low share prices — no matter how much you might love to own, say, 5,000 shares of a company for only $500. Also, beware of compelling stories that seem too good to be true. If the stock is really so great, those in the know would be buying all the shares they could, not telling others to do so.

Ponzi schemes

There may be fewer Ponzi schemes out there than penny stock cons, but it’s valuable to be able to spot their characteristics — because there are some criminals out there using the model. The most famous one — they tend only to become famous after their frauds unravel — is now-jailed Bernie Madoff.

Ponzi schemes claim to offer high and consistent returns via “secret” investing strategies or other vague but profitable-sounding techniques — but in fact, they are cooking the books, and using the money from new investors to create illusory “profits” for the earlier ones. The investors’ assets aren’t growing, of course. There’s no savvy money management nor clever investing tactics — just schemers moving funds around behind the curtain, and siphoning off large amounts of it for themselves. But at some point, investors in need of their funds will invariably attempt to cash out more than the fraudsters have left in the tank, and if the new money has dried up, the whole thing will implode as con artists have to admit they can’t pay their investors what they’ve been promised.

Per the Securities and Exchange Commission, here are some signs of a Ponzi scheme. (These red flags apply to many other kinds of scams, too.)

  • Low risk, high returns: If you’re presented with any investment opportunity that’s described as offering very low risk and very high returns — or, worse, an opportunity that’s “guaranteed” to deliver high returns, beware. In general, high potential returns are linked to high risk. Lottery tickets, for example, feature a high possible reward, but a much higher risk of losing all the money you spend on them, while government bonds offer a relatively low rewards, but little risk.
  • Unregistered investments: Any time you plan to park your hard-earned dollars in an investment, make sure that it’s registered with the SEC or state regulators. As the SEC explains, “Registration is important because it provides investors with access to information about the company’s management, products, services, and finances.” Look into the registration status of any unusual investment opportunity you’re offered — do not just take the seller’s word for it.
  • Unlicensed sellers: Federal and state laws require people and companies selling investments to be registered or licensed. Ask about the status of anyone you’re dealing with, and then verify it.
  • Complex and secret strategies: How will your friendly fraudsters deliver those massive returns they promise? Naturally, it’s because they’ve found a secret formula. It’s complicated. They could show you the math, but it’s proprietary and you wouldn’t understand it anyway. Just. trust them. (Well, they can’t just come out and tell you that they’re scamming you, right?) If you don’t understand an investment, stay away from it.
  • Paperwork problems: Solid investment companies have solid reporting systems, regularly sending accurate and statements to investors that are relatively easy to understand. If you’re not getting statements on time, or if you’re spotting errors or confusing things in them, that’s not professional or reassuring. Take a closer look, and ask questions.
  • Difficulty receiving payments: If you experience any resistance when trying to withdraw money, or you’re don’t receive promised payments on time, that’s a huge red flag. If, when trying to withdraw money, you’re offered even better returns to stay invested, that’s another warning sign.
  • Unnaturally consistent returns: Ponzi schemes and other scams often feature very consistent returns — but that deserves your skepticism, not admiration. Yes, over long periods the stock market has always tended to go up, but from week to week and year to year, its results are lumpy, and even the most clever hedging strategy can’t turn those lumps perfectly smooth. The table below lists the S&P 500’s returns over the past 18 years, clearly showing why any investment tied to the stock market is likely to feature varying returns, not consistent ones.
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