206
votes
Is this work legal? Someone promises payment for converting money transfers to Bitcoin
It's a scam. It's called a money mule. Typically the way this will work is that the scammers will make a fraudulent money transfer into your friend's account. Your friend will convert the funds into ...
- 13.9k
193
votes
Accepted
A friend asks me all the time to pick up money for her (Western Union, Moneygram)
I think it is likely that your “friend” is doing something illegal, and that she is putting these payments in your name to avoid getting caught. You may be being used as an unwitting money mule.
I ...
- 116k
171
votes
20% monthly mining vs 5% monthly trading
Anybody that guarantees a monthly (for example 5%,11%,16%, 20%) return that would be great if that was a annual return, is running a scam.
If they guarantee they could take your 20K euros and make ...
- 143k
170
votes
Found a heap of BTC but have no documentation. What do I do?
The existing IRS guidance in the US related to bitcoin indicates it will be taxed as property.
You'll sell your coins then when you file your taxes for that year you will indicate the dollar value ...
- 49k
166
votes
How is Bitcoin useful as a currency if so few services accept it?
Apologies for the brevity and avoidance of in-depth discussion in this answer, for simplicity's sake.
To understand Bitcoin and its failures, we must understand what a 'currency' is, and why it is ...
- 42.9k
143
votes
I believe this to be fraud — hired, then asked to cash check and send cash as Bitcoin
Absolutely a scam 100% chance. This is one of the most common scams out there.
Here's how you will get ripped off.
They send you a check which will deposit in your account
Seeing the deposit went ...
- 53.2k
143
votes
Accepted
Is it legal to photograph and test ATMs?
Legal? Maybe. Legitimate? Absolutely Not.
I'm not qualified to guess whether documenting the make, model and location of ATMs is technically legal in your jurisdiction. A list like that isn't ...
- 782
119
votes
20% monthly mining vs 5% monthly trading
Question: if I could guarantee 20% monthly, why would I let you in on it? I wouldn’t. I’d mortgage my home, take out the biggest loan I can, and keep the 20% myself.
And that’s how you know it’s a ...
- 23.8k
108
votes
Accepted
I bought my first shares in life and they dropped 25% in a very short time. What to do?
What were my mistakes?
Buying individual stocks. Over 80% of all professional fund managers are doing worse than a simple S&P 500. These are people who get 100s of 1000s of dollars per year for ...
- 8,592
107
votes
Is this a Bitcoin scam?
Yes, it’s a scam. After you have irrevocably paid him the Bitcoin, the check will turn out to be invalid and you’ll have to pay the money back to your bank. You might also come under investigation for ...
- 23.5k
99
votes
How can I fairly give the option to be paid in Bitcoin?
When you decide to accept multiple currencies as payment, you need to decide what the price will be for each currency. That price really needs to stay fixed between the invoice date and the due date.
...
- 116k
92
votes
Accepted
Tax implications of BTC for rent
Barter is a taxable event. You would owe taxes on the full fair market value of the Bitcoin the moment that you trade housing for it. Things would work the same way if you bartered baseball cards or ...
- 6,914
88
votes
Is this work legal? Someone promises payment for converting money transfers to Bitcoin
It’s a money-laundering scam, and your friend is likely to get into serious trouble, and possibly lose a lot of money, if he takes part.
- 23.5k
84
votes
Possible Executive Assistant Job Scam to buy bitcoin
It was a scam because they need you, and only you, to buy bitcoin (or any other cryptocurrency). Cryptocurrencies can be purchased almost anywhere in the world. There is no need to wire you money ...
- 143k
72
votes
How is Bitcoin useful as a currency if so few services accept it?
Here's the question, what I don't understand and I haven't been able to find the answer to, is if I own some bitcoin, how does that help me buy groceries at the market, or gas for my car? The market I ...
- 10.4k
69
votes
Accepted
Why are cryptocurrencies not considered proper investments?
Stocks, bonds, and real estate all have the advantage that they are investments in underlying assets that are expected to become more valuable over time. Economies grow over time which means that, ...
- 27.9k
68
votes
Accepted
How does this WhatsApp scam work?
To answer your specific questions in order:
How did "Lina" find me? Was it simply a case of randomly sending messages to phone numbers until someone answers? How is it worth anyone's time ...
- 24.4k
66
votes
Is it legal to photograph and test ATMs?
In addition to skimmers, another reason to have photos like this is that some ATMs are poorly secured. A surprisingly common type of theft is to steal the whole ATM. Banks are poor targets as their ...
- 2,354
66
votes
Sugar daddy prepaid card scam
Yes it is. You might want to check out some of the other questions on this site tagged scams or sugar-daddy. Cut off contact with this person and do not have anything further to do with them.
Almost ...
- 24.4k
65
votes
I believe this to be fraud — hired, then asked to cash check and send cash as Bitcoin
Yes, it’s a scam. There are red flags all over it. Ask yourself whether you really think a huge multinational like Nissan would work in this way.
- 24.4k
65
votes
Why don't unbanked people use cryptocurrency?
Let me tell you a true story that I observed in my working life about the importance of failsafes in financial transactions:
I was on my company's M&A team, preparing for the acquisition of ...
- 42.9k
63
votes
I bought my first shares in life and they dropped 25% in a very short time. What to do?
I would like to know in retrospect what I and other Coinbase stock buyers did wrong. What are the lessons learned for my future? What were my mistakes?
You bought a meme stock during the manic phase ...
- 76.9k
62
votes
Found a heap of BTC but have no documentation. What do I do?
Document how you came to have the stuff in the first place. First to defend against potential government inquiry; and second to establish that you held the asset more than one year, so you qualify for ...
58
votes
Where can I report a cryptocurrency fraud?
Each time I am asked to pay a new fee to get my money back and they won’t deduct it from my earnings or my money back.
Stop doing this. You won't get any earnings, you're just giving more money to ...
- 181k
57
votes
Accepted
How do I report a gain in bitcoin that I received as reimbursement for buying a waffle iron?
It's dead simple.
You made a $705 capital gain in 2020.
You just enter "705" in the "long term capital gains" column in 2020 return.
The waffle/etc. is unrelated to anything, is ...
- 13.8k
56
votes
A friend asks me all the time to pick up money for her (Western Union, Moneygram)
So just to be clear, she gets so many of these ~$500 transactions she can't even make the time to show up and collect them all? Yet, she still holds down a day job cutting hair? You are on here ...
55
votes
Why don't unbanked people use cryptocurrency?
There are several reasons why cryptocurrencies are no option for everyday commerce:
Transfers are expensive. Most cryptocurrencies are designed in a way that you need to pay cryptocurrency to ...
- 24.1k
55
votes
Bitcoin scam: how screwed am I?
Good on you for catching the fraud immediately.
Immediately alert your bank to the suspected fraud. I would even walk into a branch, as then, they will instantly grok that you're for real and not ...
54
votes
How is Bitcoin useful as a currency if so few services accept it?
How is Bitcoin useful as a currency if so few services accept it?
That's the point.
It's not useful as a currency because so few services accept it.
So far, it has some other uses - international ...
- 1,352
54
votes
Why do NFTs have value?
An NFT has no fundamental value. Its selling price is only worth what someone is willing to pay for it. It reminds me of Tulipmania where something worth next to nothing suddenly sells for a fortune....
- 76.9k
Only top scored, non community-wiki answers of a minimum length are eligible