• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Is Bitcoin a Scam? Here’s Why Reddit Certainly Thinks So

Rick Delafont by Rick Delafont
1 year ago
in Bitcoin, Cryptocurrency news
Reading Time: 3min read
bitcoin scam
Advertisement

At first glance, the social discussion website Reddit appears to have joined the ranks  crusade against Bitcoin. If you search the entire site for the word “scam”, one of the top three results is Bitcoin.

Just what’s going on? Has the website turned its back on the crypto asset space, or is there something much more innocent behind the seemingly defamatory search results?

Hey Now Reddit, We Thought You and Bitcoin Were Cool?

Bitcoin has been previously called many things by those with a vested interest in its demise. Jamie Dimon, the CEO of JP Morgan Chase, famously described it as a “fraud” just as the last bull run was kicking into overdrive in September 2017. Meanwhile, billionaire investor Warren Buffet got a little more creative with his insults, deeming the cryptocurrency “rat poison squared“. It’s hardly surprising that these clear representatives of the old system would attack Bitcoin. After all, who ever heard of a turkey voting for Christmas before?

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

However, it appears that a resource without such clear self interest in maintaining the global financial status quo has joined the ranks of the Bitcoin naysayers – the social discussion forum, Reddit. Visit Reddit’s homepage today and do a quick search for the word “scam”. You will see that the subreddit r/Bitcoin is listed amongst the top three results.

Hitting “view more” shows that it’s not just Bitcoin that has apparently evoked the ire of Reddit. The crypto-focused subreddits r/Cryptocurrency, r/BTC, and r/Buttcoin are also listed as top results.

bitcoin scam

The phenomena was first pointed out by Reddit user u/Crypthomie. However, any suggestion that the website had decided to join Dimon et al. was quickly laid to rest by r/Bitcoin community members.

Rather than the first viable digital asset being labelled a scam by some Reddit overlord, instead the results simply show subreddits in which the word is frequently used. User u/roman-remus explained:

“It’s because of reddit’s search algorithm, that word is used a lot in this subreddit so when you search for it you’ll get results from the subreddits that use it the most.”

There is no shortage of clear scams surrounding Bitcoin and other digital assets, and the legitimate calling out of such fraudulent schemes will have surely contributed to the subreddit being listed under the search term “scam”. The recent PlusToken incident, to name a particularly high profile example, will have added heavily to the total number of times the word scam has been mentioned on the subreddit.

However, bringing the total up even more seems likely to be the number of so-called Bitcoin maximalists who dismiss all other crypto projects as a scam. The staunchest Bitcoiners, following the ICO bubble of 2017/18, have become known in the cryptocurrency space for their liberal use of the word when describing any other coin or token other than Bitcoin.

It, therefore, appears that the Bitcoin maximalist penchant for calling everything a scam might have somewhat backfired. If someone not already familiar with the nuances of the industry were to search Reddit for the term “scam”, the site will display the r/Bitcoin subreddit. This is hardly the kind of PR needed for a technology that has already had more than its fair share of dirt thrown at it from genuine naysayers.

 

Related Reading: Crypto Tidbits: Bitcoin Branded a Scam, Ethereum Upgrade Completed, Telegram’s ICO in Crisis

Featured Image from Shutterstock.
Tags: bitcoincryptoscam
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Rick Delafont

Rick Delafont

Based in Europe, Rick has written about the cryptocurrency industry since 2016. He was first drawn to Bitcoin as a means of payment but quickly became fascinated by its wider potential implications. His interests lie in the political, economic, and social impact of the unfolding digital asset revolution.

Related Posts

Saylor Sees Bitcoin Regulation as Greenlight For More Institution Inflows

Saylor Sees Bitcoin Regulation as Greenlight For More Institution Inflows

8 mins ago
bitcoin miner btc bullish

Bullish Bitcoin Miners Cease Selling For The First Time Since 2020

4 hours ago
sovi finance

SOVI on HECO Liquidity Mining Updates

12 hours ago
alfacash

Alfacash- the One-Stop Solution for All Crypto Needs

15 hours ago
PIVX

PIVX, a Project that Perfects the Balance Between Privacy and Practicality

15 hours ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Bulls Go Ballistic On Twitter’s $1.25bn Convertible Note Offering

16 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Easyfi Network introduces Staked Derivative Assets Money Markets on Layer 2 DeFi

March 1, 2021

Seascape Network Officially Debuts on Binance Smart Chain

March 1, 2021

What Will Happen to Oil Production and Distribution in 2021, and How Can You Make a Profit on It

February 28, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.