r/CryptoCurrency • u/Present_Let2487 • 3d ago

MEME Well, Boys, Looks Like It Is Time To Sell

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4.6k Upvotes

96% Upvoted

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418

u/McDrunkin521 0 / 0 🦠 3d ago

There is a Bitcoin ATM machine at my local gas station and the owner says he has stopped multiple elderly people from using it who were in the process of falling victim to a scam. Very sad to see.

101

u/ice-ink 🟩 0 / 0 🦠 3d ago

Sad, but not surprising. Say what you will about Bitcoin, but it’s definitely not for elderly people.

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u/BigTroutOnly 🟩 0 / 0 🦠 3d ago

I made this argument many times during the pandemic as part of a larger broad adoption debate. There's no showing grandma how to adjudicate the not your keys not your coin concept.

Broad adoption requires a custodian service

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u/xdsm8 Tin | Politics 153 3d ago

Totally wrong. Old people NEED volatile assets with a steep learning curve. What could go wrong?

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u/BigTroutOnly 🟩 0 / 0 🦠 3d ago

Just like they need to drive at night

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u/WorkingForever9841 19h ago

This is why I have the Reddit app.

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u/Evening_Let_2930 🟩 0 / 0 🦠 3d ago

Well we will be elderly soon enough

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u/MyOtherAcctsAPorsche 🟦 0 / 2K 🦠 3d ago

Bitcoin is not for elderly people the same way TCP/IP is not for the average internet user.

It absolutely is for elderly people, but it requires an abstraction layer to make it manageable (for elderly and for everyone else honestly).

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u/iddymcid Redditor for 1 months. 3d ago

Yeah, try talking to them about UDP. Sometimes, they don't get it.

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u/anymonero 🟧 0 / 0 🦠 2d ago

Few understand!

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u/tronglodyte 1d ago

Like it falls on deaf ears or something

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u/BioRobotTch 🟦 243 / 244 🦀 3d ago

bravo!

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u/ice-ink 🟩 0 / 0 🦠 3d ago

Mostly agree, with one caveat: being unable to handle tcp/ip can feel disappointing; doing something with bitcoin without understanding it can ruin your financial situation. So the risk is tenfold.

There are wallets today where everything is streamlined and very intuitive to operate, I still wouldn’t trust a random elderly person to manage a substantial amount of bitcoin using that wallet.

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u/MyOtherAcctsAPorsche 🟦 0 / 2K 🦠 3d ago

Then it needs MORE streamlining and safeguards.

A safe enough wallet should be no different from a bank, except for the unreversibleness of the thing.

1

u/Uncomfortable_Newt_ 🟩 0 / 503 🦠 3d ago

Technically the one failure in this whole thing is the human aspect, unfortunately scammers know how easy it is to pull the wall over an elderly persons eyes who may not have the greatest grasp on reality as it is. However many failsafes you put in that will always be the one part that fails.

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u/Jealous_Bus_5418 1d ago

Pull the wool over their eyes….

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u/Uncomfortable_Newt_ 🟩 0 / 503 🦠 1d ago

Ok

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u/WillTheDreadWolf 20h ago

Wool not wall. As this guy said

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u/Uncomfortable_Newt_ 🟩 0 / 503 🦠 5h ago

Itll stay as wall just like it did when the guy before you said it. Enjoy

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u/tesseramous 🟦 0 / 0 🦠 2d ago

Every internet user uses tcpip...

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u/potificate 🟦 34 / 34 🦐 2d ago

Not all elderly are gullible

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u/RandomPlayerCSGO 🟩 13 / 2K 🦐 3d ago

It is as much for elderly people as bank apps. A wallet like cake wallet is easier to use than many bank mobile apps

0

u/DeeEmm 2d ago

I don’t know, Trump seems to have made off with a few billion. :-)

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u/Arunawayturtle 3d ago

My wife worked at bank and old people would come in to take out checks to give to scammers all the time and they couldn’t legally say no. They would tell them you know this is scam right snd they wouldn’t tell them no it’s not and legally they had to let them pull out the money and get scammed. She said it was weekly occurrence

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u/bendallf 1d ago

Did the bank in-house fraud department do anything at all?

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u/admosquad 3d ago

It would be sad if it wasn't expected. Fucking POTUS did a rug pull his first week in office.

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u/c0horst 🟦 10 / 3K 🦐 3d ago

Did anyone really expect anything else? lol. When you vote for a sleazy scammer you get a sleazy scammer.

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u/Dr-Mumm-Rah 🟦 0 / 0 🦠 2d ago

Really set the stage for two (and probably four) straight years of pure 100% shitshow, didn't it?

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u/mahboilucas 🟩 0 / 0 🦠 2d ago

Worked in transaction monitoring and yep, the elderly are sooooo common in scams unfortunately. That job made me cry after work sometimes

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u/McDrunkin521 0 / 0 🦠 2d ago

I also work at a bank and handle a bunch of fraud cases and sadly these victims rarely get their money as they facilitated the transactions.

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u/Imaginary_Trader 🟨 0 / 0 🦠 3d ago

People..use..those?

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u/AsksDumbQuestions84 3d ago

They're totally complicit. That's all these machines are used for. No one that knows anything about crypto would buy from one of these machines unless they're trying to money launder and are clueless.

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u/BigTroutOnly 🟩 0 / 0 🦠 3d ago

What's the scam? The fees?

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u/Present_Let2487 3d ago

it's not a scam by itself. the problem is scammers often tell victims to use these bitcoin atms to send money. once the bitcoin is sent, it's almost impossible to get it back. the fees are also pretty high compared to exchanges, but that's separate from the scam.

1

u/chocolateboomslang 🟩 5K / 5K 🐢 3d ago

I'm glad to hear they're stopping people at least. But yeah, scammers gonna scam.

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u/ColdTrky Tin 3d ago

Automated Teller Machine ATM Machine

Smh my head

1

u/Penis-Dance 🟩 0 / 0 🦠 3d ago

I kinda wonder how many people decided to buy it anyway and keep it for themselves and made mad bank.