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One simple tip to help you avoid falling victim to the rising tide of blockchain fraud

As the popularity of blockchain technology grows so, leading industry figures warn, does the associated threat of blockchain fraud.

Andreas Antonopoulos, a leading blogger and spokesman on all things blockchain, recently warned that, as blockchain is arguably just a database, it is “not decentralized, it is not borderless, neutral, censorship-resistant, open.”  This, in Mr Antonopoulos’ opinion, means that if the “brochure reads the same, it is business as usual” for those less scrupulous organisations looking to fraudulently pass their databases off as blockchain.

There is genuine concern that many of the VCs, investors and less experienced buyers looking to cash in on the potentially generous returns offered by ICOs are being duped by what are really just digital Ponzi schemes; flashy technology packages backed by impressive promises that experts now fear represent little more than fairly standard coding disguised as disruptive technology.

More worryingly the same experts claim that bankers, central planners and other ‘trusted advisers’ could very well be at the forefront of this deception, attempting to defraud investors by claiming their latest innovations are the latest genesis of the blockchain revolution.

So how do you spot a blockchain fraud?

In short the old adage that when you see something that’s too good to be true it probably is still holds water even in this most digital of ages.  If you are offered investment in something that looks impossible (i.e. blockchains that include everything from high volume retail through to banks and even the investment markets), it probably is – at this stage at least – impossible and should be viewed with extreme caution.

If you have fallen victim to or been offered an investment involving fraudulent blockchain technology or require any assistance with any other dispute related to Bitcoin, ICO, or cryptocurrency or digital currency, please call 020 7792 5649 or email info@selachii.co.uk 

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