Even The Woz Isn't Safe From Cryptocurrency Fraud

rgMekanic

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Apple co-founder Steve Wozniak is a forward looking guy, so it's no surprise that he had an interest in investing in Bitcoin. However, at the ET GBS Wozniak told the tale of how his own Bitcoins got stolen. India Times is reporting that Wozniak had 7 bitcoins stolen through fraud, "Somebody bought them from me online through a credit card and they cancelled the credit card payment. It was that easy! And it was from a stolen credit card number so you can never get it back,” said Wozniak."

Unfortunate, but the Woz can probably afford to lose a few thousand dollars without it being too big of a deal. Goes to show that no matter what you have to be careful when playing with crypto.

Asked about his experience of investing in Bitcoin when they were going at $700 a piece and then selling them for a fortune when the price shot up, Wozniak said that he “did not invest in bitcoins”, but bought them as an experiment. “I had them so that I could someday travel and not use credit cards, wallets or cash. I could do it all on Bitcoin. I studied which hotels and facilities accepted Bitcoin... it’s still very difficult to do so. I also tried to buy things online and trade Bitcoin online.
 

Rahh

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That's my biggest question is how exactly now are people selling their bitcoin or cashing out? The places you can use them are getting smaller by the moment.
 

illram

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That's my biggest question is how exactly now are people selling their bitcoin or cashing out? The places you can use them are getting smaller by the moment.

Exchanges like Coinbase or Gemini. Trade your BTC for cash and then withdraw, like PayPal.

If you're talking millions of dollars then it's a bit harder but it's doable. For now!
 

velusip

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Good on him for admitting it and thus spreading awareness. Getting scammed online sucks, and it's extremely easy to overlook the signs and get fucked in an online deal. (It happened to me right here on the forums years ago along with hundreds of other people.)

It's easy enough to find someone locally who will buy bitcoins. e.g. There's a guy here in Ottawa who will buy up to $100,000 cash of bitcoin per client per day and he's been doing it for 6 years.
 

Jim Kim

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The woz was overheard saying
Still trying to figure out what cryptocurrency is good for, besides scams. The feds can seize it, criminals can steal it and your computer can be hijacked to mine it. At least tulip bulbs could be turned into pretty flowers.
 

JerRatt

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"Even The Woz Isn't Safe From Cryptocurrency Fraud"

This is a completely idiotic headline. This type of fraud has zero to do with cryptocurrency. He literally accepted payment by credit card without verifying funds were secure, gave away a product, and then was surprised when the funds were reversed.

Pushing this as a "cryptocurrency fraud" is a manufacturered headline and media push tailored to attack cryptocurrency. This site should be ashamed for towing that line.
 

Retronym

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The vending machine ate my dollar the other day.
I thought the US Mint knew what they were doing.
 
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The vending machine ate my dollar the other day.
I thought the US Mint knew what they were doing.
US Bureau of Engraving and Printing prints money. The US Mints make coins. Plus it is machine error, not a bill error (unless it was a torn up old bill, in which case it was user error). I didn't know it was possible to say so little but have so much wrong :p.
 

whoismoes

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This story doesn’t add up.

Does Woz personally take credit card?

Why was he selling his $70,000 to $150,000 worth of bitcoins if he is worth $100m?

When you sell, you transfer your money to an exchange. The exchange takes the risk away from you (except for when the exchange gets hacked), that is what the exchange fees are for.

I think he is either making this up or got scammed like any other old lady who gets a phone call from the IRS and gets asked to send CVS gift cards to pay back taxes.

I get people are willing to do person to person purchases, but how was Wos “accepting” a credit card...
 

emphy

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Yes, it is. But the premise that <insert cc company here> can’t refund you lost bitcoin because you can’t prove you ever had it, seems to be the issue here.

Correct me if I am wrong, but as I understand it credit card companies never refund to sellers. I seem to remember (from indiegamestand having similar problems) that they even charge a fine for chargebacks due to accepting payments from stolen credit cards.
 

emphy

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US Bureau of Engraving and Printing prints money. The US Mints make coins. Plus it is machine error, not a bill error (unless it was a torn up old bill, in which case it was user error). I didn't know it was possible to say so little but have so much wrong :p.

I suspect that was the point of that post.
 

Retronym

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Yeah, machine error was the point.
I did flub the agency. Whatever.
 

odditory

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The daily crypto clickbait is getting a little absurd. If he sold five lawnchairs and someone paid him with Paypal/CC and the buyer turned around and disputed it, would it be "Even Woz isn't safe from lawnchair fraud"?

The reality is Woz's experience only demonstrates the weakness of status quo Paypal/CC payments, and highlights the need for cryptocurrency. If someone pays me in crypto and it confirms, then it's good as cash. They can't turn around and lie to their bank and keep both their money AND my item.

Paypal/CC chargeback scammers are an epidemic these days, and has made me less trusting of selling things online overall. Crypto payments actually give me hope and restore some sanity to buying and selling online.
 
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lostin3d

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Woz rockin' the Jobs fashion line!
post-122575-image-7b309b57b0cdcf41f1104df410bcd770.jpg
would-you-believe-this-steve-wozniaks-bitcoins-actually-got-stolen.jpg
 

triwolf

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The daily crypto clickbait is getting a little absurd. If he sold five lawnchairs and someone paid him with Paypal/CC and the buyer turned around and disputed it, would it be "Even Woz isn't safe from lawnchair fraud"?

The reality is Woz's experience only demonstrates the weakness of status quo Paypal/CC payments, and highlights the need for cryptocurrency. If someone pays me in crypto and it confirms, then it's good as cash. They can't turn around and lie to their bank and keep both their money AND my item.

Paypal/CC chargeback scammers are an epidemic these days, and has made me less trusting of selling things online overall. Crypto payments actually give me hope and restore some sanity to buying and selling online.
See how easy it is to think critically? So many questionable decisions by the Woz in this case and somehow it gets blamed on Bitcoin? NO.
 
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