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Cult of Turtle - 38 lessons for safe Bitcoin trading from #bitcoin-otc IRC

intro

#bitcoin-otc is a trading channel on the Freenode IRC server that has existed since 2011 and is still around today. It's been a well known hub among Bitcoin traders, buyers and sellers and the chatroom has helped facilitate tens of thousands of trades across its lifespan.
Across its lengthy existence, many important lessons in safe trading have been learned by its members. One of its members has compiled a great deal of wealth into a document known as "Cult of Turtle", which contains 38 of the most valuable tips you could keep in mind when trading.
The list has been around for years now, and has been proven time and time again to be extremely accurate. (and tounge-in-cheek partly)
I've left all of the tips and original phrasing to preserve the original feeling of the guide - but for Reddit's benefit, I've highlighted the most relevant ones that are also extremely applicable when trading on Reddit or elsewhere. (and omitted several less relevant ones)
Hopefully this wealth of knowledge will help improve your resiliency to scams and scammers. :)

Cult of Turtle - 38 lessons for safe Bitcoin trading from #bitcoin-otc IRC

2. Never trade with someone who doesn’t have a long and good AND RECENT trade history (check ;;gettrust, ;;events).
5. Never lend bitcoins. you will probably never see them again. As Coolio- used to say “Loans are a gift”.
8. Don’t talk about your money, worth, or wealth
9. Don’t leave large sums in shared or online wallets (or other online games or services)
11. If someone is scammer tagged, don’t give them the benefit of the doubt. it might feel weird to consider someone guilty until proven innocent, but it will save your coins.
12. High yield investment programs (HYIP) or loans are pretty much always scams. think about it. if it sounds too good to be true…
13. Never let someone control your computer (teamviewer scams). Don’t install anything suspicious on your computer (trojans, viruses). Ideally have a clean dedicated computer for your transactions. Wipe that computer regularly.
14. There are no tricks to avoid chargebacks on paypal, credit cards, moneypak, dwolla, banks, etc. some services might be harder to chargeback, but nothing is immune.
15. People with good reps can turn bad or get in a bad spot. having a good rep does not mean they will never scam.
16. Break up large transactions into smaller ones, preferably with multiple people
18. Don’t trust someone who can’t speak proper English or your language of choice. this may sound classist, but your money is on the line; trade with professionals or reputable people
22. Don’t trust fast talkers, sweet talkers, smooth talkers. don’t be swayed by emotion or inability to think. a good deal is rarely time sensitive.
23. If someone gets agitated when you ask questions, they were probably trying to scam you
25. Many people offer escrow. use it. BUT ONLY IF YOU TRUST THE PERSON OFFERING ESCROW.
27. Don’t trust gamblers, addicts, or people who are constantly broke
30. Someone buying just to build ratings is suspicious. this goes for the OTC, btcjam, or anywhere else. beware.
31. Don’t use paypal. come on. people tell you this all the time. and for a reason. it’s easy to get scammed by people using paypal. and it’s easy for paypal to freeze your assets and hold your money for 180 days. [same applies for ebay]
32. You will eventually hear someone say “come on, it’s not like I’m going to scam someone for just $___”. yes. someone would scam for that amount. don’t fall for it
34. People with non-random X ending their name are highly likely to be a scammer have you ever noticed that everyone with names ending in a random x is highly likely to be a scammer? freefox <– non-random thetruthx <— random also, framing x’s are not so random xFBASTAGEx <– not so random
35. Unsolicited messages/spam/requests to trade are almost always scams.
36. Trust your gut. if someone gives you a bad vibe, there’s probably a reason. be safe rather than sorry
38. Nobody listens to turtle
You can find the full source on one of the mirrors: http://pi.littlebird-design.com/bitcoin/cult-of-turtle/ (or http://www.cultofturtle.com but seems like that ones hosting expired)
Which tips from this list are your favourite, have helped you prevent scams, or are completely new to you? Comment below and share your insight with others. :)
Cheers!
submitted by homm88 to RedditTradingTalk [link] [comments]

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