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But they did not get up and leave. Indeed, they launched a protest that lasted six months and helped change America. What the students were confronting was not the law, but rather a cultural system that defined racial relations.

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Nir Kshetri does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment. Millions of cryptocurrency investors have been scammed out of massive sums of real money. The criminals use both old-fashioned and new-technology tactics to swindle their marks in schemes based on digital currencies exchanged through online databases called blockchains.

From researching blockchaincryptocurrency and cybercrimeI can see that some cryptocurrency fraudsters rely on tried-and-true Ponzi schemes that use income from new participants to pay out returns to earlier investors. Others use highly automatized and sophisticated processesincluding automated software that interacts with Telegram, an internet-based instant-messaging system popular among people interested in cryptocurrencies. Even when a cryptocurrency plan is legitimate, fraudsters can still manipulate its price in the marketplace.

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An even more basic question arises, though: How are unsuspecting investors attracted to cryptocurrency frauds in the first place? For example, an unknown group of entrepreneurs runs the scam bot iCenter, which is a Ponzi scheme for Bitcoin and Litecoin.

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The iCenter scheme operates through a group chat on Telegram. It starts with a small group of scammers who are in on the racket.

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They get a referral code that they share with others, in blogs and on social media, hoping to get them to the chat. Once there, the newcomers see encouraging and exciting messages from the original scammers.

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Some newcomers decide to invest, at which point they are ased an individual bitcoin wallet, into which they can deposit bitcoins. They agree to wait some period of time — 99 or days — to receive a ificant return.

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During that time, the newcomers often use social media to share their own referral codes with friends and contacts, bringing more people into the group chat and into the investment scheme. Instead, when new peoplethe person who recruited them gets a percentage of the new funds, and the cycle continues, paying out to earlier participants from each round of newer investors. Some members work especially hard to bring in new funds, posting tutorial videos and pictures of themselves holding large amounts of money as enticements to the scam.

Some scammers go for straight-up deception.

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Other scams are based on impressing potential victims with jargon or claims of specialized knowledge. The Global Trading scammers claimed they took advantage of price differences on various cryptocurrency exchanges to profit from what is called arbitrage — simply buying cheaply and selling at higher prices.

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With returns looking like that, who could blame people for sharing the scheme with their friends and family on social media? Once a scheme has started, it stays alive — at least for a while — through social media. One person gets taken in by the promise of big returns on cryptocurrency investments and spre the word to friends and family members.

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Sometimes big names get involved. Videos of Justin Timberlake and Christopher Walken were deceptively edited so they appeared to praise iCenter, too. Many initial coin offerings have turned out to be scamswith organizers engaging in cunning plots, even renting fake offices and creating fancy-looking marketing materials.

Ina lot of hype and media coverage about cryptocurrencies fed a huge wave of initial coin offering fraud.

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Investors looking for returns in a new technology sector are still interested in blockchains and cryptocurrencies — but should beware that they are complex systems that are new even to those who are selling them. Newcomers and relative experts alike have fallen prey to scams.

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