Bitcoin Forum

I think there should be a regulatory committee under the coin launching firm. By implementing this, I believe so many scams can be reduced. What is your thought??

I think the setting committee for crypto must exist.
Because some criminals are involved in financial scams or pyramid schemes under the protection of virtual currency. that fake cryptocurrency often arises and causes investors to suffer huge losses.
This is my opinion.

Yes it is true that the grip can reduce coin by investor, I strongly agree with your opinion to reduce fraud in investing.

There is no regulatory body yet for crypo since it is decentralised. But there can be one for every government but then the decentralisation part of crypto will be compromised. So there many complications in this scenario.

this is a decentralized market and everyone will at least pretend to be decentralized or aim for it. that means even if there were some sort of "regulatory committee" then majority of new projects won't participate in it and continue working without it. that means the scams will continue to exist!

the problem with scams existing has never been about regulations,... it has always been because of people's greed. they all want to make a lot of money in a short time and that helps these scammers create false promises and illusions to lure them in and take their money. for example if people stopped giving their money to ICOs then the market would have been 10 times cleaner.

something like that already happened to new coins distributed through ICO, the coin coin is accounted by the Developer of a project, but still for the price of the coin it depends on Supply and Demand, and its use.

"regulatory committee" will have no effect on the problem of scam in the crypto world, I think if it was made it would only cause new problems because of the new rules. without any limitations like this new projects emerging and participating to provide jobs.
if it wants to stop scam problem, then stop the new project that gives money for their ICO market. (meaning there is no work for us)

A regulations for scams is good idea but just for scams and frauds only. If the law and regulation affects the whole crypto world itself then it would become centralized and maybe a lot of people started to not get interested about it. A special force which punishes scams can reduce it. Ill go supporting it.

Yes, it's a great idea that could rescue the situation.

You are right to the point. I think fictitious promises are what lures greedy investors most times to investing quite alright but sometimes, it is not greed. Innocent and honest investors also get in this trap with an ico looking like a saint.

You have a very valid and nice reason here. I think investors should wait for tokens to be listed in cmc before buying after observing them for months. I have some coins that have not been listed for more than 7months.Ucoin is part of them, they are scammers & to withdraw your money, you will be charged 0.001btc.

Crypto currency is a decentralized currency. As a result there's no commitee has been formed yet. But,a commitee is much needed. It will keep us away from fraudulance activities. Besides, people will get more interest in it as they will be able to built trust on it.

How come a regulatory committee "under the coin launching firm" would be beneficial? If the regulatory authority works under a coin launching firm, don't you think they would be receiving unwarranted support from the regulatory body? That would give that coin launching firm an extra edge over the competition. So that is not a feasible idea.

Cryptos are decentralized in nature and any attempt of forced centralization would only harm the cryptos in general without bringing any value to it. Also cryptos are truly border-less and international. So any local regulatory body would not be able to bring any impact either. So cryptos are best at its current status, without any centralized regulatory authority.

I agree with most comments that an oversight committee would erode the real objectives of this technology because it will introduce a central body which can limit innovation. However, it would be interesting to see how ICOs will overcome fraud and scams

How lame question! How can crypto have a regulatory committee while it is a decentralized crypto! No it doesn't have any such committee.

My thought is with you. I agree with it. It will be a great initiative if a regulatory commitee is formed. Scamming is increasing day by day. So to prevent this this type of steps has become mandatory to take.

But who will arrange these committee because crypto currencies are decentralized which means no one is controlling them so no one will make committee here.But many governments are trying to regulate the crypto currency usages which may save from scam ICOs but we need to have the knowledge about crypto currencies before investing on ICOs which is the only way can save us from scam 100%.

Yes, I agree with you. There rate of these scammy incidents have increased a lot recently. If there was a regulatory committee, the price would have lessened a lot.

Actually the market of crypto currency is a decentralized market where there is no control. The network is independent and not controlled by others. Crypto currency market does not have any regulatory committee or others. This decentralization makes the network faster and less costly. That’s why it is becoming popular.

It's that same pattern all over again:
People cry/fight for less control but want the government to still protect them from their own greed/stupidity. Reminds me of that Family Guy Episode, where they wanted an uncontrolled city, just to reimplement taxes and the government, I'll post the Episode as soon as i found it.

Bitlicense is also a wonderful example, there are like 5 licenced companies within 4+ years  ;D

I think instead of regulations, there should be more audits (maybe paid or whatever) and reviews in order to verify legit projects (kind of swarm intelligence).

This is the reality where peoples greed is one of the reasons why Scams do continue to exist after all these years on crypto. It will continue the cycle yet people or investors do continue to feed them up.Even a regulatory comitted would turn out to be pointless or useless yet it cant really able to completely stop such frauds where as said they wont really participate on it.

The important thing on here is that we should really stop on investing into shady projects.

Indeed, the need for ICO regulation is now much important because of the scam and fraud ICO are now rampant in the crpto world. This ICO regulation is now started in the countries that legalize Bitcoin like in the USA in which the need of KYC is now very important requirement for the safety of both the ICO and the participants

But I don't think that there will be a single regulatory body to overlook everything. Each nation should have its own framework on how to deal with crypto, could be total regulations like KYC and nothing at all but they need to inform the public to be careful about investing on something you don't know. We still have responsibilities to look at where our money is going and I don't believed that government really wanted to protect their people, they don't want crypto to take off that's why they are clamping on it as early as they can.

I think there are no any regulatory committee for crypto but it is necessary because after implementation of regulatory committee, it can be stop fraud and other illigal activities in this sector.

Yes there must be some an authority to control the whole system. Now a days, so many crimes are done with the transaction of crypto. If these cannot be controlled, it will be a massive problem for the industry.

But no one can control the decentralized market and which has no centralized authority and we even don't know who created the bitcoin.Scammers are everywere so it is not only happening with crypto currency field and the anonimity give the scammers to create scam ICOs but we have to be careful and well knowledgeable about crypto currency is the way can stop us from getting scammed.

In fact the cryptocurency currency market is a decentralized market where there is no control, Networks are independent or not controlled by people. in the crypto currency market may not have any setting committee or anything else. Decentralization only makes the network more stable or faster and cheaper. because the cause becomes very popular.

I think the regulations on the financial markets help fight or fraudulently isolate and keep everything trustworthy or clean. But in a decentralized environment like a crypto currency, it seems as if it was shot very long. maybe some people decide to opt out, all the anonymity constraints are attacked. The idea may have to be guilty of making a neutral authority, which is recognized by all people around the world. It should also be used for disputes with disputes. Each country has a supervisory authority or oversees its financial markets, so even if they lose a lot of fraud then they have just started a similar one.