Bitcoin Forum

I think it's noticed by mostly that ethereum smart contract can be easily used by different people and launch a new project right. But what makes me bother was most projects being launch everyday using their platform are found to be scam and just using some stuff to promote it. Quite dissapointing that a product like this with a very smart idea ate being dragged with this hoax activities on crypto space. I hope Buterin can see this ( probably always)  as a threat and negative response from the community. He should add security features on his platform to decrease and limit users who can used it. What I meant is only legit people can used it as for those who will try to use it for scam can be traced easily if they try to do a fraudaulent stuff. Right? Im bet many will agree.

What is your proposal in increasing security? Do you want to have a central figure to check who gets to use the platform? Don't you think that would defeat the purpose of the ethereum platform being decentralized?

Yes, ico scam is a serious problem that is owned by ethereum and it seems very difficult to stop it if the ethereum developer still does not take this problem seriously and does not solve this problem. Slowly ico scam had a bad impact on the ethereum ecosystem and made ethereum's reputation worse.

Ethereum's smart contract technology is not designed to control who uses it and for what purposes

Regulation of crowdsales is a separate issue and an area that is likely to be further addressed by the appropriate organizations in each region in due time as the market matures

So there will be control of someone/group to choose legit people? I disagree with that, Ethereum should not be controlled by a person/group because it is a Decentralized Platform, Ethereum will become centralized if the developer makes this feature

Identity theft and scamming is punishable by the highest form of order. As crytocurrency has not legitimized in most countries, it is really hard to stop this from happening and Ethereums smart contract has supposedly nothing to do with this.

So you are saying Ethereum should start choosing who should use the platform? That's definitely against the policy of Ethereum. If there are other ways to prevent the frauds they should try those.

Regulation is the best option to regulate most fraudulent and scam ICOs and Ethereum has no intention for creating a scam through a byproduct of their smart contract, even before ERC-20 there are lots of scam coins existed. In any form of smart contract there will be a possible scam in it and it can't be prevented unless if there are regulating bodies to filter out those scam ICOs.

ETH block-chain made it's easy to use for project development. But it's not easy to decide really upcoming project worth or not. It's investors responsibility to decide project good or not. No one can be 100% sure for any project. Many reason behind the project failure and to find out really scam project not a big deal for smart investors.

Before any sort of security measures be taken there is a lot to take in account such as what steps can we take to ensure better security, as there are a lot of underlying factors here needed to be thought out before taking any sort of step beefing up security.

ICO scam is a serious problem that is owned by Ethereum. Ethereum should not be controlled by a person because it's a decentralized platform. It will become centralized if the developer makes this feature.

Yeah, this thought actually have a point. My statement was a sentiment over some stuff that occuring on ICOs which are using their smart contract. Maybe, the purpose will be neglected on the part of Vitalik as purpose of its product is clearly decentralized. If you are him,, the one you invented have been used on crimes like scamming what will you feel? Dont tell me you will just say that decentralization is something we cannot control although it's already been negate by many factors that happening?

I think a little regulation here can be useful, on such thing that some csn benefit as well.

It's true, ethereum just only provided the smart contract to be used by the community but it doesn't have a responsibility to control the smartcontract.
Another platforms have been offering the same thing like ethereum and the regulation of icos should be address to the government.

They could apply some regulations but it would contradict its decentralized nature. It would be nice to get rid of all these scams though. Hope Buterin comes up with some new ideas.

If the Ethereum smart contract can be accessed by different persons, it is a matter of risk indeed. Also the scammers would have a preconception about the account and that would be easier to con. So there should be some security update

ICO scam is indeed a serious problem. But, going through that kind of regulation will turn it into a centralized system and ther is a possibilty that a lot of investors will withdraw from this project.

I also think that the ICO that are conducted using the Ethereum platform in most cases are a Scam and this is due to the fact that the rules that now exist are too simple. To improve the quality of ICO, you need to raise the bar.

You are right and i think they should start a kyc and registration process for each project and team that want to launch an ico on their platform, preferably all tokenization platforms should start this procedure but eth being the largest should initiate it.

That is the same thing I said, the reason that there are so many scam coins right now in the market is that the smart contracts for ethereum are so easy to obtain which means that anyone can just make a scam coin and push it into the market using the ethereum network and their smart contracts. There needs to be better security and it should be harder to obtain

This is one of the lapses that ethereum platfgorm has, which needs to be reviewed.
Take for instance what happens, apart from some cases of hacks that have been reported, some abnormalities happens when people are asked to claim tokens that it's smart contract is built on ethereum platform, some participants, because of that fault on eth platform, they tend to claim multiple tokens.
That is just by the way, a lot needs to be done on the platform, including the issue of scalability.

Ethereum developers can ensure strict verification,compliance or or some form of collateral before allowing ICOs to create smart contract with their platform . Hope this can reduce the so many scams in the system

By the way, this is also a very good opportunity. Thus, it is possible to increase the relevance of ethereum and its value will increase several times unequivocally. If the ico market of companies is returned to their normal course and get rid of scammers, then this will really again attract a large amount of investment in cryptocurrency.

How could the ethereum guys will know that those persons are legit? We are in cryptosphere and this is decentralized, people could do anything they want and it is up to us people to know what is legit or not when it comes to investing. We have the will to invest or not if we smell something fishy about that project.

I agree it was created to be decentralized but your recommendation is good, they have to get verified first if they are legit company this is to lessen fraudster that gives ICO  a bad reputation until it is not fix we will see hundreds of new ICO monthly and sadly most of them are scam.

That would have been a nice idea to control the kind of projects to be launched on the platform, but if that's is done, it will defeat the idea and purpose of blockchain decentralization. Ethereum is a decentralized network where everyone can be part of it, denying people access will make it a more of centralized network which we are trying to avoid and introduced a decentralized system.

What we can do is create warning system in many important crypto sites/tool. Like recent upgrade in metamask which give you warning if you visit ethereum scam site or flagged address in etherscan. but this require work from all crypto community

I agree we can't just say this is decentralization. Total chaos is bad everywhere