Bitcoin Forum

Hello guys, Today I want to discuss about why Cryptocurrrncy supposed to not trustable for Normal people?

Problem: Why investor are cheated and stop investing in Bitcoin/Cryptocurrrncy?


My Logic:

Most of the investor are cheated from altcoins.
Some projects sell coin and then leave the project.
Some projects just sell promise,they don't use 10% of the fund and own the fund in there pocket,they promise for bigger exchange, practice use etc but finally they added little exchange and nobody take care the project and it's make the project useless
I can add hundreds of project as an example but I think that would be personal attacks,so I didn't do that.


Main Problem:

Many problem is nobody take care about this issu, someone make some coding,make a bitcointalk announcement and start selling it,even they don't need any documents, verification or examine by experience team!


Possible solution:

I'm not sure about the solution but maybe we can make a team called "Altcoins Investigation Team( AIT)"
Maybe Bitcointalk decided to make a official fund option, that's work is who want to sell his coin,he must need to deposit his 25% of Target amount in BTC from his personal fund before selling any coin and then if the team complete there promise more then 50% from there planning or Roadmap,then Bitcointalk fund can be send to the coin developer.
Maybe any project can be mandatory verified by a Altcoins Specialist Team(AST) before selling any coin.
There are many solution possible if we think about this issue!


Comments

My ambition is just make the cryptocurrrncy secure for our next generation!
Please tell your opinion about this issue!

Well, sure. However, most of the time the problem is people'a awareness woth regards to crypto. Some invest without even doing their self a favor of investigating, reading the whitepaper, checking the legitimacy of a project or learning about the risk of cryptocurrency. Most jump into crypto investment due to thw potential amount of money one can earn thru it.

I think mass awareness and crypto education shoukd come first. This can some how help people choose projects they will support and avoid investing in scam.

I Liked the Idea.

This is similar to what IEO are doing, but you still cannot grantee that scam will not pop up there. There is nothing like a full proof solution. The best would be to study any projects thoroughly before investing into it.

It is the responsibility of the Investor as it is his or her money that is getting invested and not a third security party.

Good attempt op and I like what you are trying to achieve here through this topic, but it won't work since it all comes down to individual security at the end of the day. Investors need to be smarter and must safeguard their assets in a more reliable manner(2FA, Hardware or paper wallets etc) and must do their research properly before investing.

this is a decentralized market and it will always remain decentralized. the fact that some people choose to believe the scammers and give their hard earned money to them because they promised them big returns and millionaires overnight is their own fault and nothing can change their attitude. gullible people will always remain gullible.

as for your solution, you are adding a centralized power into the system which won't match anything not to mention that you are introducing a big corruptible entity. in other words your "Altcoins Investigation Team" will do their job perfectly for a little while then to earn money they will start accepting bribes. the scammers simply pay them to publish positive feedback for them so that they can easily scam people who are not trusting "Altcoins Investigation Team" not knowing they are the biggest scammers.

this is not new either. there has been lots of similar ideas like the ICO benchmark sites that initially were doing a good job ranking them and busting the scammers but soon enough they started giving high rates to obvious scams just because they were paid to!

Scams in the world of cryptocurrency are telling us how decentralization and anonymity can be abused to the detriment of the people who supported and believed in a project. In late 2017 and into 2018, scams in forms of ICOs came around and many investors (including me actually) were left with their hands holding empty bags. So what are the things we can do about this problem. There should be an investigative or vetting body that can look at these projects and issue some good analysis on the possible threats and opportunities that a project presents. I agree that this can be difficult in today's cryptocurrency marketplace but if nothing can be done about these scams we could not expect that there will be an abundance of trust and confidence from the people.

the ability to protect assets is something that must be started from users of digital currencies. so when the security system wants to be much better then it must start from yourself ... protect all access and information relating to our assets.

You seem to realize that alt-coins are almost always scams, so why not just avoid them? There is nothing to fix and no new coin or group is needed. All these things disappear if you just stay away from alts and use bitcoin.

Before you create a bad or not so good issue about bitcoin better try to spell it right,it is cryptocurrency and not cryptocrrncy lol

And you also mention bitcoin but you tackled about altcoin the whole topic ,kinda joke?ICO as you didn't pinpoint but that is the most stupid area today to trust your money so theres only noob victim

The solution is personel security.i dont care about documents.we know tron which's whitepaper is stolen but look at it's volume and compsing with ethereum lol.i mean dont believe anyone or any documents, build your own security and use your brain.

The only solution is just to forget about ICOs or ISOs.
The project developers will only raise funding via the well known crowdfunding platforms-Kickstarter and Indiegogo and if the project doesn't reach the funding cap,the money will be refunded back to the investors.
Your title is mislead and has little to do with your topic,OP.

Most of the time we come across projects that have:

- true teams

- original whitepaper

But the project is meaningless. Many projects do not make sense to be created. I see many copy / paste projects in the altcoins section.

I saw an ICO that the creator of ICO proposed to create a site where writers could publish their books on that site.

I ask:

Is it necessary to create an ICO to do just that?

Is it necessary to create an altcoin just for this?

We need projects that are of great help to the real world, all I see are solar panel projects, it seems that in the real world we only need solar panels

The only solution to this issue is not to create any more altcoins! Having said that, I must confirm that I am not against new ideas and new businesses. The crypto community can't really grow without new ideas and businesses around it.

However, it's high time that these business owners stop creating new coins and start accepting bitcoins or any other popular coins to fund their business. Just the way our traditional stock market works where companies pull funds in fiat currency and use it for their businesses. Later pay dividends to share the profita made by the company.

I personally think, this would make a lot more sense instead of creating a new coin. But I agree with the idea of creating an investigation team as well. That would eliminate a lot of scam attempts at the first place.

And why do you consider the investor's wish to fix his profits as cheating? This is not charity. People are not investing their funds just to make some good project. The most important thing for them is ROI they will get after selling their coins.
Many shitcoins were overpriced even from their ICO. It is naive that after realizing that people would keep buying this shitcoin.
Even projects don't really care about the price of their coin. They made ICO and raised a huge amount of money. Current price of their ICO shitcoin does not affect their activity even if they are doing something.

To start with, how do we trust the so called Altcoin investigation team AIT? How are we sure this is not another way of enriching the so called AIT? From the inception, the operations of cryptocurrency has always been decentralised, so if a team is set up for regulation of cryptocurrency, then the purpose of decentralization is defeated. Therefore individual investors has to do their research before investing in a particular project.

Actually we have a possible solution to these types of problems. If you know IEO or called as Initial Exchange Offering. It just like ICO but less scammy since those are being held by known exchanges. I just want to introduce you to it since all of your problems stated on your OP is talking about scams in  ICO. And IEO might be the answer to your problem.

the problem is not from lack of authority to control the project creations and fund raisings. the problem is in the projects themselves.  there are no decent projects worthy enough to be called a 'crypto-currency". all we have are either copycat coins or low quality projects that the developer half assed some idea together. and then there is this horrible thing called fund raising or ICO which no matter what you do, it will be a terrible idea.

your solution will only result in a centralized and biased opinion. It won't suit the nature of decentralized cryptocurrency and open source motive. That is centralization at its finest. How could you make sure those recruited teams are sharing all their judgment without any bias or whatsoever.

After all, the adoption and lack of in-depth understanding of cryptocurrency is indeed our problem. We need to seek a concrete solution about it. Nevertheless, it doesn't mean we need to watch, and patrol every altcoin/ICO/IEO that existed. We should not be thinking too much about other stupidity and lack of critical thinking. Let the scammed people learn it the hard way.

I don't think that will be a good idea because there will be too many new projects which needs to investigate and that will need a time consuming to make sure that the project is legit.
I think that will be our responsibilities to search which project that could be a good and legit project by searching on the team behind the project, read their whitepaper or even meet the team.
I think the important thing here that we need is the team needs to prove that they are true people who work in the project, they want to make something better for the people, and they want to contribute in the cryptocurrency.
To investigate the project will not easy as we can imagine.

You're right when you said some investors not thoroughly investigate or reading the whitepaper, checking the legitimacy of a project before they invest but been legit of a project doesn't mean it will be the right project for an investor to invest in for the level of community support with miners support level are also important for the successful of any crypto project.

A team from the forum  to act like an escrow for the project could be a good idea, it had been that way before where a trusted fellow will escrow the funds but I don't think a team will really take responsibility for it. I'm fairly sure Bitcointalk wouldn't be doing it, some regulatory body handles these already which is why IEO is handled by exchanges.

Your idea is good, and i think somehow can be made a cryptocoin that only some people to send a transaction with a video approval, and who want and have that wallet and coins to add members from family and who want can send, but will take time and need a lot of storage and work, maybe can be find a easy way.

I don't believe in any other coin aside bitcoin and if you take note of what brought about scam it was the presence of altcoins which mostly go through ICO which some time turn out to be failure and others scam where investors lose money and at the end term all the cryptocurrency industry as scam and building wrong ideology.

It's certainly good that You care about a safe future, but it seems to me that the way you propose it will be impossible to do it.There is a platform (which by the way IEO is currently conducting) with which you can solve exactly the problem you are talking about.Learn more about this platform and start feeling more secure.https://tokensale.w12.io/ (https://tokensale.w12.io/)

I understand what you mean, I think keeping assets is something that must be started from users of digital currencies and investors. so when the security system wants to be better it must start as well as possible.