Bitcoin Forum

never invest your money in the wrong place or as easily as when you sell investments at high prices. Scamers are always everywhere & they are like crocodiles waiting for their prey.

1. regulations are not the golden bullet to fight scamers and scamers cannot be eliminated, they are corrupt criminals, they are the biggest problem in the cryptoqurrency industry.
2. KYC The bounty hunter
#. can at least reduce cheating or multi-accounts.
The KYC team & developers
#. can at least reduce a few% of the number of fraud projects, this symbolizes a good project if their team is solid, transparent and responsible.
3. many new companies run their own programs but generate a lot of scams and junk tokens. and I hate saying allocation cuts when sales end successfully.
4. A quality product is no longer a guarantee of the success of a project, and even good marketing does not mean that it can attract market investment. or maybe this is all influenced by a market situation that is still weak.

and the last point ... I see many famous prize managers engrossed in money, they forget when they get public trust when they first manage a project, they have now misused crypto as a ponzi scheme of getting rich, red trust has become a symbol of their account. I will not depend on the gift manager anymore. What do you think? a few points above the results of my observations so far.

Company decisions are influencing its future, and it does not matter how good the product is, how big the community is or even how good the price is, if it is leaded by dishonest and greedy management, there is only one realistic end for this company.

KYC can easily be faked these days whether it maybe users or team developers. No one must take their investment decision solely based on KYC results. For bounty hunters it is a tideous task. They are not investing anything and they are not customers so there is really no need of KYC for them.

But KYC is the only way to redeem some coins earned by bounty hunters. They have no choice at all but to comply. For sure they are not customers but since they will be among those to whom the tokens are going to be distributed, they are also treated as customers or token owners.

but for me KYC is not really needed for prize hunters or a necessity to redeem their tokens. in most cases I have completed KYC and finally I did not get my prize. like the most painful fraud cases like the Jinbi project, I want to cry at the price of JNB tokens - $ 13, if $ 13 x 1000 tokens =? maybe I have become a millionaire

There are so many problems that have occurred in the crypto market such as project fraud, altcoin is difficult to grow in price, many FUD news about crypto and also many projects that do not pay participants and there may be many other negative things even before or during the next day again.

I am joining your frustrations with many things that continue to hound the cryptocurrency market affecting new projects and gradually eroding the confidence of the many investors and supporters. We have to admit that things are not looking good as we are always dealing with scam projects and those who just failed big time due to many factors beyond our control and influence.

Sadly, the industry can not be giving the right solutions to these problems and it seems to me that actions from regulatory bodies may not be enough to arrest the tide of bad tidings courtesy of people who put their own selfish interest above what can be good for the projects and its believing supporters who are shelling out money putting trust on them but at the end feeling just betrayed.

There is the need to stop frauds right before they started by making sure that a project are manned by real people who are experts in their chosen fields and will really work to make sure of the project's success no matter what. I am then for strict regulation if that can take to clean this industry of its bad apples.

Indeed, particularly on some fraudulent projects. It is still one of the problems these days which is literally hard to resolve because up until now a lot of us are still experiencing this kind of problem. For that reason, its difficult to find a worth it and trusted project. Well it had a huge impact on crypto and to us, because of our past experiences regarding on those projects we had some trust issues but despite of that were still here supporting crypto and believing that someday we are able to overcome that kind of struggles.

I agree with all of your points and all of them are spot on, for example like with regulation unable to eliminate the scammers completely, relying on regulation to solve this issue is delusional. There is no way we could fix this and the only way to reduce it is by doing research about everything we want to do.
and I experienced it by myself about number 4, I involved with a project that has its own product and can be considered as a quality product because they got a prize in some event before. But the project they started out did not work well, they are only focusing on what they are doing and do not really care about the investor and their community. Causing the community to panic and feel helpless, crypto is in a bad shape right now.
not only because of scammers but the project itself makes crypto looks so terribly bad.

Scammers always take advantage of all opportunities to cheat. New investors, bounty hunter newbie, fall prey to being easily fooled. So, I suggest to all to learn and understand this cryptocurrency ecosystem as well as possible, so that we can fight the deception and prepare effective preventive measures.

Bounty managers are no guarantee that a bounty campaign will succeed. However, bounty managers who are experienced and have a good reputation must have considered before deciding to handle a bounty in order to maintain their reputation. Unfortunately, due to unfavorable market conditions, and various other problems, making most of the cryptocurrency fields less pleasant, it also impacts on the bounty, so that many scams and bounty managers feel the impact.
One of my criteria in choosing a bounty manager as consideration for joining a bounty is that it works professionally and seriously handling multiple accounts.

You have mentioned two factors that I agree with and they are fraud and lack of growth of altcoin price.
Icos have scammed a lot of investors including me too  ;D
Also because price don't appreciate easily, many people don't want to buy. They are not sure of how price will go. You can hodl a coin for a long time and some fake project can not increase rather, they are delisted.

These problems have long been known. As for multi-accounts, company managers must do their job correctly and well in order to weed out honest participants.
The main problem of the market is the difficulty in raising funds, price volatility due to high volatility, which does not allow new money to flow into the market.
Projects creating the next useless coins do not live long.

In every multi-account bounty I often see it and that is mostly on newbie accounts, but I am also surprised that the prize manager does not do more selective checks on multi-account participants, if this is left then the bounty manager's performance is less professional and this there is also an impact on the exchange when the token will be listed.

perhaps verification of documents is necessary, but I think that for bounty hunters, an SMS code on the phone is enough, and say mail

I say that it is true, currently many projects are used as fraud that only seek profit for a moment, regarding their KYC there are many ways to avoid fake accounts following bounty campaigns, KYC to follow bounties does not make sense. We are in a crypto world that must remain anonymous. Of course it has its own opinion whether to accept KYC or not, Because there is no guarantee that our documents will be used in a good manner, there is no risk.

I am also against on KYCs for bounties but let's say if it's purpose was to prevent criminals to use bitcoin in illegal activities kyc can help. If you hold a large amount of bitcoin and you earned it in a clean way then you don't have to be afraid to submit your info. But ofcourse be wise where you submit it, make sure they can be trusted and they can be responsible keeping it private.

I appreciate some of your points above and it really happened in this market and may still continue to this day, tomorrow and so on. crypto has a large space so scamers also feel free to fool someone who is weak, you must always be prepared to accept all risks in the crypto market.

KYC is over, many people don't trust KYC because there are many cases of misuse and sale of personal data. I've even seen some ICO projects use other people's data and they put it as one of the development teams. somehow they can get it for sure it all started from too easily people give their personal data.

so we can't guarantee whether the project is quality or not, because it's too easy to fake.

Do we just fold our hands and watch all our investment die because we dont know what to do now. This doesnt look like a constructive argument except you are a bitcoin maximalist, the lone party rocker. They cant say they didnt benefit from altcoin even more from ICOs and its scams. Regulation may not be the perfect control for scam but it could be our best option for now, It will improve as the loop holes are exposed, just like every countries law have loop hole and it is regularly amended, so will this regulation. except you think the regulation will work against you.

That would be all well and good if the bounty terms stated that it was required up front, but we've seen examples where this isn't the case and it isn't fair.  Nor do I think these projects need those documents.  They aren't required by regulators AFAIK and there is no need to know who the bounty hunters really are.

That about sums up the state of the ICO space.  I'm led to believe that there are more scams than legitimate projects based on all the scam accusations I see here.  And even if a project isn't a scam, the tokens will more than likely end up worthless and the project will go nowhere.

but isn't the crypto market not regulated by anyone and can't be matched with real-life law? then how do you start crypto regulations, and who starts doing it and is also responsible if there are pros & cons or the public doesn't approve?

KYC is not needed if someone just hold some tokens. In that case anyone who bought tokens from exchanges should also go through KYC process which is literally not possible for exchanges to work with token company to verify individual users.

yes. that right.
1. of course that not. the only way to stop for scammers for bounty hunter is stop promote their campaign, if u know that scam project, actually mostly know how to detect scam project or no, huge of reward for example.
2. we know exactly that just useless idea.
3. well, that the worst ever, yes i know some project like that. Vanta for example, the team just piece of shit.
4. probably yes, market condition seems hate with new project.mostly.

If SEC can prosecute anyone anywhere in the world they can also make the regulations. they can easily draw out the regulation from the region of exploit by the scammers and those that could come in the future.

Difficulty in raising fund might be reduced if we are going to take into considerations, the trust of the platform where the investment is normally taking place. Basically, if the investment platform such as ICO, IEO, and many other's have a huge trust issues, less and less investment will come in and as a result, project will not gonna be able to raise their amount to run the project smoothly in the market.

Yeah. At least, it can lessen the percentage although even there will be a KYC for each member and developer that's involved with the project, they don't care with that as long as they can pursue their personal interest of scamming the people.

But it's a good way to determine if the project is reliable. If you see someone part of the team and you're familiar with his shady involve with different projects, that's the sign that you should avoid it.

I think the main problem is I see in the space and many people are not talking that much about it, is the issue of over valuation by the IEO/ICO developers, most of these projects IMO do not need more than 45 million USD, if Stratis, IOTA and many more projects only raise few millions and their project end up in several millions in MCAP, then something fundamental need to change

a weak market situation can affect everything about the market, it can be like the rise and fall of coin prices and can also affect the interests of project investors. In addition, there are many cases of ICO project fraud, so all you have to do is be careful and avoid things that are suspicious.

KYC should be 5 sec video and saying the required words to be accepted, maybe the project team needs more storage to store the videos, but it really reduce the existance of fake KYC and it will make the crypto environtment keep healthy from fake users and bots

yes, shady projects are often considered as criteria of fraud projects but not only that because there are still many types of fraud that occur in the crypto industry, it is quite difficult to distinguish them, even if it is a transparent or reputable team and even through the KYC Process as well does not guarantee that the project is successful.

Your first point about crypto regulations can't stop scammers makes sense but with regulations in crypto space scammers will still have something they are afraid of at least, still better than nothing, its just like the real world, if their is no cops and police crime rate will increase more

yes maybe it is true that they are also treated as customers or token owners but not so for gift hunters who have completed KYC but were refused? then how do you respond if you are not a customer who has completed KYC to claim the token, but did not get the token feedback that you should have gotten from your efforts during that time?

My only fear is if we give SEC control it could be damaging to some part of the space, eg. SEC doesnt like ICO at all and we could see a clear picture of it with Telegram project.

Yes the problem does exist, but the difficulty is created by the developers themselves in the sense that they do not have good product marketing for the market. I often see how teams who are not experts in their fields rush to develop products as soon as possible, even though the funds that have been collected have reached the specified stage and the second problem is registering coins in shady exchanges.

Yes, other problems besides scamers can also be caused by project developers themselves, such as developers who are inexperienced or have no expertise in this field mismanaging projects or percentages between product marketing and how to attract market investment. especially new projects managed by the company itself.

KYC is no longer a powerful weapon to overcome it all, even I feel if like a live video call it could be a show or someone who has been paid by the team to play like the real team.

That's why when you are in the crypto industry hunting for new ICOs as a trader you must practice an added precaution when it come to participating and buying a piece of their projects. Because unlike a stock exchange where the SEC does the background checking for the user, you really don't have that kind of privilege in this market since literally anyone can create their own project overnight. If regulation isn't enough then your only real way to avoid this scam projects is by doing the background checks yourself or listen to what others are saying and try to eliminate shilling from real feedbacks. Aside from that we also have the trust system working for us and if you see the ANN poster has a red tag then you can easily where the tag came from by clicking "trust", several DT members are looking at ANN threads closely cleaning up the ANN section.

There is a risk that bears with bounties that requires KYC too. It can be just part of their act and they really are into collection of information of their people that's why some are receiving unusual emails and don't know where it came from containing advertisement of another ICO.
The identities also can be sold on the other markets probably the dark/deep, I don't know the whole idea about that but it's something like that.

Yep, KYC information occasionally leaking from exchanges or outright being sold onto the darknet is why I trust only a handful major exchanges with my KYC information and I don't give it to any other sites, much less in exchange for participation on any sort of bounty campaign. Requiring KYC might seem like a good way to filter out multiple accounts in bounty campaigns, but it also dissuades regular people from entering into these bounties and is a lot to ask for the usually low rewards given out in these campaigns.

Most of the more well-known campaign managers around here are also still good managers and do a good job of filtering out those blatantly spamming and/or using multiple accounts in bounty campaigns. There are certainly times when some managers do succumb to the money and sometimes even just leave with funds they're entrusted with, but those instances are relatively uncommon.

We're just thinking about the market getting controlled, but through SEC everything will be regulated and the project authorities will be subject to pay security deposit. This will enrich the project as trusted, because even if it turns to be a scam investors will be paid with the security deposit. In some way SEC is good for the cryptocurrency network.

you write that passing KYC at least reduces fraud. and if your data goes to the wrong place. it's dangerous, I generally against to provide their data, remain incognito

Crypto project passing regulations first will at least minimize the rate of scam project. The issue of KYC is quite necessary since some project doesn't allow citizens from China or USA. kYC is everybody whether investors or bounty hunters, without kyc some bounty hunters are ready to run a bounty with multi-account

How I wish there is such a thing as a regulation or a regulating body for all crypto projects to pass through. That would benefit investors, the reputation of the crypto world, and even the bounty hunters. But since there is none, the community should be always vigilant about new projects. KYC is an issue that almost everyone used to be against. But since we cannot help but comply because that is required by law, it is already starting to sink in to everyone that they have to pass through that.

if so then you need to be vigilant again and not just rely on managers but ensure that the projects they manage have a good concept and transparent team and experienced developers, I rarely see old managers managing projects again like sylon.

Minimize, no way. Do you know just how many projects that seemingly passed regulations ended up becoming scams? And how many exchanges even passed all the regulations in terms of license and then KYC and AML laws,,, yet they also ended up becoming scams?

Just because they want to be compliant does not mean they do not want to scam.

I also agree as you have explained, regulation will not overcome this, scamers always have many strategies and are almost the same as crypto characters who are anonymous. and what we can do stops promoting bad projects, such as shady teams and projects that look suspicious. avoid that

There are enough examples of a project that fails even with a fully working product. Right now, you simply do not have a guarantee of success, even IEOs profits are not high enough nowadays and can even drop in price directly after listing.

Scammers are indeed the biggest crypto problem and regulation can't wipe them out but i belief with regulation it will become fair unlike when there is no rules or law, as for scam ICO projects its up to investors to start taking this more seriously and try to avoid scammers by all means

KYC ain't freedom,i think its cool if there is no KYC since you aren't getting paid in FIAT or you want to withdraw to your bank account, making transactions from coins to coins shouldn't request KYC just like EZ365 project ceo stated, for bounties developers are the ones to decide not us

yes but KYC is still a problem for prize hunters even though it is a necessity to get tokens that are listed on their exchanges. so in my opinion if KYC is needed only for projects that are truly valid or the team responsible. but in reality many projects do not pay participants even though they have completed KYC.

i oppose that KYC though. even if they are legit  KYC should be a mandatory. bounty hunters at their merci.

they do a bounty campaign today for their will be IEO and then stop the bounty campaign for they are going to now concentrate on IEO that will come for probably after a year. i don't get what they really do when its suppose to be marketing a project while doing IEO and NOT marketing a project and then IEO after a year. what is frustrating is that they promise to distribute the tokens after the campaign but changes the rules later and then distribution will be after IEO.

yes I agree with you, but not with projects that I think are bad. like the example of the project I'm promoting right now, I think this project has a good concept and a positive team reputation. I am sure they are a responsible team. so I do not mind if the project that I promote requires to do the kyc system.

you haven't seen it all yet. projects that looks legit at first make reveal its real self after the bounty campaign. you'd be amazed how many projects were promoted here since 2018 that were not yet paying their bounty hunters. if they got paid, the tokens aren't listed to an exchange that has volume or may even be listed only to the exchange they own. no updates and no talks about the project and one day you'll heard them they have now tokens to distribute and the old tokens you got are now useless.

I think many of the problems that have occurred in this market include project failures, weak market situations, project fraud, project products not functioning properly and much more about market issues. but I am sure that the market situation will not always be at the bottom, all will be beautiful in time. we are all really being tested here including how to survive when the market is bad.

We can not all understand the decentralized system the same. While we see it as our own freedom, some see it as an ideal place to scam people by abscond from justice.
I do not think the market is weak. If the market were weak, the weak coins would easily find their place in the market. On the contrary, the market is expanding even further, and this enables the strong ones to survive.

You have a very good point and all you said is correct. Regulation is not the key to fight and kill the illegal activity of the scammer. Always remember that even the republic that have a good government with different duties cannot control that kind of activity . And using kyc is also a good to avoid multiple account because I believe that no one can waste their money and time to hired different people to have different account.

There's a lot of problems occurring in crypto industry. Basically, there will always be a problem. It's not a perfect creation. Just like the risk and scams were always be part of crypto. That's a problem we cannot erase. But these problems can be avoided if we know how to properly protect ourselves from scammers and hackers.
We can alsso include the problem crypto is facing when it comes to government disapproval of crypto in their country. If would be a major problem if most governments will ban crypto... But with different problems occurring, we're able to face and avoid it and still manage to survive. That's what matters

Even I thought of similar video solutions for KYC verification. As you said, the problem is with its storage. Even this can be hacked and data can be sold in dark markets. Whatever this is certainly better than a photo showing KYC holding their documents which shouldn't be taken seriously.