Bitcoin Forum

Let us discuss how much due dilligence a manager has to do and what happens if the project is a total scam.

I read several examples in the past few weeks and now a new one is joining the line of trusted member (green trust) managed scams:

Confido just run away with 400.000 $ + dumping the market with their "premined" tokens from 1 $ to zero.


So is trust farming with 5$ sucki sucki maybe not just a conspiracy?  :o


I hope you people realize it is terrible for the bitcointalk community and also for the crypto ecosystem overall.

It is pretty big fail if trusted members are promoting and managing scams (with or without knowledge).


Edit:

This is not a thread to attack atriz or anyone specific.
I just want to point to a problem that really exist.

Edit2:

Edited the title and OP to reflect that they are not DT members but members with green trust.

In most cases, you won't know someones true intention until it happens. I don't blame anyone who becomes a collateral victim due to unknowingly promoting or managing a scam, given that the user does not have a history of doing this.

Yes i concur.
It just seems weird that just from this month(or last two months i would need to recheck) alone we have 4 cases of dt members managing scam icos. And surprisingly all of the DT members bought some kind of "cheap" trust.

Everything alone ok but linked together i dont know.

4 DT members? Which ones?

Spaceman_spiff (https://bitcointalk.org/index.php?action=profile;u=71558;sa=summary) and Dafar (https://bitcointalk.org/index.php?action=trust;u=163791)

already negged

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Woshib (https://bitcointalk.org/index.php?action=profile;u=798632) mangaged ethconnect which was/is an obvious scam

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aTriz (https://bitcointalk.org/index.php?action=profile;u=135920) managed confido.

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if someone would take the time to look through the altcoin section announcement we might find some more names...

I really want to stress that this thread is not though as an inquisition against specific people. I just want to discuss the problem and maybe create something like a code of conduct so DT or trusted members can check properly if they might manage a scam.

None of those are DT members. Don't confuse having positive trust with being a DT member. Regarding the lower two:
Woshib has too much trust too quickly. It reeks of trust farming.
aTriz was already mentioned in a thread and one or two of his ratings were pulled IIRC.

You are right, i phrased it wrong. Of course they are not on the default trust list; they just have green trust.
I also edited the OP and title to reflect that i worded it wrong.

I'd just like to formally apologize for confido turning scam. Never knew it would happen as I thought the team was pretty legit myself. I guess I should have done some deeper searching into the team and then, could have possible preventing a lot of people from losing their money.

I've already mentally prepared a new system before I take on new projects/icos. What I will do from now on is a 3 step process.

1. Check all the team member's social profiles, check if they are real and archive all of them in case they are taken off the website, which was in confido's case.

2. Then do an image search with the pictures of the team, see if they come up with anything dodgy.

3. Reading the whitepaper and seeing if there are any flaws in the concept.

Once again, sorry for the shitstorm confido has been, I really never excepted them to go scam.

The problem is following:
Some DT members really abuse trust because of personal reasons.
People don't read the reference text in trust.
No one can know and understand anyone's true aim here.
But good is that people are red tagged for real reason and let's take one great casino's assistant's account.
Also Lauda, you and shorena are DT, highly trusted here. I guess it's not normal that 2 highly trusted people don't trust each other, this proves there are a lot of problems in trust system. Nothing personal, just for an example.

This bolded part didn't prove a lot of problems in the trust system in my opinion, it even then give more solid to the system because it shows that we can not always agree on everything even though most of the times they agree.  Higher rank members have reason to disagree and the trust system is an expression of opinion. It would be better if we all know the reason for that before taking a decision regarding that person rather than taking it on the surface.

What happened in this case could have happened to any manager and that is why I won't be assigning blame to the manager because he couldn't have known everything. However, its a clarion call to managers that he has rightly noted in his response that we are all responsible and anything or project your name is attached to, do well to be sure its the right thing either as participants or as managers. I am sure if one of the participants has done a further due diligence, brought the attention of the manager to it, it could have been a different story entirely.

Which ones?

You can blame shorena for that as he has done pretty much nothing in the last 6 months other than listen to- and silently obey Quickseller. Actually, those two ratings are an example of the system working as intended and not the opposite. Therefore, I both agree and disagree with you. That is, I disagree with the claim that the 2 ratings prove that there are problems in the trust system, and agree with the claim that there are problems in the trust system.

See what kind of trusts are given from some of them, when you give trust to someone, they must deserve it (don't talk about you).
And now second one, as you say I have to blame shorena because he/she (don't know but maybe she because it's girls name) listens and silently obeys quickseller which is known here as a scammer (never had deal with him but there are some facts). So if she obeys to scammer, then she mustn't be in trusted people's list. If scammer supporter is in trust list, this means we have bad trust system. That's why I mentioned this fact.