Bitcoin Forum

We are in a system where so many ICOs come in to attract investors. Some end up succeeding, while a larger percentage either fail or end up being scam.
Yes, we are operating in a decentralized system, where individuals are in full control of their assets. Yet, a decentralized system can still be controlled under a trusted body, when it comes to lunching an ICO.
Yes, every developer has the right to lunch an ICO and we have ICO listing sites. Since most of these sites have compromised in their listing, why don't we have a trusted body, that would volunteer, without collecting any charges, at least to sanitize and purge the system of scam ICOs.
Every developer that registers with them should be questioned and be ensured to have good integrity.
Then investors will have the confidence to invest into any of the projects.
Well, this may not outrightly nullify other ICOs from lunching independently.
This is just a suggestion.
Views, comments and contributions are welcomed.

You have a good suggestion there, in order to curb all the scam ICOs all over the world, we must have regulatory bodies that will be in charge of ICOs. The will be responsible for scrutinising an ICO before they start fund raising. By doing this, we will surely be free from scam in crypto.

99 % of ICO is damned to fail, what can we expect?
ICO is indeed a good way to fund the project and gather around the community and but sadly there a lot of scammers uses it as a bad thing. we are rarely seeing an ICO that turns out successful, it makes the one who deserved it shall be rewarded.

What you're proposing is a crypto-government -- In my opinion, this is the exact opposite of what is needed. I feel that giving a body the power of vetoing specific projects would lead to bias and power-control issues and ultimately be damaging to the trustless environment that blockchain is creating.

You may be correct, however at this moment the investors have to be very vigilant while investing. It is no longer news that so many fraud are entering the system due to its current state.

Good initiative, i know a lot of more projects that aim to filter out quality and real ico projects and only list real ico projects on their platform, i think it is a good step for investor confidence but ultimately some regulator has to come up to verify and keep track of each ico in the market that want to raise funds.

I think your theory is a little damp, so to speak. You didn't consider many subtleties of the offers. Namely, the possibility of their implementation. The founders of blockchain more than 10 years ago provided all possible weaknesses of the system.

There is an ICO that I read before that wants to cater upcoming ICO and screen them to minimize ICO fraud. It has also a voting feature and ratings. I just can't remember the name of the project because it is a new project and I'm not sure if it is already launch.

but not all 100% we will be protected. After all, as practice shows, there will always be a person who will accept an envelope with a bubble and will do so that the project will not cause suspicion. I have nothing against regulation, on the contrary, only for this will we significantly reduce the scum but will not eliminate it as such

Thats true for 100% . I would love to see only perspective and true projects, with ideas to improve crypto and technologies or else instead of greedy collecting eth

Everything that seem difficult, most especially as regards having a trusted system. A system where investors will feel safe to invest. This will be achieved very soon through regulation. This will create an atmosphere that is not conducive for scam projects to strive.
By the time the regulation takes effect, then genuine ICOs will hqve investors willing to buy their ICOs or for those who are running STO.

You said it all, good points. When one take a look at what is happening now, we might start wishing for regulation. Most ICOs have nothing to offer just to scam and take off while investors are at the receiving end. So there is need to sanitize this space.

Yes, this has already happened, and Bitcoin continues to decline in the future, because there are still a lot of tokens worthless, this time maybe just a rebound, it will not let Bitcoin break through $4,300.

Current state or not we will always see scam projects preying on investors funds ,we investors are the ones to be careful and not fall victims to this scams and let's make sure we caution the newbies because they are the ones that easily fall victim ,tokens are not reliable anymore only 10% of them are good, ICOs should go through screening to limit frauds but I guess its not going to happen

Well it is being sanitized right now since the coins have been going down the holders with the weak hands have been selling off their coins and leaving the market which is a good thing. A couple of more months of the bear market and most of the panickers would be gone and then it would only remain the people who truly believe in cryptos

Some solution for ICOs is needed. Is it a regulatory body I do not know as I would not like to see
an over regulated ICO market . Have to find some self regulating solution, if any.

Such space should be facilitated by Bitcointalk and Cryptocurrency. because in my opinion the intelligence agency must indeed exist and be realized immediately.

I think the first clean-up work has ended and the cryptocurrency market has rebounded on the 17th of this month. But I am not sure how many times the cleanup plan will be implemented. Now maybe some viruses still exist and ICO fraud still exists.

I have a lot of ideas about the ICO market, but this has not changed the status quo of the ICO market. I think if the market wants to recover, then this requires the government to participate in regulation.

YES, I would be happy if such a project existed. But at the moment I think people will not do it. Because they will not see their benefits. Why would someone give away information for free?

I totally agree with ts. I also believe that the market won't turn around without total wash out of crappy projects. The crypto industry is sick and it should be cured. Plus I'd like to see some kind of regulation on this market, because market makers are not limited with any kind of manipulation methods atm.

The crypto doesn't need to be sanitised. Unless you are in a communistic society.

We are all grown up people and everybody is free to give/invest money whenever we wants. If we make a losing choice or investment, usually will be because of bad due diligence.

Yes very sanitized and the need to research before buying any ico is amass
We even need to be careful of ieos and stos that are showcasing recently

Let’s be careful and smart

Yea the crypto space needs to be sanitize but not by having a body to regulate its affairs, this is going entirely against what blockchain offers or what blockchain stands for. I think the best way is to forget about hype projects and go for those who have something tangible for offer (like a working product)

Your suggestion is quite brilliant, owing to the fact that participants have lost their trust in the cryptocurrency space and ICO's are dominated by Scammer and unscrupulous individuals. In my opinion, there should be some extent of regulation in ICO's most especially to curb the influence of scammers and restore sanity to the cryptocurrency space.

Consider what happens in the crypto world as an experience. These ones will change over time and will replace with the different activities. Just try not to be deceived.

Probably this is an absolutely correct statement, except for the fact that in any system, as well as in the cryptocurrency market, there should be promising and very progressive elements and elements that somehow ensure its existence, but which are essentially useless separately.
So I think that there will always be crap projects and coins.
Our task is to distinguish them from promising.

I'm in full support of the sanitation which should be carried out in the crypto sphere. They've been so many issues of scam and this was spearhead by developers who rely on the ignorance of the masses and steal from their innocent victims .

It is necessary to clean the market from bad coins for nothing, because they prevent many players from focusing on making profits.
Newbies without experience can even invest in them and lose money in vain.

Good idea. But from the above idea there will be a question like this "who will be the voluntary party?". What is the government? If it's a government, it's impossible because the decentralization system is against it, or is the party in question a developer? That's not possible because the developer doesn't have integrity for that. Sometimes a good idea is not necessarily the right solution to overcome the problem.

OP's suggestion is not feasible at this moment. creating a "trusted body" to govern these ICOs is not the solution as the projects are sprouting every single day. who will do such intensive work like this? and who will choose these individuals to qualify for this special body? what we can do right now is to be vigilant with your investments. do your own research and meticulously study the project that you want to invest with. it is all your responsibility to do these things. no one will answer your mistakes but you.

daarul50 is right because as soon as you designate a central body to take responsibility for this, you are making the same mistake again. Once central party with the power to decide what is right and what is wrong.

I have been a strong advocate of crypto regulations. It has become completely necessary and the time to enforce this is now! Several players in the industry have capitalize on the fact that the industry is unregulated to commit several atrocities and crimes ranging from fraud to money laundering. This has become a major occurrence and will continue to be unless something is done and done really fast.

It is difficult to have a body that enjoys unconditional trust. There is still a chance that some fraudulent project can negotiate with these body and eventually deceive gullible investors.

I agree with you. I want a system where by investors will have or be assured that the basic profile of a coins developer are known such that if there is any fraudulent act from them, they can be traced and jailed

It would be very convenient for us. It is high time to introduce some kind of a similar system, because now the trust in the ICO has significantly decreased.

This is a welcome development. I think doing due diligence to filter out quality and valuable projects out of the thousands out there is very important for the industry. And I think can only be done if we can have a group of experts who can do it for the community without getting inducement from project creators

ICOs need to regain the confidence of the investors as many of them lost their faith in them. Like the idea of IEOs where the exchanges are supervising the development and the progress. Such way the listing is also insured.

You can't stop scammers. Once they find a way to steal money out of people's pockets they will exploit that area until people are going to realize how stupid they are and stop offer them money. The problem is not ICOs who fail, because those at least try something and don't succeed. The problem is that there are people who open ICOs with the specific purpose of earning money from it and don't bring any contributions to the world.

That are mostly ICOs where the team is not known or where it looks fishy. Just don't take the risk and transfer any money to them.

A decentralized ecosystem means anyone can choose what they prefer
Which is why any one can wake up today and create a new token

It is up to us to choose which and deuce who to invest upon

The cryptocurrency crowd funding industry has gained a tarnished reputation over the past couple of years due to an abundant amount of scams, ponzi schemes, and projects that don't deliver on their promises and a lot of this has to do with a lack of awareness so it's very important for investors to conduct their own thorough research and due diligence with each offering whether it be an ICO, IEO or STO and not just rely on benchmarks, hype or the latest launchpad to ensure the investment is worthwhile

I prefer trusting ICOETHICS list than ICOBENCH list, but for now this is the only resources we have to pinpoint trusted sites, I do not and never trust these ICO rating sites, they don't live up to their name, they charge payment to get a premium listing without doing a research if they are listing scam ICO, all they care is money.

The cryptosphere does not have a central regulatory body hence it is not easy for clear systems to be put in place to control activities. Due to this peculiar problem, it is  up to crypto enthusiasts and investors to be circumspect in whatever project they want to participate in.

I'm in full support of the sanitisation of the cryptocurrency space. There are so many scam ICO and this has discouraged the investing public. I believe with a structured body or organisation handling the projects embarking on ICO, there will be some extent of sanity in the system. IEO is a good development and we need much more concepts.

I have the same opinion and think that we should eliminate at least 50 percent of all existing projects. Besides, I think only projects that have already revealed their working product should stay,  because without a product they do not have a real value.

You mean another rating sites to rate this incoming and ongoing ICO, never mind they contributed to this mess, rating sites are paid promotional arm of these ICO's and I don't want to see another one because they can be bribed the temptation is so high.

There's being several cases of scam and hacking of accounts and exchange lately. The issue of scam ICO can be eliminate or reduced by the creation of a organisation to review ICO and projects before floating to the public for subscription or purchase.

I think that many of us will agree that a body that would regulate cryptocurrencies and conduct an independent evaluation of ICO projects is extremely necessary. But for this, I believe that international cooperation and the creation of a single Council to regulate new projects in the field of cryptocurrency and blockchain are necessary.

But the problem is how they can monitor all of the ICO because we know that in almost every day, new ICO will launch and it will need time to control, manage, or even to give a warns to them if they are doing a suspicious project. It will require more effort from all of the organization to handle the project so we can know which ICO that potential to scam people and we can prevent them before they scammed people.

Basically just created a verification platform for ico will solve all of these problems. We need a trusted party to provide a service like this one. Those icos must be verified to make sure there will be no scam ico in the future.

We can’t really conclude that all investors that has been a victim of scam didn’t conduct their proper research before investing, as far as the crowd funding is in form of ICO and not IPO, any research you will do on such ICO is based on the whitepaper presented and can never come in form of physical verification since the location of the project we are investing in might even be as far as another continent, it is anything we find on the internet we believe and will be difficult to really filter which one is true or not because virtually all the whitepaper of these projects looks very good and the team looks serious on paper.

i like your idea, but i see in it some problem.
First of all, who will be the "trusted body", and why devs can't simply lie or fake when they claim their integrity?

That is already happening bro . cant you see there are sites that caters ico listings ? Those sites also provides info and reviews where you can see if the ico is verified or not  but the problem is that we dont know if they are telling lies or not . the owner of the site might only being paid to promote the ico and the ico itself could also be a lier   . its really hard to combat scamming and frauds nowadays  .

I approve of your suggestion..Something like an alliance  will make a lot of sense.. Although it's almost  impossible to stop developers from launching ICO but the verification of a liason body will go a long way in sanctifying the crypto space..

If we really want to influence the situation, then our main task should be screening and identifying scam projects, we should be a wall between fraudsters and investors, we should help investors to direct funds to those projects that can improve the entire market.

Screening and identify scam projects with good research is best idea
But hopefully not, we would have to figure out both scam ieo and icos in the near future

What exactly can end the cheating of investors

It is true, for a healthy life there is a need for clean spaces, the same goes with the market.

Very good points but no matter how we purge the crypto space of unwanted weeds, they somehow keep crawling back so we need a permanent solution.

Yes you are very correct the ICO market have been flooded with lots of scams and the failure of most ICO to meet up with they investors expectations most of the ICO in 2018 have recorded lots of losses due to high rate of scam and that have given the entire cryptocurrency industry a bad reputation.

I also have same opinion as you. ICOETHICS has a better and honest reviews than believing to the paid ICO review sites. Before investing in the project i always check the whitepaper,team,real usable product etc.

You can try exposing all the bad eggs in the forum but something else will take its place. You can't catch all scammers, the market is still growing bigger and there will be more elaborate scams coming.

The question is always how do we sanitized it? Many of us are not happy losing money to fake or scam icos.  I have over 20 icos and projects that I invested in last year but currently about 10 of them are scam projects and the remaining one my not recover.  The cryptocurrency market especially the icos market need to be regulated by governments agencies and to me that is the best way of bringing sanity to the market.

You nailed it, almost every section of economy evolving and people need to adapt to new stuff. Best ones will survive and weak projects will not be elected by the capitalist wave of technology.

as works with tasks on evaluation of release from developer and the market analyst to defines of one with selection as referring use with decision to stands or to moves from the market as securing of chance on winning and rejects the worse on risks of lose as completing terms with the project plan.

   We don`t need to do anything, time will do that for all of us. If we don`t pay attention on some project, there will be no investors,
no community, project will fail very soon.
   I don`t support your decision to give governments to regulate crypto-space. It`s already have regulation, maybe it would be better
for governments to copy Blockchain and start doing something honest that will benefit all the people, not just politicians.

I think that the question of the need to reorganize the cryptocurrency market has arisen for a long time.
There is a growing number of useless projects and coins that litter the wallets of users.
If you choose only good projects, then perhaps useless ones will gradually fade into the background as unclaimed.

I completely agree with your opinion, but I’m worried about another nuance, which consists of the fact that all the money spent by investors on bad or junk coins should return to the cryptocurrency market in more popular and promising projects. I do not want such a large amount of funds to disappear without a trace in the pockets of scammers.

You are right from a certain point of view. We have to consider how it should be done. Government services? No chance. Third party? Still biased. The ultimate key is to stop supporting shady projects which have not done anything in order to receive my money. The field will attract more serious enthusiasts who will have to prove their qualification. There simply can not be a single entity deciding who is and who is not worth investors´ money: we are in charge of our actions (and wallets ;D) and without demand, there will be less unprofessional teams asking for funding their idiotic ideas. Autoregulation is the best regulation  ;).

Those greedy people who stoled bunch of money from the market will come again to the market on hype and then you will sell them your full bag, don't worry.

You are very much right. The entire cryptocurrency system needs total cleansing and be purged of all the current bad elements giving it a bad name.

That statement "...without collecting any charges" is why we are here today. It will be difficult to set up a body to do this sanitation out of freewill. But it's very achievable.

It seems to me the only thing that today we can do is to exclude all possible scam projects in which developers are not verified. This is how we can get away from all these projects. I think that all this can help us with you.

You have a right point and I mean that the market should be cleared of scam projects and fraud participants. People have shown that they are ready to invest right now and nobody wants to screw this up by taking part in a scam project. Always be careful guys and check the project before participating.

How would you do that anyway? Scams are sprouting up everywhere, and it also gets shut down, but the people who are doing it are not affected too much because they know that they could do it again. I think it's better to let everyone know about investing in the crypto space, not the crypto space itself to be sanitized because it's impossible.

My suggestion would be to find a way first to tell people to do their research first and make sure that they are investing the right direction and not the Ponzi Type, ICO Scamming (copy paste) projects, etc.

You are saying is simply to regulate the market and the systems that are already built in the crypto space, I do aware of that case, I see that is good to let the investors and developers be well maintained and reputable but that eliminates the essence of the blockchain anonymity where in, we can do freely, whatever we wanted, I think there should be an increase in security rather than verification, increase in system upgrades and maintenance that soon, me do not need escrow to manage our funds but to fully trust an entity for our transactions.

Sometimes this type of situation is always been more safer than it to be regulated are make some changes because the prophet will came under this type of system only so changing under trying to improving this will not been you are right idea in this situation.

Another concern that I also have is that, even the new forms of projects that we now have in the crypto space, such as the likes STO and IEO, are also gradually being invaded by scammers, which means we have to be more careful.
If we cannot catch them all, we can avoid them all.

Sorry to say this but even if an investor will be questioned like a defense or whatsoever, some investors are good at answering questions or even had a convincing power. We have so accept the fact that most of the ICOs are not that successful but there are still ICOs that are created seriously. I do think it is not easy to cleanse the crypto community by your suggestions.

Definitely, a solution has to be found for ICOs to regain the confidence of the investors.
On the next G20 meeting the global regulation of crypto will be on the table and they intend to find
a worldwide solution for it until end of 2020.

great news, scam projects, there is something too much on the market, it is embarrassing that there is practically no responsibility, I think that regulation, for example, a license will be very useful. And so let's see what the meeting will come to.

It may not be so easy to completely cleanse crypto community, we can only try by coming up with all necessary ideas we fee will play its own role too, IEO has already been established to cure its own part, other systems will need to join hand too to do so.

Most ICOs that we fallen victim of scam on have solid whitepapers that you could bet that they will succeed in future and most of their whitepaper could even answer all necessary question but yet they still fail, the problem its self lies in the strength of the project developer, they need more knowledge and strategy that will work wonders as regards the project before they can come out with one, so personally sanitizing the crypto community will be difficult without these developers working on their strength.

Because we live in a market economy. This means that any process is built on the fact that its creator must make a profit from this event.

Good development, there are many platforms out there that always list real ico projects on their platform and through this approach, they have gained the confidence of investors. One of such platform is ICO DROPS and I followed many successful projects on the platform