How to deal with the big amount of possible upcoming scam ico's in future?

[bobq]

There is an ancient law of nature called Natural Selection, people falling into scam ICO's will lose their money and they will learn or go broke and disappear from the market. On the long term who's left will be able to distinguish between scams and good projects.

[LakeBTC]

An ICO coming from a real company is a huge plus for investors. I don't just mean any registered company, but one that actually generates serious revenues and profits. Because then the company has too much to lose by running a bad ICO.

Our company is LakeBTC: we're a major crypto-exchange (we traded over $50 million in the last 24 hours).

The LakeBanker "Crowd-Banking" system has been operating in Beta within LakeBTC for 1.5 years. Now we're spinning it off and launching an ICO.

There's no way we'd risk the reputation of the LakeBTC exchange by running a scam ICO for LakeBanker. We hope this gives our investors some confidence in this difficult time for the ICO market.

If you’d like to know more, check out our ANN thread and formal whitepaper

 

[VTS]

Yes having a registered company as a project is a big plus! There are many projects out there where hole team is anonymous, so its hard to take big risk by such projects.

[webmastax]

Everybody will learn with time how to detect a scam ICO. Just try to follow good developpers with good history.

[Morphling]

What you guys thinking, will there be shittcoin warning list, websites or software informing about shit coins in near future?

Something like blacklist for email spam, IP spam...


Its clear, that it would need regulations to do so, but I wonder myself where all the hype will end, without having something like a shittcoin warning system...

What are your thoughts?


***UPDATE***

List might be the wrong attend!

>>> The current thought is community driven audit of coins and icos to prevent scam! Example: Before some1 issues an ico he could ask for audit and if the audit passes he could get a a badge... something like that, to increases trust.

1. There should be a committee democratically voted with min. 20 persons (to avoid corruption)
2. Applying for audit is based on the free will of an issuer
3. There are no hardcore regulations and no legal aspects
4. Its something like a professional opinion from chosen community members that adds extra trust and adds a little process to "separating wheat from chaff"


Well all very theoretically and for sure contains many problems in it in that state...

Something like a community driven audit service!

so you need not worry, China has demonstrated that, all coins will return to the participators, but i wonder will other governments have the same authority as China

[VTS]

China wont save all world from scammer and we still do not know how the actual regulation in china will look like... scammers will allays find a way around.

[newfulluser]

Not participating 

[Metoo.14]

This is very good for people who are interested in ico and trading. But this is very unlikely when who are not sure which ico project will scam or shittcoin. If denouncing a project without proof is false.

[GoodLad]

The number of scammers will grow. That's unavoidable. Especially now, when the countries start to ban ICOs.
To protect yourself you need to learn how to make really good researches on upcoming ICOs.
To protect the others - simply inform other investors (for example here on forum) if you have found that the ICO is going to be a scam. Make sure to provide some evidence of your research to make sure you don't call just every ICO a scam.

[VTS]

This is very good for people who are interested in ico and trading. But this is very unlikely when who are not sure which ico project will scam or shittcoin. If denouncing a project without proof is false.

The main problem is that it is almost impossible to know from the beginning if a ico is scam or not, usually the scam is relieved months after they ico.

Some thoughts about this:

If there is a new project and devs/OP looking for 30 - 100 mio market cap, I ask my self who would possible need that much money to get a business/project running? There might be few out there introducing complex, new technologies based projects that "really" require big funds but no1 can tell me that 80% of the 800+  needs 30+ mio to do something. That seems insane to me. Some projects collecting even more 100 - 200 mio. and there is literary nothing behind the project. Some are just copy/paste with slight adaptions that do not even require more than 2 devs in best case and the real " value" will never exist as its real purpose will be just to trade/gamble the coin.

 For what is that much money needed? Ask that question yourself before investing in any ico asking more than 30+ mio.

[LakeBTC]

This is very good for people who are interested in ico and trading. But this is very unlikely when who are not sure which ico project will scam or shittcoin. If denouncing a project without proof is false.

The main problem is that it is almost impossible to know from the beginning if a ico is scam or not, usually the scam is relieved months after they ico.

Some thoughts about this:

If there is a new project and devs/OP looking for 30 - 100 mio market cap, I ask my self who would possible need that much money to get a business/project running? There might be few out there introducing complex, new technologies based projects that "really" require big funds but no1 can tell me that 80% of the 800+  needs 30+ mio to do something. That seems insane to me. Some projects collecting even more 100 - 200 mio. and there is literary nothing behind the project. Some are just copy/paste with slight adaptions that do not even require more than 2 devs in best case and the real " value" will never exist as its real purpose will be just to trade/gamble the coin.

 For what is that much money needed? Ask that question yourself before investing in any ico asking more than 30+ mio.

There are some ways of knowing surely.

If an ICO is coming from a real company and the project is already at an advanced stage, then it will almost never be a scam. I don't just mean any registered company, but one that actually generates serious revenues and profits. Because then the company has too much to lose by running a bad ICO.

Our company is LakeBTC: we're a major crypto-exchange (we trade 10s of millions of dollars each day). There's no way we'd risk the reputation of the LakeBTC exchange by running a scam ICO.

If you’d like to know more, check out our ANN thread and formal whitepaper

[VTS]

This is very good for people who are interested in ico and trading. But this is very unlikely when who are not sure which ico project will scam or shittcoin. If denouncing a project without proof is false.

The main problem is that it is almost impossible to know from the beginning if a ico is scam or not, usually the scam is relieved months after they ico.

Some thoughts about this:

If there is a new project and devs/OP looking for 30 - 100 mio market cap, I ask my self who would possible need that much money to get a business/project running? There might be few out there introducing complex, new technologies based projects that "really" require big funds but no1 can tell me that 80% of the 800+  needs 30+ mio to do something. That seems insane to me. Some projects collecting even more 100 - 200 mio. and there is literary nothing behind the project. Some are just copy/paste with slight adaptions that do not even require more than 2 devs in best case and the real " value" will never exist as its real purpose will be just to trade/gamble the coin.

 For what is that much money needed? Ask that question yourself before investing in any ico asking more than 30+ mio.

There are some ways of knowing surely.

If an ICO is coming from a real company and the project is already at an advanced stage, then it will almost never be a scam. I don't just mean any registered company, but one that actually generates serious revenues and profits. Because then the company has too much to lose by running a bad ICO.

Our company is LakeBTC: we're a major crypto-exchange (we trade 10s of millions of dollars each day). There's no way we'd risk the reputation of the LakeBTC exchange by running a scam ICO.

If you’d like to know more, check out our ANN thread and formal whitepaper

Give it a brake!

[HardFireMiner]

This is very good for people who are interested in ico and trading. But this is very unlikely when who are not sure which ico project will scam or shittcoin. If denouncing a project without proof is false.

The main problem is that it is almost impossible to know from the beginning if a ico is scam or not, usually the scam is relieved months after they ico.

Some thoughts about this:

If there is a new project and devs/OP looking for 30 - 100 mio market cap, I ask my self who would possible need that much money to get a business/project running? There might be few out there introducing complex, new technologies based projects that "really" require big funds but no1 can tell me that 80% of the 800+  needs 30+ mio to do something. That seems insane to me. Some projects collecting even more 100 - 200 mio. and there is literary nothing behind the project. Some are just copy/paste with slight adaptions that do not even require more than 2 devs in best case and the real " value" will never exist as its real purpose will be just to trade/gamble the coin.

 For what is that much money needed? Ask that question yourself before investing in any ico asking more than 30+ mio.

There are some ways of knowing surely.

If an ICO is coming from a real company and the project is already at an advanced stage, then it will almost never be a scam. I don't just mean any registered company, but one that actually generates serious revenues and profits. Because then the company has too much to lose by running a bad ICO.

Our company is LakeBTC: we're a major crypto-exchange (we trade 10s of millions of dollars each day). There's no way we'd risk the reputation of the LakeBTC exchange by running a scam ICO.

If you’d like to know more, check out our ANN thread and formal whitepaper

Give it a brake!

Ironic for you to ask for brakes when you admited you will make an ICO.

[VTS]

The "brake" refers to double postings and promoting in the thread/threads...

Other than that: As I said already, telling that "ALL" icos are scam is not helping. I respect your opinion and if you do not want to participate in icos you don´t have to, no1 is forcing you! AND I also agreed that there is a lot of scam out there!

You know, if you say "ALL" icos are scam you are not giving facts and I doubt you have even facts about the hundreds of icos ongoing. Your philosophical point of view would need some hard facts back-up.

If a project requires funds to develop and do it over an ico there is "nothing" bad about it as long its an honest project and the coin will be backed up with real value over time best already at start ofc.

Please if you want to help to do something about scam, bring up some "hard" evidence why in your opinion "ALL" icos are scam? Only making statements and accusations is worthless and will let you look like an unprofessional that has a personal fight with icos... No1 will put weight in that what you saying! But Im certain you have good knowledge and honest motivation about what you trying to point out.

So here is you chance now to elaborate in detail why you think "ALL" icos are scam (I would appriciate that you keep it on a professional level):

>

[SpearTackle]

We don’t know what is the future of this worldwide cryptocurrency, time will come you will not know what is real and what is not. As a user we cannot easily recognized which ico is scam, so to deal with it don’t just join in any ico without anyone’s recommendation. If you have joined and you feel that it is scam just leave immediately.

[VTS]

We don’t know what is the future of this worldwide cryptocurrency, time will come you will not know what is real and what is not. As a user we cannot easily recognized which ico is scam, so to deal with it don’t just join in any ico without anyone’s recommendation. If you have joined and you feel that it is scam just leave immediately.

The problem is that scammer usually have their recommendation machinery working all over the place, you will need to make your own judgments! Or you know of people you can trust!

[posternat]

There is nothing that needs to be done. There are always going to be scams where ever money is involved and this is no different. I honestly do not see there being an influx for any reason in the near future. Those that get taken, lose out, it is that simple. They just need to learn to research, be careful and never invest anything they cannot afford to lose.

[bengems]

The ICO burble is really messing cryptos up, especial ETH tokens. I suggest some restrictive and regulatory measures are put in the ETH contract token creation code to filter off ico scammers to a certain level. And again, If each coin can have their own independent blockchain, ico scams would have been less

[Funeral Wreaths]

What you guys thinking, will there be shittcoin warning list, websites or software informing about shit coins in near future?

Something like blacklist for email spam, IP spam...


Its clear, that it would need regulations to do so, but I wonder myself where all the hype will end, without having something like a shittcoin warning system...

What are your thoughts?

Who would be the people that decide which are shittcoins and why would we trust those people? Every single ICO out there has been called a scam and a shittcoin and worse, the only way to tell is just to research to hell and back before you put any money into anything.

as much as I agree with you, just incase you forget that so many coins before were called to be scam or shit coin but after that what happen? it is only a FUD, and now those who were accused are still on the move in the market. as i strongly believe that you just need to be careful, analyze those backgrounds and anything and don't depend on what other people say, it might be true but not all the time.

[BogdanGFTP]

I think without government control ICO market will die