We need to do something about all the scams

[salterious]

It is a vicious circle but you are never going to end the cycle of scamming. As long as one person falls for it and somebody benefits word of mouth will reach other people and more people will try scams. They say hooking is the oldest profession, I don't know I may be inclined to thinking scamming is one of the oldest professions too which sucks

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[a7goo]

In my opinion it is very difficult .... even impossible to know if a project is scam or not. To say such a thing, we would have to collect many texts of users from the network. Think about the statistics ..... only a majority of positive users .... on another negative can decree a verdict. The individual user can not make the difference

[decoder88]

Hey there,

I am a blockchain developer and most of my work consists in auditing Blockchain projects, criticising their use-case and proposing solutions and guidances.
What really kills me is the amount of scams and useless projects based on economic scarcity, fomo and proof of stupidity (https://www.youtube.com/watch?v=p1ZYGuJXBQE)

The reasons why we have to fight scams are fairly simple:
- Scams attract regulators
- More scams attract more scammers
- People invest blindly but if given the change to understand a project based on a professional analysis I'm sure many will think twice between sending those guys money.
- You know what is worse than exit scams? Shell projects that never get finished or have no traffic because their use case is pure BS.

I propose listing all the ICO scams here that can't correctly justify their use case, presumably scams:

* EQUI https://bitcointalk.org/index.php?topic=2888110.0
The guys weren't able to justify the use of their token and don't answer to critics and questions. More importantly they provide a passive return on investment which fails the Howey test (http://consumer.findlaw.com/securities-law/what-is-the-howey-test.html). They use their public image in order to attract suckers. Based on their use of proceeds they reserve 30% in order to develop the platform. 30% of 72 million to develop a react website with a postgres database and link it to infura (i assume they didn't even think about that). Laughable at best.

I do agreed that scams attract more Scammer, it is because the more they scams appeared or spread out in every places the scammer become more strong. The more victims they have is the more scammer became strong intention to scam others. So this was a good step and good starting to sue them also. And this can't be resolve without the support of the community too.

Scammers are also a way to make new scammers, they easily spread through their kind. And if they have made people believe within their lies they would think that they could do it again and scam again other people. What you have done is right and a good thing. And remember to always be alert in everthing and observe.

[JCLee]

Thank you for bringing valuable information to everyone against the scam ICO are launched in the market recently. ICOs launch for different purposes, many investors do not care about the goal of the project but only see the promise of profit after the ICO despite the investment and risk to myself. It is therefore essential for the community to be able to identify the most potent ICOs before making an investment decision.

[VladWulf]

Just look at this

https://thenextweb.com/hardfork/2018/02/12/cryptocurrency-loopx-scam-ico/

[futile-resistance]

Hopefully those scammers will be banned forever and they will be detected so that we can work at peace without thinking that our hard earned will go to those scammers, who are not doing a legit job in order to gain money. Be observant and be alert everytime.

One thing for sure is that you can’t stop scammers, no matter how you try. It’s just like when you’re trying to stop the corruption in the world today, which is impossible. So it’s not possible. The only way to stop scam is by those who fell victims to be posting lists of sites where they were scammed. So you see, people have to get scammed to be able to fish out the scam sites. Best thing is just to invest only in sites with good reputation.

[gabmen]

Hopefully those scammers will be banned forever and they will be detected so that we can work at peace without thinking that our hard earned will go to those scammers, who are not doing a legit job in order to gain money. Be observant and be alert everytime.

One thing for sure is that you can’t stop scammers, no matter how you try. It’s just like when you’re trying to stop the corruption in the world today, which is impossible. So it’s not possible. The only way to stop scam is by those who fell victims to be posting lists of sites where they were scammed. So you see, people have to get scammed to be able to fish out the scam sites. Best thing is just to invest only in sites with good reputation.

Well scammers have evolved as well becoming more and more creative to attract victims and take their money. And i agree, it would be very hard for the authorities to keep scammers in check because they have new moduses everytime. Keeping the people informed probably would be the best solution to this. However there are times when logic and reason goes out the window when people hear about easy, quick money

[VladWulf]

I have written an article on LinkedIn for an alternative to the ICOs, called ICD.

https://www.linkedin.com/pulse/initial-coin-offering-ico-vs-distribution-icd-king-dead-agaev/?published=t


I am actually doing an MVP around that concept. Critics are welcome!

https://bitcointalk.org/index.php?topic=2936058.0

[vidprab5]

There’s nothing you can do about the scam that is happening. Scamming is a normal thing that happens everywhere and not only in Bitcoin community.I see a lot of people that are getting scammed most of the times, so it’s a normal thing.  And for us to discover scammers, people will have to fall victim, though some of them can be easily identified, if you’re smart enough to do so, cause not everyone can do it.

[zergenyt09]

Hopefully those scammers will be banned forever and they will be detected so that we can work at peace without thinking that our hard earned will go to those scammers, who are not doing a legit job in order to gain money. Be observant and be alert everytime.

One thing for sure is that you can’t stop scammers, no matter how you try. It’s just like when you’re trying to stop the corruption in the world today, which is impossible. So it’s not possible. The only way to stop scam is by those who fell victims to be posting lists of sites where they were scammed. So you see, people have to get scammed to be able to fish out the scam sites. Best thing is just to invest only in sites with good reputation.

Well scammers have evolved as well becoming more and more creative to attract victims and take their money. And i agree, it would be very hard for the authorities to keep scammers in check because they have new moduses everytime. Keeping the people informed probably would be the best solution to this. However there are times when logic and reason goes out the window when people hear about easy, quick money

Yes that is true,  and most annoying thing about them is that the more you try to stop them,  the more they continue grow; you take down one scam site today,  tomorrow you will see another on net robbing people of their hard earned money.  This pisses me off a lot, like seriously and I hate all these scanners. Wish there was a way to discover who they are in real life and just capture and make them face the punishment they deserve.

[VladWulf]

There’s nothing you can do about the scam that is happening. Scamming is a normal thing that happens everywhere and not only in Bitcoin community.I see a lot of people that are getting scammed most of the times, so it’s a normal thing.  And for us to discover scammers, people will have to fall victim, though some of them can be easily identified, if you’re smart enough to do so, cause not everyone can do it.

We can keep the creators of the project more economically accountable.
Instead of giving Ether directly why not using our ICD approach https://www.linkedin.com/pulse/initial-coin-offering-ico-vs-distribution-icd-king-dead-agaev/?trackingId=I7PY2DyNFAwPAdlvRTlxDg%3D%3D

This approach incentivises more economic accountability and long term foundation from the project creators.

[jak3]

I think there is a way by which we can control the number of scams producing each day. Then anonymous network is the key they are you saying to scam others and that's a problem we saw coming. Can we guys make a way by which some part of the network uses the Anonymous system for transactions but for business purposes it will be a non anonymous system or at least they have to verify themselves with the blockchain or something like that? You look like a insurance for them but a proof for other uses.

[AimHigh]

Wow this is nice that how to identify or how we know scammers this is a big help to everyone but i have a doubt to those newbie that they are always the victim of scam so if they read this article i hope that they can now know the scammers. Some of scammers was saying that they are a big company to help earn to those who want to join them but the question is why they can get a pay for registration? So this is the sign that they are scammer so always be careful and this article hope that they read to know them.

[SmokerFace]

Thank you for helping crypto community to prevent scammers because scammers really affects other investors and crypto community that's the other reason why other new investors are getting scared of investing in bitcoin because of these scammers that making crypto reputation bad and with help of fake news these 2 are the biggest problem in the crypto market.
Many bigtime investors quitting crypto when they get scammed and so many ICO are turning to scam so be careful and let's make other crypto friends get awared in this scenario.

[zergenyt09]

I think there is a way by which we can control the number of scams producing each day. Then anonymous network is the key they are you saying to scam others and that's a problem we saw coming. Can we guys make a way by which some part of the network uses the Anonymous system for transactions but for business purposes it will be a non anonymous system or at least they have to verify themselves with the blockchain or something like that? You look like a insurance for them but a proof for other uses.

In real world, one thing anyone with good reasoning would like to do so much is to stop crimes and all the evils that are happening in their country, but it is not possible, cause the more you’re killing them, the more the others would be coming. The only thing you can succeeding in doing is reducing the rate of crimes in your country..

[ronics]

 As a member and now new here in this business I'm all nervous about such scammer and mostly it will be exactly what happens yovtje ICO presale .we doubt about this situation as the scammer who directly joined the ICO system is why management not  directly stopping such scammer all the bowled should be hidden I a big wall where it is every difficult yo detect a human .for me here I am not a victim if a bowler but because I'm onlyva begginer and I have not already joining transaction in crypto but I really heard about bitcoin as what started I met here.hopping that its going to be the day all scmmer should stop and totally banned so they will not be bower again and hopefully nothing bump.

[katiecbell]

Hey there,

I am a blockchain developer and most of my work consists in auditing Blockchain projects, criticising their use-case and proposing solutions and guidances.
What really kills me is the amount of scams and useless projects based on economic scarcity, fomo and proof of stupidity (https://www.youtube.com/watch?v=p1ZYGuJXBQE)

The reasons why we have to fight scams are fairly simple:
- Scams attract regulators
- More scams attract more scammers
- People invest blindly but if given the change to understand a project based on a professional analysis I'm sure many will think twice between sending those guys money.
- You know what is worse than exit scams? Shell projects that never get finished or have no traffic because their use case is pure BS.

I propose listing all the ICO scams here that can't correctly justify their use case, presumably scams:

* EQUI https://bitcointalk.org/index.php?topic=2888110.0
The guys weren't able to justify the use of their token and don't answer to critics and questions. More importantly they provide a passive return on investment which fails the Howey test (http://consumer.findlaw.com/securities-law/what-is-the-howey-test.html). They use their public image in order to attract suckers. Based on their use of proceeds they reserve 30% in order to develop the platform. 30% of 72 million to develop a react website with a postgres database and link it to infura (i assume they didn't even think about that). Laughable at best.

Nice one mate! Now it seems we are really having a community with interesting topics and not the usual annoying topics we used to have on this thread. This is a good thread you have opened and I believe it is really going to be serving a great deal of info about some of these ICOs most especially for investors. I cannot even imagine why some projects will hilariously give some flimsy project that obviously any sane person should know it is just crap, but thanks for taking it on you to do this.

[nightways]

It's kinda sad that such an interesting crowdfunding mechanism is misappropriated to that extend.
I don't even have the time to go through them all

It is really sad bro! And so many times it has been said on this forum and lots of measures given to investors to make use of before investing in any ICO, and yet, some, maybe out of greed or they are just so ignorant enough, just keep applying to anything. What even infuriates me more now is that because of their nonchalant actions of giving scammers upper hand, regulators are beginning to see it as a chance to step in and that sucks.

[UzumakiSakuragi]

Scammer you can not stop them they will always find a way to take advantage if you are not aware .in my opinion the best way is to first check  study the background or reputation of site before you engaged in any risk of transaction..

[jonaire99]

It is really difficult to stop scams and track the scammer. All we have to do is to be aware always that scammers are always around and looking for their next unsuspecting victim. They have only one thing that drives them to scam people: Greed.
Expect more scam ICOs in the coming months to forewarn youself if you are planning to invest. Better arm yourself with right information from a thorough research on any ICO you want to join.