We need to do something about all the scams

[shinjunobi09]

More scammers results to more people distrusting and leaving the cryptocurrency world, which really dealt a huge effect in terms of pricing and demand of people. This has really hurt bitcoin and other cryptocurrencies because they are really causing the government to make a huge step in order to prevent them from rising.

[Destnhel]

Yes, we do. We should think for a best way and solution so scams won't be able to come on our way and stop us. We should atleast formulate ideas on how to capture those kind of people so we can invest and fully trust thins kind of field.

[adiksau0414]

We must all be united and go hand in hand to destroy this scams. Especially in ICO projects. People who were involved in this project invested their time and effort just to promote it but in the end, they will gain nothing. There so many investors are the main catch for these scams, they squeeze out all their investments, and also these investors will just realize they are not having profit. I hope everyone should build a healthy environment were there's a mutual gain for both parties.

[SERIOUS045]

take a look at this, Clearify

Recently, we were almost scammed out of some Bitcoin. The scam was very clever. We made contact with a business with the intention of ordering their services. A scammer intercepted this contact, then emailed us directly, pretending to be the business. They emailed us a BTC payment address. We had absolutely no way of knowing that this had occurred, and even if we suspected something wasn’t right, it was near impossible to check.

Another common crypto scam relates to ICO contribution addresses. Just this week, a blockchain project running an ICO were hacked, and had their contribution addresses changed on their ICO website. The hackers made off with several large contributions before the team noticed. How can you be 100% sure you’re sending your valuable crypto to the correct recipient?

So we’ve come up with a great solution – Clearify.

[foxbat]

Most of the scam projects are very attractive to participants and investors. Because the conditions are very easy as well as huge bonuses. So, everyone was smuggled into it.

[Sled]

We can do something about all the scams even from the start because you will not get scam if you just know how to analyze and determine if the thing that you are about to be investing or putting some money is legit or not. Do some background research first and also look for some patterns that you may see in the other scams and that is how you are going to do something to 'avoid getting scammed'.

[Ranly123]

Well this is a good move I think. How many scam ICO have been there in the last year alone? Too many to count. And they don't care whether its just a few thousands or eve millions. As long as they can duped people to invest on them they will do it and took off with the money.

And the worst part, is that those legit and trusted ICO are not being questions because history says that you can't distinguishes legit from those scammy one. And with this move, we can filter out early which is a scam or not if they can't justify their use case.

I agree. Many ICO were scam and we cant even easily determined if it is scam or legit. As a bounty hunter and not an investor, I am also affected for those scam ICO who do not care for those investors which puts money just to invest. Money is not solely for investment, it is a struggle to pursue to have a better life.   So I am hoping that it may stop and advertising a scam ICO so that nothing to be a victim of their wrong doings.

Really ICO is hard to determine whether it is a scam or not. If investors will not thoroughly study an ICO before investing then they would probably end up investing on a fake ICO. We cannot stop those scammers than to study the platform and the project to invest to avoid or minimize the risk to invest on fake ones.

[dhrazzen]

Yeah!  This is a great news so that all the scam will vanished in the thread. I am one of those people who work hard for a bounty but didn't received any payment.  In fact they keep on updating their thread about the payment but when the time comes they will set another date. Eventhough I did not invest money but the effort I made on that project is all nonsense and worthless.

[orions.belt19]

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.

Very well said. Governments have opted to make regulations because of the numerous scams out there and to protect their citizens from them. Since there are many who fall victim of scams, scams still continue to flourish up to this very day.

I think that the best way to combat this is to spread awareness of scams. If people are prepared and knew what to look out for in a scam, then many would be able to avoid these scams. Most scams are very clever and advanced but if you do your research first, it would be obvious that there's something fishy. If it seems like something's not right such as the promise of high returns - it's most likely to be a scam.

[sofi@]

Yes it is true, we need to prevent and fight those scams sites and developers that kills the good market cryptos has. Actually the main reason why governments do not give support to cryptos is because many uses this technology to scam many people. They bring negative image to cryptos which makes investors thinks bitcoin is the biggest scam were in fact it's not. If we can eliminate these scam site maybe it would be easy for the government to support bitcoin.

[josephpogi]

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.

To all scammer here all over the world not only with bitcoin.Hopefully they think first what we do and think how they affect different individual who work hard but it useless if they encounter scammer.Government and officials need to participate and think how to resolve this .Another thing is we people we need to secure every account we have.And every personal information .

[Similificator]

Wow, thanks man! this is actually a good idea. A lot of newbies will really benefit from this thread if a lot will really take the time to put down names and valid reasons as to why the names they have mentioned are really scam ICOs. Because I just don't think that a lot of people will really be taking the time to do this for free without having any benefits on doing so. The only reason I can think of for people doing this is because they might have grudges for the said project or is a close competitor. Of course I am not saying all, but I am pretty sure mostly. Because let's be honest here, everything nowadays already has a price or actually needs a price. But even so, I still wish that this plan really works out because it will be a really big help for newbies and for yeah, lazy people who do not want to put that much effort into looking deeper into ICOs that seems to be scams. xD

[andeluna]

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.

Wow! Thank you so much for this, sir. This would be a great help for us especially to those who are new here, including newbies and also me. We do really need to do something about it and we should not tolerate them because the more we tolerate, the more they scam.

[Jeepney_koh]

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 will support you 200%. This seems to be the solution for all those trash coins that just waste the time of the people and waste their money. The scam ICOs and other coins are actually the main reason why governments hate bitcoin and they ban crypto because they are afraid that the people's money will be taken in the air. Having this kind of concept will help us fight and find out the scam ones. Please continue on this for the sake of all the people who believe in cryptocurrency.

[John Wallker]

Scam will be always, unfortunetly it's true but in soon future, I hope, there will be some harder regulation of all ICO projects.

[pitiflin]

Mate, mankind will never get rid of the practice of scamming people. Nor will people learn on how to prevent themselves from such scams. So how much ever some one /group of people try to explain people about scams, they will continue to exist as smarter people come up with new ways and ideas to scam people. I think that regulation would at least help a little to avoid obvious scams.

[jimbo2000]

Mate, mankind will never get rid of the practice of scamming people. Nor will people learn on how to prevent themselves from such scams. So how much ever some one /group of people try to explain people about scams, they will continue to exist as smarter people come up with new ways and ideas to scam people. I think that regulation would at least help a little to avoid obvious scams.

It will always exist but it can be greatly reduced, first by educating people so they don't fall for such simple scams and secondly by preventing such simple scams from being able to exist in the first place. The better thought out scams will still be about but they won't target nearly as many people.

[Biscutard]

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.

Sadly, i don't have a merit anymore but anyway, thanks for listing the guide and i hope more list of scams ICO will be listed here for everyones data on how to notice them and what are the questions should they ask because some of us are newbies.

[christina30]

I think we  cant do anything on scam. But we can prevent scam. All you have to do is investegate that ico or etc that you want to invest. Try to find some source. Ask some expert that has more experience in crypto. And also check if that has great volume of people who invest

[anonbit992]

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.

Now that's a good post. I think investors need to do their homework and only then invest. Lot of people are interested and blinded by greed to make x2 to x10 times of their money invested in ICOs and they simply forget about scammers and how they operate.