We need to do something about all the scams

[alyssaxx]

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.

[Portia12]

yeah we need to do something about to all scammer because it hurts so bad. we work for it but they didnt pay our work so please make something to all the scam that they made.

[Pumapipa]

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 hope that a collective effort Wil be made to extinguish these kind of malicious act. Scamming drains presale of trust, and like you said history or news abouts scams scare people and potential investors from understanding the real nature of cryptocurrency. Like what is happening in my country, there are so many news about purple getting scammed using the name of bitcoin as their foreground.
I too have was nearly scammed. I almost invested in a campaign that i saw on the marketplace. Good thing I did my research, that campaign "C" had a track record of being a scam. Turned out that bounty hunters for that campaign weren't paid at all. What a waste of time.

[Palmholder]

   All you said is true. I personally dont care of blindly investors and scam projects because I dont invest anything, but regulators care. Authorities use this situation to establish new regulation laws, mass media shows crying people and says: "Look at poor girl, she lost all money mom gave her for school breakfast, we have to stop it" Or: "Look at this guy he sold his home and his car for investing to scam project, we have to limit investments to $900 per citizen". But I dont need new laws and new limitations, any law supresses my freedom

[Seaze007]

Wow thanks for bringing that up and now that I think about it I went in on a token similar to this one without giving it much thought. They were a well established company in real life but no blockchain experience and that was my mistake getting involved like that. Keep up the awesome work we need more heroes like you!

Their are more ways to avoid scam,  now a days more people victims of scam,  but if we vigilant to our sorroundings scam will not exist. 

[VladWulf]

   All you said is true. I personally dont care of blindly investors and scam projects because I dont invest anything, but regulators care. Authorities use this situation to establish new regulation laws, mass media shows crying people and says: "Look at poor girl, she lost all money mom gave her for school breakfast, we have to stop it" Or: "Look at this guy he sold his home and his car for investing to scam project, we have to limit investments to $900 per citizen". But I dont need new laws and new limitations, any law supresses my freedom

+1

[Dannaey]

We need to do something about all the scam ICOs popping almost every day by spreading awareness. But it doesn't mean we have to regulate it. In my opinion, if cryptocurrencies are being regulated then the very essence of "decentralized" is useless. I am in favor of the government to let ICOs register and pass the required documents for legality. But the investor should bear the risk. The problem with us is we are too attracted and too eager to make a profit that is why we easily got fooled. People should learn how to search on their own and look for other's opinion. Just like many people are saying, "Invest at your own risk."

[RAAAMA]

This would be a nice thread for us to know the ICO scams. It will be useful to investors, bounty hunters and everyone.  Having this thread as a reference will provide great information to people and will lessen the number of scam ICO's. Well, it should be factual. The one who posted should knew the details why it is a scam. We cannot just put the ICO without proper study.

[TheKeyLongThumbI]

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 think you sir need to lead that way especially for those newbies out there. It's really easy to manipulate them when you show them attractive visuals with lot of jargons so I hope the smerits that I gave you will inspire you to do that.

[miltonpogi]

Definitely yes, because all the wrong ideas should be corrected, we all know that there is no possibility that scams can be good for all, its only good for its operator, Laws are against in this process so we need to do something to reduce the numbers of scammers and to have a safer investment , but for now the only thing that I can advise is that they should not give there trust easily.

[semarmesem195]

I totally agree with this idea. Fraud often happens to us new bitcoin users, they launch their action by persuading us to give false profits that there is no evidence if we buy coins from them. If only i knew directly the person who committed the fraud i would immediately hit him.

[kurt1212]

Yes we need to take an action on those scammers who wants to get money from others. We must be careful and wise in trading of your things then you should dont trust anyone or in any strange person.

[bololord]

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 they need to report immedietly so that it wont happened again. Its not fair to Us that they are just getting money from Us who actually dont work for it. Sad to say scammers are spreading out . And as we liable to our own accout we need to be aware with someone .

[Sled]

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 they need to report immedietly so that it wont happened again. Its not fair to Us that they are just getting money from Us who actually dont work for it. Sad to say scammers are spreading out . And as we liable to our own accout we need to be aware with someone .

There will be no scammer if there is no person that will let the scammers to scam them. It means that we should be knowledgeable in order to avoid scams because as the people are being vulnerable and allowing the scammers to steal some money from their wallet then the more the scammers will spread out. It should be starting from us to get some knowledge to be able to reduce or possibly stop scammers.

[trecore4]

That's a good initiative but we must keep the pace like this upto date. We have seen many projects going insane at the time of launch, before launch or even after few months of launch. So you see that's a big problem even if we get notified that the projects are worthy to invest. I mean things can get worsen at anytime so what we can do is keep an eye on every project by means of different users who is involved with particular project. Not everyone gets enrolled into each and every project that comes out of the cocoon! That way we will have big surveillance and faster assurance of Ponzi schemes. So peace to that one. :-)

[Pendularin]

Being a new in this certain business, i worried all about those rampant scammers, and mostly, it will provably happened on ICO's, I am fully doubt about that kind of situations, on how can scammers directly entered in ICO system. Why the management cannot directly stopped all scammers? Are scammers are hidden in a big wall? Which it is hard to detect? As for me, I  am not a victim of those scammers because I'm only a beginner, and I don't join any transactions in crypto but I already heard about scammers as what stated on my friends. Hoping that this coming days all scammers will stopped and totally banned or abolished.

I agree hopefully it will only take time to those scammers to be vanished of their fortunate world,what would happen to us new beginners if theyre still around,please take action of that.

Scammers really dangerous right now because of their ability to make people suffered.If we minimize and cleaned up with this kind of situation maybe double or triple now are not having hesitation to joined with this activity.For everyone of us one the only thing that i will advise was make ur account safe and be responsible enough because our choice is our success.

[PatronRH]

Unfortunately we cannot. There is no possible way to actually stop the scams in this because on of bitcoins features is being untraceable. So the transaction is between traders is untraceable and even the traders are anonymous. The only thing we really can do is that we can elevate the awareness to theses scams so people don't be victims anymore .

[miktam]

{quote}
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.
{quote}

Would be grateful to hear solid opinion about adding credibility to a new project which does not have a product yet (hence doing an ICO), when we have to make compatible both communities, which are quite distinctive from each other - crypto and current vc/financial industry. who should start - one or another?

[semenencoa]

The cryptosystem has one advantage it is for everyone! This freedom attracts not only oridary people it also attracts terrorists, criminals, hackers and others, who want to use it in their benefit!

[Scallywag]

these scams aren't particulair to bitcoin , but they happen everywhere in every branch . people just need to be more careful with their money and not throw it at every opportunity they see. As long as people are stupid enough to be scammed there will be scammers.