We need to do something about all the scams

[faceoff97]

There should be a regulation to be implemented even here at bitcoin talk, maybe have some requirement before advertising a project. We cannot blame those people who was investing into scams, they actuakl lack knowledge on determoning what is legit and not. Having threads like thua might help, but there should be section in the forum where project are listed and some negative reviews are attached to make peoplw be aware.

[VladWulf]

You mean Bitcointalk on blockchain? 

[miktam]

There should be a regulation to be implemented even here at bitcoin talk, maybe have some requirement before advertising a project. We cannot blame those people who was investing into scams, they actuakl lack knowledge on determoning what is legit and not. Having threads like thua might help, but there should be section in the forum where project are listed and some negative reviews are attached to make peoplw be aware.

how do you trust negative reviews?
where is proof of work that this review is legit or not?

[whitecaramel1]

yes we need to something but how can we do?I think, firstly we must only do good research and we must increase our knowledge.

[miktam]

yes we need to something but how can we do?I think, firstly we must only do good research and we must increase our knowledge.

exactly.

then, we have to be able to understand how valuable this idea is and how good is the potential team, correct?

anyway, question was - how to assess negative review - for example made by the author of this topic.
which criteria were used?
how do you trust this review?
based on exactly what?
cheesy and emotionally loaded text? or meritocratic and thorough expert work?
how do you differ those?

again, let's focus on solution here.

regulators is not the best solution - crypto is probably not fully compatible with current legal system.

[mamichula]

These scams are not going to end, especially with all the new people getting into crypto. So people are desperate and only think about, "I'm gong to be rich." I once had someone tell me to get out of crypto because I brought up legitimate concerns about the price of something, and because I wasn't being all positive they felt that I wasn't worthy enough to blindly follow.

[miktam]

These scams are not going to end, especially with all the new people getting into crypto. So people are desperate and only think about, "I'm gong to be rich." I once had someone tell me to get out of crypto because I brought up legitimate concerns about the price of something, and because I wasn't being all positive they felt that I wasn't worthy enough to blindly follow.

free market should prevail, I believe.
we have a jungle, and the fittest will survive.

everything else is not sufficient enough, from my perspective.
for example those echo chambers you mentioned (from all the sides!), and communities sometimes stagnate because of this.

[Gaff]

These scams are not going to end, especially with all the new people getting into crypto. So people are desperate and only think about, "I'm gong to be rich." I once had someone tell me to get out of crypto because I brought up legitimate concerns about the price of something, and because I wasn't being all positive they felt that I wasn't worthy enough to blindly follow.

Well from the start scammers are really there waiting for a huge opportunity to scam their pillows .But I think at the end of the we are the one who really responsible for our security we can really secure things if we do act something in a very prudent way by means of keeping anything in a private way. I think there would be no scamers if  no one will give a motive to them to scammed maybe we really need to be more carefully on our security measures.

[angaper]

I think that if we start to make a serious analysis of each ICO, very few of them will be able to demonstrate its true usefulness since they cover such a wide range of products and services that many of them tend to be repetitive, or others just seem to be directed to such specialized or short-range matters that they do not seem to justify an investment as great as the one they usually seek. In fact it would be easier to list which projects are worthwhile, and they would be less than fifty.

[Notin2]

this is a very serious situation that needs urgent solution, most project now take the advantage of the fact that blockchain is a decentralized platform and no regulations whatsoever to scam and cheat gullible investors,

if investors can be required to go through kyc before participating in most ico's, same should be equally required from any ico project, there should be some form of ico regulatory bodies that can conduct a proper background check on the founders and dev team of any ico, they must past through some certain requirement in other to conduct there ico's, too many scam project in the market.

[miktam]

this is a very serious situation that needs urgent solution, most project now take the advantage of the fact that blockchain is a decentralized platform and no regulations whatsoever to scam and cheat gullible investors,

if investors can be required to go through kyc before participating in most ico's, same should be equally required from any ico project, there should be some form of ico regulatory bodies that can conduct a proper background check on the founders and dev team of any ico, they must past through some certain requirement in other to conduct there ico's, too many scam project in the market.

in case of Equi, we use custodial account approach, as described in ANN thread. Its simply not possible even to sell your private keys. So there is a gateway to get in, ensuring that everything is according to the law.

this is I believe the part where decentralized tech and current regulations are not fully compatible.
hence custodial account approach used in Equi.

will be grateful to hear constructive criticism towards this project.

[Ewinsane]

A good idea might be creating some kind of portal where people can discuss different ICOs and vote is it a scam or not. I saw the thread of bitcoinwiki org here on forum and they say they're gonna implement smth like that on their portal

There must be enhancement in this forum. New features must be added so that it can cope up the latest requirements from traders and users. Like here, this case is also implementable. Scams are spreading like a jungle fire and people are getting effected by them. Hence they demoralize the people’s interest toward bitcoins. There must be awareness campaigns for catering such problems.

[cizatext]

This is a good step, many people fall to scam due to lack of understanding of the details and functionality of a project. If an ICO promised that they token is going to be certain amount at a particular time know that it's a scam ICO because no project can predict it future at the start knowing fully well how volatile the cryptocurrency market is.

[scamX]

To be honest every other community or market has one or two scammers lurking around. It's just that the best way to avoid them is to educate people. People used to fall for the nigerian prince scam or a hot girl skype scam but nowadays its really hard to hear one of these kind of things to happen. So Basically once general adoption occured even  people who has zero to none knowledge would be able to identify a cheap scam.

[nelsledma]

I agree with you, I think ico concept need to be regulated, and people should understand fully what they are investing in, I think project might be legit but there may be an exit scam when token rises a lot.

These scams would never come to an end. Reason is only the lack of proper research from a person who is going to invest in some coin. Like if someone is investing in bitcoins, there are different methods of earning. Trading, investing, campaigning, associating with ICOs and much other. Scam always found in voids that are easy to target and it seems only when illiterate people are playing the game with bitcoins.

The thing is we cannot do anything in order to eliminate this scam and the people who are busy in doing scams and fraud no matter how much efforts and hard work we put in. the only thing which we can do is to keep ourselves away from such kind of people so that we may not fall victim of their fraud. Moreover, we also need to spread the awareness regarding such kind of activities amongst others too so that they may also save their money.

[crypt0heaven]

How about the biggest scam of them all bitcoin.com lol. roger ver misleading a lot of new people, this guy seriously needs to be shut down. Such a pathetic person.

[Notin2]

this is a very serious situation that needs urgent solution, most project now take the advantage of the fact that blockchain is a decentralized platform and no regulations whatsoever to scam and cheat gullible investors,

if investors can be required to go through kyc before participating in most ico's, same should be equally required from any ico project, there should be some form of ico regulatory bodies that can conduct a proper background check on the founders and dev team of any ico, they must past through some certain requirement in other to conduct there ico's, too many scam project in the market.

in case of Equi, we use custodial account approach, as described in ANN thread. Its simply not possible even to sell your private keys. So there is a gateway to get in, ensuring that everything is according to the law.

this is I believe the part where decentralized tech and current regulations are not fully compatible.
hence custodial account approach used in Equi.

will be grateful to hear constructive criticism towards this project.

if you are actually the Head of Development @Equi, then you should do more by given proper details with relevant evidence to counter what is been said by the OP of this thread, i would also like see more constructive criticism towards Equi project from fellow posters on this thread, this whole discussion was as a result of @op stating Equi project can not justify their use case. Hope to see reasons why this project should be trusted.

[Sled]

How about the biggest scam of them all bitcoin.com lol. roger ver misleading a lot of new people, this guy seriously needs to be shut down. Such a pathetic person.

Let that Roger Ver do his thing because that is his way of doing business and we can just mind our own business, if we can't directly shutdown him, we can still help by educating and enlightening the other people, mostly the newbies which they will know where is the real bitcoin and not and who is the scammer. So just become helpful to the people who are getting started and educate them.

[miktam]

this is a very serious situation that needs urgent solution, most project now take the advantage of the fact that blockchain is a decentralized platform and no regulations whatsoever to scam and cheat gullible investors,

if investors can be required to go through kyc before participating in most ico's, same should be equally required from any ico project, there should be some form of ico regulatory bodies that can conduct a proper background check on the founders and dev team of any ico, they must past through some certain requirement in other to conduct there ico's, too many scam project in the market.

in case of Equi, we use custodial account approach, as described in ANN thread. Its simply not possible even to sell your private keys. So there is a gateway to get in, ensuring that everything is according to the law.

this is I believe the part where decentralized tech and current regulations are not fully compatible.
hence custodial account approach used in Equi.

will be grateful to hear constructive criticism towards this project.

if you are actually the Head of Development @Equi, then you should do more by given proper details with relevant evidence to counter what is been said by the OP of this thread, i would also like see more constructive criticism towards Equi project from fellow posters on this thread, this whole discussion was as a result of @op stating Equi project can not justify their use case. Hope to see reasons why this project should be trusted.

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.

1) Re not answering to criticism - let's fix it now then!
As an alternative channel (and our main one) you could ask anything on Telegram https://t.me/equicapital
Also, we will have AMA on Reddit on Feb 20th, more info https://medium.com/equi-capital/ama-with-equi-founder-doug-barrowman-2c292988815f

2) Re Howie test: tokenization of VC services is an uncharted territory. Sailing there under 71-old Howie test is as much as exciting as challenging. There is no clear  understanding how blockchain based tech will fit current legal system (check ie https://www.coindesk.com/every-token-snowflake-secs-ico-guidance-isnt-enough/)

3) Re using the proceeds, we consider 4 different scenarios, please check https://www.dropbox.com/s/0i8cbgmyl0sw7jp/EQUI%20-%20Funding%20Distribution.pdf?dl=0









 

[yrrehc16]

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!

crypto is full of surprises. never get it to your nerves. always think twice or more before getting into it.
scam is just for the people who jump into the hype and we should prevent that.
if you want to have a great deal and don't wanna go the wrong way kindly get into it.
read your self, make a research. that is the way we can survive thing and no to SCAM!