Half of Russian ICO Money Went to Pyramid Schemes in 2017

[shaikhimoqc]

Russia is a famous pyramid selling country, once infamous MMM ponzi scheme fooled a lot of people!

Now they're using blockchain technology to camouflage a ponzi scheme!

That's why digital encryption needs to be regulated!

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[audaciousbeing]

Russian ICOs have raised a total of $300 million funds in 2017, but half of them went to pyramid schemes, according to The Russian Association of Cryptocurrency and Blockchain (RACIB). The association believes Russian projects are able to attract $1-1.5 billion USD in 2018 but they need to become more trustworthy. Last year, the Russians lost $150 million due to investments in unscrupulous ICOs. RACIB has announced its intention to develop guidelines for ICOs in Russia hoping to distinguish between legitimate projects from fraud schemes and financial pyramids. According to the suggested guidelines ICOs should be judged by several criteria, including the credibility of its team members, its business plan and the viability of its product.

 
have you anytime take part of this ICO's types?

Proof is here

Code:

https://en.insider.pro/topnews/2018-04-24/half-russian-ico-money-went-pyramid-schemes-2017/

The question is what are they doing about it? Today we blame and conclude that most of the ICOs are scams while the association decides to take the statistics about the amount that went to scammers and the other portion that went to legitimate project without really taking decisive actions about stopping reoccurrence and in 2018 they will come with another statistics about how the same thing has happened again.

All of the suggestions they have there above on determining the right ICO to invest are just ways to make the scammers smarter because most investors that fall victims of those scam ICOs are average internet users that probably the only means of searching for any information on the internet is through Google and the scammers put it there for them to be trusted. Decisive actions that I expect would be forming a body of volunteers that analyse ICOs based on information that cannot be gotten and ranking is with recommendations with that there is repository of information on investment decisions.

[timerland]

Russian ICOs have raised a total of $300 million funds in 2017, but half of them went to pyramid schemes, according to The Russian Association of Cryptocurrency and Blockchain (RACIB). The association believes Russian projects are able to attract $1-1.5 billion USD in 2018 but they need to become more trustworthy. Last year, the Russians lost $150 million due to investments in unscrupulous ICOs. RACIB has announced its intention to develop guidelines for ICOs in Russia hoping to distinguish between legitimate projects from fraud schemes and financial pyramids. According to the suggested guidelines ICOs should be judged by several criteria, including the credibility of its team members, its business plan and the viability of its product.

 
have you anytime take part of this ICO's types?

Proof is here

Code:

https://en.insider.pro/topnews/2018-04-24/half-russian-ico-money-went-pyramid-schemes-2017/

I don't know if these stats are actually accurate or not, but it wouldn't surprise me.

There were indeed a lot of panzi or pyramid schemes that just hid under the cryptocurrency brand during the past few years. Based on my personal experience, there were definitely a lot of people who put money in these so called "investments".

Again, this is where government regulation on crypto could actually potentially be helpful. To weed out these scam programs and educate the public. I have no problems against that. But it's when they deny access to crypto altogether using their regulatory powers that it becomes unacceptable.

[inesterdd]

The risk of losing money is very high. All ICO projects analyze the signs of the financial pyramid. Investing in ICO is like playing roulette. You can multiply the capital or lose the investment! Accept this as a fact and decide how much you are reckless.

[rafaelyarulin]

About the safety of investments in the ICO does not cease to go talk. And this work is time-consuming, because the legal definition of ICO is quite difficult. China has taken drastic measures, prohibiting the financing of ICO. In the United States financial market regulator considers that the tokens obtained investors in Exchange for their contribution, are considered securities, and subject to the requirements of the Federal law on promotions. In Europe, the question is only beginning to be discussed. France's financial markets regulator announced that he is working on establishing the legal framework for the ICO. It is intended that the regulator will be able to introduce a bill by the end of the year. He wants to protect investors without imposing many restrictions at the same time, to continue to stimulate the development of innovative projects. It remains to wait.

[muddy waters]

At the same time, the Russian government tries to regulate the market at every possible way.
A possible introduction of administrative and criminal responsibility for the conversion of any cryptocurrency (including bitcoins) into the ruble equivalent has already been repeatedly discussed in the Russian press.
Along with the financial pyramids, these laws also refer to cryptocurrencies as tools for creating scam schemes.
I would say that it's the mentality of Russians - earn everything now and here without paying any attention to long-term trust of investors.

[stompix]

I think the article is a bit wrong:

Russian ICOs have raised a total of $300 million funds in 2017, but half of them went to pyramid schemes, according to The Russian Association of Cryptocurrency and Blockchain (RACIB). Last year, the Russians lost $150 million due to investments in unscrupulous ICOs.

So, out of 300 millions half of it has been lost in ponzi schemes and fabulous ICOs, while the other half of 150 millions is invested in ICOs that are going to zero during this year  .

Also this:

The association believes Russian projects are able to attract $1-1.5 billion USD in 2018 but they need to become more trustworthy

Should be:

The association of shills believes that the Russian people can be fleeced for another 1 to 1.5 billion this year.  

Decisive actions that I expect would be forming a body of volunteers that analyse ICOs based on information that cannot be gotten and ranking is with recommendations with that there is repository of information on investment decisions.

Bitconnect, caugh cough...bitconnect
Everyone knew it was a ponzi, thousands said it, yet....

[magneto]

It's some interesting statistics for sure.

But of course, I can't say that I'm that surprised based on the amount of people that were flooding to a certain ponzi scheme last year. I makes me wonder how many people actually participate in a ponzi scheme willingly, and knowingly? Probably a lot.

These statistics are probably based off known ponzi schemes as well, the unknown ones that haven't bursted yet would contribute greatly to the figure.

Regulation in ICOs from governments to prevent these scams from collecting money could definitely legitimise the whole concept of it a lot more, imho.

[nikola22]

many russian projects are scam that's why I try not to participate in russian ICOs and bounty campaigns - it's just a waste of money and time.

[kisscoin]

I bypass the bounty of the campaign of Russian developers and their ICO projects. They make them stupid on purpose "to make money" and throw everyone who believes in them 

[senin]

Russian ICOs have raised a total of $300 million funds in 2017, but half of them went to pyramid schemes, according to The Russian Association of Cryptocurrency and Blockchain (RACIB). The association believes Russian projects are able to attract $1-1.5 billion USD in 2018 but they need to become more trustworthy. Last year, the Russians lost $150 million due to investments in unscrupulous ICOs. RACIB has announced its intention to develop guidelines for ICOs in Russia hoping to distinguish between legitimate projects from fraud schemes and financial pyramids. According to the suggested guidelines ICOs should be judged by several criteria, including the credibility of its team members, its business plan and the viability of its product.

 
have you anytime take part of this ICO's types?

Proof is here

Code:

https://en.insider.pro/topnews/2018-04-24/half-russian-ico-money-went-pyramid-schemes-2017/

I read the draft of the Russian law on the regulation of ICO and I liked it. If it is adopted, there is no chance that such ICO projects will remain fraudulent. There everything is very well thought out and every step of the ICO team will be monitored by the relevant state authorities, and all operations with crypto currency must pass exclusively through banks. Even after the collection of funds, state bodies will monitor the targeted use of this money. Before. how to register ICO, the team on the corresponding bank account must have a very large amount in millions of rubles, which will rule out a frivolous attitude towards such projects. In general, it would be nice if other states use this experience of Russia in working out the idea of ​​such a bill. Fraud in the ICO would not exist at all.

[stimliall]

Russia's cryptocurrency market lacks effective supervision! The Russian government needs to establish regulations to protect the rights of investment!
Many Russian Ponzi schemes in Russia wear scams in ICO's coat!

[Nhebu]

Another sad story in cryptocurrency. As of now, we will not differentiate the genuine ICO to the fake one. Russia is an industrial country and many ICOs have Russian developers. Therefore, it is usual for a Russian project to become successful but because of this event, I conclude that scammers don't select a time and place where they will make their operation. I think that every country should have regulatory or policy about these upcoming ICOs so that, investors will avoid a fraudulent project like this.