Very important: Fake ICOs

[baccar]

US Government Launches HoweyCoins Website to Showcase Fake ICOs

by JP Buntinx

Educating the masses on potential risks associated with cryptocurrency and ICOs is a tedious challenge. Nefarious projects continue to dupe investors, mainly because people don’t always bother to conduct their own research. The US government has now launched a fake ICO website to demonstrate how easy it is to attract investors with a semi-professional website.

HOWEYCOINS SERVES AN EDUCATIONAL PURPOSE
For those who are unable to tell by looking at the HoweyCoins website, it is not a legitimate project. This is an educational venture launched by the US government to make consumers aware of potentially shady initial coin offerings. The website claims that ‘HoweyCoins’ are officially registered with the US government, which is clearly not the case.

While some of the outrageous claims on the website are more blatantly false than other hidden gems, the project could easily attract unsuspecting investors. It has all of the trademark signs of a potentially legitimate project if one doesn’t know what to be wary of. The promise of profit is a dead giveaway, yet HoweyCoins.com clearly displays it on its main page.

Additionally, HoweyCoins claims its tokens will work with any participating airline or hotel. While that sounds potentially legitimate, it is evident no company would take a gamble on such an unknown cryptocurrency. After all, most companies oppose Bitcoin, Ethereum, and the like. Those coins are legitimate, entrenched cryptocurrencies with solid reputations that go back multiple years. If those currencies aren’t accepted by the majority of airlines and hotels, HoweyCoins doesn’t stand a chance.

Educating the masses on potential risks associated with cryptocurrency and ICOs is a tedious challenge. Nefarious projects continue to dupe investors, mainly because people don’t always bother to conduct their own research. The US government has now launched a fake ICO website to demonstrate how easy it is to attract investors with a semi-professional website

There is also an interesting whitepaper associated with HoweyCoins which is worth checking out. Although a whitepaper gives any project a lot more legitimacy in the eyes of an untrained individual, it is usually a glorified PowerPoint presentation which promises the stars and the moon without being capable of actually delivering anything. HoweyCoins is no different in this regard, but it disguises it quite well.

Additionally, the page takes a jab at some of the current trends in the world of ICOs. First of all, it includes some celebrity endorsements. As we saw with the Centra ICO among others, a celebrity endorsement doesn’t make a project any less prone to fraud. There are also a few package tiers to contend with, which further pokes fun at how ICOs attract investors at an early stage through discounts and additional tokens.

All things considered, the US government is taking a very interesting approach in this regard. Purposefully launching a fake ICO to drive home a point is remarkable, and it’s more than welcome. Investors need to be a lot more careful when it comes to initial coin offerings. The majority of these concepts will fall flat, or fail to come to market in the first place.

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[pinoyrichkids]

Before anything else, i would like to say, thanks for posting this information in this thread, while reading your statement ive find it interested to check out the website for some other important details about this category, in which we are all victims of the so called FAKE ICO's. Apparently, im a victim too, ive participated a lot of ICO's that turns out to be scam in the end, which is really frustrating in my case.

Anyway, i will look on this details. Thanks a lot

[baccar]

Before anything else, i would like to say, thanks for posting this information in this thread, while reading your statement ive find it interested to check out the website for some other important details about this category, in which we are all victims of the so called FAKE ICO's. Apparently, im a victim too, ive participated a lot of ICO's that turns out to be scam in the end, which is really frustrating in my case.

Anyway, i will look on this details. Thanks a lot

Unfortunately, a lot of investors are victims of fake ICOs that lack the minimum credibility & reiability

[Ozero]

Once again, I am convinced that investing in ICO projects, and for me also participating in ICO signature campaigns, is like a lottery or a game of chance, where you can win, or you can lose. In the above case, the fake ICO campaign was intentionally carried out, where it would be logically possible to understand the futility of this ICO project. However, it is not always possible to draw such a conclusion. Outwardly it happens that the documents are prepared flawlessly and the team seems to be composed of professionals. However, in the future it turns out that all this is a fake. We do not have the opportunity to do a full check of the ICO campaigns because we do not have the capacity of law enforcement agencies. We have to rely on luck.

[baccar]

Once again, I am convinced that investing in ICO projects, and for me also participating in ICO signature campaigns, is like a lottery or a game of chance, where you can win, or you can lose. In the above case, the fake ICO campaign was intentionally carried out, where it would be logically possible to understand the futility of this ICO project. However, it is not always possible to draw such a conclusion. Outwardly it happens that the documents are prepared flawlessly and the team seems to be composed of professionals. However, in the future it turns out that all this is a fake. We do not have the opportunity to do a full check of the ICO campaigns because we do not have the capacity of law enforcement agencies. We have to rely on luck.

I partially agree with. Perhaps, we don't have the potentials to fully examine the elements of every ICO we participate in, but even our efforts not only money is worth fighting for.
I strongly support an independent crypto-community standards that force any person/group thinking of deceiving investors to withdraw away

[CoinMaster69]

wow, thanks for posting that, had no idea about this

[freezzeer]

This is how ,in these days icos are working.This is good for newbie in ico investment. Must wanted thing is DYOR

[mrtgold]

There are many news articles about fake ICO and US gov site showing that. In my opinion, the ICO this 2018 is not a smart movement in this current situation. Just move forward and go ahead with the project when there is any production for it then can do crowd funding again. Investors nowadays should be smart before joining any ICO. "The Sheep will become the Wolf". Good luck everyone.

[Agamatal123]

There are so many fake ICO they scam investors and go away with there money.this have to stop in crypto currency

[nikiblinki]

How they select fake ICOs?

[so_stupid]

they showed not in words but in practice, well done. now they will have an argument for regulating crypto-currencies

[Argoo]

It would be better for US government agencies to register and check ICO's teams well for possible fraud. Then the effect would be much greater. Creating a fake ICO project and then demonstrating this to the public simply hurts the image of the crypto currency. It seems that the state bodies do this. Such actions will simply scare away potential investors into the crypto currency. Not surprisingly, in the US, very little is invested in crypto currency compared to other countries.

[smartsan]

Wow great news and it very interesting that the government initiation will definitely helpful for more investors.

[volos57]

participation in ICO is always a risk. the project may collapse at any moment. I want to believe that in the future control of the subject reaches the desired level. and ico will cease to be a lottery. I am glad that in this thread there's movement.

[yatno75]

Investing in ICOs when it is very scary  they take money greedily, even though not all ICOs are Scam

[imsotiredofmoviereboots]

Because if these long period of bear market, there's very few professional fake ICOs that attempt their schemes. I can't believe that we still benefit from this crash and just imagine that we save another billions of money because of the current situation.

[leea-1334]

It would be better for US government agencies to register and check ICO's teams well for possible fraud. Then the effect would be much greater. Creating a fake ICO project and then demonstrating this to the public simply hurts the image of the crypto currency. It seems that the state bodies do this. Such actions will simply scare away potential investors into the crypto currency. Not surprisingly, in the US, very little is invested in crypto currency compared to other countries.

Honestly speaking, the image of crypto is hurt without anyone telling people about fake ICOs. The public should learn for themselves, just like we all did, not to just simply trust any central ICO. ICOs in general all did not really mean to do the cryptocurrency ideal of being decentralized and free, they all wanted profit. And this is fine. We also all want profit. Good projects with proper philosophy of decentralization actually do not need ICOs. Know this and you can understand that ICOs are businesses, nothing more. Invest with caution.

[noxlord93]

it will be impossible to trace all the ico in this way, but it pleases that the government is taking at least some steps to punish the scammers!

[Gozie51]

Trying to detect fake icos is just a waste of time. Are they not human beings who have determined what they want to do in their minds?
Has science been able to read the mind ?
Even if science has done that, are the minds not possible to change?

I look at way forward to be a situation when icos fail, the team behind the project can be traced and dealt with. Not just trying to raise a red signal because the signals are not real and true in all icos.

[trofim21]

in my opinion, this is good news, there should be much more of such platforms, this very important work on the search for fraudulent projects, I think that in the near future there will be many such projects