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Author Topic: Is It Possible For Fighting SCAM Project Through A System Or Mechanism?  (Read 89 times)
trupero_uno
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May 21, 2018, 12:09:37 AM
 #1

Hello All,

I've just read a news that more than USD 1 billion was lost to SCAM project, this is really a huge amount of money and to be concerned is the impact to crypto space as the whole. There are some impact of that:
1. Clearly said that investors money had lost
2. Eliminating people trust to crypto space
3. New TRUE project will be more difficult to be run, even current news say that raised fund on Q1 2018 has surpassed raised fund for the whole 2017.

If the news is true about the amount, it means in 2017 more than 20% of money had lost. This is big percentage of an error, and need actions from crypto community to fight the scam project.

I got idea how to fight scam project which will involve lot of crypto community through such system or certain mechanism:
1. Some International Convention around crypto space to launch new project, this is similar with international standards such as ASME for mechanical field, ASTM for material or IEEC for electrical, etc. Perhaps bitcointalk can be the pioneer of this, there possibly in serious topic board to discuss the standard or in rule board. The standard issued by this forum to be followed by parties involved such as ICO launching platform, crypto forum, bounty manager and team, bounty hunters, others marketing related
2. I imagine if there were project verificator agency or body to verify new project around the world. I don't know whether this idea had been issued in official crypto convention, this project verificator agency can possibly come from and formed in the convention
3. Forum and ICO platform should tightly verify new project to be launched on their platform, this verification shall be based on convention result and allowed to be developed further as long as still inline with the main principal of the convention result
4. Based on standard developed from convention, bounty manager and the team do verification for the project will be handled by them to be executed.
5. Bounty hunters monitor and verify the project released by bounty manager/team even the project bounty is handled by developer itself
6. Investors as usual shall be aware of their money to do more research on the project launched, if there is a standard or reference for investors moreover if the investors are new to crypto it will surely help them.
7. Other project developers can be aware for their project to watch other in their capacity, if there is found unusual thing from new project they can report to the body or agency.
8. All communities to be provided communication channel to the agency for further verification and if necessary investigation for a project reported as suspicious.

So my questions are:
1. How do you think guys if above idea to be applied in crypto space, is it possible?
2. Is it possible to fight SCAM project with the idea?
3. Do you have comments or feedback about the idea?

Please share your thought guys...     
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KingScorpio
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May 21, 2018, 12:20:37 AM
 #2

Hello All,

I've just read a news that more than USD 1 billion was lost to SCAM project, this is really a huge amount of money and to be concerned is the impact to crypto space as the whole. There are some impact of that:
1. Clearly said that investors money had lost
2. Eliminating people trust to crypto space
3. New TRUE project will be more difficult to be run, even current news say that raised fund on Q1 2018 has surpassed raised fund for the whole 2017.

If the news is true about the amount, it means in 2017 more than 20% of money had lost. This is big percentage of an error, and need actions from crypto community to fight the scam project.

I got idea how to fight scam project which will involve lot of crypto community through such system or certain mechanism:
1. Some International Convention around crypto space to launch new project, this is similar with international standards such as ASME for mechanical field, ASTM for material or IEEC for electrical, etc. Perhaps bitcointalk can be the pioneer of this, there possibly in serious topic board to discuss the standard or in rule board. The standard issued by this forum to be followed by parties involved such as ICO launching platform, crypto forum, bounty manager and team, bounty hunters, others marketing related
2. I imagine if there were project verificator agency or body to verify new project around the world. I don't know whether this idea had been issued in official crypto convention, this project verificator agency can possibly come from and formed in the convention
3. Forum and ICO platform should tightly verify new project to be launched on their platform, this verification shall be based on convention result and allowed to be developed further as long as still inline with the main principal of the convention result
4. Based on standard developed from convention, bounty manager and the team do verification for the project will be handled by them to be executed.
5. Bounty hunters monitor and verify the project released by bounty manager/team even the project bounty is handled by developer itself
6. Investors as usual shall be aware of their money to do more research on the project launched, if there is a standard or reference for investors moreover if the investors are new to crypto it will surely help them.
7. Other project developers can be aware for their project to watch other in their capacity, if there is found unusual thing from new project they can report to the body or agency.
8. All communities to be provided communication channel to the agency for further verification and if necessary investigation for a project reported as suspicious.

So my questions are:
1. How do you think guys if above idea to be applied in crypto space, is it possible?
2. Is it possible to fight SCAM project with the idea?
3. Do you have comments or feedback about the idea?

Please share your thought guys...    

its not really a billion these scamer then are trying usually to invest their money into other ico, so this number might have been acumulated,

i doubt you can fight scam because its also difficult to define where scam begins.

and icos where created because venture capital simply started to suck and became impossible to use.

for bigger projects. what you are suggestion is basically regulating and controlling more, but why do we do icos in the first place then?

because we have already venture capital for those hardcore analys projects. icos on the other hand give the developers freedom and security,

because if they cant get the funds they simplly create more of their token, so they have freedom to achieve their projects and develop it

some icos simple weren't able to deliver a useful product, or werent able to get the supply they needed be it professionals labour, materials, equipment etc.

regards

Sensus.Network
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May 21, 2018, 04:06:00 AM
 #3

Due diligence and reputation management system and protocol can help for sure  Wink .

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May 21, 2018, 07:37:21 AM
 #4

There must be a centralized organization that must fund the community policing of this. So you get donations from the community to fund a global centralized initiative to monitor and report on scam sites. You can use these funds to pay for the hosting of a website that lists the bad apples and also the legitimate sites.

You can also reward people that are willing to spend time and resources to investigate these sites and then to bring proof, if these sites turns out to be scams. A lot of sites might look legitimate at the start and then they turn scam at a later stage. <Also called a Long Con>

Most Ponzi schemes will honour all pay out in the beginning and only later run with the money.  Angry

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May 21, 2018, 07:43:31 AM
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You've raised a very important issue.
Now the market and the ICO mechanisms as a whole aren't settled - and that gives space for cheating and scam.
I also think that some fair rating system, due diligence will help to ease the problem in some way.
I general, I think in some time we'll come to set rules and terms of conducting crowdsales and etc.
Also, DAICO is very promising version of ICO with more transparency and reliability. If it spreads, it can be good for the market
trupero_uno
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May 21, 2018, 10:53:28 AM
 #6

its not really a billion these scamer then are trying usually to invest their money into other ico, so this number might have been acumulated,

i doubt you can fight scam because its also difficult to define where scam begins.

and icos where created because venture capital simply started to suck and became impossible to use.

for bigger projects. what you are suggestion is basically regulating and controlling more, but why do we do icos in the first place then?

because we have already venture capital for those hardcore analys projects. icos on the other hand give the developers freedom and security,

because if they cant get the funds they simplly create more of their token, so they have freedom to achieve their projects and develop it

some icos simple weren't able to deliver a useful product, or werent able to get the supply they needed be it professionals labour, materials, equipment etc.

regards

Yes it is accumulated, while in other amount the total of fund raised until Q1 is around 6 billion USD. The percentage is too big I think to be tolerated, this can effect a lot to ICO as the key of our project to be run is on ICO.

There must be a centralized organization that must fund the community policing of this. So you get donations from the community to fund a global centralized initiative to monitor and report on scam sites. You can use these funds to pay for the hosting of a website that lists the bad apples and also the legitimate sites.
You can also reward people that are willing to spend time and resources to investigate these sites and then to bring proof, if these sites turns out to be scams. A lot of sites might look legitimate at the start and then they turn scam at a later stage. <Also called a Long Con>

Your idea is excellent mate, I agree with you. To monitor the activities of scam project should be carried out by a global centralized, and the funding system can be by donation. This centralized should be global as the start up are scattered around the world, even first action to verify the site through document but it is necessary to visit official office of such start up for further collecting necessary information or do investigation if found suspicious things or receipt a report from community.

Due diligence and reputation management system and protocol can help for sure  Wink .

Yes it can be applied on such system for a site which launching ICO, but later should also need to monitor the project for Post ICO perhaps in certain year (?).

You've raised a very important issue.
Now the market and the ICO mechanisms as a whole aren't settled - and that gives space for cheating and scam.
I also think that some fair rating system, due diligence will help to ease the problem in some way.
I general, I think in some time we'll come to set rules and terms of conducting crowdsales and etc.
Also, DAICO is very promising version of ICO with more transparency and reliability. If it spreads, it can be good for the market

I see a glance of DAICO, seems it is better rather than ICO but needs further exploration of this new scheme even claimed to present more fair for every parties involved.
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May 21, 2018, 01:54:43 PM
 #7

Due diligence and reputation management system and protocol can help for sure  Wink .



then this managmanet system sooner or later gets corrupted, similar like bitcoin talks merit and trust system that systematically pushes bitcoin core cheerleeding and fights everything else

Kakmakr
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May 22, 2018, 06:07:50 AM
 #8

Due diligence and reputation management system and protocol can help for sure  Wink .



then this managmanet system sooner or later gets corrupted, similar like bitcoin talks merit and trust system that systematically pushes bitcoin core cheerleeding and fights everything else

It is not the system that are corrupt, it is the people who are corrupted. I do not agree with you that the merit system is used to push the Bitcoin Core agenda, but that is a topic not related to this thread. The lack of a proper governing body or system to fight scams are a bigger concern than the possibility that such a system could be corrupted.

If a system gets corrupted, it loses credibility and people would reject it's findings. So there are no reason why they would want to go that route.

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May 22, 2018, 04:03:19 PM
 #9

I'm fully agree with you. I guess there is already a system and mechanism to avoid any scam project. Just look at this forum for an example, it's possible to make a system which work with many people to scan and banned user who did a cheat or scam project. The problems is scam project always improve and be variable. We can't use any stack and static system. We need always improving the quality and control to search and punish scam project.

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KingScorpio
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May 22, 2018, 06:57:51 PM
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ok folks i make you an offer on my website we create a temporary forum to discuss a quality protection mechanism that you guys want to establish can you develop there your quality security insititions similar like standards and poor?

but i urge you to actually also build it and not just talk, all day, there are enough issues, with the global media trying to figure out a blokchain institution a huge problem they cause is that through their quality perfectionism they make startups beeing extremly difficult and expensive to found and build in the first place.

everyone will desire as much power as possible but only limited power will be available to be distributed, so expect that there will be countless applications and also ressistance and refusal to apply, similar like it was with the banking licenses in those nation states.

regards

trupero_uno
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June 17, 2018, 05:51:02 AM
 #11

Hello Guys,

I created this post on May 21, and seems there is someone/party who have similar idea with me even they have been in action directly. Here are some of their action as can be seen from the post of this profile : https://bitcointalk.org/index.php?action=profile;u=2204241. I really support them to fight SCAM that will harm crypto space, let's do together to fight SCAM project for showing people around the world that investing in Crypto is safe..!!
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June 17, 2018, 07:24:06 PM
 #12

It is not that easy as it may sound because bitcoin or any other cryptocurrency has no or few regulations or guidance that state the punishments that will be given to fraudstars or hackers who have stolen other investors cryptocurrency. And I believe this is the main reason why some people and most government sees bitcoin as an unimportant or not guarantee investment.

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June 17, 2018, 07:47:27 PM
 #13

There isn't a specific system to use to fight scam project. No project will indicate his intention to you if it intends to scam you. Everything is decorated to make you believe they have proof of concept and is going to be the next bitcoin, yet it might be scam in covertly. 
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June 17, 2018, 08:18:33 PM
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The problem is that I've seen many people try to start various organizations like the one you outline over the years in crypto, and for the post part people are not effective in organizing or enforcing any sort of standard. The only thing that seems to work in terms of effective organizations are some open source software projects that do quite well. But when people try to apply these concepts to other areas it just doesn't seem to work. Maybe it's possible, but something different has to happen else you end up with garbage like the Bitcoin Foundation and such.

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June 17, 2018, 11:39:30 PM
 #15

I am happy also to see there is a person/organization who fight SCAM project even seems just starting, but it is appreciated to save Crypto Space from losing many valuable things such as money, trust, good growth, etc. This is a sample action of this SCAM fighter:



Hope later to be found out such project in early or perhaps in very beginning stage so no more payless time and effort of bounty hunters and investor funds. Excellent action and need to be supported by crypto community for our safety, security. wealth and growth. 

trupero_uno
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June 20, 2018, 01:31:29 AM
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That is a good progress for crypto space to avoid more loses by the SCAM project, there are/is someone who actively investigate and tell anybody about the scam and fraudulent intention from a fake project. Lot of crypto community will be saved to get more trust from the surrounding for a better growth of Crypto.
KingScorpio
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June 20, 2018, 01:33:28 AM
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as soon as you create such a system you create a pyramid scheme especially if it gets meaningful like standards & poor.

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June 20, 2018, 06:52:22 AM
 #18

It is possible to fight an ICO scam but not within a decentralized system. A lot of scams often appears in every ICO who launch every month. If we can have a system which specialize on ICO, whom before entering into business, submits a form with their information then we can prevent them making frauds. Somehow, we can still enjoy being decentralize but not the ICO.

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