How do we eradicate scam in cryptocurrency industry ?

[kevingreen]

Hello,everyone I think there is an urgent need to end scam in  cryptocurrency industry.In other to achieve this there is need to put in place a reputable site that will serve as a symbol of trust in this industry. So that any ICO that does not have the approval of this site will not be trusted. Do you think this can help to eradicate scam in cryptocurrency industry ?  Or it can only bring a measure of protection to investor  in the cryptocurrency ?   Please let's have your opinion

[styca]

I don't think that scams will ever be eradicated. Wherever there is money to be gained, then there will be scams. Regulation will help though - it is unwelcome for many reasons, but it does also have its advantages, and one reason for it is to protect innocent investors from scams.

[loicuagio1979]

At the moment, there's no regulation or a famous organization to do this hard job. As you can see, fraud appears even in securities market which has existed for decades though it's protected by strong legal system. As for my understanding, as there's profit there's scam and it's the truth. Also, it's natural elimination process to help the financial market to be more difficult and there's some "strong fishes" to be alive

[Olatunjex]

Hello,everyone I think there is an urgent need to end scam in  cryptocurrency industry.In other to achieve this there is need to put in place a reputable site that will serve as a symbol of trust in this industry. So that any ICO that does not have the approval of this site will not be trusted. Do you think this can help to eradicate scam in cryptocurrency industry ?  Or it can only bring a measure of protection to investor  in the cryptocurrency ?   Please let's have your opinion

Yes, this will help, you have raised a valid point on how scam can be eradicated in cryptocurrency space, if a website is set up where investors can check if the project he/she intends to invest on is legit or scam, it will eradicate the fake project flying around as a result that more investors will troop in, a lot of them are afraid to invest because virtually most of the projects around are fake. I support your suggestion.

[1e100]

I guess it is impossible. Wherever there is money to be gained, then there will be scams - true words.

[cryptorTUX]

Hello,everyone I think there is an urgent need to end scam in  cryptocurrency industry.In other to achieve this there is need to put in place a reputable site that will serve as a symbol of trust in this industry. So that any ICO that does not have the approval of this site will not be trusted. Do you think this can help to eradicate scam in cryptocurrency industry ?  Or it can only bring a measure of protection to investor  in the cryptocurrency ?   Please let's have your opinion

Yes, you have raised a valid point on how scam can be eradicated in cryptocurrency space, if a site is set up where investors can check if the project he/she intends to invest to is legit or scam, it will eradicate the fake project flying around at that more investors will troop in, a lot of them are afraid to invest because virtually most of the projects around are fake. I support your suggestion.

Do you understand that with this method you are not 100 percent sure even. People can fake everything. You can fake positive stats as well as negative ones to pull down the competition...  Scams will never end specially here when it is so easy to generate new address for payments with no other history and you are set to find another target. Scams happen all over the place and crypto is no exception we can try to fight it but it is really hard position to be in.

[googs84]

Hello,everyone I think there is an urgent need to end scam in  cryptocurrency industry.In other to achieve this there is need to put in place a reputable site that will serve as a symbol of trust in this industry. So that any ICO that does not have the approval of this site will not be trusted. Do you think this can help to eradicate scam in cryptocurrency industry ?  Or it can only bring a measure of protection to investor  in the cryptocurrency ?   Please let's have your opinion

I am not sure if you have come across the post of Theymos himself where he asked people to create something similar in the past, a source where all the ICO's will get certification of trust. They will allow only those ICO to get listed on the forum itself. This discussion was going on for long time but eventually it disappeared as no one was able to come up with good idea or may be no one thought this thoroughly  enough! But this does seem to be good idea and those who will create a system like this might just hit the jackpot business.

[lllaqpt]

Hello,everyone I think there is an urgent need to end scam in  cryptocurrency industry.In other to achieve this there is need to put in place a reputable site that will serve as a symbol of trust in this industry. So that any ICO that does not have the approval of this site will not be trusted. Do you think this can help to eradicate scam in cryptocurrency industry ?  Or it can only bring a measure of protection to investor  in the cryptocurrency ?   Please let's have your opinion

Just add a little protection but no more. While cryptocurrency uncontrollable nobody can win scam or eradicate them.  They are always in any developed defense can find a way out or a solution to get around this.

[aoluain]

I think its virtually impossible to eradicate scams in general in crypto and in ICO's.
How will a website or lets call it a screening process determine if a project is a scam
or not, nobody can predict the future.

For example there was a lot of negativity around QTUM last year on its startup and
look at it now!

Qtum as an example if it was rejected by this screening process may not exist as it
could have been deemed a scam.

[bundo]

Anything related to money there is always a gap to do evil, I think only regulation can hinder scams. Should be made a container for those who want to open an Ico and in must be subject to the rules contained in the container.

[kier010]

it is impossible to end it. as long as their are evil people they will find a way to scam others. no matter how hard they will find a way and today scammer are not some fools they are smart and knowledgeable. they can always access the internet and do their evil things.

[fabskie21]

I dont think scam projects can be eradicated but your insights on a possible solution will somehow aid in minimizing this crime. Best thing to do is to carefully examine these ICO's if we are interested to invest on them. As for me, I am not fond of investing in ICOs. I would rather wait for their coins to hit exchanges and then buy cause most of coins/tokens will fall below ICO price (even super low) when they hit exchanges.

[Glory90]

Hello,everyone I think there is an urgent need to end scam in  cryptocurrency industry.In other to achieve this there is need to put in place a reputable site that will serve as a symbol of trust in this industry. So that any ICO that does not have the approval of this site will not be trusted. Do you think this can help to eradicate scam in cryptocurrency industry ?  Or it can only bring a measure of protection to investor  in the cryptocurrency ?   Please let's have your opinion

scams can't be eradicated, I appreciate your idea and I think it can help investors to avoid scams but who is the right person to do this job? are you not worried that the corrector could misuse his position?

[Herbert2020]

no.
what you are suggesting will create more scams but now they will all have to spend a little more money to bribe that centralized website that you just proposed to list their scam. what happens is that this website of yours that you say should be the "symbol of trust in this industry" sees they have a lot of audience and the possibility to earn a lot of money that is not easily earned through their ads so what they do is that they ask for money to list these new shitcoins on their website and cover them.
the scammers seeing that will gladly pay the fee to get their crap advertised. now you have a lot of scams + a scammer website that advertises them and a lot of people who fall for it + those that fall for it through that website.

[Santongkabayu]

I don't think that scams will ever be eradicated. Wherever there is money to be gained, then there will be scams. Regulation will help though - it is unwelcome for many reasons, but it does also have its advantages, and one reason for it is to protect innocent investors from scams.

Frequent scams is the risk for all innocent investors, so the plans for strict regulations is good. All wallet owners in trading sites should provide ID's for verification, and those managing project in cryptocurrency will be subjected to serious requirements before running the project.

[batang_bitcoin]

There's no way to eradicate these scams. The investors should be knowledgeable and able to determine the scam ones by being a wise and responsible investor.
In real life, take that example of there's no way to bust those scams/scammers and in crypto world which is most of the projects are anonymous so how it can be?
Just spread the word and knowledge to make everyone knowledgeable about scams.

[Andruha1993]

I think this is unlikely to eradicate fraud. Because fraud as it was and will be. You do not have to rely on any sites, you just need to rely only on yourself and be very careful.

[the13thsymphony]

Even if there is a site or platform that would have set of regulations and requirements or any other way to provide only a legitimized ICO to its member or users, scamers will adapt to it and find new ways to scam and get money from other people. The only way to protect your self from it is to always check for the legitimacy if every transaction that you do and if you have doubt on a project or transaction then triple check if you will get your end of the bargain.

[kicauklaten]

There will be no deal with the matter. want to report anywhere nor will anyone can help scams on crypto. Moreover, if the State also prohibits the regulation of crypto, they will increasingly not concerned with such matters. better play it safe and be wary of anything that smells of fraud.

[skyline247]

As long as there are people with money that are investing in cryptocurrencies, the scammers will never stop coming up with elaborate ways to duped people out of their hard earned money. There will always be someone who will fall for these scams that are being carried out. The best thing to do would be to try and educated people on how they can identify these scams.