Scam Coin's.... What should be done?

[khannadim]

Hello Everyone,

I recently came across many coins which were made to scam from the beginning .... putting up high ROI and huge returns compelled people to join the race and in few days time the dev's scoop out leaving large number of investors stranded and summing up huge loss ... some I know gather bits from there income and trusted a coin and invested in it... some had surplus to play around but ultimately everyone lost their money to some sneaky guy who made the coin... Im sure this is the way world moves but as an individual I seriously think that there must be a way to let people get what they lost so as to keep the faith in cryptocurrencies... as I personally feel that if this trend goes on I m sure everyone will turn around from cryptocurrencies... I would personally like few opinions from the community as to what can be done... please add to the list below what you all think

1. Take the source code off existing scam and turn it into a valuable asset so everybody who invested get the returns and more community joins in.
2. Keep up a system which keeps track of the developer and should compel them to regularly communicate so it dont get marked as scam.
3. ?? please add your view

Regards

 

[dewildance]

Every day a new project is announced. And I am afraid that more than half of them are SCAM. It is very difficult to find the truth. It seems to me that there will soon be an improvement.

[spadormie]

When there are scam coins, the best way for you to do is to report that in this forum about the scam accusations thread. And by that it will be greatly appreciated by all. Everybody will be alerted that it is scammed coin or project.

[pltgksl]

Be careful and please report for eveybody's security. Do not ignore.

[cryptokingdom]

When there are scam coins, the best way for you to do is to report that in this forum about the scam accusations thread. And by that it will be greatly appreciated by all. Everybody will be alerted that it is scammed coin or project.

Before alerting everyone about scam coin make sure you have authentic fact about your claims. I have seen in so many cases where an ICO and a coin was tag scam but it turns out to be a legit project and coin.

[kakonhat]

This is really very dangerous for new even old trader. We can see every day many new projects are coming and it's really hard to find out the real project. If anyone misses to find out the real project then he must trap. So we should aware and spread the awareness if we can see any scam project. So we will safe from scam project. So before investing in any new or old project, we should study the project to get proper information about the project.

[virendarnagpal]

This issue should have been raised at Altcoin discussion  forum
If we find some project with a scam it is our liability towards other members to immediately intimate about them.  By doing this we will save our members  from becoming prey to them.  
Even we may prepare a report and sent it to some financial news papers,  By doing this we will be helping general public being alert from scams.  
OP though talking of scams but have not written even one single name of scam project. He must have mentioned the names too.  

[walemil]

Scam is almost taking over the cryptocurrency world. ICO scam has reached 80% so far in the year 2018. This is appalling and something serious has to be do about this menace otherwise people will no longer invest in icos until the coins are listed on the exchanges. I think a reputable body must be established to check all about an upcoming project and certify it scam free before people are allowed to invest.

[delegend]

Special surveillance should be placed on them,including the originators and when caught they should face the long arms of the law as deterrent to others,I believe technology should have to that.

[BenRayfield]

Yes! projects appear every day. And I am sure that 90 percent of them is a Frank SCAM!
Another 8 percent is a disguised SCAM. The project has some idea, a small team, a website, etc. Another 8 percent is a disguised SCAM. The project has some idea, a small team, a website, etc.  The price of tokens will fall immediately after the ICO.
that leaves 2 percent of the projects... Only 2 percent!! These projects must first be selected. And then try to invest in them..

[mazesta]

If you find a SCAM project you must report it in this section: https://bitcointalk.org/index.php?board=83.0
You must spread to many people that the Project is fake, but you must have strong evidence.

[sunsilk]

Help the community by informing others what you know about that coin.

And if you've seen  people who are very much interested with that coin, warn them. At least you did the right thing of telling them what you know on where their money is heading.

Create a scam accusation as said above.

[Keeping Up]

Hello Everyone,

I recently came across many coins which were made to scam from the beginning .... putting up high ROI and huge returns compelled people to join the race and in few days time the dev's scoop out leaving large number of investors stranded and summing up huge loss ... some I know gather bits from there income and trusted a coin and invested in it... some had surplus to play around but ultimately everyone lost their money to some sneaky guy who made the coin... Im sure this is the way world moves but as an individual I seriously think that there must be a way to let people get what they lost so as to keep the faith in cryptocurrencies... as I personally feel that if this trend goes on I m sure everyone will turn around from cryptocurrencies... I would personally like few opinions from the community as to what can be done... please add to the list below what you all think

1. Take the source code off existing scam and turn it into a valuable asset so everybody who invested get the returns and more community joins in.
2. Keep up a system which keeps track of the developer and should compel them to regularly communicate so it dont get marked as scam.
3. ?? please add your view

Regards

 

I think your second solution will be so much complicated especially since there are coins who wants to promote anonymousity of its users. Which will then make devs unwilling to divulge their identities.
.
For me one of the best way to avoid falling into scams is to first study and research extensively on the coin or token you wanted to invest with.
Do not be enticed simply because everyone is already investing on it.
Do your personal research first...

[khannadim]

Hello Everyone,

I recently came across many coins which were made to scam from the beginning .... putting up high ROI and huge returns compelled people to join the race and in few days time the dev's scoop out leaving large number of investors stranded and summing up huge loss ... some I know gather bits from there income and trusted a coin and invested in it... some had surplus to play around but ultimately everyone lost their money to some sneaky guy who made the coin... Im sure this is the way world moves but as an individual I seriously think that there must be a way to let people get what they lost so as to keep the faith in cryptocurrencies... as I personally feel that if this trend goes on I m sure everyone will turn around from cryptocurrencies... I would personally like few opinions from the community as to what can be done... please add to the list below what you all think

1. Take the source code off existing scam and turn it into a valuable asset so everybody who invested get the returns and more community joins in.
2. Keep up a system which keeps track of the developer and should compel them to regularly communicate so it dont get marked as scam.
3. ?? please add your view

Regards

 

I think your second solution will be so much complicated especially since there are coins who wants to promote anonymousity of its users. Which will then make devs unwilling to divulge their identities.
.
For me one of the best way to avoid falling into scams is to first study and research extensively on the coin or token you wanted to invest with.
Do not be enticed simply because everyone is already investing on it.
Do your personal research first...

Well as far as I know people don't blindly invest they are either lured by high ROI's or they get too excited when researching this is what leads them to pitfall... best of all one should educate themselves and if all the active member's try to post few links through which a person can learn it would be very helpful for reducing the number of people falling into the trap...

Regards

[Tashi]

When there are scam coins, the best way for you to do is to report that in this forum about the scam accusations thread. And by that it will be greatly appreciated by all. Everybody will be alerted that it is scammed coin or project.

I agree. It'll be much better if people would be aware of those coins that are not worthy of investing in. Reporting and posting scam coins that people had encountered will be pretty much appreciated since it'll save them from investing on something risky and unprofitable.

[validavi]

Just stop to invest into SCAM ICOs or Scam Coins... They will be dead soon.
You have to stop to believe into useless projects and fake projects, people must be smarter!!!!!

[Hoho29]

Good points but most of people not even into source codes just they follow the hype to get more profit even from scam coins , just simple words : Report - never go all in on any coin even was not a scam coin.

[khannadim]

Just stop to invest into SCAM ICOs or Scam Coins... They will be dead soon.
You have to stop to believe into useless projects and fake projects, people must be smarter!!!!!

One cannot initially differentiate between a scam ico or scam coin in the begining phase... and people are not so smart who can easily differentitate.... that bring me back to the point what can we as a community do?

[lyn11]

It’s pretty common now to hear of investing opportunities in the crypto world that promises a daily or monthly rate of return. Let’s be honest, the allure of overnight riches is a tantalizing proposition for anyone, and that can foster an impulsive motivation to participate in such schemes. Practically speaking, however, it is close to impossible to generate consistently fixed profits. Offering fixed returns require a constant revenue source, and unless they sell a product or service to substantiate their revenues, the only way to sustain high, guaranteed profit rates is through a Ponzi scheme. Ponzis are fraudulent scams that generate returns for old investors using investments from later investments, without any legitimate operations.Some typical referral structure entails individuals promoting a certain Cryptocurrency-related investment scheme and the only way to participate is to click on their referral links. MLMs are extremely easy to identify since the main source of revenue generation is through affiliate marketing rather than dealing with actual cryptocurrencies.

[aleksej.rozhkov]

Before you invest in crypto tokens! you need to conduct a very good analysis of the company and the whole team! only so you can not get to scammers!