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

[biskitop]

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.

then what, if everything has already happened? Will we get our money back after previously investing in the coin? or will we get compensation for our futile hard work?
I think the report will only stop the project and not return everything.
it looks like we can't do anything on a coin scam.

[jseverson]

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.

The source code is going to be worthless because most of them use open source code as their base. I don't think any scam coin will put significant effort behind their development so they'll only be making a few changes. Their focus would be on marketing.

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.

This doesn't actually stop them from disappearing abruptly. I don't think anything outside physical surveillance would work, and not even legit teams would be willing to subject themselves to that.

All we can really do at this point is to tell people not to fall for flowery promises to kill their profitability. Considering how prolific scams still are though, despite all the information we might need literally lying at the tip of our fingertips, it's never going to happen.

[renggileh]

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.

yes right, it must be properly sorted and controlled.
so that no more investors lose because of fraud. we also have to contribute to this. warn everyone about this fraud...

[Suketlapangan]

yes, tell a lot of friends if the project that you have participated in is actually a scam, so that not many other members will be affected by scams, help each other and give information to each other, because that will minimize the scam project

[Mlowo]

now there are a lot of scam coins, all the bounty wages are scams, a lot of bounty work is scam and disappoints the followers of the campaign, if I choose the bounty choose the project whose sales are successful and the sales are already in coinmarketcap.

[bitfocus]

according to report, 80% ICOs are scam, so, we need to use our brain a little to investigate any new ICO. Also, there can be a central database to list scams.

[KKH84]

The main thing is if you find a scam project, please post in this forum then comment on their social media and say that this is "SCAM" so that it will reduce the number of victims who will be deceived.

[astrong]

I think this is a kind of euphoria on the blockchain world.
Imagine that you are given a good application, or a new picture book, complete with stationery and drawing tools and you just have to make a good, artful, valuable and tradable picture. There will definitely be many who try it, right? What I see now is that there are so many projects, but many are forced to make them. We only need to choose and wait for which projects are really good, appropriate, and applicable in the real world for the next several decades. Or if you want, you can create your own team and start working on your own project.

[classictee]

Day in day out developer create a coin without purpose but just to collect money from investor and they pick race. There are lots of project like, where by they create a good and attractive internet site with a fantastic graphics just to convince investor.
But as a good investor don't let those be your focus.
Check the feasibility study of that projdct
Check for purpose
Check the whutepaper
The team behind such project. Are they team that are there to protect their personalty or who didn't care.
Check the advisory board

[Maheeratul Mirza jan]

Need to investigate new ICO first before invest in to it.

[Falmera]

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.

Maybe, to prevent being fooled by scam coins, we should study and read more on the project, their purpose, their goals, the feasibility of the project and many more.

[chris200x9]

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!!!!!

Not everyone can figure out which is a scam project and which one is not. The people who have already decided to scam people then they will come up with a very high professional white paper, roadmaps and other details by paying a high fee for developers. Because they know that they can make many folds of that money if people believe them so they are ready to spend that initial investment. So people need to check the team behind the project and whether they have done any projects already or not before investing. Not so easy to find out scam projects.

[taraku78]

More requirements such as verification for the team member, clearly Office of the project, MVP etc.

[libert19]

putting up high ROI and huge returns compelled people to join the race

This is biggest red flag, I hope people realize this sooner rather than 'after' getting scammed.

[fosco333]

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

 

scam coins should be ignored from the beginning. To know whether the coin is scam or not, we must do some due diligence strictly.
If we ignore it, the ico will be failed and the scam developers will bankrupt because no one invest on it.

[khannadim]

Well it feels good to see so many people are actively participating in giving their view... I highly appreciate your opinions and views and am thankful to everyone for providing insight for moving forward with my project... though I learned what community thinks which helped me to eliminate the loopholes in my project... Will update everyone in this thread when I have my proposal and model of my project ready...

Thank you everyone for your opinions... I wish this scam should be stopped but its not possible at all though we can work on measures which can help the people who invested and got ripped of their money to gain back what every they can... this is my view of my project and would need everyone's support... as I do not believe being greedy or ripping people off their hardearned money will let the scammer survive for long... but its just a way to build trust amongst people about the cryptocurrency

Regards

[balonkuning]

me too too ....
I also have trouble about that ...
I have been in the bounty for four months but until now I have not received a token yet, I have a price

[JoelHoward666]

There should be sources to test coin from experienced investors, I think it's more helpful than searching the toolbar for a bunch of information.

[deerlion]

I don't think we should let the government come in and regulate, this market should stay free and unregulated.  There may be a few scams but its the cost we pay to be decentralized.

[Balayashi]

Well, what you do if you find a fiat pyramid scheme or a ponzi one. Prob you will warn everyone you know to not invest and stay away from it. Here you need to do the same.

The people need to be educated to not go into these schemes and with an effort from those reporting the schemes they found eventually it will stagnate.
There is nothing much the authorities can do, since most of the time (like 98%) the person behind the scheme it's not known.