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

[Anyobsss]

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.

Yes and it is not surprising. Initial coin offerings is an easy way to raise funds and as crypto investing being a mainstream, there has been an increase of number in scam coins and it not easy to tell if the project is a scam but if you spot a scam it is better to tag them with evidence so the projecf will be stop.

[kamBlanV]

for what we are holding a scam coin ? and that will not benefit us. it will only be garbage. it's like getting coins from airdrop, the coin airdrop that I get dominates the scam coin and has no value.

so, I leave it in my wallet.

[clickerz]

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.

Yes and it is not surprising. Initial coin offerings is an easy way to raise funds and as crypto investing being a mainstream, there has been an increase of number in scam coins and it not easy to tell if the project is a scam but if you spot a scam it is better to tag them with evidence so the projecf will be stop.

Scam coin and projects are flooding because its easy to make a coin now and there are even tutorial available for free where in you can also copy paste the code. For me, its a right time  for government to step in or for any platform to regulate those ICO under them. Scrutinize those projects and dont let it pass if they did not pass the assessment.

[privedvelosiped]

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

 

You're absolutely right. I will add the following. Every day at least 5 projects are opened, of which only 1 company collects money for ICO.  And only 1 company out of 10 will reach the exchange. And only 1 coin out of 50, will live long, because the company has an interesting product. That's the arithmetic buddy.

[Kidmat]

for what we are holding a scam coin ? and that will not benefit us. it will only be garbage. it's like getting coins from airdrop, the coin airdrop that I get dominates the scam coin and has no value.

so, I leave it in my wallet.

Well many scam coins spreading because of the money they can get. So never invest in a project which we do not know. Don't fall for scam project search and investigate first before investing.

[webdevmastery]

for what we are holding a scam coin ? and that will not benefit us. it will only be garbage. it's like getting coins from airdrop, the coin airdrop that I get dominates the scam coin and has no value.

so, I leave it in my wallet.

Well many scam coins spreading because of the money they can get. So never invest in a project which we do not know. Don't fall for scam project search and investigae first before investing.

Not every ico in the market are scam there are still project that is really good for long term investment but it was very hard to find since there are so many coins.

[libert19]

Make people aware of these scams, when there will be no preys, these scammers will eventually leave it.

[LuciferEveningStar]

Make people aware of these scams, when there will be no preys, these scammers will eventually leave it.

You will not be able to determine what coin is a scam or legit, the best thing to do is just read the platform before investing a huge amount in the market or in ico.

[flowers5]

We should continue to educate the population of the latest scams so we can all simply avoid them and make then not profitable.  Once they cease to be profitable the scams will go away. 

[crazybtclover]

It’s true in recent time so many scam coins are available in the market and it’s very hard to find out those coins. That’s why you need more careful when you choose a coin.

[Horraygram]

Scam is now almost everywhere. ICO scam has reached 80% so far in the 2018. This is very dangerous for the traders even they old or new. The best way to report that and not to ignore at all for the sake of everybody’s security as well as yours!

[GhostKnight]

Scam is becoming very dangerous now and it is now almost everywhere. In has reached 80% so far in the 2018. The old and new traders both are facing the scam problem. The best way to spot is to report and take it seriously for your own security as well as others!

[shoupengyangguang]

ICO's scam is like this. Usually they will use high-yield and high-return to lure investors. Many people don't really like to crypto and understand the market that crypto enters, just because they feel that they can realize the dream of getting rich overnight. In fact, I personally feel that this kind of person is very stupid. This is a high-risk market. Only a few people can make money. I dare to invest a lot of money for things that I don’t know. It’s my responsibility to be deceived.

[cryptman7777]

I also want to say that it's a pity that those people who fall into such a sad situation. And it would be better to have at least some support from the crypto community, but this topic has not been studied to the end and there are a lot of projects on the market, it's difficult to keep track of everyone.

[limmousine]

may be able to provide escrow services to be reused, formerly escrow services are used to avoid things like this, ico scams and other frauds. so escrow services are very important and can minimize losses that will occur.

[annicketucufaw]

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

 

Before I believed that as long as you look at the team profile, passed their KYC and they have a good white paper, you won't be scammed by an ICO but I proved that it was wrong. I missed an important part on how to check if an ICO is scam. I can consider this as the most important part of an ICO to check which is the github updates. One of my friend told me about this and at first I didn't believed him but after a couple of months, I found out that the ICO I'm into is a scam. Sad to say, I've been scammed, this is a lesson for me and I will consider checking the github always before joining in an ICO.

[khannadim]

Good to know the community response and view provided... pls keep on updating it would be helpful in gathering the knowledge base for the new in cryptoworld...

[lukeisontheroad]

The investment of enough people have to be hurt in order for a correction of these Scam ICOs. I mean even ICO rating platforms are in it solemnly for generating revenue, all these rating that should have been a neutral indicator are bought and paid for by these projects in order to attract more investors.

[zeze18]

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 usually see a project scam or not by the support of their social media.
If they can answer all my question and make it clear to understand, that's probably a good project.
Also before involving to a project, i usually see the project on ICO review sites

[Naficopa]

Make people aware of these scams, when there will be no preys, these scammers will eventually leave it.

You will not be able to determine what coin is a scam or legit, the best thing to do is just read the platform before investing a huge amount in the market or in ico.

Since everyone can create coins and no one has control over it, more and more scams appear every day. At the moment, the best solution is to report and spread this problem so that as many people as possible will found out about it. Alerting the community about scam will surely reduce the number of scammed people.