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

[nonik]

we can't know the project will fail from the start, because they certainly don't want failure in the project. but before we decide to participate in the bounty or investment, first study the whitepaper and the work team behind the project, because of the many failures in the project caused by the work team that is tidal solid and inexperienced.

[Humne1965]

Because of scams many invstors are going away from the crypto investments. We need to do something about it. We need to report about the scam companies in order to save others and to make it stop. We hope that the system will improve.

[DanielJacob]

Scam coins and project are available and if continously increasing that should be felt very bad effect on crypto world.

[grendel25]

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

 

What can be done by the community?  STOP making so many coins in the first place and get a clue before copy/pasting some ridiculous coin effort.  I'm thinking the crypto 'movement' has gone too far too fast or that every greedy cat with a home pc and internet can just spark up some coin with very little if any forethought to things like coin supply, distribution, and most importantly USE CASE!

But here are my thoughts on the existing scams:

1) I agree and have already seen this with several coins.

2) Sure, accountability systems can and do exist.  However, some projects actually 'should' be anon and 'should' have the risk that comes along with that.  genesis of bitcoin is a good example and it has worked.  Sure, now there are transparent btc devs... however, it didn't start that way and we should always keep an open mind to bitcoin's example.

3) Let's be careful with the word 'scam'.  many coin projects aren't scams.  They were actually just "dumb" or "ignorant".  Sorry if that offends anyone but it's true.  When people open up MN rewards where there are like 5 people with MN and a bazillion miners.. uhhh that's a problem lol... horrible mess, coin dies in a week.  I've seen this happen.

4)   Posting high ROI numbers don't necesarily mean a scam either.  Just about all MN coins start out with a very high ROI and it diminishes as more MN join the network to partake in rewards.

5)  Ultimately it comes down to adaptation and people assigning value to a coin asset.  I can tell you first-hand what drew me into bitcoin: INCENTIVE... plain-and-simple.  I could get a 10-20% discount on some things I wanted to buy if I used bitcoin.  And so I did... but.. well, I did much more than save 20%.  I bought 1 bitcoin for $500 and before I knew it it was worth $900.  And then I used it to buy that thing I wanted for 20% off... So really, I didn't just save 20%.. But these are all relevant things to consider in a coin.  a) do you want the coin to be stable or do you want to have volatility--both have merits.  b)  what are long term plans for the coin?  has anyone thought about this for bitcoin?  what happens in a few short years when there's nothing left to mine?  I've heard things... like government use or maybe it will continue on for decades/centuries as a utility coin for various things.  c) e-commerce integration d) 3rd party escrow trust establishment e) voting f) government ... the list could go on really but at some point there should be some serious mathematicians involved  

any how.. those my thoughts for now

[Balmoon]

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 now, every day coins and new projects continue to appear every day, it's good, but it is difficult to determine which projects are really good and which will be a scam, when we are tired of working but at the end the results are nil, and finally the project is a scam, it really discourages everyone from starting to look for new projects again.

[GreenHarbor57]

Avoid scam coins and help others to avoid these by spreading scam news of scam coins. And their really need some other steps for improve from their.

[dogtana]

In addition to what some others have said:

-report them to the police
-report them to their state tax service
-file civil law suits for damages.

[Vishnu.Reang]

It is not always viable to take action against these scammers, because most of the times they reside in jurisdictions where they enjoy either immunity or complacency from the authorities. The only solution is to inform ordinary people about these scams.

[kent47400]

just report it in this forum so that the share ID gets REDTRUST and can also be seen when the fraud is done automatically.

because I know this forum is very good and clean from junk id that always comes every time.

[khalifa25]

Due to the hype and popularity of blockchain technology and cryptocurrency, it becomes also the target of many scammers. That is why it is very important that one should really research on the project he/ she is joining. Another way to minimize victims of scam is to help in reporting it. This way a lot will become aware and stop patronizing the scam project.

[Ucy]

Set strong but nonmandatory standard.  Project that doesn't meet the standard should be seen as scam and it developers/owners given negative feedbacks?
There's virtually no set standard in the cryptocurreny world. Everyone (both developers and the watchdogs) does as it pleases.

[Silverstar]

I think to reduce the amount of scam - needed organization who will check the company and their team.. toughen the punishment for this and to attract such companies to criminal liability..

[Jammypoe]

It is a hard pill to swallow, but, it is safe to say we are in the days of scams ICO pretending as original. People have lost, and as funny as it sounds, people would still lose especially the invest in anything worth investing into groups. I'd suggest we follow your number 2 option. Let their be a way of tracking them and purnishing them eventually. These scams must stop before they stop us.

[Rejinx]

for causes cherish this that I fancy build cryptocurrency knock investors to be infect and not deprivation to invest besides in cryptocurrency coins

[vladmiranda]

Nothing can be done except for do some due diligence when investing in a project.

[therhslv]

The nice thing would be if somebody could create some Database with Team names , Project name and publish it in Blockchain so everybody could see it . Im really tired of projects like that , but if there is people who invest money without studying project first then there always be scam projects . People just need to be more carefull before investing

[kulsuma]

The good ICOs are at risk because of the scammers. Everyone should report about scammers when they actually find any project scam. This could be good for the investor as well as for the cryptocurrency market.