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Author Topic: Cryptocurrency Fraud.  (Read 179 times)
Webberson
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October 05, 2018, 07:57:17 PM
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There are lots of fraudulent acts in the crypto world, which as a result is tarnishing the existence of cryptocurrency. What measures can actually be taken to mitigate these frauds.
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g-uid
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October 05, 2018, 09:14:17 PM
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There are lots of fraudulent acts in the crypto world, which as a result is tarnishing the existence of cryptocurrency. What measures can actually be taken to mitigate these frauds.

Which acts are you referring to specifically?

Off the cuff, I think crypto can benefit by having the exchanges regulated.
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October 05, 2018, 09:44:19 PM
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Public ledger?

/thread
jeffthebaker
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October 05, 2018, 10:49:51 PM
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I remember seeing a statistic that 90% of cryptocurrency transactions are for legitimate and legal purposes. That is flipped from just a few years ago when 90% was for fraudulent activity. I imagine as the space continues to grow, we will similarly see that percentage continue to increase until it is near 100% kosher use.
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October 06, 2018, 04:52:35 PM
 #5

Regulation? Let the government do something against fraud?



If ever cryptocurrencies get regulated, it'll be boring for traders. We won't be seeing the 1000% growth or fall in a short period of time anymore.

If you hate regulation, the only thing you can do is be a little bit wiser and educate people around you.
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October 07, 2018, 03:20:40 PM
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Regulation? Let the government do something against fraud?

If ever cryptocurrencies get regulated, it'll be boring for traders. We won't be seeing the 1000% growth or fall in a short period of time anymore.

If you hate regulation, the only thing you can do is be a little bit wiser and educate people around you.

Spoken like someone who has not been caught by Washtrading.
crypt0j0e
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October 08, 2018, 05:48:53 AM
 #7

There are lots of fraudulent acts in the crypto world, which as a result is tarnishing the existence of cryptocurrency.

Yes, there are certainly many fraudulent activities and outright scams in crypto. It's mostly an unregulated space so a perfect space for fraudsters and criminals.

What measures can actually be taken to mitigate these frauds.

There are some projects out there already taking action against crypto frauds and scams like the McAfee Alliance. They investigate reports and if found to be true, they can use their expertise to hunt down those responsible and bring them to justice.

I think if we had more projects and team like this it will be a good deterrent for would be fraudsters and scammers.
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October 08, 2018, 08:07:48 AM
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Imho this is incorrect and unfair. Crypto is against banks, not really against governments.

Regulations may be boring, but far too many people got used to live under government's protection/regulation and just can't take care of themselves. Many others fool themselves they can until they find somebody with unexpectedly big (financial) power that can swallow them instantly or just play with them.
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October 08, 2018, 02:35:04 PM
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Imho this is incorrect and unfair. Crypto is against banks, not really against governments.

Regulations may be boring, but far too many people got used to live under government's protection/regulation and just can't take care of themselves. Many others fool themselves they can until they find somebody with unexpectedly big (financial) power that can swallow them instantly or just play with them.

I agree. The McAfee alliance mentioned above is reactive and can't begin to even hold a candle against government regulation. The dirt-bag exchanges need to be cleaned up, pronto.
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October 09, 2018, 08:07:46 PM
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Spoken like someone who has not been caught by Washtrading.
Market manipulation is not new to me, it can also happen to stock trading. I admit that I'm HODLING because of loss, but regulations can end to centralization even further.

Imho this is incorrect and unfair. Crypto is against banks, not really against governments.

Regulations may be boring, but far too many people got used to live under government's protection/regulation and just can't take care of themselves. Many others fool themselves they can until they find somebody with unexpectedly big (financial) power that can swallow them instantly or just play with them.
Bitcoin is pseudo-anonymous, and there are other coins out there that are completely anonymous. But why would they want to be anonymous? It's not that they want to hide themselves from banks.

You don't regulate cryptos, the government can do something about the ICO industry but not those established crypto-exchanges. There are some centralized exchanges that is trying to create a decentralized exchange to protect its users from exchange-hacking related issues.
yla1974
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October 12, 2018, 09:36:10 AM
 #11

There are lots of fraudulent acts in the crypto world, which as a result is tarnishing the existence of cryptocurrency. What measures can actually be taken to mitigate these frauds.
Quite a serious question. Cryptocurrencies are P2P assets. What users do with them is only their responsibility. The human factor is a serious problem. Scammers are always with money, it is inevitable. I think experience will help people avoid fraud. Need more training information.
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October 13, 2018, 08:33:57 PM
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Bitcoin is pseudo-anonymous, and there are other coins out there that are completely anonymous. But why would they want to be anonymous? It's not that they want to hide themselves from banks.

Because many don't like everybody take a look into their pockets. You don't have to have anything to hide from the government and still get into troubles just because of this public ledger Bitcoin has.
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