Age of Scams: ICO Investor’s Plight

[Vladdirescu87]

Blockchain offered the world a new model for a p2p economy, introducing free global trade without intermediaries and reliable storage of value without the fear of seizure or account freeze by regulators. Along with this new paradigm of money arrived a new paradigm of fundraising. The so-called ICO (initial coin offerings) gave businesses easy and global access to investor money and provided investors themselves with endless opportunities.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/age-scams-ico/'

[CaVO32]

with this so-called new paradigm of fundraising, comes every single project either wanting to make a difference or just mere trap to grab cash from unknowingly users. forums or listing sites are really not enough to combat the proliferation of the scam or crap projects. though there are users here in the forum that dedicate themselves to find potential scam in the making, yet that effort is not enough because the projects are too numerous, sprouting one project on top of another. so if we see red flags on that project, everyone is free to post proofs so people will be alarmed of such potential occurrence of cheating. and as for me, listing sites are not to be trusted at all because most of them received payment from the project. so they will create a good portfolio to impress the public.

[Herbert2020]

it is about a year too late to talk about something that is nearly over and has started to die a slow death for the past 6 months or so.
the blockchain technology opened up a lot of opportunities for having decentralized currencies and then people turned them into "investments", otherwise it was never meant to be used for "trading", "fundraising",... that OP is saying it was. in fact all these last things are the reason why we have not seen any good project for over 6 years now.

[Indrawan77]

Its interesting, but I think it's true many ICO now turned to scam because the developers are tempted to see how easy to gather money from ICO, nowadays not many ICO legit and ICO reputation already falling down deeply, people now see ICO as the place to make profit, not as a technology or project that could make transaction become easier

[Dreamchaser21]

Its getting older i guess and for sure investors are already aware of this one since this is already happening 2yrs ago. A more project this year but for sure they will not succeed on scamming people because I’m confident we’ve already learn from others mistake.

[smyslov]

That article brings back a lot of memory of past scam ICO that generate as much as 300 Bitcoin in that period and until we don't know how to cleanse the industry of this scam ICO, I guess it will exist as long as there is no regulation and new people coming who do not know the system.

[sandra_x]

The scam monstrosity is something that we may have to live with for a while longer. Government stepping in with this some sort of regulations may help sanitize the space a bit but will likely introduce new problems ; it may destroy innovative ideas of some honest teams through endless bureaucracy. It seem we are already missing the peer-to-peer aspect of crypto.

[Viceroy]

Scammers will always be present in the financial sector, it's a common thing. However, this fact does not prevent great projects from being successful.

[Hamphser]

Scammers will always be present in the financial sector, it's a common thing. However, this fact does not prevent great projects from being successful.

NO matter what these fella's would still remain to exist as long we are involved with money.New things or modus would be uncovered as long they can
milk out some funds to newbie investors neither here on crypto or into traditional markets.Talking about success from great projects, you are right but the
path they are taking too wont really be that easy yet they are the ones whose mainly affected on such bad reputation.

[neonshium]

Many people are still yet to understand how the blockchain works because they are more focused on bitcoin and not just about the blockchain which is not supposed to be, anyone that hears about bitcoin should not just look for ways to make money from bitcoin, but to study the technology behind it and see how possible it would be to maximize this technology in order to create other blockchain projects that might have more use than bitcoin.

[bigcash2011]

I know it is against the concept of decentralization but i think it is time that some regulatory or registration and licensing authority should come into existence to monitor icos, i am just saying this in the interest of global investors so that scammers are not allowed to raise funds and scam even bounty hunters will benefit as they will be promoting 100 percent legit icos and will be sure of reward.

[YuginKadoya]

Then Who is supposed to blame about this? the ICO that lets people invest and just getting fundraise for their project, Or the investors that have a different mindset about this ICO projects, I really think that we should blame both parties because there are ICO scam projects I am not saying all there are definitely good projects, to begin with, and taking the opportunity to help them with it is a good investment but I think that there are so many projects in realization and many people think that they all exist to be good, And for investors that are only thinking that they can accumulate money by investing in some and just thinking the benefits for themselves and not how good the projects are, I really think there is really a problem with that, And by looking on the bearish market now I can see that it do well because right now many ICO project has been lying low right now.