Callanta787
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April 22, 2019, 07:48:38 AM |
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It's only 1% of projects that failed to reach there softcap return funds back to investors, in my own view it's very rare, some projects are creates to be failed already but scanners will still gain profits from little funds and run away with it claiming that 'softcap' was never reached
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Mrsparks
Jr. Member
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Activity: 406
Merit: 5
I-CHAIN - The Revolution of Digital Advertising
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April 22, 2019, 08:11:46 AM |
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ICO as we all know is an avenue for developers to request for funds in order to carry out their project or their plans. As much as we have seen lots of scams in this crypto business, many more are coming. i think the latest means by which these fraudsters scam people of there money is by creating multiple projects and launching it separately. Example. a project owner launch an ico project in January. the ico failed to reach soft cap, maybe raised a little amount of money. the owner declared a loss and shut down down the project, informing investors about the update and promise a refund. there is every probability that 40% to 20% of investors has forgotten about this project and may not request for their cash back. simply because the tokens has been send to their wallet.( sh**t coins). they are plenty. watch the next move: the owner launches a second project maybe late july or august changing all information and using the funds generated from the first project to facilitates the second project. Guess what, if the ico turns out to be successful, we might move to the next stage(exchange launching, project development) but we all know the outcome of an inferior projects.
Or the same initial process may continue if project failed to reach soft cap, I.E shuting down, promise payback which they can't fulfill and come back again with an entire different story. so many ICO owners has tried this pattern many times stealing peoples and knowing fully well that they have nothing to offer.
we need serious help in this crypto community.
I never taught of this ICO tricks from this perspective.. It sad but this acts has truly inhibited the growth of the crypto space.. Imagine if am a noob with plenty of friends to invite to the crypto community.. After getting scanmed like this I doubt I will ever preach or advocate cryptocurrencies..
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[ I C A | icacoin.com | IEO is live on Sept 2019 ] ━ ━━━ The Revolution of Digital Advertising ━━━ ━
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bttmember
Member
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Activity: 938
Merit: 13
AMEPAY
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April 22, 2019, 08:16:42 AM |
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I think for all these issues to be resolved completely there should be a licensing authority and each project that intends to raise funds should be registered and after full diligence should be given green signal or license to raise funds this process will completely resolve most of the scam issues surround the ico market.
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leea-1334
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April 22, 2019, 10:29:21 AM |
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It's only 1% of projects that failed to reach there softcap return funds back to investors, in my own view it's very rare, some projects are creates to be failed already but scanners will still gain profits from little funds and run away with it claiming that 'softcap' was never reached
Yes,,, I can concur with this view. I have seen so many projects created with the specific intention to scam others, but in a way that the marketing makes it look real. Look at EOS for example. Please tell me how was this not a scam,,, fake code,,, 365 days of ICO, and only to launch a product on Ethereum that nobody used? And then using the funds raised to pay people bug bounties? This was the latest example of a scam ICO with dubious founder, but people still bought it!
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OrangeSeller
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April 26, 2019, 08:37:56 PM |
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You are definitely saying the truth and I agree with you 100% on this, I think the solution to this everlasting problem is for us as a community come up with a board that will be in charge of carrying out KYC for ICO projects before they proceed with their project, on this forum, they will have to carry out a Webinar with so many users on the platform and tell them about the project, then also answer questions asked.
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InGODweTrast3
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April 26, 2019, 08:58:49 PM |
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For ordering in the ICO, the need for regula tion is required, and this is contrary to the principles of decentralization, and it is precisely for this reason that the STO format appeared.
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10BTCaDay
Full Member
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Activity: 770
Merit: 100
Oikos.cash | Decentralized Finance on Tron
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April 26, 2019, 09:04:44 PM |
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For ordering in the ICO, the need for regula tion is required, and this is contrary to the principles of decentralization, and it is precisely for this reason that the STO format appeared.
STO is completely contrary to the principles of decentralization. I generally think that this is just a name which does not cost anything serious
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necromastery
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April 26, 2019, 09:13:11 PM |
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It's only 1% of projects that failed to reach there softcap return funds back to investors, in my own view it's very rare, some projects are creates to be failed already but scanners will still gain profits from little funds and run away with it claiming that 'softcap' was never reached
Yes,,, I can concur with this view. I have seen so many projects created with the specific intention to scam others, but in a way that the marketing makes it look real. Look at EOS for example. Please tell me how was this not a scam,,, fake code,,, 365 days of ICO, and only to launch a product on Ethereum that nobody used? And then using the funds raised to pay people bug bounties? This was the latest example of a scam ICO with dubious founder, but people still bought it! It's really weird, even people look so trust it. although the price has continued to decline in recent weeks, EOS volume is still quite large. As it is played very neatly. Indeed this is one of those scam projects that are not seen by many people.
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ePesoInitiative
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April 26, 2019, 09:13:48 PM |
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~ a little amount of money. the owner declared a loss and shut down down the project, informing investors about the update and promise a refund. there is every probability that 40% to 20% of investors has forgotten about this project and may not request for their cash back. simply because the tokens has been send to their wallet.( sh**t coins). they are plenty. watch the next move: the owner launches a second project maybe late july or august changing all information and using the funds generated from the first project to facilitates the second project.
LMAO! What you just described is the evolved racket by serial coin launchers/developers who launched dozens of Litecoin clones three years ago. It was kind of easier back then. Some get away by being an anonymous "genius" blockchain developer. Back then they dump premines and launches another network for next dump.
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disconnectme
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April 26, 2019, 09:28:40 PM |
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No ICO or IEO projects will get my money again, I have learnt my lessons, Almost all of them are scams, the level at which retail investors are being scammed not is huge, can you imagine these teams selling something for retail investors at 100X the VCs, so when their is almost not price they dumped their tokens that they don't make money. People need to wise up now
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adzino
Copper Member
Hero Member
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Activity: 2968
Merit: 575
www.Crypto.Games: Multiple coins, multiple games
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April 26, 2019, 10:24:16 PM |
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We just need to start avoiding them at all cost. The more we talk about them, the more we are promoting them (even when talking about their negative aspects). If you do really want to join an ICO, look for ICOs with very well known developers and team. Make sure you understand what the project is about. Evaluate it and see if it is actually feasible. Developers that hide their identification are likely the ones who will be scamming. So don't think about joining those ICOs.
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Peruvyn
Jr. Member
Offline
Activity: 126
Merit: 1
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April 26, 2019, 10:24:28 PM |
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I think the main issue is to be able to get the right information about the project team which will let one know about past records and capacity to work on the project. This will require deep research which will go beyond the information that the team gives about themselves which may not be wll true.
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BLOCKMASON LINK Create Web APIs From Any Smart Contract
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IVEXO
Jr. Member
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Activity: 574
Merit: 2
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April 26, 2019, 10:28:23 PM |
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Yes you are right about such dubious character And that’s why researching is emphasized almost every hour on the forum if not minutes
Most icos as such as scam icos and belittle can be done by investors
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Crypto24hrs
Jr. Member
Offline
Activity: 462
Merit: 1
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April 26, 2019, 10:54:13 PM |
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The truth is that everything that has a beginning has an end, and i am very sure that the end of fraudulent ICO's is very close at hand, especially with the introduction IEO which will be a very difficult part for projects like the ones you describe above.
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Adriano2010
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April 26, 2019, 10:58:16 PM |
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Indeed so many ICO who scam people who invest i think this affect the price of most coins including bitcoin because this who got people funds, after sell them and make the price drop very low.
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samycoin
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April 26, 2019, 11:28:17 PM |
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ICO as we all know is an avenue for developers to request for funds in order to carry out their project or their plans. As much as we have seen lots of scams in this crypto business, many more are coming. i think the latest means by which these fraudsters scam people of there money is by creating multiple projects and launching it separately. Example. a project owner launch an ico project in January. the ico failed to reach soft cap, maybe raised a little amount of money. the owner declared a loss and shut down down the project, informing investors about the update and promise a refund. there is every probability that 40% to 20% of investors has forgotten about this project and may not request for their cash back. simply because the tokens has been send to their wallet.( sh**t coins). they are plenty. watch the next move: the owner launches a second project maybe late july or august changing all information and using the funds generated from the first project to facilitates the second project. Guess what, if the ico turns out to be successful, we might move to the next stage(exchange launching, project development) but we all know the outcome of an inferior projects.
Or the same initial process may continue if project failed to reach soft cap, I.E shuting down, promise payback which they can't fulfill and come back again with an entire different story. so many ICO owners has tried this pattern many times stealing peoples and knowing fully well that they have nothing to offer.
we need serious help in this crypto community.
That's true we need help to stop what every projects doing like scamming and stealing every money of investor. I think they need to consider what people's welfare. People needs help from the higher like sec and so on.
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investtra
Jr. Member
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Activity: 364
Merit: 1
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April 26, 2019, 11:35:04 PM |
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Choosing ICO is actually not easy, but we must be careful. What we have to check for a new ICO is a real Team and has a real product. The team must have a very strong character and they must be solid in developing the ICO project.
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letyouearn
Legendary
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Activity: 1722
Merit: 1014
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April 26, 2019, 11:51:09 PM |
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ICO as we all know is an avenue for developers to request for funds in order to carry out their project or their plans. As much as we have seen lots of scams in this crypto business, many more are coming. i think the latest means by which these fraudsters scam people of there money is by creating multiple projects and launching it separately. Example. a project owner launch an ico project in January. the ico failed to reach soft cap, maybe raised a little amount of money. the owner declared a loss and shut down down the project, informing investors about the update and promise a refund. there is every probability that 40% to 20% of investors has forgotten about this project and may not request for their cash back. simply because the tokens has been send to their wallet.( sh**t coins). they are plenty. watch the next move: the owner launches a second project maybe late july or august changing all information and using the funds generated from the first project to facilitates the second project. Guess what, if the ico turns out to be successful, we might move to the next stage(exchange launching, project development) but we all know the outcome of an inferior projects.
Or the same initial process may continue if project failed to reach soft cap, I.E shuting down, promise payback which they can't fulfill and come back again with an entire different story. so many ICO owners has tried this pattern many times stealing peoples and knowing fully well that they have nothing to offer.
we need serious help in this crypto community.
That is a very popular scheme in many kinds of projects - investment ones especially.That works perfectly - that's why people are using it. So, the only way to stop this is to stop participating in such a shitty projects. This will barely happen, people are too greedy and dumb
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shinharu10282016
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April 26, 2019, 11:56:31 PM |
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The number one solution is that people need to do their own research before investing in such projects. Maybe request a Face to face Ask Me Anything and don't believe ratings from paid websites like ICO Bench and the others. Podcasts are good tools too. Since you can actually here the people's voice. Or maybe conferences as well.
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jcarlo
Member
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Activity: 798
Merit: 10
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April 27, 2019, 01:15:36 AM |
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The number one solution is that people need to do their own research before investing in such projects. Maybe request a Face to face Ask Me Anything and don't believe ratings from paid websites like ICO Bench and the others. Podcasts are good tools too. Since you can actually here the people's voice. Or maybe conferences as well.
I am agree, we should always believe on rating from website like ICO bench or others. ICOs should be good for start up to carry the project and make a good product but seem many scammers trying to disrupt ICOs and make investor fear investing in ICOs. Its because many government still not regulating ICOs or crowdfunding and i think thats why regulation needed in this industry. Crypto growing more bigger and become billions dollar industry and i think its normal if government regulating cryptomarket
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