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Author Topic: We need regulation pretty bad  (Read 5409 times)
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August 26, 2019, 08:38:18 AM
Merited by Kvalentine (2), tk808 (1), Stanlo (1)
 #1

Apart from scam artists in crypto space we have too many unprofessional developers that falsely act like they are really good in a particular field and try to build blockchain based projects but failed in the end,if there is really any way to make blockchain available to only professionals that are qualified it would have been a different story for crypto,even scammers wont have a chance,this is why i think we need REGULATIONS pretty bad.

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August 26, 2019, 10:41:43 AM
Merited by tk808 (1)
 #2

no we don't need regulations at all and the worst part is that regulation is not going to solve anything in the way you think they are!

the same scams are going to continue to happen if not more if this market was heavily regulated and people were restricted about what they could create. that would just push people into off-the-market and in shady places for trading.

the solution to the problem you are concerned with is so easy! people simply have to stop giving away their money to any random person who asks for it in return for garbage.

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August 26, 2019, 10:46:53 AM
 #3

Regulations can't solve the scams, even in regulated financial institutions, people are still scammed hugely. I think investors should learn to do research, avoid falling for conmen. Do not give out your money on hearsay.

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August 26, 2019, 10:53:07 AM
 #4

Apart from scam artists in crypto space we have too many unprofessional developers that falsely act like they are really good in a particular field and try to build blockchain based projects but failed in the end,if there is really any way to make blockchain available to only professionals that are qualified it would have been a different story for crypto,even scammers wont have a chance,this is why i think we need REGULATIONS pretty bad.

Regulation cant solve up these problems just like on what we are seeing on our traditional fiat system where these fraud projects do still exist illegally.
How much more on crypto space where anonymity is the best recipe on hiding their faces? They can claim that they are professional all the want and
as an investor you would really need to do a research first before believing into these projects.You can actually differentiate it out if the actual roadmap is achievable
or not realistic at all.As an investor your common sense and good decision making will help you out to avoid on losing money.Regulation isnt the key
because even if this thing is being applied it cant still guarantee that it would get rid of these scams so its utterly useless and come to think that regulation is fully
contrary on why crypto is being created on the first place.

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August 26, 2019, 11:55:08 AM
 #5

The regulations also contain risks. Therefore, it is useful to look suspicious to both sides. I think regulations will not do everything better at the beginning.
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August 26, 2019, 02:07:30 PM
 #6

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August 26, 2019, 03:06:20 PM
 #7

no we don't need regulations at all and the worst part is that regulation is not going to solve anything in the way you think they are!

the same scams are going to continue to happen if not more if this market was heavily regulated and people were restricted about what they could create. that would just push people into off-the-market and in shady places for trading.

the solution to the problem you are concerned with is so easy! people simply have to stop giving away their money to any random person who asks for it in return for garbage.
Perhaps you know about this phenomenon: individually, a person is smart, and the crowd of such people is stupid.
Therefore, there are laws governing human relations. Unfortunately, I see that this also applies to the crypto community.
How people act in accordance with the laws is largely dependent on the laws. Therefore, I would not make forecasts regarding "shady places for trading".

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August 26, 2019, 03:06:38 PM
 #8

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if there is really any way to make blockchain available to only professionals that are qualified it would have been a different story

That's already too late, Bitcoin is open-sourced and so are those token and smart contract platform, anybody and any company can create one for their companies and organizations.

The best defense now is education, education on how to trace and distinguish and analyze, all the coins that are coming our way, this is one of the bad sides of crowdfunding without regulation , you are left to your own judgment what is legit and fraud.


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August 26, 2019, 03:36:06 PM
 #9

Apart from scam artists in crypto space we have too many unprofessional developers that falsely act like they are really good in a particular field and try to build blockchain based projects but failed in the end,if there is really any way to make blockchain available to only professionals that are qualified it would have been a different story for crypto,even scammers wont have a chance,this is why i think we need REGULATIONS pretty bad.
That was badly needed to combat the cryptocurrency related fraud, Personally ive been a victim of the previous ICO scams that ruin my trust in ICO's thats why im very supportive of the supposed regulation of the cryptocurrency industry to protect its users and investors againts frauds and scam activities.

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August 26, 2019, 03:45:21 PM
 #10

I don't see a link between regulation and professionalism in this case
You can compare IT for example, it's regulated, but there are a lot of bad professionals

No one is forced to invest in bad projects, you can invest only in good projects with good devs, it's up to you to research, study and investigate

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August 26, 2019, 03:49:18 PM
 #11

Good rules are needed to organize the project, so it can produce a quality project. Actually, there are many rules but not implemented correctly. So this becomes an opportunity for scammers to perform actions that harm many people.

We should be able to learn from experience and before joining the project, you should do the checking.

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August 26, 2019, 03:49:32 PM
 #12

Cryptocurrency does not have to be regulated like money regulated by banks, but indeed now there are more widespread fraud projects and what can be done is more thorough to invest in a new project
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August 26, 2019, 03:57:48 PM
 #13

if there is really any way to make blockchain available to only professionals that are qualified it would have been a different story for crypto

One of the worst ideas I've ever seen on this forum.
Cryptocurrency is all about being free and open, everybody should have the chance of starting their own project, even if they do not have any experience.

Sure, that doesn't mean that unqualified devs should make scammy ICO's, but it also doesn't mean that we need more regulations.

How about everyone does their own research and stops investing into ICO's altogether?
I ONLY invest in open source projects that do not participate with this whole 'crowdfunding before they have any sort of product' thing.

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August 26, 2019, 04:07:21 PM
 #14

Regulations will help to reduce the amount of scam projects, but they cannot be eliminated completely. Instead of a third party that regulates the market, we should find a team that would check the projects and sort scams out.


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August 26, 2019, 07:47:47 PM
 #15

Regulations can help in regard to ICO related fraud, and basically they already have in most cases -- hardly any ICOs being run anymore.

It won't help in the least in regard to bad projects. It's like saying regulation is needed to weed out bad companies from good companies -- it's not a regulation issue, simply an issue of investors needing to choose better projects.
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August 26, 2019, 07:48:57 PM
 #16

YES! we need a regulation for cryptocurrency but there are just few things i do think why we need it.
We need regulations for many country will accept the crypto and it will be legal.
Once accepted merchants locally will start having crypto on their business.
Scammers will be out of this as there are laws to get them.

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August 26, 2019, 07:59:37 PM
 #17

We don't need regulation in crypto space and infact its too late for that because mostly crypto projects are decentralized and open source,the only thing that needs regulation is ICO fund raising and i think it will stop ICO Scams and frauds

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August 26, 2019, 08:04:26 PM
 #18

Apart from scam artists in crypto space we have too many unprofessional developers that falsely act like they are really good in a particular field and try to build blockchain based projects but failed in the end,if there is really any way to make blockchain available to only professionals that are qualified it would have been a different story for crypto,even scammers wont have a chance,this is why i think we need REGULATIONS pretty bad.

What exactly do you suggest, what soultion to this problem, how this field should be regulated?

As far as governments seems to be concerned, they only concern is about paying taxes and money loundering. This is why we are seeing many new regulation factors coming into play in last months but nothing about ICO and projects.
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August 26, 2019, 09:03:49 PM
 #19

The regulations also contain risks. Therefore, it is useful to look suspicious to both sides. I think regulations will not do everything better at the beginning.

With regulation, then there will be a limitation. I am not sure if this can be good for the future of crypto business. As we know that crypto users support a decentralized system and anonymity. Instead, the regulation will ruin those characteristics on crypto space.

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August 26, 2019, 09:16:31 PM
 #20

There are open source blockchains that were used in other projects that's why it becomes the reference of those developers that wants to make their own project or scammers that wants to scam investors through their project.

Regulation would be counted as part of centralized systems while we're living in crypto, most of the projects here are dealt with decentralization. I'm not against with it though because it really happens nowadays.

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