SCAM ICOs, what we can do?

[irixo10]

There is nothing we can do other than stop giving them the power to ride us through investing in them. Most people invest because they were told to, most invest because of hype while most invest as a result of the growth they have seen; in each case the number of investors that did their research might be almost zero. So until we educate ourselves and teach ourselves the right way to invest, we will keep falling prey to these fraudulent projects.

[lighpulsar07]

Hi, recently so many past-ICOs turned into a scam or a deadcoin.
Is there anything what we can do to punish them? More than 2 years ICOs are scamming us and still people are investing, is this really a world what we want to create?

I don't think that you can do anything for those owners of ICO that turned scam or became a dead coin they will just make another coin with fake name and ANN threads after that they could accumulated enough money they will say the CEO left and eventually ran away. These guys should be caught by the authorities but due to anonymity of internet they aren't easily be caught.

[ansarose1]

Maybe we can take them for a list of scam and fraud ico projects. Report the team staffs that are liable for the fraud ico projects and we should make for ban appeal for them in order to keep this thread away from scam and fraud projects. And also we should take note who is the manager promoting their project.

[key4co.in]

The rate of scam ICOs reduced with the introduction of IEO, but this doesn't mean some IEOs are not scam too. Right now nothing can be done to punish scam ICO team members, since there are no laid down regulations with regards this and this is why unverified team members come up with ICOs. We can only do our part by notifying others when we spot scam ICOs with valid proof. Well, authorities have investigated and nailed down very few outright scam in crypto space, let's just hope with time this issue of scam will be tackled.

[rdewilde]

What can we do other than to stop investing in them. The truth is, most times we see signs of failures in these new projects but owing to hype or what "experts" says we end up being victims. To curb scam projects, first we need to be wise, always ensure to study each project all round before investing, even  if we have doubts we can ask questions to be sure before investing, because this is a matter of money. Also, IEOs has made it possible for projects not to use the "we are working on our product" excuse to run away from questions about listing.

[BryanK]

While people will put up with the fact that they are deceived and will continue to participate in obviously shitty projects we will not be able to wait for any changes. As long as the demand continues and the supply will come constantly. This is the law of the market. 

[NoirSuccubus]

These scams have spread so fast, and the only reason for the rapid spread of the fraud was because of the people blindly trusting and investing in a project and also because of no governing of these scammers. New projects got encouraged with this attitude, resulting in more new scams.

[DonFacundo]

That is why some investors don't like to invest ICO anymore because of many scam ICOs, they prefer to invest in IEO because they think less scam. Those people who still invest in ICO maybe they believe the project, but I still prefer to invest in IEO.

[Polar91]

That is why some investors don't like to invest ICO anymore because of many scam ICOs, they prefer to invest in IEO because they think less scam. Those people who still invest in ICO maybe they believe the project, but I still prefer to invest in IEO.

During the hype of ICO, a lot of frauds were able to grab that opportunity to scam investors. They seem to be promising since they manage to plagiarized other project's platform without getting caught instantly. Today, IEO is the new face of ICO which promises less risk of getting scam but doesn't guarantee of success. It's too important to spend a lot of time on a project before you invest on it.

[Daffadile]

Stop supporting them?

While people will put up with the fact that they are deceived and will continue to participate in obviously shitty projects we will not be able to wait for any changes. As long as the demand continues and the supply will come constantly. This is the law of the market. 

Exactly. Until this stops it will just carry on and on. It really is peoples own fault and the unfortunate part about is is many bounty hunters do not care who they support and often support scams which saps money out of the total capital invested in crypto. This means that a large percent of crypto will be stolen by fraud and scams which could have been used on legit projects and making payment to bounty hunters and other supporters.

[baeva2]

You know, it's a sad fact and we can't punish or do anything to those scammers.
Because this is a decentralized market, projects without legal documents are still being implemented and investors are still not protected.
That's why we should really have investment knowledge and should invest in a group. It will reduce the risk of investing in fraudulent projects.

You are partially wrong, we can do something as a punishment to them. Some members are doing that on Scam Acussations board, they were tracking and adding the IP address, Phone number, Image and else as their blacklist. So once they find something fishy, they post it there and explain everything about the fake project which prevents us from getting scammed.
we too can help the others by doing a little research about a new project and report it if you find it fishy, the law is unreachable at this moment even though it is not impossible.

The Scam Acussations board, in which bounty hunters post their complaints about scam projects, will help if the project is real and the project team accidentally committed fraudulent actions - in this case they can fix their mistakes, but if it is a fraudulent project, then no Scam Acussations board will help - it’s very difficult for us to deal with them.

[zuziekatee]

That’s where there is need for regulations ! These fund raising activities need to be regulated so that developers can do things with care and focus to reduce scam and non challant behaviors over projects ! That’s the only thing that can stop these actions of scamming and empty promises !

[Azuliand]

Hi, recently so many past-ICOs turned into a scam or a deadcoin.
Is there anything what we can do to punish them? More than 2 years ICOs are scamming us and still people are investing, is this really a world what we want to create?

Already now we can say for sure that ico are dead, few of the projects can show good performance of the product, all good projects now tend to get into the ieo , and now no one invests in the ico.

[vladimirhf]

Hi, recently so many past-ICOs turned into a scam or a deadcoin.
Is there anything what we can do to punish them? More than 2 years ICOs are scamming us and still people are investing, is this really a world what we want to create?

Scam in financial market is not new. Many people in ponzi schemes know what they are, they just expect to be the "smarter" guys there.

There will be always those looking for easy money and "unique opportunities", there will be always some place where the ICOs are still unregulated. Sometimes they don't even need a "place". Some projects don't have any info about location and team, but people still decide to trust them...

On other hand you can't assume that all them are dishonest, some are really trying to work and build something.

You can't so anything if people are ready to invest even if the projects were scamming them for years. IEOs will eventually takes the market and ICOs will be useless in the near future.

The point is we have to be careful if you want to invest in an ICO, choosing IEO is the same, because fraud in the internet world is hard for me to track.

Exactly. Some exchanges may be more picky before listing an IEO, and people will have a guarantee of a place to trade, yes. But this is not infallible, not all IEO are good, not all exchanges are good.

[btc_angela]

Hi, recently so many past-ICOs turned into a scam or a deadcoin.
Is there anything what we can do to punish them? More than 2 years ICOs are scamming us and still people are investing, is this really a world what we want to create?

Already now we can say for sure that ico are dead, few of the projects can show good performance of the product, all good projects now tend to get into the ieo , and now no one invests in the ico.

No one is investing because altcoin is dead, projects being born as just as shit as the last one so what do you expect. It is no longer 2017, no more hype, no more boost on. IEO is the new trend, investors are more likely to pull the trigger on IEO today. No offence to ICO developers, but if they wanted to succeed they should go for the effective and successful business model of today, IEO.

[BennyK]

Hi, recently so many past-ICOs turned into a scam or a deadcoin.
Is there anything what we can do to punish them? More than 2 years ICOs are scamming us and still people are investing, is this really a world what we want to create?

Report any scam ICO on the section in the forum dedicated to scam accusations in order to help others from not falling as victims to such ICO. If the personal details of the team behind these scam ICOs are not known, then I doubt there is much to be done to the team. This is why IEOs are quite better than ICOs because the good and renowned exchanges like Binance and Kucoin collects the details of the team and proof of documents in order to ascertain the originality of the project before hosting the IEO on their exchange platform.

[Aldrinx00]

I think we can't do anything about it because there is no regulation that can punish them, what we need to do is to avoid investing on ICOS because most of them are fake/scam ones, it's just a waste of effort and money.

[peter0425]

Hi, recently so many past-ICOs turned into a scam or a deadcoin.
Is there anything what we can do to punish them? More than 2 years ICOs are scamming us and still people are investing, is this really a world what we want to create?

Why make it hard?

If you are the kind of bounty hunter who’s being scammed by not being paid or the tokens/coins are turned no value? Answer = the dont join bounty for you not to become a victim again

If you are investors? Answer= don’t invest in any of them so your money won’t be at risk.

[Shadidalam1111]

we really cant to do anything about this because it a decentralized platform,we can do only one thing which is called research about the team of project that they are coming with and we should see what's new and make there project unique from all of the project.

[darth_cryptorider]

Actually there is nothing that we can do about past ICO project, we can only change the situation now and make some changes for the future, maybe regulation in the field of ICO can help to protect investors.