SCAM ICOs, what we can do?

[spadormie]

Maybe Securities and Exchange Commission(SEC) could do something about this. What we should consider is, the data they are using. What if they are using fake data such as people using fake information about them. Having two personalities that first scammed an ICO is known in cryptocurrency.

The best we can do is precautionary measures. Just don't participate in ICO anymore. Try IEOs on binance, kucoin and any other trustworthy exchange.

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[Vishnu.Reang]

The best thing to do is to avoid blind investment in to ICO. We should ensure we read the project's whitepaper and as well research the authenticity of the team. We should avoid and regard any project foresight that seems to good to be true.

A lot of people still get fooled by the tall claims and glitzy websites and social media channels. Back in 2017, a lot of ICOs gave good returns for the investors. Those who benefited back then still dream about hitting the jackpot again with the current bunch of ICOs. The problem is that they refuse to admit that the circumstances have changed.

[Coltpython]

Are people still getting fooled by the lure of tricksters in the name of ICOs when we now have an upgraded version known as IEO? I think anyone that still falls for ICO scams should have themselves to blame. The rest of the crypto community has moved on from this

[flemmings02]

Everyone should watchful and very vigilant before investing, that's the only to stop SCAM ICOs, If no one is falling victim to scam icos there will be no team wasting their time and money organizing scam icos again.

[103deltafox]

Each day that comes, there will surely be scam but on our own end, we should be able to do some research to know more about what we are investing on to avoid losing our money. Self research is key.

[Koobtcgal]

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?

No one wanted to create a coin for scammers but the decentralized nature of the blockchain technology that allows for people to clone codes freely without any rights needed is one of the reasons people keep making these kinds of shitcoins all around the industry. Do you think if Apple made all their codes behind their OS, there wouldn't have been shit apple phones and MacBooks around the world? I think it is time for the crypto industry to adopt some regulations behind the technology to prevent any people creating these scam ICOs.

[Shallow]

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 didn't think there is any way to punish them order than to report the coin as scam for others to take note. We all knows the risks associated with crypto investing that's one of the reasons these scammers always go free as there is no way to bring them to book. However, the only way to protect ourselves to an extent is by taking time to study and research every coin we wish to invest in, it might not be easy or 100% accurate but it will help open our eyes to certain things about the coin thereby knowing if its worth it or not.

[royalfestus]

I remember how bitconnect started ICO with bounty campaign in this forum. You can search and read the thread up if available. They had a very tough time of their life here and at the end it turns to how it is today. Am sure sensitive members of the forum will just benefit from the bounty and didnt invest. It is our responsibility to research any project here and quiz them hard here. Let them know we also know what we are doing and we are not fools. Lets drag them from their Telegram hiding place, where they can ban or mute u, sometime they just lock the group. Lets make them defend their lies and truth.

[Viscore]

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?

You can't punish all developers team, this isn't developers fault, only without scam project. Cryptocurrency has no rules to punish rules for scam project, this benefits is taking scammers. Scam project available in crypto currency but everyday new token also listed in CMC.

That's the risk for investors like us, there's no authority that will give them will punish them if they will scam, that's the reason they are increasing, but thank God there's an improvement in the market which we called an IEO ,with the new platform, I haven't heard a lot of scams complain anymore.

I do believe that this platform will continue to be develop and we will see exchanges that will allow this platform on their site.
It will benefit them as they can also get popularity especially if they will list a good coin, people will think it's profitable to invest in such exchange.

[fortunecrypto]

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?

The only one who can file a suit is the investor, but he needs to trace the people behind the project and go to developer's country to file a complaint or a suit, we the community can only give them negative trust, Flagg their announcement and report them in the scam sections, apart from these there's nothing we can do.

[Mysteryla]

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?

This is why you need to understand the risk involved, which of course is not limited to cryptocurrency. Despite the unpalatable issues with ICO, other means of investments which are more safer have been devised. Most projects do not run ICO, instead they opt for that which investors trust more and make them safe.

[The Cryptovator]

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?

Most of scam happened with fake teams and anonymous team. So that's not easy task to punish them. Because we don't know really who scammed us. I don't know why peoples are still believing on ICO since 80% ICO's turned into scam. Investors giving opportunities to scam them. We like to see a fair crypto world, but who care? Everyone busy to their own business, so you have to care yourself at least.

Everyone should do their own diligence before invest in a project, should check team and project background very well. We should know where we are going to put our money. If scammer can't raise fund then scam attempt will reduce slowly. And eventually lot of money would save.

[ajaymukund]

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?

we will not be able to do anything about them when we are residents of another country. Besides, we also do not have any evidence to prove that we have deposited money into their accounts.
This is a pity and I just hope people will think carefully and analyze more thoroughly before investing.

[Natalim]

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?

we will not be able to do anything about them when we are residents of another country. Besides, we also do not have any evidence to prove that we have deposited money into their accounts.
This is a pity and I just hope people will think carefully and analyze more thoroughly before investing.

Even if we have proof but since they are not registered, it's hard for us to claim or to sue them.
It's the nature of ICO until now, there is no assurance and therefore investing in a high risk, we are lucky that this market despite of lots of ICO that turned into scam was able to produce good projects from ICO, to be safe, it's better to invest in established coins that taking chances in ICO, or even IEO now.

I was also scam in the past, both on my investment and the bounty that I participated, but I just accept that's normal, so it helps me move on easily.
Good thing in my venture here investing in ICO, I am still standing in the profitable side.

[FrozenBit]

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?

Most of scam happened with fake teams of anonymous team. So that's not easy task to punish them. Because we don't know really who scammed us. I don't know why peoples are still believing on ICO since 80% ICO's turned into scam. Investors giving opportunities to scam them. We like to see a fair crypto world, but who care? Everyone busy to their own business, so you have to care yourself at least.

Everyone should do their own diligence before invest in a project, should check team and project background very well. We should know where we are going to put our money. If scammer can't raise fund then scam attempt will reduce slowly. And eventually lot of money would save.

Until now, every project could become a scam. I have seen a lot of projects that are well evaluated and have good teams but eventually that project also became a scam

[max6575]

as developer gives with notice on moderation to release of parts on distinctive on business intelligence that more to gains with use of attention from the public audience as returning with limit on nominals as preparing with the use on terms of plan on arrange with the investment projects on offers with the release of initiation.

[akirasendo17]

we can't stop them for making fake ico or a not legit one
we can't also let them make things like this to other people right
so we must help each other, teach and let people know how
to make sure they will not be a victim of this crime
educating them , is the best tool to prevent , this things to happen
research, and a lot of time and effort , to know what really kind of project, you will join, if it is a red flag never transact
also tell it to others so that they will not be a victim,
thats what really we can do

[Vishnu.Reang]

Even here in Bitcointalk, if there is a will we can do a lot against the scam ICOs. Bitcointalk is the most popular forum of its kind and the ICOs depend a lot on this forum for promotion and funding. If we can post the evidence to prove that the ICO is a scam, then a lot many of the potential investors could be made aware of the risk they are taking.

[Sendi blackspade team]

Even here in Bitcointalk, if there is a will we can do a lot against the scam ICOs. Bitcointalk is the most popular forum of its kind and the ICOs depend a lot on this forum for promotion and funding. If we can post the evidence to prove that the ICO is a scam, then a lot many of the potential investors could be made aware of the risk they are taking.

We have seen many projects also said to be a scam in this forum. but you can see it doesn't reduce the number of existing scam projects. the best solution is to improve our ability so that we don't choose the wrong scam in the project.

[Nasonn]

We all can decide to stop every investment in ICOs until there's a strong regulatory body to oversee the affairs of ICOs. Looking at past records most ICOs were scam that ended in regrets of investment funds by investors.