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BennyK
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September 21, 2019, 01:28:18 AM |
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Reported cases on scam projects and attacks on exchanges and wallets tarnish the reputation of the cryptocurrency space. It throws fear to the new investors who would like to join but have limited knowledge in crypto. The best way to control this is through regulations where forums and exchanges will be given the power to run thorough checks on projects and the team members before allowing to post or host the bounty and IEO on the forum and exchange respectively.
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"This isn't the kind of software where we can leave so many unresolved bugs that we need a tracker for them." -- Satoshi
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ivaf
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September 21, 2019, 09:50:34 AM |
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...
I think, rugulations will solve the topic to great extent, but is there any other way to stop the scamming and not just going away from it?
Please apply your thoughts.
To defeat fraud is basically impossible. This is the nature of man  But you can protect yourself from fraud. For ICO projects, this is, first of all, it is necessary to introduce a procedure for checking the project team for truth (confirmation that they are real people) and professional suitability (confirmation that they have professional skills to carry out the tasks that the project sets before itself). |
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JCviggen
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September 21, 2019, 10:10:00 AM |
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Yes scam projects are killing the entire cryptocurrency space. An investor who gets scammed, tells his friends everyone stay off cryptocurrency we keep losing potential users.
this is all a temporary effect. when the whole market begins its recovery, everyone will forget about scam projects, etc. Or in the second scenario, everyone will start investing only in bitcoin |
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Metall303
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Activity: 891
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Oikos.cash | Decentralized Finance on Tron
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September 21, 2019, 11:24:20 AM |
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Until the crypto community takes drastic step against, individual involve in scam project, we will continue to have the bade experience in the space, I suggest a pool to be created that will require KYC before ICO/ IEO can commence, with this developers can be trace and be charge incase it was observe they are scammers.
It would be great to introduce the mandatory KYC for the project team members so that before the project is launched, investors can be sure that the project team is real |
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Polar91
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September 21, 2019, 11:46:42 AM |
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Basically, it's a yes. They are hurting the crypto space since they affect investor's perspective on crypto as a whole. Although we say that a lot of investors are intellegent, we can't deny the fact that more investors are still not. Scam projects are very effective way back in 2017-2018 since a lot of projects at that time were launched and a lot of investors were scammed too due to lack of knowledge on what they are investing/doing.
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Vishnu.Reang
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September 21, 2019, 11:59:00 AM |
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Please don't get me wrong, but my opinion is that these scam projects are needed in order to get the noobs away from the shitcoins. Many of the inexperienced users investing for the first time in cryptocurrency go for little known coins, hoping to get 10x or 100x returns in a few days. And many of them lose their entire investment. If they lose money in these scam projects, then they are likely to stay away from such shitty projects in the future.
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Darkoth89
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September 21, 2019, 01:15:19 PM |
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Please don't get me wrong, but my opinion is that these scam projects are needed in order to get the noobs away from the shitcoins. Many of the inexperienced users investing for the first time in cryptocurrency go for little known coins, hoping to get 10x or 100x returns in a few days. And many of them lose their entire investment. If they lose money in these scam projects, then they are likely to stay away from such shitty projects in the future.
Sorry but I don't understand your point here at all. You are saying that it's good that 'noobs' lose their money to scammers to teach them a lesson?! Someone who loses his entire investment to a scam, doesn't miraculously come up with new money and invest in crypto ever again. These people will stay away from crypto at all. |
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wheelz1200
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Merit: 1406
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September 21, 2019, 02:15:44 PM |
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Please don't get me wrong, but my opinion is that these scam projects are needed in order to get the noobs away from the shitcoins. Many of the inexperienced users investing for the first time in cryptocurrency go for little known coins, hoping to get 10x or 100x returns in a few days. And many of them lose their entire investment. If they lose money in these scam projects, then they are likely to stay away from such shitty projects in the future.
Sorry but I don't understand your point here at all. You are saying that it's good that 'noobs' lose their money to scammers to teach them a lesson?! Someone who loses his entire investment to a scam, doesn't miraculously come up with new money and invest in crypto ever again. These people will stay away from crypto at all. I agree...scam projects are not a good thing lol. Dont know how you can even justify that. With every successful scam 2 more pop up. It encourages bad behavior when its successful. Draining the pool of possible people getting involved in crypto is not good. Only people that benefit from a successful scam is the scammers and the media. |
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jhonjhon
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September 21, 2019, 02:24:01 PM |
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Scam is already at large even before cryptocurrency become so popular and I don’t think there is a way to completely eliminate it. Yes, it may be true that regulations can really help at some point but regardless of any regulations scam will still be there. Lets look at banks for example, banks are very regulated to avoid money laundering or fraud/scam but how come fraud in banks are still present?
You see, no matter how we regulate something scam cannot be eliminated for as long as there are scammers and those who get easily scammed. The continuous popularity of scams in crypto is really hurting the industry to the point that investors become skeptical when investing. What we really can do to same others and ourselves is to be very careful and research everything about a project before putting money to it and to help others we can use this forum for awareness.
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Viceroy
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September 26, 2019, 10:09:18 PM |
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apart from regulations itself, personal responsibility and attention may help, sharing with others. only it sounds like utopia  |
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Kotone
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September 27, 2019, 06:14:27 AM |
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Maybe, but if youre a wise investor why would you pick a low key project at the first place. Or you expect also to ain from shitcoin just like what happened on the selfdrop that pumped before. I admit it, Ive play also during this time cause I am capable of doig some buy and sell without any hassle and earned from it. I think ys better to buy now a good project such as top 50 tokens and be more wary about them than struggling on new ICOs.
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asriloni
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Leading Crypto Sports Betting & Casino Platform
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September 27, 2019, 06:41:58 AM |
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Until the crypto community takes drastic step against, individual involve in scam project, we will continue to have the bade experience in the space, I suggest a pool to be created that will require KYC before ICO/ IEO can commence, with this developers can be trace and be charge incase it was observe they are scammers.
It would be great to introduce the mandatory KYC for the project team members so that before the project is launched, investors can be sure that the project team is real The only best idea so far but I doubt will the team agree to such requirement or not consider about the only regulator can apply such verification to the team. This idea has already surrounded so many times but it never becomes a real thing. These days scammers are the big problems in the crypto because it was disturbing investors to be confidence with crypto. |
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dentolas
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arcs-chain.com
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September 27, 2019, 07:02:00 AM |
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I think that really solid projects are still getting their funding...
There are still a lot of scam projects, but there are not so many as on last couple of years, when the ICOs had it's glory...
I think the main problem is that crypto is no longer new and no longer offering the "get rich quick scheme"... and this turned away a lot of people that where willing to risk their money...
And another part of the main problem is that most projects are just more or less copies of the older/established ones and bring nothing new...
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sodiik
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September 27, 2019, 08:16:02 AM |
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Fraud makes the crypto space increasingly dangerous. We can already feel now that many of the projects we follow do not make any money. Even from us we may not only join the Bounty project but also become investors. They also lost money from fraud on behalf of ICOS.
A regulation must be made and an audit agency capable of working well and trustworthy to be made immediately. It's very important to restore your crypto reputation for the better and get back to success.
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rdewilde
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September 27, 2019, 08:57:09 AM |
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Well I can't say scam projects are killing the crypto space because nothing can really kill this space, I rather I will say, scam projects are leaving a negative impact on this space. That is, investors finds it hard to invest and a greater number of those that invested are only interested in profit and once gotten leaves the project. Also, in a sense we are the ones giving them the power to strive though, how? Most will see a project and know that there is nothing good about it but still goes ahead to invest could be due to hype etc.
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FaucetKING
Sr. Member
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C U
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September 27, 2019, 10:49:53 AM |
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I do want to ask a question, how do you define "scam projects"?
The definitions may differ from a person to another but the only sure thing that there's a lot of newcomers here with no benefit toward the other projects neither the crypto space in general. Some projects don't have a product but you might find their market cap really high, it's unbelievable.
These "scammy" projects are gathering their value from BTC and ETH and the other highly classified tokens and coins and projects, that's why we keep struggling in the lower prices at the moment.
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mitchr4
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Join the world-leading crypto sportsbook NOW!
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September 27, 2019, 11:02:39 AM |
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Fraud makes the crypto space increasingly dangerous. We can already feel now that many of the projects we follow do not make any money. Even from us we may not only join the Bounty project but also become investors. They also lost money from fraud on behalf of ICOS.
A regulation must be made and an audit agency capable of working well and trustworthy to be made immediately. It's very important to restore your crypto reputation for the better and get back to success.
Fraud on a scam project is not dangerous, it's just that this has an impact on the confidence of investors who are hesitant to get involved in crypto space again. I am sure from the bad story about last year's scam project can make Investors and Bounty hunters more careful to choose crypto projects that are safe and promising. |
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mickey_miner
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Activity: 910
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Proof-of-Stake Blockchain Network
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September 27, 2019, 11:07:44 AM |
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From my point of view, scam projects have taken away the glory of genuine projects.
Due to too many scams around crypto space, investors are not confident on investing in new projects. It's Becoming very difficult day by day to find out the legitimacy of the projects.
This in turn affecting the projects and result of this is not raising the funds as expected and required for further development of projects. This is daviating projects from their roadmap which is resulting in too much delay or even failure.
Missing interest in investors is somehow obstacle to growth and further research of dApps projects.
I think, rugulations will solve the topic to great extent, but is there any other way to stop the scamming and not just going away from it?
Please apply your thoughts.
I think there is nothing you can do about fraud, it has always been there in all areas. The only thing you can do is learn to recognize it. |
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xvids
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September 27, 2019, 12:59:28 PM |
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No it isn't killing the entire crypto space,
It is just driving away the investors who couldn't spot a scam project.
And it is our fault on falling victim on their schemes and supporting them .
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max6575
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September 27, 2019, 01:13:02 PM |
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