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Author Topic: Are the scam projects killing entire crypto space?  (Read 5724 times)
ljane
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October 26, 2019, 09:49:29 PM
 #181

I won't say it's killing the entire cryptospace, but rather killing part of the cryptospace. This is because, taking myself into consideration, I used to invest in projects but have not changed my mind because of people trying to scam me all over the past 1 to 2 years ago. So I will conclude that it's killing the some part of the cryptospace but not all.

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October 26, 2019, 09:53:41 PM
 #182

They are slowly killing the entire crypto space. They are killing it by making bad impression for the cryptocurrency because most of their investors are new to cryptocurrency so when the scam happens, it really make a first impression that cryptocurrency is just a scam that result into being skeptical of other potential investors which lessen the demand and possible progress of crypto space.

 
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October 26, 2019, 09:57:28 PM
 #183

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.

It has a large impact and ruins the the reputation not only of the project or the owners but the whole industry of crypto. It has been observed that every major news about scams could affect the prices because gets to fear what will happen. Many panic buys&sells or trade harshly because of this news just to cut off any possible losses. It is indeed killing the whole market so it is necessary for us to report any suspicious projects so people get to know earlier.
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October 26, 2019, 09:59:19 PM
 #184

It's Becoming very difficult day by day to find out the legitimacy of the projects.
So don't even bother looking.  Ico's have never been my interest, and the only thing I see about them are the scam accusations against a lot of them for various reasons.  I don't think they're destroying crypto at all, but they are a breeding ground for criminals who just want to steal investors' money...and they do, again and again.

It amazes me that these thieves are still at it and that people haven't gotten wise to their schemes.  I think a lot of people who are passionate about crypto want to believe in these projects and are impressed by a nice looking whitepaper and ANN thread, but if you've been around long enough you'd know you have to look past all of that.  I don't see how the average person looking at all of the failures and scams wouldn't be discouraged, even disillusioned, but they still need to look at new projects with a very skeptical eye so as not to get scammed.

Or as I said in the beginning, don't even bother with them.
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October 26, 2019, 10:05:40 PM
 #185

Absolutely yes, because what we used to have before now has changed from being good to bad investment for most investors. Many times i have invested and got scammed which  gave me more fear to invest into cryptocurrency with my savings. The scam exit projects have been rapad among some bad eggs in this community, this has greatly affected the peace we used to experienced backed in those days.
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October 26, 2019, 10:14:33 PM
 #186

Absolutely yes, because what we used to have before now has changed from being good to bad investment for most investors. Many times i have invested and got scammed which  gave me more fear to invest into cryptocurrency with my savings. The scam exit projects have been rapad among some bad eggs in this community, this has greatly affected the peace we used to experienced backed in those days.
Sorry about your experience seeing that you've been scammed severally, the scam projects are really reducing confidence in crypto inventors. This is the more reason why we should always invest what we can afford to lose, it's all about knowing your risk limit. Well, IEOs done on highly reputable exchanges have reduced scam projects a lot, although not entirely.
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October 28, 2019, 10:43:22 AM
 #187

They are creating a very negative image for investors that are outside of crypto space. 90 percent of all ICOs this year, ended scam or did not collected their soft cap. Not an amazing statics to attract new audience to crypto market.
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October 28, 2019, 12:30:18 PM
 #188

They are creating a very negative image for investors that are outside of crypto space. 90 percent of all ICOs this year, ended scam or did not collected their soft cap. Not an amazing statics to attract new audience to crypto market.
With this ICO's died and I am hoping that they will not take for granted and trying to use IEO to scam again. Maybe, because we are not regulated and scammers can easily scam that's why it is easy for them to do such thing, but, on the other hand, investors are still responsible for their fund, so they should have been careful.
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October 28, 2019, 12:54:18 PM
 #189

I would disagree with most of the users here. It is true that these scam projects had tarnished the reputation of the cryptocurrency domain to a certain degree. At the same time, they had some positive impact on the users. Earlier, the investors frequently used to pump their money into various shitcoins. Due to the splurge of scams, now most of them have redirected their money towards Bitcoin. And this is very much evident from the rising Bitcoin dominance.
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October 28, 2019, 02:13:06 PM
 #190

It could be a factor. Now, some investors are hesitant but those investors who are really knowledgeable and are good researchers don't make this a hindrance.

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October 28, 2019, 02:47:54 PM
 #191

I would disagree with most of the users here. It is true that these scam projects had tarnished the reputation of the cryptocurrency domain to a certain degree. At the same time, they had some positive impact on the users. Earlier, the investors frequently used to pump their money into various shitcoins. Due to the splurge of scams, now most of them have redirected their money towards Bitcoin. And this is very much evident from the rising Bitcoin dominance.
And it is clear that fraudulent projects cannot completely kill the crypto space because it moves people to focus their attention on potential cryptocurrencies, no longer investing in junk projects, helping the market capitalization to focus and grow better. Besides, these scam projects can increase the perfection of crypto in the future when too many scams, good projects want to survive, they need to come up with innovative approaches and investment methods for everyone, IEO is one of the new ideas when it has greatly reduced fraud and increased the credibility of a project

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October 28, 2019, 03:04:23 PM
 #192

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.
They surely did and that was within the period of 2017 and early days of 2018. Currently most crypto enthusiasts have become aware of the schemes and tricks that these scammers use hence don't invest into these kind of projects. They come with promises of huge and unfeasible returns of investment. Their days are surely gone yet some noobs still fall prey to them Sad

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October 28, 2019, 03:05:56 PM
 #193

It could be a factor. Now, some investors are hesitant but those investors who are really knowledgeable and are good researchers don't make this a hindrance.
Yes some of it, but do not say entire because it is now ,there are just some factor that really affects it. Some investor does not believes in crypto because of what happen last year , many projects turns into scam ,even projects that are being advertize in different platforms as well as having a partnered projects as well. But the thing is many people quit crypto because of lack of hope, as what we can see 2yrs ago ,bitcoin has on its ATH then last year it dumps so hard, at that time many people loses their money because of a sudden bear market ,I think that is the main reason they are afraid to the unstable market.
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October 28, 2019, 03:22:56 PM
 #194

I think it is like that that the fraud project has killed almost the entire crypto market, especially with the confidence of investors who are starting to be reluctant to invest again with the current ICO project. and the emergence of IEO has attracted the attention of investors, many of whom prefer to invest in IEO that is safe from scamed.

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October 28, 2019, 04:01:31 PM
 #195

I think it is like that that the fraud project has killed almost the entire crypto market, especially with the confidence of investors who are starting to be reluctant to invest again with the current ICO project. and the emergence of IEO has attracted the attention of investors, many of whom prefer to invest in IEO that is safe from scamed.
Investing in IEO must be safer but not guaranteed profitable to all investors. Because many new exchanges are extinct, they also create thier own IEO program they make cheaper listing fee compared to popular exchange . so they can easily attract new developers to enter in them.
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October 28, 2019, 04:03:52 PM
 #196

Scam project has almost killed the crypto market, that is why a lot of people and investors had stop participating in ICO projects due to fraudulent projects. It is also the reason why bitcoin and other cryptocurrencies have experienced a huge downfall in the year of 2018. Good thing that everything are now recovering.
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October 28, 2019, 04:12:11 PM
 #197

For sure, scam projects are having a bad impact on the reputation of crypto, but at the same time investors become much more careful when choosing projects for investments knowing there is a high risk to loose all funds.
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October 28, 2019, 04:22:04 PM
 #198

For sure, scam projects are having a bad impact on the reputation of crypto, but at the same time investors become much more careful when choosing projects for investments knowing there is a high risk to loose all funds.
Risk is always there but the overwhelming amount of scammers will definitely have a bad effect it could affect the overall perception of people about how dangerous an ICO could be. It's like someone is doing mistake and the entire space take the blame.

If there's a way that allows us to reduce the amount of scammers it should be done because we don't want to repeat the mistake to what happened to most of kickstarter that people are just blatantly accusing that the whole kickstarter space is a bunch of scammers just because of some people.

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October 28, 2019, 04:53:19 PM
 #199

Scam project has almost killed the crypto market, that is why a lot of people and investors had stop participating in ICO projects due to fraudulent projects. It is also the reason why bitcoin and other cryptocurrencies have experienced a huge downfall in the year of 2018. Good thing that everything are now recovering.
Personally I am very scared to invest in any ICO project now based on the past unpleasant experience of scams in fact other investors too are very caution and wary of fraudulent happenings in the crypto space now I believed all these menace is killing the system now partly due to non regulations thus any dick and harry can anonymously create an ICO with a fake teams, whitepaper, roadmap etc which are all hoax to deceive investors.

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October 28, 2019, 05:20:35 PM
 #200

Scam projects have made some damage but not killing the entire crypto industry because on the other hand they open the eyes of investors that crypto investment is not a rich quick scheme. Nowadays investors became smarter on picking new projects though its sad because it causes them to lose their hard earned money before realizing  it.

 
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