the first reason why fraud projects are increasingly rampant?

[tbterryboy]

I always complain about ICO projects not just because of rewards? but because of the increasingly rampant project fraud!

on the other hand the first reason why we find it difficult to know about fraud projects or not, because almost most ICO projects look real !!
and this is very unexpected, that there is a site that offers services to create an ICO project complete with ERC20 Tokens!
with only $ 50 a person can make millions of dollars from the results of fraudulent projects

https://www.fiverr.com/wedowo/create-your-ico-website-and-erc20-token

imagine if this continues, then the rich will increasingly become rich !! scamers

I guess you may create an ERC20 token even for just $10 as someone offered dead cheaper coding in our services board if I remember correctly. I guess, just having a new ERC tokens will not be enough to kick off a project and to scam this community in the name of ICO. They must be needing lots of other set up to show us like a highly legit project.

It means I guess just spending 50 will not be enough to launch a scammy ICO in my opinion. Also, when the cost required to run an ICO increases then the chances for new ICOs for scam intentions may get reduced somehowe right?

[princerepon]

I always complain about ICO projects not just because of rewards? but because of the increasingly rampant project fraud!

on the other hand the first reason why we find it difficult to know about fraud projects or not, because almost most ICO projects look real !!
and this is very unexpected, that there is a site that offers services to create an ICO project complete with ERC20 Tokens!
with only $ 50 a person can make millions of dollars from the results of fraudulent projects

https://www.fiverr.com/wedowo/create-your-ico-website-and-erc20-token

imagine if this continues, then the rich will increasingly become rich !! scamers

It's pretty much easy and cheep to create an erc-20 token. Well their (ETH team) intention wasn't wrong. They create a opportunity for all people who want to make their own project in crypto industry. But you can't stop scammers to doing their shit jobs. No matter how much reliable process you find they will make a hole into that process and try to scam people anyway.

In 2018 when ICO give us unstoppable scam/dead projects people thought IEO is the solution for that. And now IEO is running the same direction because of many shit exchanges. So we have to survive form those things with our own experience. Don't fall for any greedy offer and always try to invest/promote on actual project.

[rathaha10]

This is really sad, scammers are really benefitting from others hard earned money. I do think we have to becareful while investing. And many will spend such little dollar, get more than 500$ and just mute. Some also do pay people on telegram to add up fake users just to increase the group growth and embarks on bounty .

I can't deny the fact that the introduction of IEO brought correction to cryptocurrency tokensales as all the projects that launch IEO's on trusted exchanges are kind of legit and trusted. For quite some times mow, only the good projects raise money now unless investors becomes gullible and invest in project that doesn't list on trusted exchanges. I admit the scam exits of most ICO projects in 2017/2018 contributes to the mess of a market we are dealing with as lots of investors bailed out after being scammed multiple times. I just hope a proper audit will be provided to vet start up projects, that way the rate of scam  will drastically reduce.

[Ifemini]

That aside, OP, fraud projects usually take advantage of present hype or precedence
And this is why as the halving draws nearer and nearer, and even after the bitcoin halving, there will be a lot of projects who will function for a short while befote dying off.

Always do your own research before investment

[bgaf]

If you check very you will see most of this dev folks always target Ethereum blockchain due to cheap cost to create a smart contracts and this is the reason why many scammers too always like to go for Ethereum blockchain. In fact if you check on services discussion you will see many users that offer such services at a very low cost.

Yes and thats what makes ethereum have a lot of negative feedbacks from investors, hunter, and traders. They are allowing the creation of unknown people of tokens of erc20 without much restriction. Imagine how many scammers using it or gained from using eth blockchain? Creating tokens with eth network is so easy and not costly so this is really a perfect platform for scammers.

[gikere]

I just don't understand why even so many years have passed but people still fall for ICO scam. Many case studies for ICO scam and I thought people would smarter. Though we won't able to remove ICO scam completely but at least, reduce the number of victims that fall for ICO scam.

[JoMarrah Iarim Dan]

If you check very you will see most of this dev folks always target Ethereum blockchain due to cheap cost to create a smart contracts and this is the reason why many scammers too always like to go for Ethereum blockchain. In fact if you check on services discussion you will see many users that offer such services at a very low cost.

For that reason why a lot of token sales are fake and useless. It's different compared to other token sales that shows the correct amount of token being brought by investors. This scammers will always create a fake websites with fake project team. Nowadays, investors must be smarter to determine the real one who invest with. Scammers are one reason why people are affraid to trust cryptocurrency

[soramon]

Well its a tricky & smart moves from scammer. The scammer is too smart gain attention from investor. I think this is a common mistake why people got frauded. Thats why we need to make a research deeper. Try to find out anything suspicious from that project.

[Anonylz]

Evidently some project don't spend much to have their project running, yet they will demand for such high target to develop a project they may never see the light of they because they will ended up scamming the poor investors and disappear, good thing that this informations are now in the open for all to see, it is no surprise that only few project are genuine, rest are created to cheat and deceive people.

[poodle63]

Evidently some project don't spend much to have their project running, yet they will demand for such high target to develop a project they may never see the light of they because they will ended up scamming the poor investors and disappear, good thing that this informations are now in the open for all to see, it is no surprise that only few project are genuine, rest are created to cheat and deceive people.

Well that's exactly why there's such thing called white paper or such for the potential investors to review first before giving away their money to the project. The investors should know the thing or understand the project before investing and that a must, that one investor who usually just slacking around will have the consequences although I hope there's better solution to that.

[DonFacundo]

Wow with that $50 they can make millions, this is why we need to research the project carefully before to invest. We can not stop the scam projects but we can prevent it.

[Nnuego]

This is the main reason why I don't like investing in running ICO project because of scam. I do prefer already trading project that has strong team and potential. I can't afford losing money for fraudulent project that only spent penny in making the project

[Anonylz]

Evidently some project don't spend much to have their project running, yet they will demand for such high target to develop a project they may never see the light of they because they will ended up scamming the poor investors and disappear, good thing that this informations are now in the open for all to see, it is no surprise that only few project are genuine, rest are created to cheat and deceive people.

Well that's exactly why there's such thing called white paper or such for the potential investors to review first before giving away their money to the project. The investors should know the thing or understand the project before investing and that a must, that one investor who usually just slacking around will have the consequences although I hope there's better solution to that.

Yeah, how many project have scammed investors even with the most beautiful well written and structured white paper? There are lots of them, having a white paper don't exactly appear to be a guarantee that something good will come out of the project, infact, white paper is not the issue,  the team are, some of the dev team often let their greed get the better of them, money has alot of power if you don't know, if you are not dedicated to the cause, you can easily get carried away with the money you earned for the development of the project.

[Jateng]

Well its a tricky & smart moves from scammer. The scammer is too smart gain attention from investor. I think this is a common mistake why people got frauded. Thats why we need to make a research deeper. Try to find out anything suspicious from that project.

Some legitimate review coming from experience users will us to convince that it's another from of scam projects. The deeper you research the more chance that you will not end up with nothing and just waste another effort and time. You can rely on previous real projects on how they execute their project and documents. Some whitepaper are just copy-paste in other project and team behind them is not real. Lastly, join the project that run by trusted BM here in the forum.

[Kezacky]

Scammers are feeding fat while we are swimming in loss that is the stories of ICO in the past. I guess the rate of scam has reduced drastically over time thank God for every individuals that are taking their time to analysed projects before engaging in it.

Scamers feed their victims in various ways, especially about high rewards and it always happens whether through ICO, airdrops or faucets. I feel that ICO fraud has not diminished and instead has become even more rampant. it is important for you to be more thorough before joining any project and not expect high rewards from the ICO project.

[Zazzu]

Wow with that $50 they can make millions, this is why we need to research the project carefully before to invest. We can not stop the scam projects but we can prevent it.

It can only happen in 2017 or 2018. Currently investors are much more careful than before and they will check everything about the project before deciding to invest. So bullshit projects like before certainly will not be able to deceive investors

[DU18]

I always complain about ICO projects not just because of rewards? but because of the increasingly rampant project fraud!

on the other hand the first reason why we find it difficult to know about fraud projects or not, because almost most ICO projects look real !!
and this is very unexpected, that there is a site that offers services to create an ICO project complete with ERC20 Tokens!
with only $ 50 a person can make millions of dollars from the results of fraudulent projects

https://www.fiverr.com/wedowo/create-your-ico-website-and-erc20-token

imagine if this continues, then the rich will increasingly become rich !! scamers

One of the ways for fraudsters to get money from victims is by offering investments that have small capital but provide high yields, and even beyond human logic, but that is of course humans are greed become a weakness that is easy to be used by fraudsters, I think we have to be careful in every mode of fraud today because if we are tempted by what the fraudsters offer, of course we will only get into trouble, and also lose the money we have.
Of course, before we make an investment, it's better to check with details about what they offer and don't easily believe the swindler's sweet promises.

[tycsols]

Haha even i saw one similar service at the marketplace section of this forum too, i think scamming and begging are the two easiest forms of getting easy money without doing anything yourself and i even categorize ponzi schemes, mlm programs and other similar projects, where there is no real business or revenue generation and just the money is circulated from one hand to the other, as scams.

[JungleOnion]

The main reason is lack of regulation. The industry needs safety standards that allow only validated startups to open ICO sales. Up to this date, anyone can make an ICO and is up to you to believe in the project and invest.

[ife2020]

Fraudulent projects are always rampant, here and there; maybe perhaps you did not take notice.
But recently, fraudulent projects are enormous due to the impending bitcoin halving coming soon; several frauds want to take advantage of the general pump that follows altcoins after bitcoin moons.

It is up to investors to do their research, and choose the best amongst the valid projects.
There will be more projects as the halving draws even closer.