The lack of TRUST in the crypto space right now is horrifying

[MunirHelal]

Hi everyone,


  This is my first post here on the Bitcointalk forum.

What happens right now in the crypto space is both exciting and horrifying.

Why exciting? The worldwide landscape is changing thanks to Blockchain / DeFi projects that bring real value. We are living in a beautiful era - Web3.0 - where anything seems possible ( NFTs, Finance, Stakings, moonshots, etc. ).

Why horrifying? Because you can lose everything in one day. More and more scams are taking place. I personally have been targeted hundreds of times on social media by bots or scammers, pretending to invest/manage crypto on my behalf. I got dozens of emails, 'blackmailing' me by asking BTC to a specific address, or else I'll find myself naked on the web 

But these are not the worst scams yet. At the moment, the most dangerous scams are coming from pump&dump projects and crypto influencers.

We all know what a pump n dump means. Let's focus on the crypto influencers.

Basically, every new project wants to generate awareness and exposure to the crypto community fast. The solution? Influencer marketing.

The process consists of contacting the influencer, presenting the project, and getting a price quote from him. Usually, the prices and humongous and the execution is, well, really really weak.  Thousands and tens of thousands of dollars for some tweets/posts with your own copywriting. Yeah, that's it. That's how weak their execution is - copy-paste, then cash in.

Fake ICO's, pump&dumps, and other shitty projects are being presented to moonshot seekers, wanting to get rich overnight, but ending up losing everything instead. No quality control, no research whats so ever.

  Well, here is where things get optimistic. What if people could be held accountable for their actions? What if this accountability would be stored on the blockchain?

This is what Coreto.io has been working on for the last 2 years, a platform to hold people accountable for the information they share. Their ALPHA will release somewhere this spring and i am very excited to be riding this wave early.

Find out more about their project on Twitter or www.coreto.io. They also have a telegram group where you can discuss directly with the co-founders (https://t.me/Coreto).

  Hope this post sparked some interest regarding the lack of trust and transparency. Have a great week everybody! 

[larus]

There are so many scammers in the internet, especially in crypto. Why we should trust others in such situaton?

[MunirHelal]

  Hi, larus,

I will explain my point of view since trust is a sensitive subject.

  Generally speaking, I'm very skeptical in life and trust has to be earned IMO. The way I go about trust is by fact-checking everything I get involved in ( may it be a conversation or a business association ). Also, I personally choose to be transparent on the web, starting from using my real name up to making everything I post or share publicly.

So, I never ask people to trust. I ask them to fact check, research, and make a decision based on their own knowledge.

  Now, if you are referring to the project I mentioned in this post, Coreto, take a look for yourself in the Telegram group, on their social media and website.

I hope I was able to offer a useful point of view.

[Daodex]

If you want to invest in crypto projects push trust aside because you won't be needing it, why? Crypto is a high risk investment plan wether you like it or not, for something that is highly volatility well yes you can easily lose it all in a day, it's why we are warned to only invest what we can afford to lose

[Bravehash]

If you lost everything in one day then the fault is on you, that's because you invested your hard earned money on shitcoins without proper research, also as a newbie in this space you don't have to jump into new altcoins without good research skills, if you are in haste invest in BTC or top 10 altcoins

[20kevin20]

Cryptocurrency has been designed to specifically remove the need of trust. So to most of us, the "lack of trust" is actually what we are looking for.

Holding people accountable for the info they share seems to me like censorship tbh. I'm against illicit content, but other than that I'm quite open about the stuff people rant about. Censorship is definitely not something I'd want to support.

[MunirHelal]

Well, @20kevin20, censorship has no place in crypto, of course.

The pain point most of the crypto users have is the lack of trust in the so-called crypto influencers and their crazy shilling attempts.

Grooming projects, sending price signals, etc.

Now that we have an open ledger, I think we can combine the censorship of data ( the core of Web3.0 ) regarding transactions & other information, but also have 100% transparency regarding price predictions/project promotions, etc.

How many would have the gut to really start pushing forward only reliable projects, with solid teams, marketing activities, and results?

[batang_bitcoin]

Those things that you have mentioned are becoming common in crypto space. In scams, you just have to ignore those spam comments that you are seeing on social medias. You're not the one that's being targeted by those but everyone who take notice of them and that's why it's best to ignore them and don't put your attention to any of those. And about pumps and dumps, avoid them too. If you're not experienced on it and you're someone who just follows the suggestion of people on the group that you're also with, don't be too gullible with the coins that they tell you to buy.

[Fivestar4everMVP]

First, i wanted to merit your post because you really talked sense but i changed my mind when i saw its all because you want to promote a company, if i merit you, it will look as if we are both promoting the company which i personally is just getting to know from you now.

Talk about scam, it has been one of the major problems of this industry, many project i cant really remember their names in the past have come claiming to solve the scam thing in crypto currencies but they later in the future turn scam themselves, the space is so messed up right now that it has become very difficult to trust any new projects most especially those with anonymous team.
but hopefully, all this will be in the past soon , and thanks for the project anyway, will take a look and see if its worth throwing some money into.

[adzino]

Welcome to the forum. Make sure you read the rules and understand how the forum works before making further posts .

Why exciting? The worldwide landscape is changing thanks to Blockchain / DeFi projects that bring real value. We are living in a beautiful era - Web3.0 - where anything seems possible ( NFTs, Finance, Stakings, moonshots, etc. ).

Nothing has changed yet. We are still using old technologies. Blockchain technology is still in its infant stage and will take decades before everyone starts using this new creation (note that I am not talking about crypto currencies).

Why horrifying? Because you can lose everything in one day. More and more scams are taking place. I personally have been targeted hundreds of times on social media by bots or scammers, pretending to invest/manage crypto on my behalf. I got dozens of emails, 'blackmailing' me by asking BTC to a specific address, or else I'll find myself naked on the web 

That is not horrifying. Every investment has risk. If you invest in stocks or a business, there is a chance that you will lose everything. So do you classify them as "horrifying"?
Nope, you don't. And scams exists everywhere. You just have to be smart to not fall for it.

This is what Coreto.io has been working on for the last 2 years, a platform to hold people accountable for the information they share. Their ALPHA will release somewhere this spring and i am very excited to be riding this wave early.

Find out more about their project on Twitter or www.coreto.io. They also have a telegram group where you can discuss directly with the co-founders (https://t.me/Coreto).

  Hope this post sparked some interest regarding the lack of trust and transparency. Have a great week everybody! 

If you are trying to promote your project, make a proper ANN thread. You will attract more people  this way.

[Ozero]

If you want to invest in crypto projects push trust aside because you won't be needing it, why? Crypto is a high risk investment plan wether you like it or not, for something that is highly volatility well yes you can easily lose it all in a day, it's why we are warned to only invest what we can afford to lose

There can be no trust in cryptocurrency when it comes to financial relationships. After all, we communicate without even knowing in which country our interlocutor or partner is located, and from his data we can only know a pseudonym in the world of the Internet and cryptocurrency. We must also take into account that there are many different hackers and scammers who are just waiting for our mistakes to get hold of our money.
Since in the world of cryptocurrency we do not know with whom we communicate, there can be no trust here. Everything should be strictly based on established rules of conduct.
...

..........

[el kaka22]

I do not think it is as high as ever, in 2017 there were a lot more scams because people got funding in ETH in exchange for their coins via ICO's and some of them literally didn't even published it, and that is really special level of evil, you know why?

In order to get that funding, they had something basic, and people checked it, so it was there, people knew what will be released and sure there was roadmap as well and maybe they could have bailed out on the roadmap and people took that chance but they knew that at least they knew the basics of what they have right now and those scammers took the money and didn't even release the code they already had finished, that is really bad. This year we have seen some scams but nothing huge, I haven't heard of any 1+ billion dollar news just yet and until that happens I do not think that we will be in a big trouble.

[TheMimic1]

Lack of trust is why people know and understand where to put their money, as you can see this present bullrun shows that no room for shit altcoins to pump and that's because no one is buying them, lack of trust isn't bad it brings more cautious before investing

[MunirHelal]

If you want to invest in crypto projects push trust aside because you won't be needing it, why? Crypto is a high-risk investment plan whether you like it or not, for something that is high volatility well yes you can easily lose it all in a day, it's why we are warned to only invest what we can afford to lose

Hi Daodex, in my opinion, we have to place our trust in some things at some moments. Look at the whole financial system - it lives on the idea of trust. Surgeries in a hospital? 99% of you don't know the doctor, but trust his skills. So, I would say this also applies to the crypto world.

We trust the hardware wallets and their technology to keep our funds safe. We trust exchanges like Binance to send into our accounts the bitcoins that we buy.

Trust. I think a big percentage of this world works on trust. Especially everything regarding money.

After all... we trust a piece of information on a blockchain to bring us future gains.

[MunirHelal]

If you lost everything in one day then the fault is on you, that's because you invested your hard earned money on shitcoins without proper research, also as a newbie in this space you don't have to jump into new altcoins without good research skills, if you are in haste invest in BTC or top 10 altcoins

That's correct - put at least 20-30 hours of research, go deep in every rabbit hole on Google, YouTube, and other platforms before investing your hard-worked money.

[MunirHelal]

First, i wanted to merit your post because you really talked sense but i changed my mind when i saw its all because you want to promote a company, if i merit you, it will look as if we are both promoting the company which i personally is just getting to know from you now.

Talking about scams, it has been one of the major problems of this industry, many projects i can't really remember their names in the past have come claiming to solve the scam thing in cryptocurrencies but they later in the future turn scam themselves, the space is so messed up right now that it has become very difficult to trust any new projects most especially those with anonymous team.
but hopefully, all this will be in the past soon, and thanks for the project anyway, will take a look and see if it's worth throwing some money into.

Fivestar4everMVP thanks for your reply. This is one of the projects that I believe in, along with bigger players like ADA and EGLD.

You mentioned something interesting - anonymous teams. Well, Coreto has a very "public" and open team, especially on Telegram.

The trust issue in crypto is something that bothers me a lot at the moment. See projects like Meerkat, with a 31M$ loss in a few minutes. I myself am pretty skeptical about things in general. This is why we have to be as educated as possible to catch the red flags before doing anything.

[Bitloca]

I think, in today's internet era, it is very difficult to trust someone. Especially in the cryptocurrency market where everyone can create their own token and platform and organize a token sale program. The point is we have to do research and verification first before investing. And keep in mind that investing in crypto is very risky, at any time you can lose your money.

[Gozie51]

I got dozens of emails, 'blackmailing' me by asking BTC to a specific address, or else I'll find myself naked on the web 

The crypto business is surely a space that you can be scammed if you are not careful. Just don't put your money if you are not sure. On the naked picture lol, do you put your naked pictures on the web? If not then everybody who has seen your nakedness will surely know the original you and the photo shopped you 

[imstillthebest]

the word you use are horifying and exciting is subjective  .
 if that will be use in btc only 1 word is going to qualify and that is exciting because of the price of btc that gives us a suspense if it will continue to 60k or it will continue going down to 30k .
 there is no horifying moment in btc because btc isnt a scam coin and when it comes to trust we that are in this game for a long time puts our trust to btc in hundred two percent but for newbies the percent that they can give can scale down under a hundred

[carlfebz2]

I got dozens of emails, 'blackmailing' me by asking BTC to a specific address, or else I'll find myself naked on the web 

The crypto business is surely a space that you can be scammed if you are not careful. Just don't put your money if you are not sure. On the naked picture lol, do you put your naked pictures on the web? If not then everybody who has seen your nakedness will surely know the original you and the photo shopped you 

Just only use up your own common sense and you will be fine because having this will really be saving up your ass into anything that you do seem that you will really be putting on yourself in trouble.

In speaking of lacking of trust here on crypto then i cant really blame of those people who doesnt have trust nor confidence on making out investment and also with those blackmailing attempts

then there are lots of them and if you are a person who do easily got scared when someone scare you off or asking out something then you shouldnt really be having that
kind of behavior.