SHOULDN'T THE DEVELOPMENT OF TOKENS BE MORE SUPERVISED ?

[Ifunanyawinner]

These days, the number of scam projects in the cryptocurrency space is really getting alarming.
It seems as if creating a cryptocurrency or token is as easy as opening a facebook account, and that's why rug pulls and other forms of crypto scams is rampant now.
Shouldn't the blockchain technology restructure their requirements and tighten their audit methods to prevent or to an extent, reduce this menace?
I think some progressive actions should be made, like more strict supervising and audits and as well, due consequences should be attached to defaulters.
Cause it's really disheartening the loss being recorded everyday due to elaborate cryptocurrency scam schemes.

[Dave1]

I know where you are coming from, this is the nature of crypto when I first get in back in 2017. But the question is, who are going to supervise the development of projects?

I mean this market is open, everyone can development anything promote it through social media, create a hype and make money. Unfortunately this is the nature of the crypto world we lived it. So the best weapon, or at least what we can do on our part is to really investigate the projects that we are going to invest our hard earn money.

[ryzaadit]

Welcome to crypto.

You should know, "Crypto & Blockchain" cannot be moderated because everyone can created their own project, coin or token that's part of "OpenSource". If there has some company or person can control the blockchain or crypto space then is not decentralized.

To avoid this, you just need to educate your self how to prevent getting a scam! search on youtube, forum or internet, I believe already a lot people sharing how to prevent this but off course is not guaranteed 100%.

At least you can research and make your own due diligence, the only problem on crypto-space to many stupid people who believe can get rich faster by investing on shit meme token just because the hype. That's the reason why most people getting loss/scamm.

[tsaroz]

Not all crypto tokens or projects are same. There are a several types which are minted with different purpose and serve different userbase. There surely are some projects and tokens that works with authorities or supervising agencies, some goes for self sponsored audits while several others have completely different stance towards regulations or supervisions. There are coins that just mean to be meme, some are proudly elaborate ponzi while some wants to be as anonymous as possible. So, users have options to choose from. And where there is low risk, there ought to be low profit.

[Bttzed03]

These days, the number of scam projects in the cryptocurrency space is really getting alarming.

It started more than four years ago.

It seems as if creating a cryptocurrency or token is as easy as opening a facebook account, and that's why rug pulls and other forms of crypto scams is rampant now.

But it is that easy if you have knowledge in coding. That's what smart contracts are for.

Shouldn't the blockchain technology restructure their requirements and tighten their audit methods to prevent or to an extent, reduce this menace?

If you're suggesting that developers should switch from open source codes to closed source then that's a no. Some popular blockchains today are centralized and not completely open source but there's still a level of freedom for these devs to create a token.

I think some progressive actions should be made, like more strict supervising and audits and as well, due consequences should be attached to defaulters.
Cause it's really disheartening the loss being recorded everyday due to elaborate cryptocurrency scam schemes.

Audit of source codes is pretty normal today but you still see some scams pulled by these devs. One reason why that's the case is because these "investors" do not read the warnings placed on the report. It's their fault for not practicing due diligence befor buying.

[avikz]

These days, the number of scam projects in the cryptocurrency space is really getting alarming.
It seems as if creating a cryptocurrency or token is as easy as opening a facebook account, and that's why rug pulls and other forms of crypto scams is rampant now.
Shouldn't the blockchain technology restructure their requirements and tighten their audit methods to prevent or to an extent, reduce this menace?
I think some progressive actions should be made, like more strict supervising and audits and as well, due consequences should be attached to defaulters.
Cause it's really disheartening the loss being recorded everyday due to elaborate cryptocurrency scam schemes.

That's one of the pitfalls of a decentralized market where we don't have a governing body or a regulatory framework. There are tens of thousands of crypto projects available in the market and scammer are making full use of the crypto market to become rich.

Also it seems that most of these scam coins are listed on a single platform - pancakeswap! I am not sure who runs this exchange but he/she must take some measures to minimize listing of new coins which has really opened up the can of worms!

[Jackl87]

These days, the number of scam projects in the cryptocurrency space is really getting alarming.
It seems as if creating a cryptocurrency or token is as easy as opening a facebook account, and that's why rug pulls and other forms of crypto scams is rampant now.
Shouldn't the blockchain technology restructure their requirements and tighten their audit methods to prevent or to an extent, reduce this menace?
I think some progressive actions should be made, like more strict supervising and audits and as well, due consequences should be attached to defaulters.
Cause it's really disheartening the loss being recorded everyday due to elaborate cryptocurrency scam schemes.

It's definitely true that there are like 100 of new tokens that are appearing each and everyday and it's almost impossible to keep track of all of that and from those 100 projects i would guess that at least 95% are just another meme-coin (or sh*t-coin). For meme-coins it is definitely true that the creation is just as simple as opening a facebook acount. You just create another BSC or ETH or whatever token name it after Elon, Shibu or whatever. Then you only need to use a generic website template and that is pretty much it. I don't think you can really do much against that. The only thing you can do is to not buy such sh*t-coins.

[Teraboy]

These days, the number of scam projects in the cryptocurrency space is really getting alarming.

I see that and there are bunch of scam tokens in the market. that's why so many complaints appear about that coz they have become victim from the scam projects.

It seems as if creating a cryptocurrency or token is as easy as opening a facebook account, and that's why rug pulls and other forms of crypto scams is rampant now.

I can say yes and it's pretty easy to issue new token and there are so many freelancer was also offering this kind of service as well to create new token for the scam purpose only. There was also another problem is so many shit coin gamblers in the market never gets bored even when they have got scammed so many times.

Shouldn't the blockchain technology restructure their requirements and tighten their audit methods to prevent or to an extent, reduce this menace?

It will be eliminating the main purpose of blockchain but that's also good to prevent the scammers to spamming network with scma token.

I think some progressive actions should be made, like more strict supervising and audits and as well, due consequences should be attached to defaulters.
Cause it's really disheartening the loss being recorded everyday due to elaborate cryptocurrency scam schemes.

This time so many projects are also doing regular audit and it can be seen from the site like certik. That's why smart people will never the shit coin believers to buy scam token.

[zasad@]

These days, the number of scam projects in the cryptocurrency space is really getting alarming.
It seems as if creating a cryptocurrency or token is as easy as opening a facebook account, and that's why rug pulls and other forms of crypto scams is rampant now.
Shouldn't the blockchain technology restructure their requirements and tighten their audit methods to prevent or to an extent, reduce this menace?
I think some progressive actions should be made, like more strict supervising and audits and as well, due consequences should be attached to defaulters.
Cause it's really disheartening the loss being recorded everyday due to elaborate cryptocurrency scam schemes.

I think you should stop reading Twitter Elon Musk and Paris Hilton
In a decentralized world, it is impossible to control the launch of new projects and force them to audit. An audit is generally not a guarantee of security.
This was shown by the practice of hacking defi projects, and many hacked projects had audits of well-known companies.
https://bitcointalk.org/index.php?topic=5267124

[Williamm07]

The word supervised will erase crypto Decentralisation mate that's why I don't think it will work, we want freedom from centralised power thats what makes BTC a good asset and many other crypto projects followed such idea as well, there are too many new projects but we people are the ones to try and always avoid scam projects

[Synerggy]

Its impossible friend, many crypto survived the touch of the government because they are decentralized but if supervising projects become a reality this will erase the decentralized part of every crypto projects and turn them into full centralised projects

[zasad@]

Its impossible friend, many crypto survived the touch of the government because they are decentralized but if supervising projects become a reality this will erase the decentralized part of every crypto projects and turn them into full centralised projects

Serious cryptocurrency projects have long been centralized and operate in accordance with the laws of the countries in which they are registered.
I'm talking about projects like OpenSea, which has changed rapidly.
If we talk about small projects that will not work according to the laws of the states, then they will not attract investment and will not be able to develop.

[isaac_clarke22]

~

Not surprised that people are now looking for regulation in crypto though it won't work as obviously this is a decentralized space anyway. I can still recall back then that ICOs were still like booming and slowly dying back in 2017 and people were looking for regulations due to scams popping up.
It is just not going to happen.

[HardCore12V]

The only way a project can stay fully decentralized this days is if the team remain unknown just like BTC, government wants to be everywhere including the decentralized world too so many projects calming to be decentralized aren't really decentralized for they have made themselves known to the world.

[jaberwock]

It seems as if creating a cryptocurrency or token is as easy as opening a facebook account, and that's why rug pulls and other forms of crypto scams is rampant now.

But it is that easy if you have knowledge in coding. That's what smart contracts are for.

It is literally 10 minute job to create a copy of pancake/uniswap. I can do it in an hour and I am not even a developer. Obviously you need a new logo and a new design for the website which would be the bigger challenge, but if you can take what they have, put it on a new website, then slowly change the design then you are going to have your own "project". It will not be good and it will probably not get you rich but at the very least you could spend like a few thousand dollars and make it back.

Of course, if you end up actually believing the project then you will actually get it audited by CertiK and in that situation if you are not a serious project you will get screwed and nobody will invest into you when they find out how you did it. Long story short starting a new project to make a few thousand dollars is easy, starting a real project is not that easy at all.

[bittick]

As far as i know that DOT is the only platform that is aware about this problem and that's why DOT was implementing verification for anyone who wanna issue their assets in the DOT blockchain. This may become a very strict restriction but it can also make another problem just like the platforms will have less demand on it. People should have done their own research but again when it comes to the shit token and there will always be shitcoin speculators that are making the scammers wanna try to make more and more shit tokens. These speculators are the main problem.
Should KYC for tokenization became the new standard in asset creation?

[nurilham]

Shouldn't the blockchain technology restructure their requirements and tighten their audit methods to prevent or to an extent, reduce this menace?

The question is then, who will do this?
We know that everyone can create their project in blockchain system, none control blockchain, and we don't even know who use  the blockchain technology to create legit or scam projects.
Scam projects will never end, like this. That is why we cannot lay on that kind of power to stop scam projects. What we can do is by making ourselves aware of the new projects that are probably scams, hype projects only, shit projects, and also legit  projects. We should be smarter everyday because there will be always new projects upcoming every day and we cannot stop them.

[goinmerry]

These days, the number of scam projects in the cryptocurrency space is really getting alarming.

Not just these days but even before. It's alarming not because they are growing in numbers but still, new people are getting scammed. It's not a reason that they are newbies but they are just not taking seriously their investment and will just invest anywhere no matter what as long as there's a speculation that those projects will have their moon price someday.

[cypher.build]

You may be able to create a DAO of sorts that could try to maybe govern it, but I mean really due to the nature of blockchain anyone can deploy a smart contract and create a liquidity pool to give it a value on the DEXs.

Having some sort of governance is for the best, but it should be the community as a whole that can do it.

[o48o]

These days, the number of scam projects in the cryptocurrency space is really getting alarming.
It seems as if creating a cryptocurrency or token is as easy as opening a facebook account, and that's why rug pulls and other forms of crypto scams is rampant now.
Shouldn't the blockchain technology restructure their requirements and tighten their audit methods to prevent or to an extent, reduce this menace?
I think some progressive actions should be made, like more strict supervising and audits and as well, due consequences should be attached to defaulters.
Cause it's really disheartening the loss being recorded everyday due to elaborate cryptocurrency scam schemes.

What you are asking for is centralization. And with centralization we could just use databases, and whole point of crypto is being permissionless. With freedom comes scams, and criminals obviously will use this space, for many reasons. Mainly to exploit greed of people.