SHOULDN'T THE DEVELOPMENT OF TOKENS BE MORE SUPERVISED ?

[jossiel]

Everyone is free to use blockchain as there's no requirement really needed for its deployment but, as long as you've got the budget on who's going to do it, everyone can do it.

Before it wasn't like this that we're looking for regulation and we've all liked decentralization which starts from bitcoin. It's all behind the blockchain technology that's being adopted by the newer projects. Just like in the proliferation of scams worldwide, we just have to be careful and vigilant so that we won't be a victim.

[BitKongy]

I don't know what to believe any more, if we allow crypto projects to be supervised by the law or government scammers will reduce and investors will know exactly where to put their money but the government are humans too and they can break the law easily, we will be under their power which to me isn't good, I think we should just leave things the way they are right now

[franky1]

anyone can create a product, good, service, token.. nothing should stop that and hard to manage/moderate..
however when that product/token is then advertised for sell to the general public. then that should be moderated/supervised whereby law enforcement should get involved in stopping it, should users/customers get scammed by it

but with that, if you are producing something for personal use and doing it in private where the general public are not harmed.. then aswell as not being easy to moderate/enforce. it should be upto those in private to sort each other out

but the general rule is. if cant slap someone with a wet fish if they wrong you. if you cant file a lawsuit against them. dont just hand value over to strangers, even if said strangers tell you a good story

[jrrsparkles]

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.

Decentralization let the people to create whatever app they want and there is no such thing called auditing or monitoring in cryptocurrency blockchain, you should take the responsibility of analysing before investing your money and I will say the chances of even a legitimate project to be successful in 2022 is rare so I will go for the existing coins not the new coins because its available for cheaper and someone claims it as next Bitcoin.

[btcltcdigger]

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 what you meant to say is "regulated" instead of supervised.
It0s an oximoron in crypto space, as this space seeks to be detached from standard regulation, yet the same detachment is a breeding grounds for scams and moneygrabs

[wxa7115]

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.

The short answer to your question is no, the market of cryptocurrencies is for the most part open source and decentralized, how exactly are you going to supervise that? You will need a centralized authority telling you which project is good and which is not, but it is not that something we were trying to get away from on the first place?

In my opinion you are making a huge mistake, it is true the number of scams is huge in the market but instead of accepting the fact you are your own bank now you want to delegate that power away, and if that is what you want then stick to fiat and leave this market alone since this market is not going to change just to accommodate people with those kind of views about it.

[so98nn]

Impossible.

You are suggesting to confiscate the decentralised operations and still use it as decentralised asset.
You can’t control anything that is being made on the blockchain or crypto environment more precisely. These projects and involved teams might control the process, structure and flow of the project as whole but unfortunately we can’t control them on how it should be done.

That’s the whole point of crypto projects. They are free, publicly accessible to develop and manage.

[shinratensei_]

That's not easy to restrict the blockchain like that, so many people can't even accept it. this has even been implemented by some blockchain in the past but this restriction gives limitations for people to use it for the private reason like issuing a token for their store and many more. The development can be more transparent when you're aware of it through knowing the result from the audit and many more. These days people know that if they can keep their eyes into the project through various things. Audit has become a new standard when you are issuing a new token to make sure that there will be no a critical code in your smartcontract.
Being transparent was so good but about the restriction and yes so many people didn't even like this and this is also decreasing the demand from the crypto project itself.

[aioc]

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 been alarming ever since the start and hype of ICO, the losses are amounting to billions of dollars, creating a coin and getting it hype and scamming investors is a lucrative venture for scammers, the rule is if you don't want to get scammed don't get involved or learn how to trace a good project it's impossible to monitor and regulate these new projects, like in this forum scam is not moderated, it's always investing at your own risk, the key here is helping one another to warn people if you have pieces of evidence that a project is a scam.

[AmoreJaz]

Impossible.

You are suggesting to confiscate the decentralised operations and still use it as decentralised asset.
You can’t control anything that is being made on the blockchain or crypto environment more precisely. These projects and involved teams might control the process, structure and flow of the project as whole but unfortunately we can’t control them on how it should be done.

That’s the whole point of crypto projects. They are free, publicly accessible to develop and manage.

at the end of the day, it is you as a user have the final say on where to invest your funds. as it is not possible for an entity to look over the alt market, it is your job to look over your investments. this is the type of market where everyone can create their own project and leave whenever they want to. as most are anonymous projects it would be your prerogative whether to invest or not on a specific project and you can't blame anyone also whatever the results here

[Kyraishi]

You can't have both accessibility and zero regulation.

If you want the masses and the unbanked to access crypto and DeFi, then you just have to forego a lot of the protection that the regulators offer.

Otherwise, you'd be taking a step backwards in terms of the ease of people getting into the space without KYC/AML tying them up unnecessarily.

If you do your due diligence, none of this should even be an issue. Scams are so easy to spot.

[Dr.Osh]

speaking of supervised, nothing seems better than the government. Unfortunately, crypto and government are quite different which makes that very difficult to do. Well, I agree that at the moment it looks like the development of new projects should be more closely watched and monitored, but the question is that no one is currently officially overseeing the development of new cryptos.
however, personally, I tend to have more personal standards in choosing new projects than dealing with oversight, such as team clarity and so on. however, when the identity of the team is known, their location, etc., it will increase investor confidence rather than having no team information at all. well, so far, things like this have been asked and wanted a lot, however, it seems that there is still no guaranteed solution to the problem of this new project.

[Looper_U]

If crypto gets supervised one way or the other then it's over, we won't be ever free from the power of centralisation, every thing will be controlled by the government is that what you want? We adopters of this technology are the ones to try as much as possible to always avoid scam projects, this is the least we can do

[dEjAvOU]

There are too many projects on the market, even now more than 16k are available, it is impossible for anyone to supervise all these projects and this is what makes us have to make strict regulations including money guarantees so that they are not used for scams.

[wxa7115]

Impossible.

You are suggesting to confiscate the decentralised operations and still use it as decentralised asset.
You can’t control anything that is being made on the blockchain or crypto environment more precisely. These projects and involved teams might control the process, structure and flow of the project as whole but unfortunately we can’t control them on how it should be done.

That’s the whole point of crypto projects. They are free, publicly accessible to develop and manage.

It really seems that people come to this market without understanding the differences of traditional markets and a market like this one, bitcoin is not only another form of money, bitcoin is a completely different way to understand the economy.

This means that we cannot hope that the same principles that operate in the traditional markets like an authority which supervises investments all over the world is going to work here, and even if at some point the governments try to impose those same limitations in this market then they will fail, and if in the worst-case scenario they succeed then one of the main reasons to be part of this market will be gone and some of us will leave the market.

[vv181]

Cause it's really disheartening the loss being recorded everyday due to elaborate cryptocurrency scam schemes.

Specifically in regard to the quoted above, cryptocurrencies characteristic does not imply it causes more innovative scamming techniques that happening in our real-life world, many are based or already happened before even cryptocurrencies have its existence. I rather think it got amplified by how cryptocurrency works, especially the pseudo-anonymity parts whereas those ignorant people are getting deceived day by day.

Losses by a scam is indeed a tragedy, but to sacrifice by having strict regulation or forcing people to be monitored in regard to what cryptocurrencies they should invest in or how the cryptocurrencies project require strict guidelines wouldn't solve the problem either. The problem some people should really take into consideration of "being your own bank". With that, an extra step to learn how to protect themselves is essentials.

[eaLiTy]

~
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 progressive action you are talking about, supervision by the government. I am not sure that would be a great idea but with the insane number of scam projects we might see the government intervention in the future but the problem is that it will halt the development of genuine projects. There are private audits in the space and even then some of the projects vanishes without much trace.

[TheUltraElite]

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

I would correct the word "these days" to "everyday" It has been like that since the time money was first used by man. Scams exist since humans existed and avoiding them is the key.

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.

It is easy to do that and hence there is a need for regulation of crypto projects by some government body, is what I feel.

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

If you do your research, you will be able to pick out the problems quickly too. However not everyone is an expert in this nor a novice in such.

I think some progressive actions should be made, like more strict supervising and audits and as well, due consequences should be attached to defaulters.

What the forum members are currently doing is reporting scam projects in the "Scam Accusations" section of the forum and flagging the associated account(s). For now this self-policing of projects in this forum by its members is a reasonable alternative.

Cause it's really disheartening the loss being recorded everyday due to elaborate cryptocurrency scam schemes.

One's loss is another's gain. The point is that scams can be avoided and the first step in that is to be rigid about investing only in bitcoin and no altcoin. It will solve most of these scam token problems.

[gmatej]

If you control the tokens. Then you partially centralize the whole procedure also it's not permissionless anymore. Basically, you get stocks:)

[wxa7115]

~
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 progressive action you are talking about, supervision by the government. I am not sure that would be a great idea but with the insane number of scam projects we might see the government intervention in the future but the problem is that it will halt the development of genuine projects. There are private audits in the space and even then some of the projects vanishes without much trace.

Just as bitcoin took the world by surprise as satoshi pretty much developed bitcoin in secret and did not release it to the public until it was ready, if we were to allow a centralized entity to supervise every single coin ever created then we will lose a great deal of what makes this market unique.

It is true there are a lot of scammers in the market, that is undeniable, but there are also developers trying their best to use the blockchain for many different purposes and they need free reign to experiment, if this is not the case then this market will eventually die for lack of innovation.