SHOULDN'T THE DEVELOPMENT OF TOKENS BE MORE SUPERVISED ?

[TheUltraElite]

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.

This would be used as an excuse for scam mongerers to run their scams, that would not be a good thing for the future of altcoins, would it?

This is also the reason why we need a regulatory system, to allow projects to develop but at the same time put in some legal restrictions in order to discourage someone abandoning their project entirely and leaving investors hanging. Moreover the pump and dump projects would also be kept under control if done properly.

However we have not seen regulation start in any country and it is a tough thing to start too. But we ca be hopeful that it will be for the good in future in order to protect both developers and investors.

[maju69]

It is true that it is so easy for fraudsters to enter this is something that is worrying. This is a real terror in the cryptocurrency world. There must be new innovations to at least reduce their discretion. Maybe those who have been here for a long time will be able to sort out which ones are frauds which are not? But what about the new ones? This in my opinion is what makes the good image of crypto tarnished.

[wxa7115]

It is true that it is so easy for fraudsters to enter this is something that is worrying. This is a real terror in the cryptocurrency world. There must be new innovations to at least reduce their discretion. Maybe those who have been here for a long time will be able to sort out which ones are frauds which are not? But what about the new ones? This in my opinion is what makes the good image of crypto tarnished.

The old members of the community are always warning new members about the danger of investing in new coins and many users also post scam accusations against projects that are using fake data on their website, so the community as a whole is doing what they can to minimize the number of scams taking place.

It is the newbies which are not taking advantage of this and invest in whatever they want and then they complain when they find out they invested in a scam.

[TheUltraElite]

It is true that it is so easy for fraudsters to enter this is something that is worrying.

It should not be a worry if you are not making the mistake of jumping into every bandwagon without doing your own research. Most mistake occur due to this and also due to a lack in financial mindset maturity, meaning that knowing whether a project's idea is really feasible in the real world or just in fantasies.

This is a real terror in the cryptocurrency world.

The real terror is keeping your own coins secure. Most people lost money due to lack of securing their wallets and posting their private keys on places that they should not.

There must be new innovations to at least reduce their discretion.

This is a wrong statement. A crypto project is not a magic bullet to every problem in the society. Those problems will remain and they will be corrected only when governments work together to modify the system. However there will be innovations and not all of them will work. But roping in investors to fund your failed tech is something that investors should be careful of.

Maybe those who have been here for a long time will be able to sort out which ones are frauds which are not? But what about the new ones? This in my opinion is what makes the good image of crypto tarnished.

Research and experience can help. The "Scam accusations" section is very active in reporting possible scams. But it is community driven. To be safe, the only coin one should buy is bitcoin. As soon as you open yourself to altcoins, you keep increasing your risk.

[MarjorieZimmermanGinger]

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 space for freedom is too big, which makes the potential for fraud bigger, there is no clear control over crypto, so it makes the threat of lies bigger that people cause, a lot of fraud that I hear is due to the lack of understanding of this space, let alone people go and get to know crypto on the basis of pressure or solicitation that does not involve knowledge, this is precisely what makes it even more difficult for people to avoid fraud, sad if we explore more about this issue.

[Saisher]

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.

You are so used up to centralization that you are not fully acquainted with how the Blockchain and Cryptocurrency works, blockchain was created for anonymity and decentralization, and now because there's a lot of scam and rug pull you want to change the structure and development, the best that you can do instead is to educate yourself first on how blockchain works and the full meaning of decentralization.
People are getting scammed because they are gullible did not take heed of warnings and did not moderate their greed.

Before you can make profit from Cryptocurrency you should first take your responsibility to yourself to study how to invest in Cryptocurrency, scammers are everywhere and the only way to fight them is through education.

[savetheFORUM]

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.

Creating a facebook account is in fact more stricter than creating a new crypto because facebook will know if your going to create a fake account. They can ban you seconds later while in crypto anyone is free here to create their own coin, even if its a fake one although it will only be harder to attract investors if you make your project poorly like cheap looking website, lesser promotions or advertisement and if it has not undergo in audit.

There are basis that people look to identify a legit from scam so I do not think there is something that we must change. The original blockchain is unique and changing it to be more centralize can only destroy its real purpose and I do not think majority will like it.

[TastyChillySauce00]

The problem is blockchain was open source and anyone will able to do or create their own assets in the blockchain and there was no restriction on this thing. I should remind you that when you are seeing the market being flooded by the scam tokens and yeah, our brain must be a thing that can save use from the scam project. Audit can be done by anyone but the question is how much people that has ability to do audit to the code? If you are talking about newbies in here and you will be rarely seeing it. It can be said that if the newbies will become the main concern here. This has become the main concert but how transparent the development of project will be totally depend on the team itself.
You have no choice other than do your own research. this is the only thing that can save you in the free market.

[Fivestar4everMVP]

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 totally agree with you mate, but on the other hand, don't you think that introducing this kind of enforcement into cryptocurrency will undermine its core essence which is decentralization?
One thing you should know is that every new technology introduced into our system will all have a lot of pros and cons, it is up to us as individuals to try as much as possible to keep ourselves up to date to avoid being confused or cajoled into something fishy due to our lack of knowledge and understanding, scammers are still scamming because they find people to scam, and this is because alot of people today don't read, neither do they know how to do a proper research, most of us are carried away by extreme greed and desperation for quick wealth that we end up forgetting to read in between the lines or even take note of the warning signs, and this is why scammers have a lot of customers today, business booming for them and they keep increasing in their numbers.
If for instance, in all their strategies, they find nobody to scam or to fall for their lame tricks, they will have no choice but to pack up and go.

[Wawa2013]

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 space for freedom is too big, which makes the potential for fraud bigger, there is no clear control over crypto, so it makes the threat of lies bigger that people cause, a lot of fraud that I hear is due to the lack of understanding of this space, let alone people go and get to know crypto on the basis of pressure or solicitation that does not involve knowledge, this is precisely what makes it even more difficult for people to avoid fraud, sad if we explore more about this issue.

The crypto world that provides freedom and the absence of government regulation, make a lot of bad people take advantage of it by committing
fraud. Everything has a negative side, so from that back to ourselves how we respond to it. Since the beginning, crypto is indeed a high-risk asset,
so we have to be careful when investing in crypto, especially for newbies, don't be lazy to learn about the crypto world first before finally deciding
to invest in crypto. At least we must have the ability to do our own research and analysis, to be able to judge which projects are real or scams.
So if we ever fall victim to a scam when investing in crypto don't blame crypto, but blame ourselves for not being careful in making decisions.

[SlimShadyMmp]

I think now is even better than back few years ago I mean ICO back then where just cash grab man Is mostly about get that money and move on without any consciences I think now with launchpads and exchange KYC and IDOs this are much more easier Just stay away from 100X coins as buying after IDOs is a big mistake That can hurt like a sharp Knife man

[bitkanu]

The blockchain was open source and you can't force the developers to do audit if they don't have intention but it's good to see that if this time audit by trusted party has become a new standard when a project wanna try to be adopted by users. If the project wanna go public and audit has become a mandatory for the developers and remember that there are some platforms that were doing verification to the team behind the project as well. I have seen that so many projects are doing KYC verification to prove that if they have been running by the real team and that's not anonymous scam members who have been running it.
The majority of projects have been starting to be more transparent. this is good to decerease the chance for scammer to be able to create scam project.

[wxa7115]

I think now is even better than back few years ago I mean ICO back then where just cash grab man Is mostly about get that money and move on without any consciences I think now with launchpads and exchange KYC and IDOs this are much more easier Just stay away from 100X coins as buying after IDOs is a big mistake That can hurt like a sharp Knife man

It depends on how you look at things it is true that exchanges have taken a more active approach to try to supervise the coins they list on their website, but at the same time it is impossible to supervise every single coin out there.

After all even if the ico hype was huge the number of coins that we have now is many times higher than what we had back then, and when we add NFTs to the mix I would venture to say that things are even worse than what we saw in 2017 with icos.

[QueenVera]

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.

Actually it is which is why we are getting lots of scams. 99% of the projects currently existing are a copy of each other with little or no difference. We have smart contract copying ethereum with just few improvement and we have memes coins all over the market adding no value but just surviving because people do not want to miss out.

We the investors also have to be blame, we give this scammers reason to create more worthless projects because we buy their coins. Assuming we did not buy all their worthless lies they will run out of business and go do some other things like doubler scams that would not be affecting the market directly.

[Rengga Jati]

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

Yes, indeed and we cannot avoid this growth of scam projects. Even about NFT, there are also some cam NFT that we can find out right now, just be careful, more and more, supported by analyzing and learning more to differentiate whether it may be a scam or not.

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

If this can be done, of course. But, who will do this? We know that there are some project reviews but they cannot work very well, some of the reviews are also shit, moreover if they are paid reviews. It is difficult enough if we consider how to supervise the projects and who exactly will do it.
There is also no authority.

I think some progressive actions should be made, like more strict supervising and audits and as well,

We may not be able to lay this on certain parties to supervise. We ourself who must be also smarter in supervising what projects we will go for investment. By deep analysis and also smart decisions to see whether the project is a scam or not. If they are suspicious of a very nice project to be true and they promise too much, better to stay away from this kind of project.

[VanDeinsberg12]

The only way a project can stay fully decentralized this days is if the team remain unknown just like BTC,

So many crypto projects are being anonymous and majority of these anonymous projects have become scam project and then why about that? Decentralization of the blockchain determined by how much nodes are running in the blockchain and if the team remain unknown and this will not make the project being decentralized but i think that you didn't understand the main context of this thread. it's about being more transparent rather than become decentralized.

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.

It's not and you're totally wrong about that. OP think projects in crypto need to be more transparent to the its investors and it has nothing to do with how decentralized they are.If you're seeing it correctly if so many scam projects are exist caused by they are not transparent in so many things started from the team, code, supply and many more

[TimeTeller]

The only way a project can stay fully decentralized this days is if the team remain unknown just like BTC,

So many crypto projects are being anonymous and majority of these anonymous projects have become scam project and then why about that? Decentralization of the blockchain determined by how much nodes are running in the blockchain and if the team remain unknown and this will not make the project being decentralized but i think that you didn't understand the main context of this thread. it's about being more transparent rather than become decentralized.

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.

It's not and you're totally wrong about that. OP think projects in crypto need to be more transparent to the its investors and it has nothing to do with how decentralized they are.If you're seeing it correctly if so many scam projects are exist caused by they are not transparent in so many things started from the team, code, supply and many more

Most projects are not transparent because they already have the intention of screwing investors even at the beginning.
So we can really see a lot of projects, it seems promising, innovative but the sole purpose of devs is just to pocket whatever they got from the people who trusted them.
This is hard to determine at the early stage because they will promise to do better or not to scam anyone.
Up until they are already holding funds and decide to disappear along with the funds. Greediness is mostly the root cause of this scenario.

[mm2543363580]

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 cryptocurrency world should be anonymous by definition. Creating tokens and collecting funds for development of projects gives us freedom but also involves risk. Therefore, the most important thing before investing money is to check the project very carefully. Investing only when we are sure that the project has solid dev team and a great chance for realization and success. Avoid anonymous projects and you will reduce the risk very much.

[X-ray]

basically why the nature of crypto is anonymous

Should be pseudonym caused by it can still be traced if you are doing some efforts to do that. Anonymous is for people who have been using zero knowledge procotol which was so hard to be traced.

is so that we users or investors are more careful and wise in dealing with finances rather than feeling like a failure in making decisions to invest in coins or tokens, especially very lovable meme coins with bad intentions.

Agreed but the main point is transparency must be the first thing. KYC team, audit code, Financial reports and many more must be transparent with the investors of their project.

That's the consequence, must pay attention to the prospects of the developer. if not trusted then leave.

I do agree with this. As investors and we can sue them to be transparent in all of aspects.

[TheUltraElite]

The cryptocurrency world should be anonymous by definition.

Satoshi was anonymous for a reason but the crypto world does not need to be. Satoshi did not ask anyone to buy their coins and these coins minted were never Satoshi's to begin with. But crypto projects sell their tokens at the same time remain anonymous to a large extent. Lack of legal machinery in this makes it even more tough for a disgruntled investor to seek justice for the fraud.

Creating tokens and collecting funds for development of projects gives us freedom but also involves risk. Therefore, the most important thing before investing money is to check the project very carefully.

It does not equate to freedom at all. It only increases the risk. Crowdfund a project on a site that legally does so at least has some legal backing in case the project backs out. But in crypto such things are not existing, making it an easy playground for scammers, unless investors learn this.

Investing only when we are sure that the project has solid dev team and a great chance for realization and success.

Which is like exactly zero percent of the projects that have been developed.

Avoid anonymous projects and you will reduce the risk very much.

Correct but there are lot of factors to consider here. Better and safer to always stick to bitcoin.