SHOULDN'T THE DEVELOPMENT OF TOKENS BE MORE SUPERVISED ?

[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 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.

I disagree, satoshi never held an ico or any of the things devs do these days now to try to gather funds, satoshi developed bitcoin on his own and when he thought it was ready he revealed his invention to his peers and the world at large.

You cannot compare satoshi to the profit hungry developers that we have now that only care about the money in their pockets and nothing more, however if someone released a coin in the same way that satoshi did without asking for anything in return then it is fine if they wish to retain their anonymity.

[takngantuk]

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 SEC is trying to do all that, but its authority is limited to the USA. so they don't have more power to oversee the fraudulent projects out there. after all, even if there is a supervisory agency, decentralization will be the biggest obstacle to their efforts. there are many projects that are released anonymously, and this is a problem in the crypto industry.

[adzino]

The crypto currency market is a decentralized market. There is no central organization that controls the market or the development of the projects. Hence the "development of tokens" cannot be "supervised" by anyone. Anyone can create a project, make tokens for that project and release them on the market. No one can stop them. You only have to be very careful when choosing projects to invest in. Do your own research and avoid those scam projects. Their scam becomes very obvious when you dig into their project a bit.

[KaliLinux]

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.

You said it, the space is a Decentralized one and there is no specific person or group assigned that responsibility so this is where we find ourselves. Until there comes a time when the Crypto space will get to that regulatory level, this will continue to happen since it is obvious now how much people make out of creating and hyping a crypto project even without use.

[TheUltraElite]

The SEC is trying to do all that, but its authority is limited to the USA. so they don't have more power to oversee the fraudulent projects out there. after all, even if there is a supervisory agency, decentralization will be the biggest obstacle to their efforts. there are many projects that are released anonymously, and this is a problem in the crypto industry.

The regulatory bodies similar in function to SEC in many countries have been trying to do that.

The point remains same, these bodies can help keep veteran investors at bay from cash-grab scams but the real target are the newbie traders who have a dangerous level of enthusiasm about cryptocurrency and willing to spend a lot here. These people need to be educated first and then shown how scammers operate in order to learn how to avoid them.

The development on the other hand cannot be stopped directly by SEC, because then it would go underground and keep doing the same thing. Rather there should be a regulation of the funds being raised, their legal problems and so on. This is only a starting phase and I can assure you that the ones who were going to scam investors, have already done so and they have left the grounds ripe for legit projects to take over.

[coin-investor]

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.

You said it, the space is a Decentralized one and there is no specific person or group assigned that responsibility so this is where we find ourselves. Until there comes a time when the Crypto space will get to that regulatory level, this will continue to happen since it is obvious now how much people make out of creating and hyping a crypto project even without use.

The only way to combat this is education keep educated and help people become educated on how Cryptocurrency works and the nature of projects, letting them know that not everything you see here is profitable and has usage, there are a lot of fake projects and they are targetting uneducated investors because scammers thrive on investors' greed, we don't have to blame the decentralization and open-source of Cryptocurrency but we owe it to ourselves to educate ourselves.

[zulfi125]

No doubt creating a cryptocurrency is easy for everyone and most scammers create and collect the funds after launch, the only way to avoid this kind of project is regulation for every country and if every country will regulate the cryptocurrency and cryptocurrency project will work under the SEC of every county and that will pay high fees as collateral after hat will launch their token or coin and pubic will invest in an automized project that can be safe from scammers but if will not regulate in every county than scammer can scam with public and public should aware and should research before investing in the crypto projects until regulation will not be implemented in that county.

[BitKongy]

Crypto needs to be regulated, lack of regulation is why many scammers are successful with their scam projects, every investors will only have to invest in projects that are regulated which will kill scam projects in time.

[Cling18]

Unfortunately, we are now filled with scam projects, and turning into a rug pull is their new strategy to fool investors. Scammers could now scam even huge investors repeatedly through this but sadly, no one has control over it since crypto couldn't be regulated. The only thing that we can do now is to be wise and skeptical in joining new projects.

[Anguwa]

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.

Yes, I believe this issue requires special attention because almost every day, new cryptocurrency projects are launched, causing many innocent people to invest in the project, which then turns out to be a scam. If there is a way to introduce regulation or requirements that make it difficult to simply create a scam coin or token, as well as a monitoring body to ensure that fake projects are limited, it would be extremely beneficial because scammers are always looking for new ways to make money.

[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 SEC is trying to do all that, but its authority is limited to the USA. so they don't have more power to oversee the fraudulent projects out there. after all, even if there is a supervisory agency, decentralization will be the biggest obstacle to their efforts. there are many projects that are released anonymously, and this is a problem in the crypto industry.

No matter how powerful the SEC is or it could be, it is impossible for them to supervise every single coin ever created, because creating a new coin is as easy as copying the code of another coin, make some minor changes and then release it to the public.

And personally that is the way it should be, I know that there are some people out there that are mad because they lost their money to a bunch of scammers, but that is their responsibility, as they failed to do their own due diligence and now they are paying the consequences of their mistakes, so they have no one else to blame but themselves.

[TheUltraElite]

Crypto needs to be regulated, lack of regulation is why many scammers are successful with their scam projects, every investors will only have to invest in projects that are regulated which will kill scam projects in time.

As for an investor, buying bitcoin is a safe and secure bet, this comes from experience and watching markets rise and fall over time. As soon as you delve into altcoins, you bring in risks that are beyond your control. Altcoins have no use case in most scenarios and they cannot compete with what bitcoin has become today, the recognition and infamy that bitcoin has gained over the years, whatever some developer might say.

In the meantime before the regulation can happen, we can keep our vision narrowed down to bitcoin only and then trade. If most users start doing this and forget about their altcoins for now, it can have a positive impact on the market price and eventually they will realize their folly. The problem is that some investors feel the pain of having to hold shitcoin, but it was their mistake getting in. Regulation cannot stop this from happening. This can come only from patience and education about crypto.

[imamusma]

Crypto needs to be regulated, lack of regulation is why many scammers are successful with their scam projects, every investors will only have to invest in projects that are regulated which will kill scam projects in time.

Any arrangement in crypto also needs to be studied in depth so that it can benefit both parties, so if it can be good for all parties, then it is not wrong to implement it, but if it will only limit the steps of one side later, then it's better not to exist any arrangement in crypto apart from the problem of fraud which is very common in the crypto space.