Corrupt people in crypto

[BRINIRHA]

Corrupt people in crypto

I am not sure what means corrupt in this case. But if this is about what happened to some projects that you mentioned, this may not relate tot he corrupt. But this is more to the scams and fraud. But, whatever the term, those incidents really disappointed us. They were big projects with massive community and progress, but in fact, they could be crashed very easily. We may not expect that this will happen. But in fact, the competition in the business especially the crypto business is very hard. Each can make another to be crashed very easily. And the one with weakness can be crashed also very easily. That is why form this I am learning that we ca never trust anyone here. Just invest for our own investment to take or earn profits, not as loyal to certain altcoins or exchanges.

yes you are right. that's why we shouldn't trust any exchange. because the reality that we see now is so bitter. I'm also not sure that this is a corrupt matter. but what is clear is that they are the owners of the exchanges that are now falling, they are the ones who are misusing user funds. they violate the trust of the users who entrust their assets to the exchange. And the good thing is that now people have realized that we don't trust anyone but ourselves in this industry.

[AicecreaME]

<...>
All these incidences happened because of the greed of some people. It is important to control the entry of these kind of people as developers or people behind some new crypto projects. Otherwise people will have very less trust left on crypto in general and people will move to other alternatives. What do you think are the required steps to prevent these incidences from occurring in future ? Or are these unavoidable ?

These are avoidable, they only chose to risk their money on those project because that is a high risk high reward move. Cryptocurrency is all about trial and error, you cannot trust your money even on those "good" project because anything can happen in just the blink of an eye if they really want to run away with their investors money.

That's why it is important to know that it's not always about winning in crypto, it's about risking what you can afford to lose in exchange of experience to make you grow more or instant profits.

[bestcoins1]

Corruption in the easiest way and looks genius right now is cryptocurrencies, many developers are known to add stock without audit so as to make the price of drop, if real life then corruption is to reduce or take but in cryptocurrencies is to add stock and then sell slowly so that the developer gets Big profits while trying to convince investors to continue to buy.

What you're saying might only happen to altcoins that aren't popular enough and I don't think it's happening to Bitcoin because Bitcoin never adds stock. But I want you to give an example of corruption in cryptocurrencies like you said, because the developers of any cryptocurrency never tell anyone when they want to add their stock which will then sell it on the market and cause a drop in the price of their own cryptocurrency.

[Semar Mesem]

The number of scam cases in cryptocurrencies makes us worried because it makes investor confidence decrease, especially the global economic recession, so we must always be vigilant because many people divert investments and are used for scam projects, I believe FTX is the beginning of exchanges that manipulate and I sure will appear the same case as FTX.

[suzanne5223]

The advantage of cryptocurrencies is that information is open and can be seen by the public at any time, when the project is detected manipulation it will be easy to refute, what happens with the FTX that has manipulated data and freeze assets is a very silly action, this is an important lesson that never save Assets in Exchanges, if we don't know when we will withdraw then immediately withdraw because we don't know what will happen.

Yes, one of the advantages of cryptocurrency transactions is the public ledger [blockchain]but this is not applicable to every cryptocurrency per se. However, the FTX manipulation activities were not detected through the blockchain, and for the record, it was detected when Alameda's latest CEO make a tweet about incorrect fund/holding.

I've read a discussion on forums that nowadays the easiest thing to multiply money is with cryptocurrencies projects, if you have $100k capital it will be easy to increase to $1 million or more in a short time, the trick is to create a Polygon or BSC based project and pay Promotional fees or less are some of the social media influencers.

This is exactly what crypto scammers are doing in the NFT and deflationary token aka meme coin market. This is the reason why people were always advised to put their investment priority on BTC which is the only safe haven in the crypto market.

[Cling18]

The number of scam cases in cryptocurrencies makes us worried because it makes investor confidence decrease, especially the global economic recession, so we must always be vigilant because many people divert investments and are used for scam projects, I believe FTX is the beginning of exchanges that manipulate and I sure will appear the same case as FTX.

We all know that scammers have entered the world of blockchain technology to fool people and to survive this crisis through the ways they know regardless of its illegalities. That's why we need to be observant and skeptical. As they become smarter and wiser, we have to be smarter to determine if they're worth our trust or not. Researching always works so we shouldn't easily trust projects without doing research.

[crwth]

Isn't it that it's corrupt people in general? Many people are so blinded by greed that they are desperate to get more and more and are unsatisfied with what they already have. We will have that risk if we stay in centralized exchanges and support projects with sketchy or too-good-to-be-true backgrounds.

We can never prevent those incidents because it will be knowing whether or not they have planned it. It's hard because that will be within their control, not ours.

It's best to protect what we have and continue having plans for ourselves. It's what you can control.

[sana54210]

All these are happening because people is changing what crypto supposed to be, how Satoshi left it for them, coins transactions supposed to be trustless in a way you do not have to depend on any centralized service, but see all what you named, they are centralized services, nothing like noncustodial wallet or decentralized exchange like Bisq mentioned. If you trust someone, the person can disappoint you, which was what FTX started.

Unfortunately, there is a "need" for a centralized system surround the decentralized world. Well, simply because just look how to turn your fiat into crypto and crypto into fiat and you will see the easy part. Maybe the trading world could go into DEX and maybe that will help the decentralization, with FTX then we could start that but what about Luna? That wasn't centralized and yet still ended up like that, because some people found how much money was needed to take out all the cash.

So, there is no way to avoid any loss, there will be some loss, we just need to make sure we are spread around thinly enough that one big deal wouldn't take away all our money.

[Reid]

There had been less trust even before. Those who can take the courageous risk and be patient are the ones left in the crypto field.
But investors who are just jumping from one hype to another are the ones who should be careful on this kind of corrupted projects as how you said it.

How to stop them? You cannot. If you will have the knowledge initially about their scam attempts, then you could warn people but stopping them by yourself or just one group cannot be done. The market will be the judge if they are to become dust.

[blockman]

There had been less trust even before. Those who can take the courageous risk and be patient are the ones left in the crypto field.
But investors who are just jumping from one hype to another are the ones who should be careful on this kind of corrupted projects as how you said it.

This is a risky market and it's true that there's even lesser trust before because everyone thinks that bitcoin is an internet money scam and whatsoever they can think of it negatively. Now, that it's gotten big and more wide reach to investors worldwide, there's still the thinking about it for being bad and with all of these companies that are having their exit, it's hard to see that they'll be gone forever because eventually, there will be a new one.

[n0ne]

There had been less trust even before. Those who can take the courageous risk and be patient are the ones left in the crypto field.
But investors who are just jumping from one hype to another are the ones who should be careful on this kind of corrupted projects as how you said it.

This is a risky market and it's true that there's even lesser trust before because everyone thinks that bitcoin is an internet money scam and whatsoever they can think of it negatively. Now, that it's gotten big and more wide reach to investors worldwide, there's still the thinking about it for being bad and with all of these companies that are having their exit, it's hard to see that they'll be gone forever because eventually, there will be a new one.

Market is young, as said when someone takes an exit new player makes his entry. In a trust based market we can't complaint anyone to be wrong or right. We've taken to move on a high risk investment, and so should be our thoughts.

We can't be judgemental on specific person to be corrupt, each and everyone is responsible for the transition of a common man to a corrupt man. This happens when we expect things to happen good always without understanding what is happening around us.

[blockman]

This is a risky market and it's true that there's even lesser trust before because everyone thinks that bitcoin is an internet money scam and whatsoever they can think of it negatively. Now, that it's gotten big and more wide reach to investors worldwide, there's still the thinking about it for being bad and with all of these companies that are having their exit, it's hard to see that they'll be gone forever because eventually, there will be a new one.

Market is young, as said when someone takes an exit new player makes his entry. In a trust based market we can't complaint anyone to be wrong or right. We've taken to move on a high risk investment, and so should be our thoughts.

We can't be judgemental on specific person to be corrupt, each and everyone is responsible for the transition of a common man to a corrupt man. This happens when we expect things to happen good always without understanding what is happening around us.

I think there's really no new player at all. They're just changing their styles and approach to the market because they've already been here. They know the know-how and stuff so they're stepping on this market quite easily for them and since they've been here before.
While the newbies they are targeting, they've got no idea how they're being done and caught by these people because they've been doing that for so long. We may not be judgmental but when you observe what they've been doing, it's so hard to catch them but when you've seen the similar of what they've done in the past, you'll figure it out.

[gunhell16]

A lot of bad incidences happened in crypto community this year including:

1) FTX
2) Luna
3) Gemini Earn
4) Celcius
5) Voyager
6)BlockFi

All these incidences happened because of the greed of some people. It is important to control the entry of these kind of people as developers or people behind some new crypto projects. Otherwise people will have very less trust left on crypto in general and people will move to other alternatives. What do you think are the required steps to prevent these incidences from occurring in future ? Or are these unavoidable ?

Greedy and wild people will not disappear, because greed is a part of every individual's lifestyle. The easy thing to do is to avoid falling victim to this scandal.

So no matter what bad things are happening this year 2022 in this industry, all we can do is double the caution and be smart with every coin or token we choose to buy to hold it long term or short term so as not to get stuck our possessions in any of the exchange platform whether it is centralized or decentralized, just simple as that.

[Lubang Bawah]

There had been less trust even before. Those who can take the courageous risk and be patient are the ones left in the crypto field.
But investors who are just jumping from one hype to another are the ones who should be careful on this kind of corrupted projects as how you said it.

How to stop them? You cannot. If you will have the knowledge initially about their scam attempts, then you could warn people but stopping them by yourself or just one group cannot be done. The market will be the judge if they are to become dust.

The scam project certainly cannot be stopped, all we can do is take action immediately if there are suspicious things, for example if within a few days the price continues to decline and the existence of suspicious transactions such as a very large volume of transactions then we better sell it immediately, the possibility of developers Having the biggest stock is the seller.

[rat03gopoh]

But investors who are just jumping from one hype to another are the ones who should be careful on this kind of corrupted projects as how you said it.

Greedy people don't really like stable incomes, they prefer to be put their risk like this. At certain moments of hype, I think greedy people get together and just race to grab each other.

[posi]

A lot of bad incidences happened in crypto community this year including:

1) FTX
2) Luna
3) Gemini Earn
4) Celcius
5) Voyager
6)BlockFi

All these incidences happened because of the greed of some people. It is important to control the entry of these kind of people as developers or people behind some new crypto projects. Otherwise people will have very less trust left on crypto in general and people will move to other alternatives. What do you think are the required steps to prevent these incidences from occurring in future ? Or are these unavoidable ?

Greedy and wild people will not disappear, because greed is a part of every individual's lifestyle. The easy thing to do is to avoid falling victim to this scandal.

So no matter what bad things are happening this year 2022 in this industry, all we can do is double the caution and be smart with every coin or token we choose to buy to hold it long term or short term so as not to get stuck our possessions in any of the exchange platform whether it is centralized or decentralized, just simple as that.

We are also greedy people, so we cannot say that we should find a way to stop those greedy people. Greed is a part of being human, where there are people there is greed.

If OP can't stand the cruelty these altcoin projects bring, you still have the option to avoid all of this, invest in bitcoin and use a non-custodial wallet, you will avoid all these scams. In case you can't do it, you should prepare for the risks that you may encounter, don't ask the greedy to leave the market while we are also greedy.

[arwin100]

But investors who are just jumping from one hype to another are the ones who should be careful on this kind of corrupted projects as how you said it.

Greedy people don't really like stable incomes, they prefer to be put their risk like this. At certain moments of hype, I think greedy people get together and just race to grab each other.

Natural reaction of people towards they see and they always think what they saw on some people is true that's why many fall from the promises created by those scam platforms and they used the emotions of people to deceive them. This is why its important to develop to enhance our common sense on everything since this can help us to think more clear and find good answers towards things we want to do but we don't know where to start from.

[CageMabok]

The scam project certainly cannot be stopped, all we can do is take action immediately if there are suspicious things, for example if within a few days the price continues to decline and the existence of suspicious transactions such as a very large volume of transactions then we better sell it immediately, the possibility of developers Having the biggest stock is the seller.

What you say will be easier to find out if what we have is a new altcoin where there is not much transaction volume in the market. Whereas in altcoins that are already popular or in the example of Bitcoin for example, I think it will be a little difficult to know because old altcoins that are popular are always very large in volume in the market. Likewise, the volume in Bitcoin is always very large in all markets. It will be difficult to know who is actually selling in large quantities, because accusing without more accurate evidence is a mistake.

[adiksau0414]

If money is involved, we can't guarantee individual who are into the project won't be corrupt. Even though, these project might have its own goal in dominating in their fields but mishandling of the project might end up in the wrong path. We can say that each of everyone of us have its own greed, but its up to us how to control to be a bigger greed. Not only in crypto who have corrupt individual; in our jobs, government, in our community, etc.
 

[Kakmakr]

It is very difficult for the developers of these projects to prevent criminals from misusing their platforms. Scammers and criminals will target all platforms, if there are money involved.

This weekend someone told me about a weather App that had a built in "Chat" service... that were infiltrated by a drug syndicate and they were using coded messages to buy and sell drugs in that chat.

I think the developers can only wait for it to happen and then "block" those users when it is reported to them or the moderators.