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joesan2012

full member

Activity: 336

Merit: 112

Quote from: greenprateek on November 10, 2017, 10:21:45 PM

It has become a common practice to launch an ethereum token and just dump it .

A new token and a new airdrop is being done every day. A new project is launched, then airdropped. A telegram group is created where all sort of big promises are made. Every one is asked to make donations or buy the coins on etherdelta to support the project and raise the price and when dev feels he just dumps all the remaining coins and vanish.

I just can't forget that evening , when I was having discussion with ethergold dev in their discord group, he made so many promises and I went ahead and bought 1 eth worth coins. Next day morning when I wake up , everything was gone. There was no website, no discord .

Now these guys have started a new thing, they ask for 0.01 or 0.001 eth donation for donation. They call it anti scam check.

Even though the B2X was called off that day, a B2X on ether was launched .

Is there a way to stop this. Can we take any legal action?

If someone takes a legal action against one of these I think it would set an example and this might stop. But I know it will not be easy as there are countries which have no or very week cyber laws. But still I want to do something about this. Lot of newbies get burned due to this. Its bringing bad name to crypto too.

we cannot end this, we must accept the cryptoworld's game.. We as the crypto user must be vigilant as much as posible stay away for donation or buying coin/token if you dont have any concrete idea or research regarding that coin/token , so that we wouldnt scam .. Everyday madness on releasing airdrops are okay as long as we dont too much rely on every promises that developer propose .. Because we cannot sort it out if what coin/token is reliable this days .

dunfida

legendary

Activity: 3122

Merit: 1140

Quote from: bitcoinvamp on November 18, 2017, 11:17:56 AM

Quote from: greenprateek on November 10, 2017, 10:21:45 PM

It has become a common practice to launch an ethereum token and just dump it .

A new token and a new airdrop is being done every day. A new project is launched, then airdropped. A telegram group is created where all sort of big promises are made. Every one is asked to make donations or buy the coins on etherdelta to support the project and raise the price and when dev feels he just dumps all the remaining coins and vanish.

I just can't forget that evening , when I was having discussion with ethergold dev in their discord group, he made so many promises and I went ahead and bought 1 eth worth coins. Next day morning when I wake up , everything was gone. There was no website, no discord .

Now these guys have started a new thing, they ask for 0.01 or 0.001 eth donation for donation. They call it anti scam check.

Even though the B2X was called off that day, a B2X on ether was launched .

Is there a way to stop this. Can we take any legal action?

If someone takes a legal action against one of these I think it would set an example and this might stop. But I know it will not be easy as there are countries which have no or very week cyber laws. But still I want to do something about this. Lot of newbies get burned due to this. Its bringing bad name to crypto too.

Looking at the scenario of these various tokens are just disturbing. More than 50% of the present ICO's are spams . People have found a way to make money where no one can track them which is wrong. But we all know untraceability makes bitcoin unique from any other currency. But to stop these token spams we could join the campaigns which are managed by the trusted managers and also to search about the particular campaign , its website and all before joining it.

Not only just 50% but I would rather believe that it should really be on 98% and 2% of them becomes successful for long term. Even a teenager would able to create his own coin and hype it up and can make easy profits in a short span of time. Taking legal action isn't possible on crypto since its not being considered yet or theres no law which do prohibit this kind of act.For now the best thing to do is not to join or invest anyone of them unless if you do see an unexceptional coin which would really caught your attention to invest on.

kkent

member

Activity: 98

Merit: 10

ICO Scams will exist for as long as there are people falling for them because of dreams of becoming the next crypto-millionaire.

detector

full member

Activity: 484

Merit: 124

★

Quote from: Theb on November 18, 2017, 06:19:29 AM

Do your own analysis and research to the ICO being launch sometimes you know if the developers and founders are really dedicated to their Altcoin you will see that the scams will always promote and say the same thing about their Token all over again, while other people promote and really update you about the latest development of their project giving you something new frequently. This is just a few piece advice for you as it might not work, now do your own observations and try it out.

I can confirm that using MEW for the first time is quite difficult and confuse so there will be the advantage for hacker to send their malware link via sosmed.
That's why I always warn my friend, never click any unknown link if they want to integrate with ETH things

bitcoinvamp

full member

Activity: 182

Merit: 100

Quote from: greenprateek on November 10, 2017, 10:21:45 PM

It has become a common practice to launch an ethereum token and just dump it .

A new token and a new airdrop is being done every day. A new project is launched, then airdropped. A telegram group is created where all sort of big promises are made. Every one is asked to make donations or buy the coins on etherdelta to support the project and raise the price and when dev feels he just dumps all the remaining coins and vanish.

I just can't forget that evening , when I was having discussion with ethergold dev in their discord group, he made so many promises and I went ahead and bought 1 eth worth coins. Next day morning when I wake up , everything was gone. There was no website, no discord .

Now these guys have started a new thing, they ask for 0.01 or 0.001 eth donation for donation. They call it anti scam check.

Even though the B2X was called off that day, a B2X on ether was launched .

Is there a way to stop this. Can we take any legal action?

If someone takes a legal action against one of these I think it would set an example and this might stop. But I know it will not be easy as there are countries which have no or very week cyber laws. But still I want to do something about this. Lot of newbies get burned due to this. Its bringing bad name to crypto too.

Looking at the scenario of these various tokens are just disturbing. More than 50% of the present ICO's are spams . People have found a way to make money where no one can track them which is wrong. But we all know untraceability makes bitcoin unique from any other currency. But to stop these token spams we could join the campaigns which are managed by the trusted managers and also to search about the particular campaign , its website and all before joining it.

MeRoOo

newbie

Activity: 19

Merit: 0

Quote from: greenprateek on November 10, 2017, 10:21:45 PM

It has become a common practice to launch an ethereum token and just dump it .

A new token and a new airdrop is being done every day. A new project is launched, then airdropped. A telegram group is created where all sort of big promises are made. Every one is asked to make donations or buy the coins on etherdelta to support the project and raise the price and when dev feels he just dumps all the remaining coins and vanish.

I just can't forget that evening , when I was having discussion with ethergold dev in their discord group, he made so many promises and I went ahead and bought 1 eth worth coins. Next day morning when I wake up , everything was gone. There was no website, no discord .

Now these guys have started a new thing, they ask for 0.01 or 0.001 eth donation for donation. They call it anti scam check.

Even though the B2X was called off that day, a B2X on ether was launched .

Is there a way to stop this. Can we take any legal action?

If someone takes a legal action against one of these I think it would set an example and this might stop. But I know it will not be easy as there are countries which have no or very week cyber laws. But still I want to do something about this. Lot of newbies get burned due to this. Its bringing bad name to crypto too.

it is your fault to trust anyone with your money just because they know how to talk
and you did that with airdrop token
no one here to blame but yourself
of course 99% of airdrop tokens is made to get dumped

Theb

hero member

Activity: 1680

Merit: 655

Do your own analysis and research to the ICO being launch sometimes you know if the developers and founders are really dedicated to their Altcoin you will see that the scams will always promote and say the same thing about their Token all over again, while other people promote and really update you about the latest development of their project giving you something new frequently. This is just a few piece advice for you as it might not work, now do your own observations and try it out.

Kingofbitcoin12345

full member

Activity: 462

Merit: 102

We can’t impose restrictions in a decentralized investments and community because if we do that isn’t it called regulation and most of us doesn’t want to even hear that word but obviously not me,, I’m for it and support for the same reason about this problem of scamming that is proliferating this past few years that painted the cryptocurrency badly and the problem arise that even bitcoin is affected by those tokens/altcoin (not all actually) doing illegal stuff..

Haiduongbg

newbie

Activity: 121

Merit: 0

Maybe, we should have a decentralised community ico rating website, where people will get paid for their reviews, so we can give warning signs to investors

roddy5

full member

Activity: 220

Merit: 100

Quote from: ldah94 on November 11, 2017, 01:05:59 PM

I believe that this goes beyond the authorities, is a problem that must be solved by the same community of cryptocurrencies, place more restrictive requirements when allowing these airdrops, and have more reasoning from us investors to not leave that they cheat us and make these scammers public

That is right since crypto currency is decentralized no specific authority can implement laws about it and it will be the members of the community who can stop this knid of scams. Well reason why people are getting scam is becasue they also want to take advantage of some free items or because of their greed.

Laland

full member

Activity: 317

Merit: 104

Bounty manager

Quote from: dihari on November 15, 2017, 10:06:52 PM

Anything about crypto is full of risks. Investing on ICO means you understand that you can loose your money anytime because its anonymous. Invest in ICO doesn't mean you invest on companies, you only buy the tokens.
- Don't ever invest in ICO which doesn't provide the real picture and bio of the team.
- it is better when they provide a real address of the company
- look at the who.is website. Look the website age.
- make sure they can explain clearly about the idea.
- Don't invest in one man action ICO. A good project always have a solid team.
And don't forget about the advisors, it could be an added value.

Because it may sound alluring but that is just normal for an ICO. Sometimes the most generous and kind team that answers question of each and every user has a high tendency of being a short plan ICO. Their are also others who really want be part of the community and it can become successful also.

dihari

hero member

Activity: 910

Merit: 525

Anything about crypto is full of risks. Investing on ICO means you understand that you can loose your money anytime because its anonymous. Invest in ICO doesn't mean you invest on companies, you only buy the tokens.
- Don't ever invest in ICO which doesn't provide the real picture and bio of the team.
- it is better when they provide a real address of the company
- look at the who.is website. Look the website age.
- make sure they can explain clearly about the idea.
- Don't invest in one man action ICO. A good project always have a solid team.
And don't forget about the advisors, it could be an added value.

entrepmind23

sr. member

Activity: 644

Merit: 261

Quote from: Aamir1 on November 14, 2017, 06:14:07 AM

Recently, Russia has proposed an Agency called Crypto Detective Agency for the only purpose of filtering ICOs and new projects like this, where every new project of ICO being launched will be registered under them and in case they try to scam their investors and try to run away with the money, there will be legal actions taken against them. I think such things should be introduced everywhere to make a safer environment for crypto investors. As mentioned in OP, now a days, because of the excessive scam attempts, a person would think 10 times before investing somewhere because their trust is broken a lot of times already. If there will be authorities monitoring these ICOs, there will probably be no such things in future.

I agree that this should be implemented everywhere so that those scammers would think twice before scamming people given that there is already a legal action that can be done in case they fail to deliver their promises. Moreover, people should always be careful when it comes to investing especially in cryptocurrencies because most of the time, we don't know the people behind those names or even if you can see their faces in the announcement thread, there is still a possibility that those are not their true faces. You should always do your due diligence because you work hard for your maoney so you should not just easily give it to someone without knowing if it is legit or not.

When it comes to token, anyone can just issue it and then add an additional name to an already existing one like OP mentioned Ethergold. The project is already fishy especially if they are asking for donation and then do a random airdrop without even a website and roadmap. Many of them just post airdrop and then ask for information without even mentioning what their project is all about and what are their goals.

Carmen01

full member

Activity: 294

Merit: 101

Streamity Decentralized cryptocurrency exchange

I think you experience a campaign that dont go well so they not pay you so the answer in that question is dont join if the campaign is not trusted like the payments will be done after 2 months because that is so long to wait and think why they pay after a month the answer is because they dont know also what will happen in the campaign

MoonJeina

sr. member

Activity: 652

Merit: 250

Make winning bets on sports with Sportsbet.io!

Quote from: greenprateek on November 10, 2017, 10:21:45 PM

It has become a common practice to launch an ethereum token and just dump it .

A new token and a new airdrop is being done every day. A new project is launched, then airdropped. A telegram group is created where all sort of big promises are made. Every one is asked to make donations or buy the coins on etherdelta to support the project and raise the price and when dev feels he just dumps all the remaining coins and vanish.

I just can't forget that evening , when I was having discussion with ethergold dev in their discord group, he made so many promises and I went ahead and bought 1 eth worth coins. Next day morning when I wake up , everything was gone. There was no website, no discord .

Now these guys have started a new thing, they ask for 0.01 or 0.001 eth donation for donation. They call it anti scam check.

Even though the B2X was called off that day, a B2X on ether was launched .

Is there a way to stop this. Can we take any legal action?

If someone takes a legal action against one of these I think it would set an example and this might stop. But I know it will not be easy as there are countries which have no or very week cyber laws. But still I want to do something about this. Lot of newbies get burned due to this. Its bringing bad name to crypto too.

Its very sad to say , but the bitter truth is more than half of ICOs are mere shit . Everyday hundreds of ICO bounties are seen and out of them 10 might be genuine , other are just scams .
This has happened to many investors that they invested in some wrong/scam altcoin. But by doing this they ultimately learn their lessons .
To prevent this i would say , you must join the air drops and Icos of trusted managers as they would not like to have their repuation ruined for some scam . Other then that i would say , " do your research properly before indulging" . Look out for the market values and take suggestions from experts before diving in for scams.

avikz

legendary

Activity: 3080

Merit: 1500

Quote from: greenprateek on November 10, 2017, 10:21:45 PM

It has become a common practice to launch an ethereum token and just dump it .

A new token and a new airdrop is being done every day. A new project is launched, then airdropped. A telegram group is created where all sort of big promises are made. Every one is asked to make donations or buy the coins on etherdelta to support the project and raise the price and when dev feels he just dumps all the remaining coins and vanish.

I just can't forget that evening , when I was having discussion with ethergold dev in their discord group, he made so many promises and I went ahead and bought 1 eth worth coins. Next day morning when I wake up , everything was gone. There was no website, no discord .

Now these guys have started a new thing, they ask for 0.01 or 0.001 eth donation for donation. They call it anti scam check.

Even though the B2X was called off that day, a B2X on ether was launched .

Is there a way to stop this. Can we take any legal action?

If someone takes a legal action against one of these I think it would set an example and this might stop. But I know it will not be easy as there are countries which have no or very week cyber laws. But still I want to do something about this. Lot of newbies get burned due to this. Its bringing bad name to crypto too.

ICO market has become very similar to ponzi market. 95 out of 100 ICOs are scam. They are just raising investment from the market by promising a great product but eventually runs away with the money. The legal action is not a particularly feasible solution unless you know the scammers behind it and their location. Only governments can pass a new law to control this illegal activity.

China has already banned ICO, Canada has started cracking down the ICOs that are popping up from their soil and doing shady things. We need a proper legislative framework provided by the governments to cut down such illegal activity.

Even though I don't invest in ICO, but I always try to check details about the developers before joining any bounty program. Good ICO with a proper future plan usually shares their developer details and the linked in profiles. Try to see the age of those linked in profiles and if you see that those profiles are recently created, avoid that ICO. There ate lot of ICOs who Don't bother to provide their team details, avoid them at any cost. Try to find real profile that are old in linkedin. They are less likely to scam people because their real identity is publicized.

olushakes

sr. member

Activity: 476

Merit: 254

Quote from: darkangel11 on November 11, 2017, 02:55:39 PM

And they are spamming inboxes on bitcointalk. I got an invitation to something called fidget spinner coin or whatever. ETH based coin of course Wink

They will keep making money on it until people learn and start being cautious. The same thing was being done with fake mining hardware companies that asked you to preorder non existing miners and cloud mining companies that made you buy mining power they didn't have. The only way is to ask them for as many personal details as possible and ask them questions about the project or just stay away from new altcoins made by an unknown dev team.

I can relate with this and since I cannot stop anybody from sending PM and even if I block the username, who knows another username that will do that again but at the same time, I can bring myself to just ignore. I got one that was saying its the highest price token for me to join their Telegram channel which I know from there, other things will follow. What we can do is to continue to enlighten people and people themselves to always be ready to read about what they are being introduced to in other not to fall victim.

carlfebz2

hero member

Activity: 2926

Merit: 722

DGbet.fun - Crypto Sportsbook

Quote from: Cherylstar86 on November 14, 2017, 04:52:38 AM

Quote from: lili song on November 14, 2017, 04:26:21 AM

Before try to invest, make sure that you've fully observe the ICO project because there is no guarantee that the project will keep running.
Just think before start to invest, cryptocurrency is not ordinary investation, it's a risk investation so you must prepare for lossing rather than winning.
Make sure do not click any unknown link for prevent any malware attempt since criminal getting advance from time to time.

Yes that's absolutely in danger of possible malware attacks so we better be careful and always be safe when checking those link associated with the so called project ICO. Those ico that has signs of scams might have no records on selling histories on ether scan, that's why we really need to check the website or any whitepaper or ann thread discussions. With that ample ways you can determine the actual scenario on how the ether token will be successfully be launched at tradings site or might be a failure.

If you are a wise investor you would really do such thing on which you would really make investigations and research regarding on a project. Back in my newbie days I do carelessly invest and mistakes molds me to be a smarter person regarding on this field.If you are really careless and which do easily fall on some too good to be true offer or verification without knowing that you are either download virus or being phished already.

Lanatsa

hero member

Activity: 2968

Merit: 687

Quote from: greenprateek on November 10, 2017, 10:21:45 PM

It has become a common practice to launch an ethereum token and just dump it .

A new token and a new airdrop is being done every day. A new project is launched, then airdropped. A telegram group is created where all sort of big promises are made. Every one is asked to make donations or buy the coins on etherdelta to support the project and raise the price and when dev feels he just dumps all the remaining coins and vanish.

I just can't forget that evening , when I was having discussion with ethergold dev in their discord group, he made so many promises and I went ahead and bought 1 eth worth coins. Next day morning when I wake up , everything was gone. There was no website, no discord .

Now these guys have started a new thing, they ask for 0.01 or 0.001 eth donation for donation. They call it anti scam check.

Even though the B2X was called off that day, a B2X on ether was launched .

Is there a way to stop this. Can we take any legal action?

If someone takes a legal action against one of these I think it would set an example and this might stop. But I know it will not be easy as there are countries which have no or very week cyber laws. But still I want to do something about this. Lot of newbies get burned due to this. Its bringing bad name to crypto too.

Get used to it and this cycle would really continue as long there are fools who do easily fall for these promises and same thing as you experienced i experience it too which do really sucks and really a waste of money.This is why we should really be careful on selecting potential ones rather than on doing random putting up money on some newly launched airdrops. Sweet promises of devs are common to lure in new investors but the main agenda here is that they would really dump all of their coins once they do accumulate enough to get from its people.

Aamir1

hero member

Activity: 756

Merit: 500

Recently, Russia has proposed an Agency called Crypto Detective Agency for the only purpose of filtering ICOs and new projects like this, where every new project of ICO being launched will be registered under them and in case they try to scam their investors and try to run away with the money, there will be legal actions taken against them. I think such things should be introduced everywhere to make a safer environment for crypto investors. As mentioned in OP, now a days, because of the excessive scam attempts, a person would think 10 times before investing somewhere because their trust is broken a lot of times already. If there will be authorities monitoring these ICOs, there will probably be no such things in future.

Cherylstar86

sr. member

Activity: 1484

Merit: 253

Quote from: lili song on November 14, 2017, 04:26:21 AM

Before try to invest, make sure that you've fully observe the ICO project because there is no guarantee that the project will keep running.
Just think before start to invest, cryptocurrency is not ordinary investation, it's a risk investation so you must prepare for lossing rather than winning.
Make sure do not click any unknown link for prevent any malware attempt since criminal getting advance from time to time.

Yes that's absolutely in danger of possible malware attacks so we better be careful and always be safe when checking those link associated with the so called project ICO. Those ico that has signs of scams might have no records on selling histories on ether scan, that's why we really need to check the website or any whitepaper or ann thread discussions. With that ample ways you can determine the actual scenario on how the ether token will be successfully be launched at tradings site or might be a failure.

lili song

hero member

Activity: 980

Merit: 509

Before try to invest, make sure that you've fully observe the ICO project because there is no guarantee that the project will keep running.
Just think before start to invest, cryptocurrency is not ordinary investation, it's a risk investation so you must prepare for lossing rather than winning.
Make sure do not click any unknown link for prevent any malware attempt since criminal getting advance from time to time.

jseverson

hero member

Activity: 1834

Merit: 759

You can't take any legal action unless the country you are in has already passed legislation regulating them. Some countries have already done this, with some even going to the extreme of outright outlawing them.

If you don't live in one of these countries, then I suppose the best you could do is simply spread awareness. ICOs can be legitimate, but the current overwhelming majority are scams that are designed to run away with your money. Just tell it like it is. One less scammed investor a day can add up and go a long way.

darkangel11

legendary

Activity: 2478

Merit: 1360

Don't let others control your BTC -> self custody

And they are spamming inboxes on bitcointalk. I got an invitation to something called fidget spinner coin or whatever. ETH based coin of course Wink

They will keep making money on it until people learn and start being cautious. The same thing was being done with fake mining hardware companies that asked you to preorder non existing miners and cloud mining companies that made you buy mining power they didn't have. The only way is to ask them for as many personal details as possible and ask them questions about the project or just stay away from new altcoins made by an unknown dev team.

jekjekman

sr. member

Activity: 378

Merit: 250

That is one of the main reasons why some other countries are starting to regulate cryptocurrency exchanges and ICOs because of a huge money that is being involve inside of it and the people who used to invest their hard earned money are being scam by different crypto related investment companies that promises a money in return after they develop something with their ideas.

Almost anyone can really create their very own ICOs though because the laws in here is not that concrete so being vigilant is the number one priority as there are no 100% assurance in everything.

ldah94

full member

Activity: 350

Merit: 102

I believe that this goes beyond the authorities, is a problem that must be solved by the same community of cryptocurrencies, place more restrictive requirements when allowing these airdrops, and have more reasoning from us investors to not leave that they cheat us and make these scammers public

audaciousbeing

hero member

Activity: 1330

Merit: 569

Quote from: greenprateek on November 10, 2017, 10:21:45 PM

It has become a common practice to launch an ethereum token and just dump it .

A new token and a new airdrop is being done every day. A new project is launched, then airdropped. A telegram group is created where all sort of big promises are made. Every one is asked to make donations or buy the coins on etherdelta to support the project and raise the price and when dev feels he just dumps all the remaining coins and vanish.

I just can't forget that evening , when I was having discussion with ethergold dev in their discord group, he made so many promises and I went ahead and bought 1 eth worth coins. Next day morning when I wake up , everything was gone. There was no website, no discord .

Now these guys have started a new thing, they ask for 0.01 or 0.001 eth donation for donation. They call it anti scam check.

Even though the B2X was called off that day, a B2X on ether was launched .

Is there a way to stop this. Can we take any legal action?

If someone takes a legal action against one of these I think it would set an example and this might stop. But I know it will not be easy as there are countries which have no or very week cyber laws. But still I want to do something about this. Lot of newbies get burned due to this. Its bringing bad name to crypto too.

That's the unique thing about the crypto community, everyone is free to propose an idea why everyone is equally free to either accept or ignore them you chose to accept his empty promises. The issue of legality here would be possible if you know the location the individual is resident and also if the crypto currency is developed to the point it can be heard in the court of law at the his place of residence or else, it will just be an endless journey without victory because justice in some other part in the world, is more scare than air.

However, there is a saying that 'prevention is better than cure' and that's where you should focus on rather than the above route. You have seen the way its being done, you have learnt your lessons move on and never fall for such. Create awareness so others won't fall more because for you to have been duped, others have been duped as well.

greenprateek

newbie

Activity: 4

Merit: 0

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