Are scam ICOs going to draw the attention of governments?

Spoetnik

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FUD Philanthropist™

The SEC issued an investor fraud alert for crypto coins.
IRS & REV-CAN Tax laws were made official.
Ripple was fined by FiNCEN.
Guys buying BTC with LocalBitcoins were arrested by the FBI.
Coinbase has an ongoing lawsuit with the IRS.
Cryptsy had a class action lawsuit succeed in getting money.
Poloniex takes users ID to remain AML/KYC compliant.
Gavin Anderson met with the CIA.
Spoetnik gave Bob Barker a hand job back stage to get on the Price is Right.

..guess which one of those things is not true Grin

"draw"?
Uhmm that boat sailed.. It's called the crypto-titanic.. Full steam ahead investards!
Can't talk.. Too busy posting opinions on Bitcointalk!

Maybe talk to Artem about how Coinbase rated him out.
Or Cryptsy staffer BitJohn about how they would lie to customers about network problems then freeze their money and then hand over their info to Fed's.

Don't mind my FUD NOOBS just keep posting.. YOU KNOW THINGS!

Ahimoth

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Quote from: yvv on June 23, 2017, 10:54:39 AM

Many governments don't give a shit about protecting their citizens from scam. All ICOs will move to these jurisdictions.

Yes its true. Unless bitcoin is legal in a country, it's centralized and government have benefited to this, they will protect the people from scam. But the mere fact that bitcoin ia decentralized so they will not give a shot on this matter.

TheTribesman

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Quote from: greply on June 23, 2017, 10:00:19 AM

With the massive rise of ICOs over the last few months, some of which have been straight up scams and ponzi schemes, will this expedite the entrance of governments into the world of crypto in the name of consumer protection?

Which government? The UN?

Rhosadah

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I think with the emergence of ico scams, which we declare need to get legal protection be it consumers or companies that are doing ico, now there are many events that benefit ico services.

Taki

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I didn't see any news that scam ICOs ever were punished by the low. Maybe I skipped something? Tell me if government paid attention on this actulal grabbing of peple and used the necessary punishment. I think such ICOs will just blow if necessary moves will not be provided.

omonuyak

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For the Governments to establish a law that will control cryptocurrency they most have a concrete reason to protect consumers, limit the activities of terrorists, fighting scamming activities and criminality. Scamming who are claiming to be an owners of ICO and published their coins here for investment provide the best reason for governments regulatory agency to flash they touch lights into activities of cryptocurrency with the aim to control and regulates it. The way people are loses millions of dollars values into the pocket of this evil scammers is alarm and something urgent need to be done to stop this madness. Op thank you for bringing this topic.

greply

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Quote from: meliodas on June 27, 2017, 10:10:12 PM

I think if those ico are going to use fiat currencies as an option of payment for their ico i think thats the only time when they will draw attention from government specially if they have collected a huge amount of money,

Good point. Perhaps if some ICOs accept fiat the government will have a better understanding of how to go after them considering the legality around crypto is so ambiguous.

pey

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Actually there is no need for extra attention, if anything is wrong, it is sure that it will be prosecuted ultimately and those who are scammer will found themselves in danger.

meliodas

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I think if those ico are going to use fiat currencies as an option of payment for their ico i think thats the only time when they will draw attention from government specially if they have collected a huge amount of money,

Zadicar

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Quote from: greply on June 23, 2017, 10:00:19 AM

With the massive rise of ICOs over the last few months, some of which have been straight up scams and ponzi schemes, will this expedite the entrance of governments into the world of crypto in the name of consumer protection?

Government wont really bother at all that they would able to protect its citizens when they are being scammed by those scam ICO's out there since government doesnt really care about when it comes to cryptocurrency crowdfunding and they will surely think off that its your responsibility since its your choice to join those then you should really face consequences when things go wrong.

xuan87

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I think because the government hasn't decided that crypto currencies is legal or not, so the government won't take any action yet, the government now still in supervised and review about crypto currencies,but I do believe one day it could be the reason for the government to make a regulation about it or even banned crypto currencies

Armstand

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Quote from: Haladay on June 27, 2017, 04:33:35 PM

Quote from: greply on June 23, 2017, 10:00:19 AM

With the massive rise of ICOs over the last few months, some of which have been straight up scams and ponzi schemes, will this expedite the entrance of governments into the world of crypto in the name of consumer protection?

They already did, don't worry about this. And scam icos will cause lots of problems for ico contributors as well.

Government might already have knowledge on it since its money related and they can benefit from it, they might only studying now and soon they make actions, icos were really prone to scam like pyramiding and making duplicate sites of potential successful ico, we need to be careful.

Haladay

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Quote from: greply on June 23, 2017, 10:00:19 AM

With the massive rise of ICOs over the last few months, some of which have been straight up scams and ponzi schemes, will this expedite the entrance of governments into the world of crypto in the name of consumer protection?

They already did, don't worry about this. And scam icos will cause lots of problems for ico contributors as well.

secusuch

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we are speaking of common law countries?

greply

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Quote from: CrowdFunder on June 26, 2017, 06:28:51 PM

I don't think the government will involve itself unless there is a clear cut case of a known person intentionally misleading people and running off.

Agreed. Unless there is blatant fraud (and a clear cut case like you said) I don't see the them investing time and money into pursuing it. There is such minimal legal precedent when it comes to anything crypto that I can imagine that as a prosecutor it's almost impossible to predict how a court would rule if the case is as ambiguous as most ICOs.

secusuch

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perhaps offtopic but IMF is definitely turning the eyes on cross-border transactions in crypto:

http://www.coindesk.com/imf-explores-icos-central-bank-coins-new-blockchain-note/

secusuch

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and what do you think about usage of altcoins in business-to-state relations, such as public procurement etc?

Quote from: gangstabit on June 26, 2017, 07:11:27 PM

Americans are technically not allowed to contribute. Plus USA is not the only country on the planet. I guess there will be some pushback at some point. I don't see what governments could do.

gangstabit

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Americans are technically not allowed to contribute. Plus USA is not the only country on the planet. I guess there will be some pushback at some point. I don't see what governments could do.

Golftech

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Quote from: CrowdFunder on June 26, 2017, 06:28:51 PM

The problem is that the ICOs are always modelled such that the investment is actually a donation and that makes it harder for the government to intervene even if they wanted to. Case in point you can find plenty of scams on kickstarter or gofundme as well but these sites are still operating and directly in fiat.

I don't think the government will involve itself unless there is a clear cut case of a known person intentionally misleading people and running off.

that's the problem there's no strong evidence that those investors can bring their case into any government bodies as they are not oblige joining but its their own decision risking their money thinking that it will rise up its really a gamble and we don't need the interference of the government with our mistake we should be more furious and researchful before we make our moves.

Pearls Before Swine

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Quote from: yvv on June 23, 2017, 10:54:39 AM

Many governments don't give a shit about protecting their citizens from scam. All ICOs will move to these jurisdictions.

Yeah, but the United States does. We're full up with regulations that aim to protect us from every little thing. So it is indeed surprising that there seems to be nothing about altcoins or cryptocurrency scam stuff in general. I get that the government isn't your parent, but they certainly know how to regulate things to the nth degree. Somehow I think we're due for some regulation, but I'm not hoping for it.

Look at how the US gov't regulates markets. They won't even allow banks to fail organically, or even some hedge funds. They do all sorts of crap like that but they're dead silent about crypto. Kind of makes you think...

Topic: Are scam ICOs going to draw the attention of governments? (Read 1982 times)