I think that really solid projects are still getting their funding...
There are still a lot of scam projects, but there are not so many as on last couple of years, when the ICOs had it's glory...
I think the main problem is that crypto is no longer new and no longer offering the "get rich quick scheme"... and this turned away a lot of people that where willing to risk their money...
And another part of the main problem is that most projects are just more or less copies of the older/established ones and bring nothing new...
Topic: Are the scam projects killing entire crypto space? - page 17. (Read 5832 times)
Until the crypto community takes drastic step against, individual involve in scam project, we will continue to have the bade experience in the space, I suggest a pool to be created that will require KYC before ICO/ IEO can commence, with this developers can be trace and be charge incase it was observe they are scammers.
It would be great to introduce the mandatory KYC for the project team members so that before the project is launched, investors can be sure that the project team is realThese days scammers are the big problems in the crypto because it was disturbing investors to be confidence with crypto.
Maybe, but if youre a wise investor why would you pick a low key project at the first place. Or you expect also to ain from shitcoin just like what happened on the selfdrop that pumped before. I admit it, Ive play also during this time cause I am capable of doig some buy and sell without any hassle and earned from it. I think ys better to buy now a good project such as top 50 tokens and be more wary about them than struggling on new ICOs.
apart from regulations itself, personal responsibility and attention may help, sharing with others. only it sounds like utopia 
Scam is already at large even before cryptocurrency become so popular and I don’t think there is a way to completely eliminate it. Yes, it may be true that regulations can really help at some point but regardless of any regulations scam will still be there. Lets look at banks for example, banks are very regulated to avoid money laundering or fraud/scam but how come fraud in banks are still present?
You see, no matter how we regulate something scam cannot be eliminated for as long as there are scammers and those who get easily scammed. The continuous popularity of scams in crypto is really hurting the industry to the point that investors become skeptical when investing. What we really can do to same others and ourselves is to be very careful and research everything about a project before putting money to it and to help others we can use this forum for awareness.
You see, no matter how we regulate something scam cannot be eliminated for as long as there are scammers and those who get easily scammed. The continuous popularity of scams in crypto is really hurting the industry to the point that investors become skeptical when investing. What we really can do to same others and ourselves is to be very careful and research everything about a project before putting money to it and to help others we can use this forum for awareness.
Please don't get me wrong, but my opinion is that these scam projects are needed in order to get the noobs away from the shitcoins. Many of the inexperienced users investing for the first time in cryptocurrency go for little known coins, hoping to get 10x or 100x returns in a few days. And many of them lose their entire investment. If they lose money in these scam projects, then they are likely to stay away from such shitty projects in the future.
Sorry but I don't understand your point here at all. You are saying that it's good that 'noobs' lose their money to scammers to teach them a lesson?! Someone who loses his entire investment to a scam, doesn't miraculously come up with new money and invest in crypto ever again. These people will stay away from crypto at all.
I agree...scam projects are not a good thing lol. Dont know how you can even justify that. With every successful scam 2 more pop up. It encourages bad behavior when its successful. Draining the pool of possible people getting involved in crypto is not good. Only people that benefit from a successful scam is the scammers and the media.
Please don't get me wrong, but my opinion is that these scam projects are needed in order to get the noobs away from the shitcoins. Many of the inexperienced users investing for the first time in cryptocurrency go for little known coins, hoping to get 10x or 100x returns in a few days. And many of them lose their entire investment. If they lose money in these scam projects, then they are likely to stay away from such shitty projects in the future.
Sorry but I don't understand your point here at all. You are saying that it's good that 'noobs' lose their money to scammers to teach them a lesson?! Someone who loses his entire investment to a scam, doesn't miraculously come up with new money and invest in crypto ever again. These people will stay away from crypto at all.
Please don't get me wrong, but my opinion is that these scam projects are needed in order to get the noobs away from the shitcoins. Many of the inexperienced users investing for the first time in cryptocurrency go for little known coins, hoping to get 10x or 100x returns in a few days. And many of them lose their entire investment. If they lose money in these scam projects, then they are likely to stay away from such shitty projects in the future.
Basically, it's a yes. They are hurting the crypto space since they affect investor's perspective on crypto as a whole. Although we say that a lot of investors are intellegent, we can't deny the fact that more investors are still not. Scam projects are very effective way back in 2017-2018 since a lot of projects at that time were launched and a lot of investors were scammed too due to lack of knowledge on what they are investing/doing.
Until the crypto community takes drastic step against, individual involve in scam project, we will continue to have the bade experience in the space, I suggest a pool to be created that will require KYC before ICO/ IEO can commence, with this developers can be trace and be charge incase it was observe they are scammers.
It would be great to introduce the mandatory KYC for the project team members so that before the project is launched, investors can be sure that the project team is real 
Yes scam projects are killing the entire cryptocurrency space. An investor who gets scammed, tells his friends everyone stay off cryptocurrency we keep losing potential users.
this is all a temporary effect. when the whole market begins its recovery, everyone will forget about scam projects, etc. Or in the second scenario, everyone will start investing only in bitcoin ...
I think, rugulations will solve the topic to great extent, but is there any other way to stop the scamming and not just going away from it?
Please apply your thoughts.
I think, rugulations will solve the topic to great extent, but is there any other way to stop the scamming and not just going away from it?
Please apply your thoughts.
To defeat fraud is basically impossible. This is the nature of man
But you can protect yourself from fraud. For ICO projects, this is, first of all, it is necessary to introduce a procedure for checking the project team for truth (confirmation that they are real people) and professional suitability (confirmation that they have professional skills to carry out the tasks that the project sets before itself).
Reported cases on scam projects and attacks on exchanges and wallets tarnish the reputation of the cryptocurrency space. It throws fear to the new investors who would like to join but have limited knowledge in crypto. The best way to control this is through regulations where forums and exchanges will be given the power to run thorough checks on projects and the team members before allowing to post or host the bounty and IEO on the forum and exchange respectively.
Of course that's a main reason. Many noobs are scared of increasing in crypto because they have heard their friends losing their money in coins which are dead now and in projects in which people have run away with money.
Why to take the risk and invest in shit coins when you have bitcoin, many are lured into investing into these shit coins thinking that they could make a big profit because they lost the opportunity to invest in bitcoin when the price was low and that ego will force them to invest in these shit coin projects and that was the main purpose for these scammers.I can say it's not a good thing to blame these small investor caused by their ego. They have different opinion about that.
Yes scam projects are killing the entire cryptocurrency space. An investor who gets scammed, tells his friends everyone stay off cryptocurrency we keep losing potential users.
Yes. Scam projects are the reason why the bear market lasted so long. If only 40% of ICOs last year have started their projects and still in operations, you can be sure that many investors will take interest in it and the price of crypto will go up in general. But cases of scam are a drawback. Also the news about loss of funds when someone loses his or her private key also terrifies investors. Remember that CEO that died with his private key while holding the assets of several investors? That is the kind of thing that scares investors away from crypto
Until the crypto community takes drastic step against, individual involve in scam project, we will continue to have the bade experience in the space, I suggest a pool to be created that will require KYC before ICO/ IEO can commence, with this developers can be trace and be charge incase it was observe they are scammers.
Of course that's a main reason. Many noobs are scared of increasing in crypto because they have heard their friends losing their money in coins which are dead now and in projects in which people have run away with money.
Why to take the risk and invest in shit coins when you have bitcoin, many are lured into investing into these shit coins thinking that they could make a big profit because they lost the opportunity to invest in bitcoin when the price was low and that ego will force them to invest in these shit coin projects and that was the main purpose for these scammers.
The easiest way for a genuine project to raise adequate fund for it's product is to apply for IEO listing on a big and reputable exchange, else there might be difficulty in raising fund. Which means it will be affected by the general notion of other projects being scam. Irrespective of what might have been caused in the past real problem solving projects are still making headway in the cryptospace.
Yes scam projects will surely affect the entire crypto space and it will affect genuine crypto projects. But genuine projects will eventually get a success no matter what impact scam projects have on them. I think regulations are the right way to discourage and stop scam projects from cheating and affecting the entire crypto market.
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