Are the scam projects killing entire crypto space? - page 18.

ajaymukund

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Quote from: forexandcryptoauditor on September 13, 2019, 12:21:07 AM

From my point of view, scam projects have taken away the glory of genuine projects.
Due to too many scams around crypto space, investors are not confident on investing in new projects. It's Becoming very difficult day by day to find out the legitimacy of the projects.
This in turn affecting the projects and result of this is not raising the funds as expected and required for further development of projects. This is daviating projects from their roadmap which is resulting in too much delay or even failure.
Kissing interest in investors is somehow obstacle to growth and further research of dApps projects.
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.

The only way to prevent fraud is to protect yourself. because many people will equip themselves with knowledge to avoid investing in promising fraud projects and you must do so.
Reading lots of books and reading news daily will make you more alert to phishing projects.
I was cheated on 3 ICO projects in 2018 and now I am no longer cheated, my advice is to read a lot and work as a team.

DDante

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News of scam in crypto space is what making total crypto noobs thinks that crypto is scam, its really making crypto looks bad for those who haven't enter crypto or new to crypto, i will see how long this is going to go because i can feel that scammers days are out numbered, soon something will come up

Lance203sin

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Unfortunately, some people thinks that crypto = scam.
Its hard to change this point of view due to a lot of scam stories in media

JCviggen

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Quote from: silverleafy on September 20, 2019, 05:59:22 AM

Yes, most of them have negative impact to the crypto ecosystem.
When you tell someone that 99% of ICOs are pure scam, will it make a good impression? I don´t think so.

I think 99 percent are just speculations. in the early stages, we can only understand that 50 percent of the projects will be scammers and another 30 in a year -1.5. I think it’s very difficult to describe ICO scam statistics now

silverleafy

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Yes, most of them have negative impact to the crypto ecosystem.
When you tell someone that 99% of ICOs are pure scam, will it make a good impression? I don´t think so.

coin-investor

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Quote

From my point of view, scam projects have taken away the glory of genuine projects.

Not only you but all of us here are thinking that way, and it will harm any industry where scamming is very prevalent

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It's Becoming very difficult day by day to find out the legitimacy of the projects.

the easy way now is to stop investing in ICO and go for IEO or just buy when it the market, that solves the issue

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I think, regulations will solve the topic to a great extent

People are asking but nothing's coming, because we still don't have an idea how regulations will happen

Hypnosis00

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Quote from: MrGGates on September 15, 2019, 04:48:53 PM

Quote from: Brunus on September 15, 2019, 05:33:12 AM

Like all fields where the rules are not clear, scams are easier to implement.
However, I am convinced that most projects have failed mainly due to incompetence, not by ill will. The altcoin crisis was positive because at least it allowed us to do some cleaning.

Yes, in the beginning, all the projects that were made confidently by the developer and the team had a goal, but one day when a crisis hit, the team did not have the experience to deal with it, which made the bad intentions appear in my opinion, or was tempted by instant money.

That's because they never anticipate the market change, they keep thinking on the passive effect of the market.
Many crypto projects today turns into dead and aren't sure if there is a time that it will turn back into the race once we hit for another bull run. How it badly to say that these projects really disappointing everyone and it ruins the entire crypto but that's all their story. It is better to forget those and face new ones.

Twinkledoe

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Quote from: ?? on ??

All scam or hack related can drops the market here but this can't kill the entire crypto space because the adoption of this will continue even some bad things really happen here still the effect of that in some users worldwide is not good like they will not try this like they will judge this already like we know this is risky investment like they will think that this is not legit

We can't remove the fact that there are really scammers and cheaters in this industry. But it won't stop the crypto adoption. The legit projects backed by known companies will give the credibility to deal with cryptocurrencies from the masses like the Libra of FB and TON by Telegram. We can't say that they are scammers as they are being backed by solid companies. They will bring more crypto adoption because they are already established companies and have huge following in their respective social media channels.

Quote from: SolarWindMiningCompany on September 15, 2019, 04:42:10 PM

I truly believe that the global cryptocurrency adoption that we enthusiasts crave for might not come soon as long as the integrity of this ecosystem remains washed. The centralized world are looking and as well people, are pondering if its worth venturing into with all these scams peddled left and right and if nothing is done fast to control or mitigate these, them I am afraid we will wait longer for adoption. This is my take

Of course, there will always be users who will be hesitant towards crypto because of the negative situations that they are reading but as time goes by, they will learn why someone is being scammed and will know the benefits of crypto over its disadvantages.

MrGGates

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Quote from: Brunus on September 15, 2019, 05:33:12 AM

Like all fields where the rules are not clear, scams are easier to implement.
However, I am convinced that most projects have failed mainly due to incompetence, not by ill will. The altcoin crisis was positive because at least it allowed us to do some cleaning.

Yes, in the beginning, all the projects that were made confidently by the developer and the team had a goal, but one day when a crisis hit, the team did not have the experience to deal with it, which made the bad intentions appear in my opinion, or was tempted by instant money.

SolarWindMiningCompany

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I truly believe that the global cryptocurrency adoption that we enthusiasts crave for might not come soon as long as the integrity of this ecosystem remains washed. The centralized world are looking and as well people, are pondering if its worth venturing into with all these scams peddled left and right and if nothing is done fast to control or mitigate these, them I am afraid we will wait longer for adoption. This is my take

LogitechMouse

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Quote from: airdropan on September 15, 2019, 08:25:16 AM

thats why we need like ruler or police or regulation on crypto to control this one. if there is no ruler or laws to make the scammer get their punishment they just gonna do what they do, they will repeat to make another scam project

Police?? You're funny but we only need regulation and not the police Cheesy

. Most of them probably doesn't know about blockchain technologies and how scammers and ICO's work.

Yes scammers are killing the crypto space so the best thing to do now is to just focus on the old coins right now especially Bitcoin and top coins in coinmarketcap.

Jaycee99

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I agree because of projects that produces altcoins and turned out to e a scam it made me lose hope on every project the has a possibility of good results because you got a feeling that the project could be scam. Results are investors could find another way to create more money that is outside our crypto world. So, yes because of scams many people are sad and lossing hope just like me and with to many scams to many stop and dont invest on real and good projects that are killed because of the scamy ones.

And as one of the investors I do my reserch(Not getting and investing a high money here because it could probably a scam) and make sure that is not a scam but still there are some who makes a project real and make it undetectable to see if it is a scam. So I would like to share that is every investment is a gamble and being an bounty hunter you put effert in it so that effort is your coin to gamble with the said project.

The3max

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Quote from: airdropan on September 15, 2019, 08:25:16 AM

thats why we need like ruler or police or regulation on crypto to control this one. if there is no ruler or laws to make the scammer get their punishment they just gonna do what they do, they will repeat to make another scam project

Wow, do you think the police can control what happens on the blockchain? I think it is necessary to have strict government regulations for capital raising programs from investors. Because there are so many scams through the blockchain network, many countries have banned it.

airdropan

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thats why we need like ruler or police or regulation on crypto to control this one. if there is no ruler or laws to make the scammer get their punishment they just gonna do what they do, they will repeat to make another scam project

Pamadar

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Quote from: aggress0r on September 15, 2019, 05:55:17 AM

Correct! And to be honest the volatile nature of crypto itself is a red flag for many people who were eager to join cryptoworld they find this suspicious and too risky and to top it off scams are the utmost red flag. A lot of news inform that some project scammed and stole people's funds and many investors were scammed too so they could bring their negative experience and share with their social circle.

This widespread negative impressions are the ones who's killing the industry. Many projects which scamming people are bringing more people to dislike the market. Scammers are everywhere. They can bring negative impacts to those investors who didn't do their homework and just invested blindly.

Crypto space will survive even scammers are all over the place, as long as there are people who's willing to continue and take the risk waiting for the success of the industry.

GGmith

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prison may be the right solution to stop the fraud project, but unfortunately there is no firm action in this case. but on the other hand I also realize that this is a risk for prize hunters and also investors who invest in projects. what we can do must be more selective in choosing projects

Darkoth89

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It's not only 'scam projects' (and with scam I mean projects that had no other intentions than stealing money from investors) that hurt the reputation of cryptos.

From all the hyped ICOs, so many were just too naive when spending their funds. Either they wasted them for nothing, missed the right time to convert their cryptos to fiat or had not real preparation for the bear market. That led to abandoned projects with no real progress. And then it's no wonder that people are sceptical when projects receive millions and don't deliver.

Crypto_lion

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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.

aggress0r

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Correct! And to be honest the volatile nature of crypto itself is a red flag for many people who were eager to join cryptoworld they find this suspicious and too risky and to top it off scams are the utmost red flag. A lot of news inform that some project scammed and stole people's funds and many investors were scammed too so they could bring their negative experience and share with their social circle.

Brunus

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Like all fields where the rules are not clear, scams are easier to implement.
However, I am convinced that most projects have failed mainly due to incompetence, not by ill will. The altcoin crisis was positive because at least it allowed us to do some cleaning.

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