Crypto Scams are a global issue - page 12.

Jating

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Quote from: hahay on July 21, 2019, 05:35:27 PM

Indeed, that is a big problem for this industry and it seems that the problem will continue to exist, but with the existing mass adoption, at least crypto scams can be minimized by continuing to increase the confidence of many people and of course investors about cryptocurrency.

On the contrary, if crypto will be mass adopted, the number of scammers will grow as well. And this is one reason why governments are really putting a hard line stance against crypto because no one can control it and scammers/cyber criminals are taking advantage of it.

So learn to educated ourselves so that we won't fall for the trick. I wouldn't say that I haven't been scammed, but if you have experienced it, I'm sure the next time you will be really careful of who you deal with in this crypto verse.

hahay

legendary

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Indeed, that is a big problem for this industry and it seems that the problem will continue to exist, but with the existing mass adoption, at least crypto scams can be minimized by continuing to increase the confidence of many people and of course investors about cryptocurrency.

yvesp110

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Quote from: salty on July 21, 2019, 09:55:25 AM

Quote from: akeegan on May 02, 2019, 06:39:39 PM

Now that crypto is allowing us to transact globally I am questioning if we are going to start to see more scams happen between countries. Do we need more compliance companies to step in to help major scams and illegal trafficking?

Full report: https://ciphertrace.com/articles/q1-2019-cryptocurrency-anti-money-laundering-report/

I do not think that this is a question that ordinary users can discuss on the forum.In my opinion these issues are handled by the FATF.And if You follow the situation in the world,they are aimed very seriously about cryptocurrencies.I'm sure soon the scammers will be much less.

Up gradation in the system every now and then is limiting the loopholes in the system and I think we would not have that much scammers around right now as we had a year ago. However, the attack on Binance exchange and the ICO scams have been the recent big example of how money was looted and how various ways are being defined by scammers to scam people.

Naughty Princess

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Quote from: Haunebu on May 03, 2019, 05:03:27 AM

You do realize that scams are a global issue irrespective of whether it is related to crypto or not, don't you op? The thing that everybody needs to understand is that no matter what happens, scams will always happen.

However, these scams can decrease by a huge extent if we properly secure all of our assets in the best way possible.

I agree. We are responsible on our own asset. Do not believe on such good offer as you are not sure that it really worth, learn about it before you decide to participate or give an investment into it. Scam is globally issue and even offline, it happens. Different modus wherein we have to be aware of.

Betwrong

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Quote from: dothebeats on May 02, 2019, 11:09:22 PM

Awareness against such scams is what I think would be saving us from the rising numbers of such illicit activities and wrongdoings. Compliance and regulations only solves half of the equation, but if people who actively engage and participate in cryptocurrencies know the things that are being used by people to scam, they could avoid these things and not be a part of the statistic.

Regulations often affect those who shouldn't be affected by them. It's law abiding citizens who suffer from regulations in the first place, while fraudsters always find a way to circumvent laws and to continue their wrongdoings. So, I agree with you, awareness is what we need, not regulations. Scammers should be left empty-handed because of people's awareness.

salty

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Quote from: akeegan on May 02, 2019, 06:39:39 PM

Now that crypto is allowing us to transact globally I am questioning if we are going to start to see more scams happen between countries. Do we need more compliance companies to step in to help major scams and illegal trafficking?

Full report: https://ciphertrace.com/articles/q1-2019-cryptocurrency-anti-money-laundering-report/

I do not think that this is a question that ordinary users can discuss on the forum.In my opinion these issues are handled by the FATF.And if You follow the situation in the world,they are aimed very seriously about cryptocurrencies.I'm sure soon the scammers will be much less.

Janation

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Quote from: Spaffin on July 21, 2019, 02:16:59 AM

Perhaps it is the anonymity, which is still present in the cryptocurrency market, that gives a lot of opportunities for manipulation and fraud. Perhaps the control and provision of passport data can solve many problems in this regard, but only I was convinced that many fraudsters even adapted to this condition and began to cheat even with the conditions of KYC.

It is like you are saying that anonymity should not be present in cryptocurrencies, why is that?

We all know that being decentralized means no one controls it and at the same time, anonymity and the volatility goes with that. Scams are an issue even before cryptocurrencies, there are a lot of scams happening even out of cryptos. We can't stop people from being scammed if there are still a lot of people getting scammed, you get it?

galestorm

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Futurov

To stop crypto scams and frauds alike, i guess we really need someone to keep in check of all that is going on in the crypto platform. I would hate to see if the world of cryptocurrency starts to adhere illegitimate projects that would exceed in numbers. Anonymity has always been the issue, which urge perpetrators to push their malicious intent onto the public, tricking them into investing which leads people into buying and losing their assets.

Spaffin

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Perhaps it is the anonymity, which is still present in the cryptocurrency market, that gives a lot of opportunities for manipulation and fraud. Perhaps the control and provision of passport data can solve many problems in this regard, but only I was convinced that many fraudsters even adapted to this condition and began to cheat even with the conditions of KYC.

Ziskinberg

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Quote from: Kemileye on July 14, 2019, 04:26:22 PM

Quote from: akeegan on May 02, 2019, 06:39:39 PM

Now that crypto is allowing us to transact globally I am questioning if we are going to start to see more scams happen between countries. Do we need more compliance companies to step in to help major scams and illegal trafficking?

Full report: https://ciphertrace.com/articles/q1-2019-cryptocurrency-anti-money-laundering-report/

Yes, we need compliance companies to step into the game in order to keep watch on the perpetrators of evil in crypto space. Anti theft and anti money laundering compliance companies need to come to the centre of crypto so as to stop scam. I think without these companies then we can't sleep with two eye closed in crypto space.

Compliance is what the government is pushing now, but we cannot do compliance without regulation.
We can use the USA as an example as they have a very strict regulation when it comes to digital currency as they see crypto is a high risk form of money without regulation.

The Libra which is from facebook is now facing some regulatory possible problems because they will turn into the finance world which is only dominated by the banks, I mean they tried to compete and they have the power due to their big number of users, but regulation has to take place so the platform will not be abuse for illegal activities and I guess they are positive for the adoption but the government just needs to regulate it.

Kemileye

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Quote from: akeegan on May 02, 2019, 06:39:39 PM

Now that crypto is allowing us to transact globally I am questioning if we are going to start to see more scams happen between countries. Do we need more compliance companies to step in to help major scams and illegal trafficking?

Full report: https://ciphertrace.com/articles/q1-2019-cryptocurrency-anti-money-laundering-report/

Yes, we need compliance companies to step into the game in order to keep watch on the perpetrators of evil in crypto space. Anti theft and anti money laundering compliance companies need to come to the centre of crypto so as to stop scam. I think without these companies then we can't sleep with two eye closed in crypto space.

DigitalGemToken

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I agree, crypto scams are not good.

There were a lot of regular investor interest into cryptocurrencies in late 2017 but the crypto scams made the investors weary.

I sympathize with the regular investors as well because who wouldn't get mad if they were scammed... the blame should be on the fraudsters and scammers who took advantage of regular people and regular investors.

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Spaffin

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I have always advocated decentralization and was against the fact that someone will control my financial affairs. Based on this, I was very pleased with the cryptocurrency and what I could do with it. But apparently it is now time to come, When you need to get rid of the greater evil, which is fraud in the cryptocurrency market. Here, it is impossible to manage without state control and legal protection of one’s rights, and therefore real legalization of cryptocurrency is needed, with all the ensuing consequences.

iMark

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Quote from: joinfree on July 03, 2019, 01:35:13 AM

The scams in crypto is a great concern which needs to be tackled if we ever dream of seeing global mass adoption of cryptocurrencies. The reasons why most people don't trust using cryptocurrencies to make transactions is because of the numerous scams that surrounds it.

This is a shared problem, scam is a problem that will continue to exist in the crypto business and investment, all we can do is be careful on every project and coin you want to buy, it is rather sad that many scams make potential investors run away, but we don't have the power to stop the scam anyway ?

jakoylantern

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Quote from: Botnake on July 04, 2019, 04:06:17 AM

Quote from: jakoylantern on July 04, 2019, 12:58:04 AM

Instead of banning, why don't they make an awareness campaign, all the scams should not be blame to bitcoin as in the first place bitcoin is not promoted by a certain ceo to attract people to invest with fix returns. The scams are coming from ICO and ponzi schemes, I guess that's where they should focus and find ways to combat that kind of scams, they may not eliminate it but with their effort, they can minimize the scams.

Yes, that's right why they don't make an awareness campaign so that some people that are willing to try and invest in cryptocurrency has a chance. They must have a team/ department that will just focus on this kind of issues. Anyways its all about the government if they want to take action about this kind of matter. Besides they know that most of the scams are coming from illegal ICO, that's the reason why the requirements of ICOs change and become much difficult.

Dobolen

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Fraud is very easy to happen and can be done by anyone. So it is utilized by irresponsible people. Not a few investors have to lose their money because of the fake project. A real regulation and cooperation with Governments in every country. I think fraud can be eliminated or at least fraud will be reduced.

joromz1226

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Crypto all over the world anyhow are become popular and even most of the crypto currencies that has been arise, scammers also increased. Just all I know as long as it is decentralize, expect that it can be use for legal and illegal purposes.

shield132

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Quote from: jakoylantern on July 04, 2019, 12:58:04 AM

For me, yes cryptos scams are global issues because of these issues we are facing to some prohibition like banning bitcoin to some countries, especially to those government sectors that know about the capability of cryptos scam or fraud. Also, some ppl use this crypto to make there scams much more accessible; we know that there's a lot of fraud out there not just crypto scam so just be careful.

Not only that but it makes bitcoin look like this coin is made for scamming, money laundering and etc. Governments need nothing but some these facts to have reaction on bitcoin and cryptocurrencies. In overall, crypto scams are crime and crime is global issue which won't be fixed but should be narrowed on it's max. Gladly, recently there were a lot of news when people who were involved in bitcoin scams and money laundering are getting caught.

DPrillio

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Quote from: jakoylantern on July 04, 2019, 12:58:04 AM

For me, yes cryptos scams are global issues because of these issues we are facing to some prohibition like banning bitcoin to some countries, especially to those government sectors that know about the capability of cryptos scam or fraud. Also, some ppl use this crypto to make there scams much more accessible; we know that there's a lot of fraud out there not just crypto scam so just be careful.

Yes, the popularity and the rise of crypto also attract scammers to do such effortless collection of money from the victim mostly the investors and with this its now become alarming world wide about this issue and it has a bad impact to crypto community making investors walk away and it tends to have destabilizing effect and bad image.

MadeinCoin

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Quote from: Oilacris on July 03, 2019, 10:14:12 AM

Quote from: joinfree on July 03, 2019, 01:35:13 AM

The scams in crypto is a great concern which needs to be tackled if we ever dream of seeing global mass adoption of cryptocurrencies. The reasons why most people don't trust using cryptocurrencies to make transactions is because of the numerous scams that surrounds it.

We cant do anything about it just like on tackling or trying to solve out online scams on typical fiat system.How

much more on crypto market which it do have the perfect recipe on committing frauds due to anonymity.We cant really
able to get rid of it but somehow we can educate or do tell new people to be aware of typical frauds on crypto space.

But over time I'm sure more companies will help in handling scammers. Actually we are moving on a centralized system, just look at the many companies that have launched their centralized crypto. This is clear to avoid existing scammers.

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