Crypto Scams are a global issue - page 8.

AicecreaME

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Quote from: DevilSlayer on October 29, 2019, 09:19:53 AM

Scammers and money laundering are the reasons why people are hot issues about cryptocurrencies. It is why there are people who are afraid to adopt it. It is a issue that be solve or otherwise the image of the market will be worsen.

This is so biased, people also know that there are a lot of bad images that is happening in fiat currency, but they are ignoring it and still using it behind all of that, but when it comes to cryptocurrency, they are being racist about it, talking and accusing it like it is a bad thing, I hope they won't eat their puke in the future. What is need to be fixed is the Government feeding up the negative rumors about cryptocurrency and start to support it instead.

DevilSlayer

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Scammers and money laundering are the reasons why people are hot issues about cryptocurrencies. It is why there are people who are afraid to adopt it. It is a issue that be solve or otherwise the image of the market will be worsen.

Colt81

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Quote from: sirminesalot on October 29, 2019, 06:13:30 AM

Quote from: Capt00 on October 18, 2019, 06:14:47 AM

Scam alone is already a global issue so when cryptocurrency was born then scammers shift to crypto scams knowing that they can easily scam a lot of people most especially newbies. As a piece of advice, it pays to really read and research on anything before entering into any projects. It is very important to be careful in choosing ICO as to not waste time on something not legit.

Your advice is very useful for investors who have not experienced in investing with cryptocurrencies because we know that there are many scams that occur with cryptocurrencies and many investors are also frightened by the conditions and investment situation of crypto currencies today, our confidence and patience are needed

The only thing that we should do to avoid scams is to check every sites that we visit and projects that we are investing because it is the common mistakes that every investors experienced when they get scammed. We all know that it is very difficult to identify a fraud projects, but we should be smart in picking projects that we can get a good profit.

sirminesalot

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Quote from: Capt00 on October 18, 2019, 06:14:47 AM

Scam alone is already a global issue so when cryptocurrency was born then scammers shift to crypto scams knowing that they can easily scam a lot of people most especially newbies. As a piece of advice, it pays to really read and research on anything before entering into any projects. It is very important to be careful in choosing ICO as to not waste time on something not legit.

Your advice is very useful for investors who have not experienced in investing with cryptocurrencies because we know that there are many scams that occur with cryptocurrencies and many investors are also frightened by the conditions and investment situation of crypto currencies today, our confidence and patience are needed

AicecreaME

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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.

I totally agree with this, however, on the other half of the story, people's awareness become stupidity when it comes to "too good to be true" money, type of thing. Scammers totally outsmarted them in the end of the game using the name of the money they are looking for, being blinded by lights reflecting on diamonds of scammers, people's vision will start being hypnotized and their trust will be on the scammer.

We just have to be mentally strong, paranoid as much as we can, for us not to easily get boiled in our own pot of stupidity.

jmigdlc99

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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/

We do need more compliance at the very least to help newbies avoid scams, but the problem is it is hard to impose compliance of any sort when bitcoin/crypto is decentralized in nature. Companies can create services and blockchains on their own and can always choose to, or not to, create safety precautions for its customers.

So given that i don't expect all companies will do compliance, so as such, an alternative way i see is for well-known crypto companies/institutions (like bitcoin.org) to publish more informational campaigns on the matter.

gabbie2010

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Quote from: okala on May 03, 2019, 05:23:44 AM

Yes crpto scam is a global issue since cryptocurrency are global currencies but the fact is before we have agency that will help in the tracking and preventing this occurrence it have to go through the government and as we all know no country have fully accepted cryptocurrency as a legal currency within they jurisdiction.

If the government had been in supportive of cryptocurrency the issue of global scam would have been addressed we have FBI, CIA, INTERPOL etc these are government backed agencies that can track or arrest those behind those fraudulent activities however government across some countries had shun and kick against using of cryptos these had really encourage scammers to have a field day in carrying out all those crimes unchecked.

teosanru

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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 definitely we need some sort of reporting and compliance standards for BTC and related companies. It's not merely due to money laundering, ICOs in general are raising so much money from people in form of cryptocurrencies all this wealth is not at all being utilized by them for development of their projects. Even if it is being utilized then where are the results or proofs that such a thing is happening. I think just like a whitepaper ICOs should atleast give an annual paper which states about the major working and financial position of the company and tells that how much funds have been utilized and how have they been utilized.

AicecreaME

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Quote from: Sithara007 on October 18, 2019, 07:37:15 AM

Quote from: Capt00 on October 18, 2019, 06:14:47 AM

Scam alone is already a global issue so when cryptocurrency was born then scammers shift to crypto scams knowing that they can easily scam a lot of people most especially newbies. As a piece of advice, it pays to really read and research on anything before entering into any projects. It is very important to be careful in choosing ICO as to not waste time on something not legit.

Well... this may sound a little bit harsh. But my advice would be to stay away from all the ICOs, until the market sentiments change. You can go for those projects which looks highly attractive for you, but in my opinion there are no such attractive projects right now. Even the IEO market is going through a rough patch. The best thing to do right now is to hold on to whatever coins you have, rather than investing them.

Always choose those ICOs that are being manage by managers that have good reputation here in this forum, I trust their judgment, that's what I've been doing since a lot of trash IEO are everywhere in the bounties (altcoin) section. Stopping and holding your coins won't change your profits, keep on going and try it all out and push your luck to its limit.

Kambal2000

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Quote from: Botnake on October 21, 2019, 07:20:17 AM

Quote from: ecnalubma on October 21, 2019, 06:45:03 AM

Scam happen not only in crypto but everywhere where money is and different industries. This might also hinder the growth of adoption, this is a big challenge that crypto industry is facing right now specially that its new to many. The very first to step to battle this issue is by educating ourselves to avoid ignorance of the scheme that perpetrators might used against us and to new users.

And we know that the only solution to this is through regulation, however, not everyone are in favor of market regulation as this market will never be as anonymous as we expect. Of course when there's already a regulation, we need to also adopt with the rules of the government which basic requirement is KYC.

This has been the hinder for us to be legalize and to be adopted worldwide due to a lot of scam projects entered the market and a lot of victim. Hope there is one government who will have the opportunity to legalize crypto in their country, so we can check the possible outcome of it, so that more countries will follow their footsteps.

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Quote from: Botnake on October 21, 2019, 07:20:17 AM

Quote from: ecnalubma on October 21, 2019, 06:45:03 AM

Scam happen not only in crypto but everywhere where money is and different industries. This might also hinder the growth of adoption, this is a big challenge that crypto industry is facing right now specially that its new to many. The very first to step to battle this issue is by educating ourselves to avoid ignorance of the scheme that perpetrators might used against us and to new users.

And we know that the only solution to this is through regulation, however, not everyone are in favor of market regulation as this market will never be as anonymous as we expect. Of course when there's already a regulation, we need to also adopt with the rules of the government which basic requirement is KYC.

But reaching the regulatory point is still difficult. I think what is feared is the bubble of bitcoin and it can harm many people. so that economists and also every country is still not rash to take that step so we still have to be patient, to wait for news of regulation or agreement globally

Botnake

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Quote from: ecnalubma on October 21, 2019, 06:45:03 AM

Scam happen not only in crypto but everywhere where money is and different industries. This might also hinder the growth of adoption, this is a big challenge that crypto industry is facing right now specially that its new to many. The very first to step to battle this issue is by educating ourselves to avoid ignorance of the scheme that perpetrators might used against us and to new users.

And we know that the only solution to this is through regulation, however, not everyone are in favor of market regulation as this market will never be as anonymous as we expect. Of course when there's already a regulation, we need to also adopt with the rules of the government which basic requirement is KYC.

Xxmodded

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Quote from: CarnagexD on October 18, 2019, 05:48:02 AM

Actually, I have seen a lot of scam ICO in the last few years and as a bounty hunter, I also experience it. This is a big issue in the world of cryptocurrency simply because some investors are afraid to invest and they think that their money will be gone again. I know there are still ICO but as of now, we have IEO which is more secure if you going to participate in a project. One of the reasons why other people not invested in cryptocurrency is the news that they see or heard about cryptocurrency scams. I hope in the next few months there will be no scam news about cryptocurrencies because if ever this will happen many people will invest and they will gain back their trust in cryptocurrency.

Crypto is not scam just have faced problem with little IEO and ICO project lower price after listing and make crypto become scam by investor, although ICO have lower price after listing make bitcoin and altcoin become bad reputation, now we can destroy with scam ICO be never investing with ICO not seriously manage and building good price after coin listing with exchange market.

ecnalubma

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Scam happen not only in crypto but everywhere where money is and different industries. This might also hinder the growth of adoption, this is a big challenge that crypto industry is facing right now specially that its new to many. The very first to step to battle this issue is by educating ourselves to avoid ignorance of the scheme that perpetrators might used against us and to new users.

7788bitcoin

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Quote from: FlamingFingers on October 18, 2019, 01:24:23 PM

Glad you understand this, I don't know why lots of people will wanna be relating scam to cryptocurrency, crypto does not promote scam, scamming have been in existence before the creation of cryptocurrency. It's just that lots of scammers find it more easier to make use of crypto in their illicit works

If there are a lot of scammers in a particular market people tend to consider it is a really risky market and you cannot find that in the rest of the financial market you get the bad reputation and to get rid of that you need to have a regulated market and make sure that not anyone can raise huge funds without having a guarantee that the money collected is used for the intended purpose.

agentx44

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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/

Crypto is generated through the use of web which means everyone around the world, unless crypto is illegalized on a certain country, has all the capability to all the projects it proposes. Scams are everywhere and I think having compliance companies can be a great help to take a step forward to end scams although it would take time. We are all in desperate need of something that would save us from scams because it is our time and our money that gets wasted whenever we encounter one.

Meowth05

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It is no surprise for me that Crypto can be an issue due to the fact the transaction is anonymous and cannot be easily tracked down, even the government cannot manipulate it. These characteristics can be advantages and disadvantages at the same time. You should aware that as long as there is money involved there will be cases of scam, basically this is inevitable that is why being wise is matter the most in this industry.

Vishnu.Reang

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Quote from: Ejanend on October 20, 2019, 10:23:12 AM

Due to scam projects people often stay away from crypto, scam projects have destroyed the image of the crypto world and it has now become a great issue in this technological world, innocent people often do not investigate much about the projects and they become the victims of the scammers.
As you said about awareness, I think it must be the duty of every expert crypto user to aware the new people about the legit and the scam projects, so that issue could be control.

If "innocent people" fell victim to various scams as a result of their carelessness, then it is partially their fault right? For my part, I never invest in any asset without doing a thorough research. Scammers are present in each and every field. And I would say that in the cryptocurrency market the incidence is even higher when compared to the other domains. So it is a must to do proper research before investing.

Ejanend

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Quote from: bitbunnny on October 18, 2019, 07:55:12 AM

Scams have always been an issue but with development of technologies they moved into virtual space. New possibilities for criminals and much easier way to gain illegal profit. Cryptocurrencies user are especialy atractive target. And I'm not talking only about ICO's, it's much larger area.
Awarness is something that needs to be worked on and people needed to know how to protect themselves,how to check necessary facts and recognize potential scam.

Due to scam projects people often stay away from crypto, scam projects have destroyed the image of the crypto world and it has now become a great issue in this technological world, innocent people often do not investigate much about the projects and they become the victims of the scammers.
As you said about awareness, I think it must be the duty of every expert crypto user to aware the new people about the legit and the scam projects, so that issue could be control.

doomistake

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Scamming is a nature of those certain individuals who don't want to stretch their bones to work and sweat their asses to earn decent money. Even in fiat, there are lots of people with different approaches of scamming other people, especially in Travelling Agency, they are targeting people who are dying to go to abroad for work, because they are the kind of who don't ask a lot of questions about legitimacy and stuffs.

And of course in cryptocurrency, scammers are everywhere, you are going to encounter pro scammer ocassionaly, but mostly they are just noobs scammer, so you'll notice it right away.

Topic: Crypto Scams are a global issue - page 8. (Read 4084 times)