So we've all heard of Bitconnect and other scams by now. Scammers have taken advantage of the absence of regulations and people have lost money in the process. It is 2018, the market is getting more mature, educating newcomers but it still has many Wild West characteristics in its current form. Many agree to say that the need for regulations is urgent.
Why should the industry wait for governments to take action, and they might do so in a harmful way for innovation, despite the optimistic tone of recent crypto hearings before the US Senate?
Crypto being its own ecosystem, what if some form of self-regulatory organisation, i.e. from the inside (and not from the outside) could step up in a centralised or decentralised manner to structure things in a way that will prevent fake ICOs and other malicious forms of theft to flourish?
I am not saying it is possible, I am asking the community if you think it would be worth a try.
Shoot.
Government to the innovation, They hate it but they need it. Why should the industry wait for governments to take action, and they might do so in a harmful way for innovation, despite the optimistic tone of recent crypto hearings before the US Senate?
Crypto being its own ecosystem, what if some form of self-regulatory organisation, i.e. from the inside (and not from the outside) could step up in a centralised or decentralised manner to structure things in a way that will prevent fake ICOs and other malicious forms of theft to flourish?
I am not saying it is possible, I am asking the community if you think it would be worth a try.
Shoot.
But all of them depend on the people aware of the scam ico. If they know that a scam project and why they still invest on there rather than choose another better project than shit bitconnect.
About self-regulation, it looks not strong to control the community. It can be broken by the community too.
Such regulations could be accepted by society only in case of "decentralised manner". But in general, my answer is yes - it would be better then now. 