Topic: Half of Russian ICO Money Went to Pyramid Schemes in 2017 (Read 264 times)
Another sad story in cryptocurrency. As of now, we will not differentiate the genuine ICO to the fake one. Russia is an industrial country and many ICOs have Russian developers. Therefore, it is usual for a Russian project to become successful but because of this event, I conclude that scammers don't select a time and place where they will make their operation. I think that every country should have regulatory or policy about these upcoming ICOs so that, investors will avoid a fraudulent project like this.
Russia's cryptocurrency market lacks effective supervision! The Russian government needs to establish regulations to protect the rights of investment!
Many Russian Ponzi schemes in Russia wear scams in ICO's coat!
Many Russian Ponzi schemes in Russia wear scams in ICO's coat!
Russian ICOs have raised a total of $300 million funds in 2017, but half of them went to pyramid schemes, according to The Russian Association of Cryptocurrency and Blockchain (RACIB). The association believes Russian projects are able to attract $1-1.5 billion USD in 2018 but they need to become more trustworthy. Last year, the Russians lost $150 million due to investments in unscrupulous ICOs. RACIB has announced its intention to develop guidelines for ICOs in Russia hoping to distinguish between legitimate projects from fraud schemes and financial pyramids. According to the suggested guidelines ICOs should be judged by several criteria, including the credibility of its team members, its business plan and the viability of its product.
have you anytime take part of this ICO's types?
Proof is here
I read the draft of the Russian law on the regulation of ICO and I liked it. If it is adopted, there is no chance that such ICO projects will remain fraudulent. There everything is very well thought out and every step of the ICO team will be monitored by the relevant state authorities, and all operations with crypto currency must pass exclusively through banks. Even after the collection of funds, state bodies will monitor the targeted use of this money. Before. how to register ICO, the team on the corresponding bank account must have a very large amount in millions of rubles, which will rule out a frivolous attitude towards such projects. In general, it would be nice if other states use this experience of Russia in working out the idea of such a bill. Fraud in the ICO would not exist at all. have you anytime take part of this ICO's types?
Proof is here
Code:
https://en.insider.pro/topnews/2018-04-24/half-russian-ico-money-went-pyramid-schemes-2017/
I bypass the bounty of the campaign of Russian developers and their ICO projects. They make them stupid on purpose "to make money" and throw everyone who believes in them 
many russian projects are scam that's why I try not to participate in russian ICOs and bounty campaigns - it's just a waste of money and time.
It's some interesting statistics for sure.
But of course, I can't say that I'm that surprised based on the amount of people that were flooding to a certain ponzi scheme last year. I makes me wonder how many people actually participate in a ponzi scheme willingly, and knowingly? Probably a lot.
These statistics are probably based off known ponzi schemes as well, the unknown ones that haven't bursted yet would contribute greatly to the figure.
Regulation in ICOs from governments to prevent these scams from collecting money could definitely legitimise the whole concept of it a lot more, imho.
But of course, I can't say that I'm that surprised based on the amount of people that were flooding to a certain ponzi scheme last year. I makes me wonder how many people actually participate in a ponzi scheme willingly, and knowingly? Probably a lot.
These statistics are probably based off known ponzi schemes as well, the unknown ones that haven't bursted yet would contribute greatly to the figure.
Regulation in ICOs from governments to prevent these scams from collecting money could definitely legitimise the whole concept of it a lot more, imho.
I think the article is a bit wrong:
Bitconnect, caugh cough...bitconnect
Everyone knew it was a ponzi, thousands said it, yet....
Decisive actions that I expect would be forming a body of volunteers that analyse ICOs based on information that cannot be gotten and ranking is with recommendations with that there is repository of information on investment decisions.
Bitconnect, caugh cough...bitconnect
Everyone knew it was a ponzi, thousands said it, yet....
At the same time, the Russian government tries to regulate the market at every possible way.
A possible introduction of administrative and criminal responsibility for the conversion of any cryptocurrency (including bitcoins) into the ruble equivalent has already been repeatedly discussed in the Russian press.
Along with the financial pyramids, these laws also refer to cryptocurrencies as tools for creating scam schemes.
I would say that it's the mentality of Russians - earn everything now and here without paying any attention to long-term trust of investors.
A possible introduction of administrative and criminal responsibility for the conversion of any cryptocurrency (including bitcoins) into the ruble equivalent has already been repeatedly discussed in the Russian press.
Along with the financial pyramids, these laws also refer to cryptocurrencies as tools for creating scam schemes.
I would say that it's the mentality of Russians - earn everything now and here without paying any attention to long-term trust of investors.
About the safety of investments in the ICO does not cease to go talk. And this work is time-consuming, because the legal definition of ICO is quite difficult. China has taken drastic measures, prohibiting the financing of ICO. In the United States financial market regulator considers that the tokens obtained investors in Exchange for their contribution, are considered securities, and subject to the requirements of the Federal law on promotions. In Europe, the question is only beginning to be discussed. France's financial markets regulator announced that he is working on establishing the legal framework for the ICO. It is intended that the regulator will be able to introduce a bill by the end of the year. He wants to protect investors without imposing many restrictions at the same time, to continue to stimulate the development of innovative projects. It remains to wait.
The risk of losing money is very high. All ICO projects analyze the signs of the financial pyramid. Investing in ICO is like playing roulette. You can multiply the capital or lose the investment! Accept this as a fact and decide how much you are reckless.
Russian ICOs have raised a total of $300 million funds in 2017, but half of them went to pyramid schemes, according to The Russian Association of Cryptocurrency and Blockchain (RACIB). The association believes Russian projects are able to attract $1-1.5 billion USD in 2018 but they need to become more trustworthy. Last year, the Russians lost $150 million due to investments in unscrupulous ICOs. RACIB has announced its intention to develop guidelines for ICOs in Russia hoping to distinguish between legitimate projects from fraud schemes and financial pyramids. According to the suggested guidelines ICOs should be judged by several criteria, including the credibility of its team members, its business plan and the viability of its product.
have you anytime take part of this ICO's types?
Proof is here
have you anytime take part of this ICO's types?
Proof is here
Code:
https://en.insider.pro/topnews/2018-04-24/half-russian-ico-money-went-pyramid-schemes-2017/
I don't know if these stats are actually accurate or not, but it wouldn't surprise me.
There were indeed a lot of panzi or pyramid schemes that just hid under the cryptocurrency brand during the past few years. Based on my personal experience, there were definitely a lot of people who put money in these so called "investments".
Again, this is where government regulation on crypto could actually potentially be helpful. To weed out these scam programs and educate the public. I have no problems against that. But it's when they deny access to crypto altogether using their regulatory powers that it becomes unacceptable.
Russian ICOs have raised a total of $300 million funds in 2017, but half of them went to pyramid schemes, according to The Russian Association of Cryptocurrency and Blockchain (RACIB). The association believes Russian projects are able to attract $1-1.5 billion USD in 2018 but they need to become more trustworthy. Last year, the Russians lost $150 million due to investments in unscrupulous ICOs. RACIB has announced its intention to develop guidelines for ICOs in Russia hoping to distinguish between legitimate projects from fraud schemes and financial pyramids. According to the suggested guidelines ICOs should be judged by several criteria, including the credibility of its team members, its business plan and the viability of its product.
have you anytime take part of this ICO's types?
Proof is here
have you anytime take part of this ICO's types?
Proof is here
Code:
https://en.insider.pro/topnews/2018-04-24/half-russian-ico-money-went-pyramid-schemes-2017/
The question is what are they doing about it? Today we blame and conclude that most of the ICOs are scams while the association decides to take the statistics about the amount that went to scammers and the other portion that went to legitimate project without really taking decisive actions about stopping reoccurrence and in 2018 they will come with another statistics about how the same thing has happened again.
All of the suggestions they have there above on determining the right ICO to invest are just ways to make the scammers smarter because most investors that fall victims of those scam ICOs are average internet users that probably the only means of searching for any information on the internet is through Google and the scammers put it there for them to be trusted. Decisive actions that I expect would be forming a body of volunteers that analyse ICOs based on information that cannot be gotten and ranking is with recommendations with that there is repository of information on investment decisions.
Russia is a famous pyramid selling country, once infamous MMM ponzi scheme fooled a lot of people!
Now they're using blockchain technology to camouflage a ponzi scheme!
That's why digital encryption needs to be regulated!
Now they're using blockchain technology to camouflage a ponzi scheme!
That's why digital encryption needs to be regulated!
have you anytime take part of this ICO's types?
ICOs are for the new.
I wouldn't be surprised if half or three-quarters of all ICOs were enablers or pyramid schemes themselves.
You should give any thought to an ICO that doesn't have a real utility to the marketplace, ideally the market that isn't already involved in cryptocurrency. Any ICO has a risk of being set up for theft, that's why you need to do your due diligence.
Pyramiding Scheme? I thought only on free airdrops could happen this kind of event like invite someone on the telegram and earn additional 100 token, and additional 150 token for another two members that join and apply for the airdrop and send your code something like this?
I think it also happen same with my country wherein there are group who promise double income of anybody who will put their money on them and this group suddenly disappear after accumulating billions of money? Let me guess victims are those people who wants to earn on the most easiest way... tsk, they never learn from the news.
I think it also happen same with my country wherein there are group who promise double income of anybody who will put their money on them and this group suddenly disappear after accumulating billions of money? Let me guess victims are those people who wants to earn on the most easiest way... tsk, they never learn from the news.
RACIB has announced its intention to develop guidelines for ICOs in Russia hoping to distinguish between legitimate projects from fraud schemes and financial pyramids. According to the suggested guidelines ICOs should be judged by several criteria, including the credibility of its team members, its business plan and the viability of its product.
A guideline for a new ICO is necessary throughout this platform because the amount of money being raised and that too people are investing in it because of the trust bestowed upon these projects and the developers and we have already seen many scams in the market and we need to get rid of these scammers and for that a proper regulation in ICO in necessary to counter these scams, so that the wild west for the ICO market will end. 
Russian ICOs have raised a total of $300 million funds in 2017, but half of them went to pyramid schemes
The scammers have discovered the gold mine. it's unbelievable how much money these scammers steal with these ICO's, but this is because so many people do not question it before investing, they do not investigate before investing, and since ICO's are unregulated the situation gets worse. the china begin to chase the ICO's, I think at least here we have to thank China because the ICO's were growing rampantly were forced to reduce their growth speed. So now the Russians want to develop guidelines, I think they need regulation, only regulation will reduce the scam ICO
That is why icos projects need to be regulated and we may need to work hard to make governments set up a moderate regulating laws. If all this remaining in any of the recognized projects I believe those projects could have been doing better than what we are seeing now. People are ready to invest into cryptocurrencies no doubt but they also need to be sure they investment are safe.
While I agree with the first part of your message it might be also worth remembering there's no such thing as 100% investment
What is this? Short news with no proof?
Where that data come from?
It might be true, but if they invest into scam then its their own fault for not learning
Where that data come from?
It might be true, but if they invest into scam then its their own fault for not learning
That is why icos projects need to be regulated and we may need to work hard to make governments set up a moderate regulating laws. If all this remaining in any of the recognized projects I believe those projects could have been doing better than what we are seeing now. People are ready to invest into cryptocurrencies no doubt but they also need to be sure they investment are safe.
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