Half of Russian ICO Money Went to Pyramid Schemes in 2017 - page 2.

kryptqnick

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Quote from: margarita_free on April 25, 2018, 06:46:43 AM

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.

Proof is here

Code:

https://en.insider.pro/topnews/2018-04-24/half-russian-ico-money-went-pyramid-schemes-2017/

Russia is just a proven example of the current situation with icos. While there have already been some very successful examples, as a research presented on merkle.com states that 81% of ICO scam people and only 8% of projects make it to solid exchanges. This situation is very unfortunate and casts a shadow not only on ICOs, but on the cryptocurrencies' reputaton in general. Perhaps, some regulation from the governments should be made for the projects to pass at least minimal evaluation. The forum could conduct the same policy by forbidding to make ANN threads for the ICOs which don't have a website, whitepaper, team and roadmap stated.

FrueGreads

legendary

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Well I would say this is the exact reason why I think we need regulation in crypto. Let's face it, there are a lot of corrupt people out there, that wouldn't hesitate to scam you and still all your money, and they wouldn't even lose their sleep over it. There are also plenty of people with the desire of getting rich without having to do a thing (probably one of the reason why lotteries and gambling are so popular). These things combined open space for what the OP described.

If there is some kind of regulation that ICOs need to follow through in order to stay legit then pure scams would have a harder time coming through. More money would probably come into the markets as well. And of course people could also lose money in the process, because ICOs are risky investments, but at least the typical ponzi scams would be over, because they would never go through a "verification process".

cashberycoin.com

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Quote from: BrewMaster on April 27, 2018, 07:29:03 AM

Quote from: cashberycoin.com on April 27, 2018, 07:11:32 AM

Quote from: pinkflower on April 26, 2018, 10:25:16 PM

The ICO scammers used all their funds to invest in a pyramid scheme to be scammed themselves? I thats really an exit scheme. The pyramid scheme might also be controlled by the ICO scammers too as a way to make all of us believe that they lost the funds.

People believe in god and thought, if they really trust site, which tell "You can received 15% from your depo per day", it is not HYip, it is just God's grace, and "i am mr. Lucky" Tongue

it is not ICO scams, it is people, who hope for a miracle.

that is also my view.
the altcoin scene has always been a way for certain type of people to make money from gullibility of the kids with money in crypto-space. the form of it changes but the principle is always the same. premine, ICO, forks of bitcoin and others,... they are all the same.

Yep, thank you Wink

BrewMaster

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Quote from: cashberycoin.com on April 27, 2018, 07:11:32 AM

Quote from: pinkflower on April 26, 2018, 10:25:16 PM

The ICO scammers used all their funds to invest in a pyramid scheme to be scammed themselves? I thats really an exit scheme. The pyramid scheme might also be controlled by the ICO scammers too as a way to make all of us believe that they lost the funds.

People believe in god and thought, if they really trust site, which tell "You can received 15% from your depo per day", it is not HYip, it is just God's grace, and "i am mr. Lucky" Tongue

it is not ICO scams, it is people, who hope for a miracle.

that is also my view.
the altcoin scene has always been a way for certain type of people to make money from gullibility of the kids with money in crypto-space. the form of it changes but the principle is always the same. premine, ICO, forks of bitcoin and others,... they are all the same.

cashberycoin.com

newbie

Activity: 80

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Quote from: pinkflower on April 26, 2018, 10:25:16 PM

The ICO scammers used all their funds to invest in a pyramid scheme to be scammed themselves? I thats really an exit scheme. The pyramid scheme might also be controlled by the ICO scammers too as a way to make all of us believe that they lost the funds.

People believe in god and thought, if they really trust site, which tell "You can received 15% from your depo per day", it is not HYip, it is just God's grace, and "i am mr. Lucky" Tongue

it is not ICO scams, it is people, who hope for a miracle.

pinkflower

sr. member

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The ICO scammers used all their funds to invest in a pyramid scheme to be scammed themselves? Maybe thats really their exit scheme lol. The pyramid scheme might also be controlled by the ICO scammers too as a way to make all of us believe that they lost the funds.

amishmanish

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Quote from: margarita_free on April 25, 2018, 06:46:43 AM

The association believes Russian projects are able to attract $1-1.5 billion USD in 2018 but they need to become more trustworthy.

The craziness of ICOs can be judged from the fact that most of them are based out of East European countries or Russia. Vitalik Buterin may have started it all with the best of intentions but his brethren seem to have no interest in being part of an honorable vision. The lax regulations and law & order in these countries must be the reason that the scammers get away with relative ease. After this, only those people invest in ICOs who hope to flip those tokens for easy gains as soon as they are listed. The supposed promise of bringing VC-level opportunity to small investors is still a pipe dream.

Quote from: Spaffin on April 26, 2018, 08:24:54 PM

--snip--
Slowness in this issue from the state just surprises. Maybe, the states hope to show citizens that crypto currency is a fraud and it should not be carried away.

That may well be the reason. The authorities realize that these scam ICOs are a self goal on the cryptocurrencies. What is ironic is that the people who are quick to question the "worthiness of corrupt politicians to rule us" are the first one to find ways to scam others as well as look upto the government to save them rather than taking responsibility and being vigilant themselves.

aeternus

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Quote from: margarita_free on April 25, 2018, 06:46:43 AM

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.

Shocked

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 really do not think that this is an exception, to me this seems rather to be the rule, while I will like for the icos to be more successful at the same time we need to consider that many of them are scams that are in the market just to fool investors this is why many people are simply giving up on icos and I investing most of their money in the top coins of the market and to be honest I cannot blame them.

Spaffin

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Quote from: margarita_free on April 25, 2018, 06:46:43 AM

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.

Shocked

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 problem of regulating the ICO process has matured and overhauled for a long time. State bodies and public organizations needed to deal with ICO regulation for a long time to get rid of fraudulent ICO projects and protect the rights of investors. Slowness in this issue from the state just surprises. Maybe, the states hope to show citizens that crypto currency is a fraud and it should not be carried away. Also, states are in no hurry to legalize the crypto currency so that citizens have the opportunity to apply for the protection of their rights in state bodies.

margarita_free

jr. member

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Good community manager for your blockchain project

Quote from: taiwww on April 25, 2018, 08:04:32 AM

Oh great now they have got the official guideline to choose the best ICO of 2018, thats just amazing for the Russian people even after loosing millions of dollars in scam! My government's next step was to shut down the crypto currency trade as soon as there was scam over million dollar. Can you imagine that one. Roll Eyes

Anyway article is just giving info of what you just said here and not much detailing but that is still believable as sources looks targeted. Its good that Russia is taking some steps forward to solve the problems regarding the crypto, they surely going to be the finest country to operate the crypto's after Japan.

Thank you, yes, i agree with that, but it is thoughts to make cryptocurrency legal in Russia now...
So, we will see, how is going that

PS Now i will thinking more at first about investing in Russian project... Some of them seems to me not russian, cause made very good, but some of them .... Roll Eyes

taiwww

sr. member

Activity: 588

Merit: 257

Oh great now they have got the official guideline to choose the best ICO of 2018, thats just amazing for the Russian people even after loosing millions of dollars in scam! My government's next step was to shut down the crypto currency trade as soon as there was scam over million dollar. Can you imagine that one. Roll Eyes

Anyway article is just giving info of what you just said here and not much detailing but that is still believable as sources looks targeted. Its good that Russia is taking some steps forward to solve the problems regarding the crypto, they surely going to be the finest country to operate the crypto's after Japan.

cashberycoin.com

newbie

Activity: 80

Merit: 0

Yes, I was in this ICO))
There were many information about scam ico, so, now, I didn't put money in some scam Cheesy

margarita_free

jr. member

Activity: 127

Merit: 3

Good community manager for your blockchain project

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.

Shocked

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/

Topic: Half of Russian ICO Money Went to Pyramid Schemes in 2017 - page 2. (Read 302 times)