Topic: How to eradicate scam in cryptocurrency ? (Read 1437 times)
Crypto currency world or industry is a big one and I don't think there is a way to totally eradicate scam here. The only way out is to know what you are doing before you do it. That is the only way to avoid scam .. I almost fell into this trap myself but when I researched every information about the scam I see what it really is
Cryptocurrency industry is a risky business. Like any kind of activity. And fraudsters are operating everywhere. I do not think that it is possible to exclude them completely from the market. Anyway, there is someone who can penetrate.
Services to handle scams need to start appearing/cropping up, and they have to have the authority and respect of the Bitcointalk community to begin with.
Really suggest you guys start lending a hand to ICOEthic's and his team, they've been doing an amazing job fighting scams, and making them public. icoethics.com and or https://bitcointalksearch.org/user/icoethics-2204241
Really suggest you guys start lending a hand to ICOEthic's and his team, they've been doing an amazing job fighting scams, and making them public. icoethics.com and or https://bitcointalksearch.org/user/icoethics-2204241
Yes, it can help to kill rogues, but then the question arises, these sites have a lot and they are not much help in the fight against fraud, as their rating can be bought for money. Here the website needs to act as a guarantor to the fact that he is independent and tell why one project is alive and the other fraud.
All of it starts with our own and that also requires awareness from us.
If we find it then it is better to give advice to our friends or family do not follow the ICO SCAM.
You can't. Money always had scammers and no matter what you use there will always be scammers. For example there was scammers during roman times as well, they tricked people to take their money and run away with it, 2000 YEARS AGO! There was a dude that sold the eiffel tower in paris as, there was american dude that sold empire state building. If we find it then it is better to give advice to our friends or family do not follow the ICO SCAM.
These were all with fiat currency we use everyday. Now bitcoin has scammers and yes it is much easier to actually scam people with bitcoin because technology improved everything, it is easier to communicate with other people thanks to improved tech but that allows people to reach a global audience when they want to scam people and not stay just local.
I think it's impossible to do. In any business there are always people who want easy money at any cost. Take any industry. Scamers have always existed, and in the modern world they became even more, since became more opportunities to deceive people. Moreover, in our time, unfortunately, money stay on the first place for most people.
Hello,everyone I think there is an urgent need to end scam in cryptocurrency industry.In other to achieve this there is need to put in place a reputable site that will serve as a symbol of trust in this industry. So that any ICO that does not have the approval of this site will not be trusted. Do you think this can help to eradicate scam in cryptocurrency industry ? Or it can only bring a measure of protection to investor in the cryptocurrency ? Please let's have your opinion
as long people still believe the beautiful story told by ICO sales person, undermining peoples greed. The scam still on for decades, be it securities, bonds, equities, stocks, people never get tired of this kind of scam.
Well I don't think it is possible to completely eradicate scam completely from the cryptocurrency world we can alone reduce it by setting up and internal regulations on various sectors of the cryptocurrency world
All of it starts with our own and that also requires awareness from us.
If we find it then it is better to give advice to our friends or family do not follow the ICO SCAM.
If we find it then it is better to give advice to our friends or family do not follow the ICO SCAM.
Hello,everyone I think there is an urgent need to end scam in cryptocurrency industry.In other to achieve this there is need to put in place a reputable site that will serve as a symbol of trust in this industry. So that any ICO that does not have the approval of this site will not be trusted. Do you think this can help to eradicate scam in cryptocurrency industry ? Or it can only bring a measure of protection to investor in the cryptocurrency ? Please let's have your opinion
There should be a site like that, but due to our greed is too large and there is too less knowledge about ICO. I hope there are specific guides for beginners
This project is so unique and refine
To remove fraud from cryptography will help only the state with its bodies of investigation, judging and punishment. The state may not recognize crypto-currencies and even have prizentions to them, but the government must support the order and the scammers in their country.
I think that the scam of cryptocurrency is difficult to eradicate completely. I want to wait until the encryption market develops to a certain extent, and the government will participate in it. By formulating laws and regulations that are compatible with the encryption market and implementing it carefully, we can effectively crack the scam of cryptocurrency.
Hello,everyone I think there is an urgent need to end scam in cryptocurrency industry.In other to achieve this there is need to put in place a reputable site that will serve as a symbol of trust in this industry. So that any ICO that does not have the approval of this site will not be trusted. Do you think this can help to eradicate scam in cryptocurrency industry ? Or it can only bring a measure of protection to investor in the cryptocurrency ? Please let's have your opinion
Only government interference in form of policies and regulations can reduces scam in cryptocurrency industry. A review website can not be 100% trusted.
Hello,everyone I think there is an urgent need to end scam in cryptocurrency industry.In other to achieve this there is need to put in place a reputable site that will serve as a symbol of trust in this industry. So that any ICO that does not have the approval of this site will not be trusted. Do you think this can help to eradicate scam in cryptocurrency industry ? Or it can only bring a measure of protection to investor in the cryptocurrency ? Please let's have your opinion
Only government interference in form of policies and regulations can reduces scam in cryptocurrency industry. A review website can not be 100% trusted.
I think there is no way to eradicate the scam of the cryptocurrency industry at the moment! If a country can do this, then I will be happy to support them!
Even though there are new ways to avoid and make sure the site for ICO and determining it's scam or not, surely a scammer will continue to search the site for hacking. I just though in the internet network who made by human there is will be find some error and be used by some scammer to manipulate so that the project is legit.
Hello,everyone I think there is an urgent need to end scam in cryptocurrency industry.In other to achieve this there is need to put in place a reputable site that will serve as a symbol of trust in this industry. So that any ICO that does not have the approval of this site will not be trusted. Do you think this can help to eradicate scam in cryptocurrency industry ? Or it can only bring a measure of protection to investor in the cryptocurrency ? Please let's have your opinion
this can really help in fighting scam as icos scammers are the reason cryptocurrencies has not getting mush adoptions. However, to get that trusted site will be very hard as most of the rating sites we have now has started to manipulate and joined hands with scam icos. I guess it is impossible. Wherever there is money to be gained, then there will be scams - true words.
I don't agree with you dude, There are various ways which scam ICO and currencies can be eradicated. A good example is what He stated in his introductory statement about the topic. A lot of team members have put themselves up to solve this problem. And they are gaining a lot of support. In the near future, those who don't want to be scammed will never be scammed.
It will be hard to completely eradicate scam in cryptocurrency. The only thing people can do is thorough research and take every precaution before investing to avoid atleast some scams because even with strict regulations fiat is not scam free yet.
Hello,everyone I think there is an urgent need to end scam in cryptocurrency industry.In other to achieve this there is need to put in place a reputable site that will serve as a symbol of trust in this industry. So that any ICO that does not have the approval of this site will not be trusted. Do you think this can help to eradicate scam in cryptocurrency industry ? Or it can only bring a measure of protection to investor in the cryptocurrency ? Please let's have your opinion
This is will be a good idea if the integrity of the platform can be managed. something that cannot be manipulated or bought. Maybe with escrow for the funds collectedI agree with this point, if all hands be on deck and integrity is maintained a good result will be achieve in the fight against fraud stars and this help to win investors confidence in the cryptocurrency industry.
Honestly eradicating scam in crypto currency is not a day job, because the scam is not just a case that started yesterday, so it cannot be eradicated easily, it requires all hand on deck, with commitment and dedication.
In order to eliminate fraud in the electronic money market, there is a need for more rigorous management. There must be strict rules for players to comply. Investors themselves must also know phishing is a bad thing to stay away.
Hello,everyone I think there is an urgent need to end scam in cryptocurrency industry.In other to achieve this there is need to put in place a reputable site that will serve as a symbol of trust in this industry. So that any ICO that does not have the approval of this site will not be trusted. Do you think this can help to eradicate scam in cryptocurrency industry ? Or it can only bring a measure of protection to investor in the cryptocurrency ? Please let's have your opinion
This is will be a good idea if the integrity of the platform can be managed. something that cannot be manipulated or bought. Maybe with escrow for the funds collected
Eradicating scam in crypto currency is not a day job
because Rome was not built in a day, it requires lot of hard work
and dedication to stop it.
Moreover a penalty for defaulters.
because Rome was not built in a day, it requires lot of hard work
and dedication to stop it.
Moreover a penalty for defaulters.
I don't really think that eradicating scam in crypto currency is that easy as stated here because these scammers most of them are veteran, they know what people really want, and they know how to arrest people attention after gaining your attention they now offer their cheap ICO to you, most people are blind by their greed they want to be rich overnight, so they fall into the trap of the scammers.
I think a severe punishment should be awarded to them.
I think a severe punishment should be awarded to them.
I think it is possible to eradicate scam projects in the crypto community. However this mission must be back up with strict rules and regulation such that who want to perpetrate scam would have been blocked by a well and highly regulated crypto community.
I think that such a site will not help, it will complicate the life of scammers a little but will not win them, we need an official regulation and the opportunity to go to court.
I’m not sure how but the scammers keep coming with new brilliant ideas which is unusual I suppose
We just need to get across certain protection guides
To prevent people from falling victim of scams
Hope it occurs soon
We just need to get across certain protection guides
To prevent people from falling victim of scams
Hope it occurs soon
Hello,everyone I think there is an urgent need to end scam in cryptocurrency industry.In other to achieve this there is need to put in place a reputable site that will serve as a symbol of trust in this industry. So that any ICO that does not have the approval of this site will not be trusted. Do you think this can help to eradicate scam in cryptocurrency industry ? Or it can only bring a measure of protection to investor in the cryptocurrency ? Please let's have your opinion
We already have a lot of ICO rating site but still did not help to put out scam or useless ICO, I don't say they are paying these rating sites, it's just shot project are now getting better making their sites or Ico looks better than legit site they generate more funds than these legit ICO.
Yes, perhaps this way will help reduce the number of fraudulent ICO projects, but for this you will need to come up with a system that will not allow you to pay for the placement of your project on this site.
Hello,everyone I think there is an urgent need to end scam in cryptocurrency industry.In other to achieve this there is need to put in place a reputable site that will serve as a symbol of trust in this industry. So that any ICO that does not have the approval of this site will not be trusted. Do you think this can help to eradicate scam in cryptocurrency industry ? Or it can only bring a measure of protection to investor in the cryptocurrency ? Please let's have your opinion
actualy its hard to eradicate totally scam in cryptocurrency worlds because there are some people,phishing site's who take advantage the oppurtunity,as the crypto being popular now and used it to make a scam or fraud a certain person who become members of this community of digital system,otherwise theres a way we can avoid and reduce the scam by being vigilant in everything we participate or doing in this crypto investment.
I still believe in eradicating scam at least to a minimum .
The questions should how to prevent one from being scammed. In any era there will be people that will try to get money and scam you it is just how you handle such people and situation. A person must be diligent and should learn self regulation. Yes having institutions or platforms that regulate the system for you is good but having self regulation would be better as even doing transactions that is out of the system or platform you will still be fine and be profitable.
I am happy that efforts are been put in place this days by many regulatory agencies around the world to monitor and regulate cryptocurrency exchanges and other cryptocurrency related industries.
Of course the best way is to create a regulation that will focus on knowing who are just doing scams and not. Check this one buddy the DCC or Distributed Credit Chain. Transparency has been built into blockchain through the blocks that are generated every ten minutes with a coordinated and verified history of all transactions that have occured. These blocks are then added to a chain, which means that every action is traceable. This would facilitate the uncovering of breaches through routine audits, for example, of transactions.
The Decentralized Credit Chain (DCC) has already begun applying these principles in order to create a decentralized bank. To learn more. Visit DCC's website at http://www.dcc.finance/ or follow their twitter https://twitter.com/dccofficial2018?lang=en
The Decentralized Credit Chain (DCC) has already begun applying these principles in order to create a decentralized bank. To learn more. Visit DCC's website at http://www.dcc.finance/ or follow their twitter https://twitter.com/dccofficial2018?lang=en
We can't stop the scams in cryptoverse.
But we can help to avoid these scams by informing the rest of the community on what are these scams are for. Most of their victims are newbies and it's good if you'll able to find one so expose it to the forum.
But we can help to avoid these scams by informing the rest of the community on what are these scams are for. Most of their victims are newbies and it's good if you'll able to find one so expose it to the forum.
I don't think we can eradicate scam completely, and because crypto are decentralised, its harder to prevent scamming from happening and even if we put it in a reputable site, it will be the same, we need to increase our cautious to all new project, so in order to prevent scammer we need to rely on ourselves
Hello,everyone I think there is an urgent need to end scam in cryptocurrency industry.In other to achieve this there is need to put in place a reputable site that will serve as a symbol of trust in this industry. So that any ICO that does not have the approval of this site will not be trusted. Do you think this can help to eradicate scam in cryptocurrency industry ? Or it can only bring a measure of protection to investor in the cryptocurrency ? Please let's have your opinion
to identify the problem is very difficult because we know that a project is a scam after a long run it laststherefore if there have been indications of fraud is difficult to trace and just disappear
I don't think that would help that eradicate scam in cryptocurrency i think what could help to eradicate scam in the crypto space is regulations, If ico projects are meant to undergo some certain regulations, it will help to eradicate scam in the industry.
Cryptocurrency especially the ico industry mightbnever be regulated all over the world because that will sabotage the decentralised nature and the free entry and exit in the blockchain industry. So this scams have come to stay. It is only up to every investor to be careful and do indepth research on companies or projects before investing in them so you don't end up being scammed.
We already have that facility now, it just depends whether new ICOs choose to use it.
GBX are offering "sponsored" TokenSales, where the new ICOs have a partner-sponsor vouch for them and stake a percentage of the funds to be raised as show of confidence in the project.
QUOINE/QRYPTOS are doing something similar.
GBX are offering "sponsored" TokenSales, where the new ICOs have a partner-sponsor vouch for them and stake a percentage of the funds to be raised as show of confidence in the project.
QUOINE/QRYPTOS are doing something similar.
Even if there is a site or platform that would have set of regulations and requirements or any other way to provide only a legitimized ICO to its member or users, scamers will adapt to it and find new ways to scam and get money from other people. The only way to protect your self from it is to always check for the legitimacy if every transaction that you do and if you have doubt on a project or transaction then triple check if you will get your end of the bargain.
In general, you always think before making decisions about what affects our money. There are so many ways that criminals have done and we can not anticipate them, enticing them by offering compelling rewards that make it easy for people to fall into their trap. In fact, we can see that many people have lost a lot of capital, some guy I do not remember clearly but posted on Bitcointalk lost more than 13 BTC, which is a huge capital.
investor should be able to determine the scam ones by being a wise and responsible investor study well your whitepaer is very hard to eraze scam
Hello,everyone I think there is an urgent need to end scam in cryptocurrency industry.In other to achieve this there is need to put in place a reputable site that will serve as a symbol of trust in this industry. So that any ICO that does not have the approval of this site will not be trusted. Do you think this can help to eradicate scam in cryptocurrency industry ? Or it can only bring a measure of protection to investor in the cryptocurrency ? Please let's have your opinion
This problem is very relevant now. In the market of cryptocurrencies there were many swindlers. All cryptocurrency in general suffers from it. The trust to the cryptoindustry because of it falls. Something needs to be done with it. There is a strong wish that in the future this problem has been somehow solved.
We cannot eliminate the scam and hacking in cryptocurrency. As long as there are people who do not fear to create illegal activities and violate the laws. Scam can't be cured but it can be prevented. If there is only a strong policies about scammers, they will fear to do that. One thing more, if all people are supported by their needs, criminalities will never exist.
In my opinion is a great idea but a little out of the reality, the scam is not in the currencies or even projects, the scam is in the minds of those involved and in the minds of those who take advantage of some situation. Perhaps creating concepts and mechanisms to end scam could be a breakthrough, but it will not end definitely.
As long as there are people with money that are investing in cryptocurrencies, the scammers will never stop coming up with elaborate ways to duped people out of their hard earned money. There will always be someone who will fall for these scams that are being carried out. The best thing to do would be to try and educated people on how they can identify these scams.
There will be no deal with the matter. want to report anywhere nor will anyone can help scams on crypto. Moreover, if the State also prohibits the regulation of crypto, they will increasingly not concerned with such matters. better play it safe and be wary of anything that smells of fraud.
Even if there is a site or platform that would have set of regulations and requirements or any other way to provide only a legitimized ICO to its member or users, scamers will adapt to it and find new ways to scam and get money from other people. The only way to protect your self from it is to always check for the legitimacy if every transaction that you do and if you have doubt on a project or transaction then triple check if you will get your end of the bargain.
I think this is unlikely to eradicate fraud. Because fraud as it was and will be. You do not have to rely on any sites, you just need to rely only on yourself and be very careful.
There's no way to eradicate these scams. The investors should be knowledgeable and able to determine the scam ones by being a wise and responsible investor.
In real life, take that example of there's no way to bust those scams/scammers and in crypto world which is most of the projects are anonymous so how it can be?
Just spread the word and knowledge to make everyone knowledgeable about scams.
In real life, take that example of there's no way to bust those scams/scammers and in crypto world which is most of the projects are anonymous so how it can be?
Just spread the word and knowledge to make everyone knowledgeable about scams.
I don't think that scams will ever be eradicated. Wherever there is money to be gained, then there will be scams. Regulation will help though - it is unwelcome for many reasons, but it does also have its advantages, and one reason for it is to protect innocent investors from scams.
Frequent scams is the risk for all innocent investors, so the plans for strict regulations is good. All wallet owners in trading sites should provide ID's for verification, and those managing project in cryptocurrency will be subjected to serious requirements before running the project.
no.
what you are suggesting will create more scams but now they will all have to spend a little more money to bribe that centralized website that you just proposed to list their scam. what happens is that this website of yours that you say should be the "symbol of trust in this industry" sees they have a lot of audience and the possibility to earn a lot of money that is not easily earned through their ads so what they do is that they ask for money to list these new shitcoins on their website and cover them.
the scammers seeing that will gladly pay the fee to get their crap advertised. now you have a lot of scams + a scammer website that advertises them and a lot of people who fall for it + those that fall for it through that website.
what you are suggesting will create more scams but now they will all have to spend a little more money to bribe that centralized website that you just proposed to list their scam. what happens is that this website of yours that you say should be the "symbol of trust in this industry" sees they have a lot of audience and the possibility to earn a lot of money that is not easily earned through their ads so what they do is that they ask for money to list these new shitcoins on their website and cover them.
the scammers seeing that will gladly pay the fee to get their crap advertised. now you have a lot of scams + a scammer website that advertises them and a lot of people who fall for it + those that fall for it through that website.
Hello,everyone I think there is an urgent need to end scam in cryptocurrency industry.In other to achieve this there is need to put in place a reputable site that will serve as a symbol of trust in this industry. So that any ICO that does not have the approval of this site will not be trusted. Do you think this can help to eradicate scam in cryptocurrency industry ? Or it can only bring a measure of protection to investor in the cryptocurrency ? Please let's have your opinion
scams can't be eradicated, I appreciate your idea and I think it can help investors to avoid scams but who is the right person to do this job? are you not worried that the corrector could misuse his position?
I dont think scam projects can be eradicated but your insights on a possible solution will somehow aid in minimizing this crime. Best thing to do is to carefully examine these ICO's if we are interested to invest on them. As for me, I am not fond of investing in ICOs. I would rather wait for their coins to hit exchanges and then buy cause most of coins/tokens will fall below ICO price (even super low) when they hit exchanges.
it is impossible to end it. as long as their are evil people they will find a way to scam others. no matter how hard they will find a way and today scammer are not some fools they are smart and knowledgeable. they can always access the internet and do their evil things.
Anything related to money there is always a gap to do evil, I think only regulation can hinder scams. Should be made a container for those who want to open an Ico and in must be subject to the rules contained in the container.
I think its virtually impossible to eradicate scams in general in crypto and in ICO's.
How will a website or lets call it a screening process determine if a project is a scam
or not, nobody can predict the future.
For example there was a lot of negativity around QTUM last year on its startup and
look at it now!
Qtum as an example if it was rejected by this screening process may not exist as it
could have been deemed a scam.
How will a website or lets call it a screening process determine if a project is a scam
or not, nobody can predict the future.
For example there was a lot of negativity around QTUM last year on its startup and
look at it now!
Qtum as an example if it was rejected by this screening process may not exist as it
could have been deemed a scam.
Hello,everyone I think there is an urgent need to end scam in cryptocurrency industry.In other to achieve this there is need to put in place a reputable site that will serve as a symbol of trust in this industry. So that any ICO that does not have the approval of this site will not be trusted. Do you think this can help to eradicate scam in cryptocurrency industry ? Or it can only bring a measure of protection to investor in the cryptocurrency ? Please let's have your opinion
Just add a little protection but no more. While cryptocurrency uncontrollable nobody can win scam or eradicate them. They are always in any developed defense can find a way out or a solution to get around this. Hello,everyone I think there is an urgent need to end scam in cryptocurrency industry.In other to achieve this there is need to put in place a reputable site that will serve as a symbol of trust in this industry. So that any ICO that does not have the approval of this site will not be trusted. Do you think this can help to eradicate scam in cryptocurrency industry ? Or it can only bring a measure of protection to investor in the cryptocurrency ? Please let's have your opinion
I am not sure if you have come across the post of Theymos himself where he asked people to create something similar in the past, a source where all the ICO's will get certification of trust. They will allow only those ICO to get listed on the forum itself. This discussion was going on for long time but eventually it disappeared as no one was able to come up with good idea or may be no one thought this thoroughly enough! But this does seem to be good idea and those who will create a system like this might just hit the jackpot business.
Hello,everyone I think there is an urgent need to end scam in cryptocurrency industry.In other to achieve this there is need to put in place a reputable site that will serve as a symbol of trust in this industry. So that any ICO that does not have the approval of this site will not be trusted. Do you think this can help to eradicate scam in cryptocurrency industry ? Or it can only bring a measure of protection to investor in the cryptocurrency ? Please let's have your opinion
Yes, you have raised a valid point on how scam can be eradicated in cryptocurrency space, if a site is set up where investors can check if the project he/she intends to invest to is legit or scam, it will eradicate the fake project flying around at that more investors will troop in, a lot of them are afraid to invest because virtually most of the projects around are fake. I support your suggestion.
Do you understand that with this method you are not 100 percent sure even. People can fake everything. You can fake positive stats as well as negative ones to pull down the competition... Scams will never end specially here when it is so easy to generate new address for payments with no other history and you are set to find another target. Scams happen all over the place and crypto is no exception we can try to fight it but it is really hard position to be in.
I guess it is impossible. Wherever there is money to be gained, then there will be scams - true words.
Hello,everyone I think there is an urgent need to end scam in cryptocurrency industry.In other to achieve this there is need to put in place a reputable site that will serve as a symbol of trust in this industry. So that any ICO that does not have the approval of this site will not be trusted. Do you think this can help to eradicate scam in cryptocurrency industry ? Or it can only bring a measure of protection to investor in the cryptocurrency ? Please let's have your opinion
Yes, this will help, you have raised a valid point on how scam can be eradicated in cryptocurrency space, if a website is set up where investors can check if the project he/she intends to invest on is legit or scam, it will eradicate the fake project flying around as a result that more investors will troop in, a lot of them are afraid to invest because virtually most of the projects around are fake. I support your suggestion.
At the moment, there's no regulation or a famous organization to do this hard job. As you can see, fraud appears even in securities market which has existed for decades though it's protected by strong legal system. As for my understanding, as there's profit there's scam and it's the truth. Also, it's natural elimination process to help the financial market to be more difficult and there's some "strong fishes" to be alive
I don't think that scams will ever be eradicated. Wherever there is money to be gained, then there will be scams. Regulation will help though - it is unwelcome for many reasons, but it does also have its advantages, and one reason for it is to protect innocent investors from scams.
Hello,everyone I think there is an urgent need to end scam in cryptocurrency industry.In other to achieve this there is need to put in place a reputable site that will serve as a symbol of trust in this industry. So that any ICO that does not have the approval of this site will not be trusted. Do you think this can help to eradicate scam in cryptocurrency industry ? Or it can only bring a measure of protection to investor in the cryptocurrency ? Please let's have your opinion
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