Topic: How to solve the ICO and shitcoins madness? - page 3. (Read 3524 times)
I think before investing in an ICO project you have to thoroughly explore this project and who the developer is. If an ICO preliminary project does not have a clear origin then it is definitely shitcoin. If potential ICO projects will launch many campaigns to advertise their projects and will attract a lot of investor
Some ICO might be very sincere some might just another copycat scam, i think there is no way to control these ICO or shitcoins as no regulation existed. But most people would get smarter to avoid these, like I do after getting hyped into a ICO and saw its price crash like crazy.
While I do agree that the market is madness right now, I'm not sure there will be much change until more structure is brought to it. I know the ideology is is all about being decentralised, but considering how people want to treat coins like stocks, eventually some sort of governance will be implemented to hold all participants accountable. If the current trend continues, this will probably lead to the governance of the crypto trading market looking very similar to the current stock market. Different exchanges, some reputable some not, rules, regulations etc.
Just my 2 cents.
Then,the best way should be that people do their own search before taking any decision,since with the proliferation somewhat excessive to call it somehow then when somebody just announce a project people only venture without even checking to see if a new project seems to be viable or not,so that they do not give themselves the time needed to make a better decision,others on the other hand expect almost immediate results which is very difficult to achieve.Just my 2 cents.
You're right that at the moment the responsibility is solely on the investor to do their research and make a judgement. However, all of the googling and reading of whitepapers is only part of it and is only so useful. As there is no accountability on the project creators, it is quite easy for them to flat our lie and falsify their personas. Given the anonymity provided by the internet, it can be near impossible to validate the information they are providing. As such, I still believe their is a need for a governing body (it does not need to be government funded or controlled) to validate the information being put out by projects.
And I definitely agree with you that the 'too the moon' mentality that permeates the crypto market puts a lot of pressure and unrealistic expectations on projects to provide 500% gains week after week.
No. We can't do anything about that. There's still people falls to them no matter what you do to stop them. Just ignore them. That's their fault, not yours. Shitcoins and ICOs cannot be stop. But it's up to the investors where they invest. Research is the best way to determine what's good investments and bad investments.
While I agree with this, the system (offline) ends up supporting the stupid who make poor investment choices, costing the average taxpayer much money from welfare benefits & more.
No. We can't do anything about that. There's still people falls to them no matter what you do to stop them. Just ignore them. That's their fault, not yours. Shitcoins and ICOs cannot be stop. But it's up to the investors where they invest. Research is the best way to determine what's good investments and bad investments.
Not all ICO and alt coin are scam and shitcoin, some of them making money from ICO, but most of them are losing money, the only way to control ICO is by making regulation but that violated crypto currency is policy which is decentralized, so the best we can do is to warned them the danger of ICO and the risk of investing in alt coins
Not all of them is shitcoins some of them only but some of the new coins now is making a good use someday this coins someday will become like a fiat money that uses today there are a lot of fiat money that we using all over the world the coins is also like that someday
While I do agree that the market is madness right now, I'm not sure there will be much change until more structure is brought to it. I know the ideology is is all about being decentralised, but considering how people want to treat coins like stocks, eventually some sort of governance will be implemented to hold all participants accountable. If the current trend continues, this will probably lead to the governance of the crypto trading market looking very similar to the current stock market. Different exchanges, some reputable some not, rules, regulations etc.
Just my 2 cents.
Then,the best way should be that people do their own search before taking any decision,since with the proliferation somewhat excessive to call it somehow then when somebody just announce a project people only venture without even checking to see if a new project seems to be viable or not,so that they do not give themselves the time needed to make a better decision,others on the other hand expect almost immediate results which is very difficult to achieve. Just my 2 cents.
even those little fish survive living off bigger fish. yes you won't become a millionaire, but you can make some money. ive lost a few times and now up a few k after 800 dollars investment. not to retire but more than a bank, and ive only been on here a few months. Don't get suckered in, there are icos with same value as coins that have years of development. you can still make profits but i stick to what i know.
i like who ever has released 'Useless Ethereum Token', still raised over 200 eth.
i like who ever has released 'Useless Ethereum Token', still raised over 200 eth.
People who buy it will lost hes money and madness will be stoped
This guy gets it. Everyone listen to this guy.
I believe bitcointalk should also take a step forward and introduce some internal reviews and rankings before listing all of these coins and ICOs here. For example, everyone that wanted to post ANN, should first apply with their project and get audited by an internal team which would do at least basic checks and eliminate the obvious scammers.
It's almost impossible to keep up with all of the new posts like this.
It's almost impossible to keep up with all of the new posts like this.
Absolutely not.
In no way should bitcointalk limit free speech in that way. It's a forum, not a gateway.
There are so many coins, over 95% of them will be dead and will never EVER have any real usage. I see people shilling shitcoins on twitter, telegram, slack, etc. and all that so they can later dump on people that are new to the crypto and fall for this. It's setting a very bad image for newcomers and taking away money that could be invested in the growth of real coins with potential and future. If you say something or try to warn someone, you are called a troll or FUD spreading because everyone in crypto right now thinks that they will get rich quickly on some coin that will be dead sooner or later.
ICOs... same story, I don't even want to start with this... Why are people so dumb and how to prevent this?
ICOs... same story, I don't even want to start with this... Why are people so dumb and how to prevent this?
You cannot stop the ICOs Trains. Some of them are great others are good and others have no sense. That the way innovation goes.
There is nothing we can do if most of them will never ever leave the station & Some people will then realize how crazy they were to invest money in a broken train with no engine.
Icos rule, kills off all the dozey parasite noobs and leaves behind the one who believe in long term growth of crypto, Buy and die noobs, buy and die, ico, ipo, premine, ninja mine,, just the latest scammy wording, will be called something else next year
People who buy it will lost hes money and madness will be stoped
People are so dumb, because we all wish to become rich fast and easy. Bitcoin is a promoter of such ideology, how many stories we heard about some boy who bought bitcoin five years ago and holded and now he is rich. All this shitcoins and ICOs are porazitating on such stories and peoples' wishes. I think tihs is jist going to be continued tihs way, because of there is no any seriouse control and punishment in this area.
As a newbie myself, I understand what you mean.
But I can't agree with the last part of your analysis concerning control and punishment.
I think we should sometimes remember why we are here, newcomers or not : there's also an ethical question behind all this, that can not be ignored.
It's certain that joining the crypto-currency world in 2017 with the idea of becoming rich may be a mistake. I have no moral grief against it, maybe it could work, but maybe it is also a bad calculation. Study hard and have a good degree of medicine, science, language, economics or whatever immediately useful in the real world would be a 1000 better investment, in time and/or money.
But I don't think "Bitcoin is a promoter of such ideology". Bitcoin is from the origin, at least as I understand it, an alternative solution to the centralization of the control of the money in the opaque hands of a few banks, institutions and states. It's a real non-violent revolution, and as the mother of all crypto currencies, it's the key that permitted to enter a new world and gave hopes and perspectives to millions (...well maybe thousands, or hundred of thousands) of people to invent a new way of distributing wealthiness more equitably. Bitcoin had and has some disadvantages : main one is that it's now technically unreachable for common people. But it was not conceived this way at the beginning, it's only its "natural" evolution that lead to that situation.
That's why altcoins are useful, and can induce a more egalitarian and more democratic access to the money, by going on evolving : if I can't mine bitcoin, I'll try something else more accessible. For that, I have to rollup my sleeves to understand how it works, improve my perception and understanding, but it's not unreachable, and if you try to learn how it works, how the general ecosystem works you can try to find a place in it.
After that, maybe I can bet on which will be the useful features in the future, and make good investments, and be lucky. Or not.
But whatever, I think there should be always new altcoins, again and again, until it's easy even for my grandma to produce money from nothing and let her use it without the banks and government trying to control her little widow allowance instead of behaving ethically with their own investments.
So "control and punishment"... made by who? who will decide and control? This is the fundamental point.
Just a bit of education and common sense would be better : make easy and abundant profit without work, knowledge or risk... It's only in fairy tales...
I believe bitcointalk should also take a step forward and introduce some internal reviews and rankings before listing all of these coins and ICOs here. For example, everyone that wanted to post ANN, should first apply with their project and get audited by an internal team which would do at least basic checks and eliminate the obvious scammers.
It's almost impossible to keep up with all of the new posts like this.
It's almost impossible to keep up with all of the new posts like this.
There are so many coins, over 95% of them will be dead and will never EVER have any real usage. I see people shilling shitcoins on twitter, telegram, slack, etc. and all that so they can later dump on people that are new to the crypto and fall for this. It's setting a very bad image for newcomers and taking away money that could be invested in the growth of real coins with potential and future. If you say something or try to warn someone, you are called a troll or FUD spreading because everyone in crypto right now thinks that they will get rich quickly on some coin that will be dead sooner or later.
ICOs... same story, I don't even want to start with this... Why are people so dumb and how to prevent this?
ICOs... same story, I don't even want to start with this... Why are people so dumb and how to prevent this?
It's a bit of 1999, when everyone wanted to add a .com behind their name, go public and raise money. The ICO's are unregulated, and so fast to promote so even worse. The way to 'stop' it, is not the answer, but hopefully, the investors in ICO's will start to do their homework. A few simple things:
1. Invest on trackrecord.
2. Look at founders.
3. Look at business plan and if they have functioning systems. Don't invest in a development project.
4. Look at eval. If an ico raise 1 million and have a float of 10% is the company worth 10 million? Can it be? Use math. EOS for instance. 185 million raise, billion dollars in eval and they have shown nothing except a fluffed up whitepaper.
Just as a tidbit: I didn't invest in Etherum, after sitting with about 10,000 USD worth. I chose not to. Why? Buterins lack of track record, their budget was kinda silly '10 million for development' and so forth. So yeah, im strict and don't get it right, but im a conservative investor. I also develop my own concepts, so i sink my money into my own projects, that I control, can see and truly believe in.
Really good advice! If people are going to invest in crypto like they do the traditional financial markets then the same due diligence and rationality should be applied.
ICOs do need some sort of regulation though, this can't continue like this.
I agree but in a decentralized utopia.... what is the best way to "regulate"?
I think it's becoming quite obvious that there is some centralization happening already, and unfortunately the more money get's in, the higher chances of that.
ICOs do need some sort of regulation though, this can't continue like this.
I agree with you mate.
ICOs are sprouting from everywhere like mushrooms. They are as fast to arrive as they are to die out and exit. I don't specifically know how to address this one but there should be some sort of a sifting mechanism for ICOs and altcoins. We simply can't continue like this. Altcoins are born every minute, others are outright scam, they will destroy the entire reputation of cryptocurrency.
ICOs do need some sort of regulation though, this can't continue like this.
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I agree but in a decentralized utopia.... what is the best way to "regulate"?
It's crucial to research a project at a minimum...but it isn't enough to just find a topic they started ... and just because they have an "Ann thread" and a link to a semi-decent white paper... it isn't enough to bet the farm.
I say this because I have been approached in both private messages and in public threads with request to help with a project in ICO phase or "Pre-ico". More than once I was asked to WRITE a white paper for pay. I appreciate the offers for work however some requests are clearly from insincere or shady individuals, others have evolved into great projects that are sure to succeed. It's hard to decipher between the shit and the shine! 💩🌟
If they don't have an actual product or technology at work, this is a problem. If they just want to invent another coin
With no developers actually creating anything, this is a problem.
I love the Waves Platform concept, Komodo is another one but the issue becomes... if anyone can create a token using a templated blockchain platform type of deal, perhaps the platforms creators (Yes, you Sasha**) should have a CLEAR warning of the risks of investing in new tokens, coins, assets or side projects ... and it should be IMPOSSIBLE to miss or skip the warning. Perhaps in the app download, on web versions etc there should be a pop up that won't disappear unless the visitor scrolls and checks a certain box saying they have read the warning.
That's just one idea and it won't stop the brand new accounts from posting fake bounties to rile up interest.
I wish there was a way to grade the quality of an ICO or any of the new startups.
It's an ongoing, developing concern for all of us.
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