ICO become smart scam system due to ERC20.

Afrizky R

newbie

Activity: 180

Merit: 0

Quote from: The Cryptovator on May 24, 2018, 04:13:05 PM

Now a days we have seen many ICO has scammed currently. They just gather money from people and skip.

The main reasons ERC20. You know why ? Any body can simply deploy their token on ethereum network. Once a token deploy on ethereum network that's called ERC20.

So scammer easily deploy a token and build a website for distribution. After reach their target, just simply skip with money. Because for deploy token on ethereum there is no regulation.

There is no way to know scammer easily. Who is legit and who is scammer.

So once you joined any new ico, must check their existing business.

the point is we have to be careful in choosing ICO who really run the project developed, ICO is now a lot of use ethereum network because of the smart contract it has, there are only a few ICO who make their own network and sometimes even nobody interested when it is the thing which is good in the developers.

ERC 20 is now more famous than others and new players who want to enter will be difficult in the face of this

let's see what the future looks like.

Awoben

jr. member

Activity: 236

Merit: 3

To know a good ICO now seems very difficult, I won't blame ERC20 smart contract but the fraudsters that uses it to scam people. I will rather wait now till a coin hit the market before I invest

lolchina

full member

Activity: 294

Merit: 103

You wont have to worry about this for long as regulation is coming for them,ethereum invested in icos will soon be considered as security and this means whole other story for the and erc20 tokens.There is already ongoing action about ico scamers and when eth sec thing happen there will be some serious ban hammer/legislation in that area

billyj111

full member

Activity: 322

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Deal Coin - P2P Lending Eco-system

Quote from: The Cryptovator on May 24, 2018, 04:13:05 PM

Now a days we have seen many ICO has scammed currently. They just gather money from people and skip.

The main reasons ERC20. You know why ? Any body can simply deploy their token on ethereum network. Once a token deploy on ethereum network that's called ERC20.

So scammer easily deploy a token and build a website for distribution. After reach their target, just simply skip with money. Because for deploy token on ethereum there is no regulation.

There is no way to know scammer easily. Who is legit and who is scammer.

So once you joined any new ico, must check their existing business.

You Understand, people need to raise their qualifications themselves and not invest in fraudsters, but to blame the token of the ERC-20 is foolish, since it's possible to even tick the token on NEO. fraudsters will always find new ways

Noobaru

jr. member

Activity: 504

Merit: 3

You must do a research on their entire background. The easiest way to be almost sure, that project leaders won't run away with your money is if the team consists of some famous people from the crypto world. It also helps if they have an extensive CV and have worked for some other big companies before. But nothing is certain, because it could also be a big lie.

cryptofirm

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BabelFish - FISH Token Sale at Sovryn

Quote from: The Cryptovator on May 24, 2018, 04:13:05 PM

Now a days we have seen many ICO has scammed currently. They just gather money from people and skip.

The main reasons ERC20. You know why ? Any body can simply deploy their token on ethereum network. Once a token deploy on ethereum network that's called ERC20.

So scammer easily deploy a token and build a website for distribution. After reach their target, just simply skip with money. Because for deploy token on ethereum there is no regulation.

There is no way to know scammer easily. Who is legit and who is scammer.

So once you joined any new ico, must check their existing business.

you are right there is no way to know the scammer easily
but, i think if we do a deep research before investing in any project, we can minimize the risk
learn about their team carefully, because the key about the project will run in good development or will scam is their team member

The Cryptovator

legendary

Activity: 2282

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Signature space for rent

Now a days we have seen many ICO has scammed currently. They just gather money from people and skip.

The main reasons ERC20. You know why ? Any body can simply deploy their token on ethereum network. Once a token deploy on ethereum network that's called ERC20.

So scammer easily deploy a token and build a website for distribution. After reach their target, just simply skip with money. Because for deploy token on ethereum there is no regulation.

There is no way to know scammer easily. Who is legit and who is scammer.

So once you joined any new ico, must check their existing business.

Topic: ICO become smart scam system due to ERC20. (Read 100 times)