Punishment for ICO for being scammed. - page 11.

sehoon

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Quote from: totoy4741 on June 18, 2018, 03:40:04 AM

Is there any posible way to filter who are going to make an ICO to be able to know if there are scam or not? And is there any bodies of law that would be able to punish them once they turn into scam. And what punishment should be given upon committing such the crime?

About your first question, that will be really difficult if you are going to do it by yourself. There are teams that actually promotes legitimate campaigns like amazix. And for your second question, I think they should all go to jail. You don't need to make a law that will be exclusive for cryptocurrency because technically, doing scams is considered as stealing.

moeth

newbie

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I think the cryptocurrency market is not perfect now. There will certainly be such an intermediary guarantee company in the future. But it also means that the coin you are investing is not a scattered coin, or you have to pay to follow the trading rules such as the tax.

carlisle1

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Campaign Management?"Hhampuz" is the Man

Quote from: CryptoBry on June 18, 2018, 03:46:41 AM

Quote from: totoy4741 on June 18, 2018, 03:40:04 AM

Is there any posible way to filter who are going to make an ICO to be able to know if there are scam or not? And is there any bodies of law that would be able to punish them once they turn into scam. And what punishment should be given upon committing such the crime?

In any industry much more those who are online in nature there will always be people who are using their talents, skills, abilities and creativity in order to fool and grab money from other people...and we are helpless in actually changing their mind so that the best thing to do is for us to be always be careful. This is one ground why many countries are regulating (and even banning) the help of an ICO because regulators feel that they must protect their citizens against the possible scams. Now, in my view the best way to deal with this is to have body established by the industry itself to screen ICOs so that "investors" would not be deprived of their money and time. The famous Vitalik Buterin suggested the DAICO platform which has mechanism to protect the ICO participants and I think that it should be required of all ICOs...but then again in a decentralized market there is a problem as to who will implement it as we all here on a voluntary basis. We need regulations with the view to protect the investors but not to kill the platform and self-regulation is the best way.

There are private sale thats happening in ico now,and this is alarming because they are giving big profit but the more riskier,because you have no evidence over forum if the project turns scam then investors dead

Thats why i support that Vitalik Buterins DAICO because this will lessen the prospects victims of scammer nowadays

Kulang

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Maybe the best punishment for those ICOs that were scammed is that many people are not trusting them anymore and there will be no investors that will ever invest on them and also they can be banned in crypto world and in making ICO project because of their bad trust rating due to what they did.

zeze18

sr. member

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Quote from: totoy4741 on June 18, 2018, 03:40:04 AM

Is there any posible way to filter who are going to make an ICO to be able to know if there are scam or not? And is there any bodies of law that would be able to punish them once they turn into scam. And what punishment should be given upon committing such the crime?

I think it's not possible because there are still no rules or regulation in a law of any country about cryptocurrency.
That's why many experts in cryptocurreny said, only invest the money that you can afford to lose.
So, invest with your own risk.

microbb8

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There are no bodies that would control ICO. And so there is so much deception.

thesmallgod

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Quote from: totoy4741 on June 18, 2018, 03:40:04 AM

Is there any posible way to filter who are going to make an ICO to be able to know if there are scam or not? And is there any bodies of law that would be able to punish them once they turn into scam. And what punishment should be given upon committing such the crime?

depending on how much informations investors know about the management behind the project. Image, Videos and written document are few of those way you can extract information. some countries in EU have good law in dealing with scammers if you have credible information about any suspect but one problem about some investors is that they pay little attention to such information until their money is taken away from them. also these information above can give you an insight in knowing legit ICO. many scam ICO will use fake images and most time they do not have videos that reveal the real Identity of any of the founders. Scam ICO like doing Video using cartoons and converted image and text as illustration. most of their whitepaper are poorly written and can be sometime full of playgiarism. in fact the first thing I expect any investor to do is to download the whitepaper and use plagiarism checker software to evaluate it. google also have an online image recognision platform (http://image.google.com/). such platform can be use to search for presence of similar images across the internet.

webtricks

legendary

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Quote from: totoy4741 on June 18, 2018, 03:40:04 AM

Is there any posible way to filter who are going to make an ICO to be able to know if there are scam or not? And is there any bodies of law that would be able to punish them once they turn into scam. And what punishment should be given upon committing such the crime?

If there exists any particular way to determine that then believe me none of the ICO could scam anyone. All one could does is become more cautious about everything and doesn't fall for any ICO by reading just few charming lines.
About punishment, yes! Standard Law Body in every country is capable of undertaking crimes related to ICOs. If you as an investor feel that company scammed you in any way, you could file formal complain against company. Several ICOs including big-raisers like Envion are facing court trials.

Qeupe

newbie

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I think his punishment is to imprison all the team that made the ICO. Or freeze all the assets they own, and hold the coins they get from the ICO participants. Although it is difficult to trace it but I think it can be applied to punish those who commit fraud.

Fulmand

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Activity: 568

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Quote from: totoy4741 on June 18, 2018, 03:40:04 AM

Is there any posible way to filter who are going to make an ICO to be able to know if there are scam or not? And is there any bodies of law that would be able to punish them once they turn into scam. And what punishment should be given upon committing such the crime?

Being decentralized is the luxury for those who always taking advantage to weaknesses of others, and that how it goes, it's difficult to identify the scam ICO's because of they are also bearing the complete details in promoting certain projects, it's is our own prerogative to check or do a research before investing any of them.

judyrob

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There is no governing in that field. ICO is always popping up without anyone being able to control even from different countries. areas of law handling it also don't know for sure because the ICO itself fraught with uncertainty and they didn't bother to handle that sort of thing.

Levious

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There is no law that can effectively constrain ICO projects! Although some regions have established laws or institutions, their laws can only restrict the country's false ICOs, and they can't be confined to fraudsters in other regions!

LightNestling

newbie

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OP, I suggest try menlo.one it is like a ICO review platform with more features, the thing with them is they will automatically filter out scam projects with their community based communications system. A community of expert in blockchain technology.

Red-Apple

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i seriously doubt you can do anything about them because of many reasons. for starters ICOs are already illegal in a lot of countries so when you participate in them you are already doing something illegal, you can't run to the law and tell them you did something illegal and now you want punishment of others. they will throw you in jail for breaking it first Cheesy

then there is the fact that you are giving them your money knowing they are going to scam you. you made a bet and lost, it is best to accept that you didn't get lucky and move on.

Shenzou

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Quote from: totoy4741 on June 18, 2018, 03:40:04 AM

Is there any posible way to filter who are going to make an ICO to be able to know if there are scam or not? And is there any bodies of law that would be able to punish them once they turn into scam. And what punishment should be given upon committing such the crime?

ICO and cryptocurrency are still not regulated so anything that happen yo you when investing your money into this type of market is done at your own risk, risks that you should know of before putting money and time into one of them, protection is better than treatment, you need to know how to protect yourself from these scam before it happens.

davida

sr. member

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In life generally, there are so many scam happening around likewise crypto where people use different technology to scam people of their money and there is no law yet to help regulate this as you cannot say which one is good or not that is why it is very important to do a very good research before investing in a project. A way to help reduce the rate of this scam is to spread the news of the project as soon as you find out that it is a scam project so that people will be aware of the project and avoid it. In the nearest future of crypto, I think there should be a body that will be incharge of monitoring icos and helping to reduce the rate of scam.

deep4u

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Still crypto market is not fully legalized yet so you can't do anything about it. But in future there will be less scams because government are in process of doing the work for it.

kier010

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in internet they can make anything possible. they can hide their identity so they can do what they want. scammer are smart people and probably they even finish studying college. the problem is they used it to fool people. they will always find a way to scam people. if you don't want to get scammed best thing to do is research.

xOdiumNostrumx

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Its your own responsibility to eliminate the scam ICOs and in most instances its quite easy to do this as there is a lot of indicators/red flags to be identified.

batang_bitcoin

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Quote from: totoy4741 on June 18, 2018, 03:40:04 AM

Is there any posible way to filter who are going to make an ICO to be able to know if there are scam or not?

This is the job of the investors to know on what they are investing. This reminde of DYOR has always the tip for everyone. If there's a way to filter it, numbers of complains about these scams will reduce. By knowing the backgrounds of the people involve to that ICO can be a way.

Quote from: totoy4741 on June 18, 2018, 03:40:04 AM

And is there any bodies of law that would be able to punish them once they turn into scam.

SEC has been taking an action about it.

Quote from: totoy4741 on June 18, 2018, 03:40:04 AM

. And what punishment should be given upon committing such the crime?

Bars.

Topic: Punishment for ICO for being scammed. - page 11. (Read 922 times)