Topic: Punishment for ICO for being scammed. - page 6. (Read 922 times)
The way to punish scammers ICO yet is not and most likely will not be, otherwise just 70% of projects will immediately disappear!
The problem with these ICOs is that once they exit scam they are untraceable due to cryptocurrencies being decentralized and anonymous. Also many people don't even check the background of the dev team and if the profiles are who they actually are. Thats why there needs to be some regulation brought into ICO markets.
Crypto market I fully decentralized based on this no one can control here so this news really disappointed us also the investors will de motivate based on this there are no punishment here because its fully in online based also you should aware of this before investing or else it may cause of loss.
There is no way to find out the scammed projcts. Its totally on our intuition and experience by which we can sense it. And as for the punishment of scam project holders government can punish them as per the law of the country. Many scammers has already been arrested with such accusation
It's hard to know whether there is a law or not for them, for example like MMM, they say dare to invest bravely also take the risk, and it really is a fraud, but still can make MMM 2nd to any fixed running and finally scam. For ico alone maybe we can see their CEO, if he has committed fraud, do not dare to invest in their new ICO.
I think it will be difficult, we know that cryptocurrency is anonymous and that means no one can know the someone's personal data. besides, there are some countries that forbid crypto and certainly, the government also oppose the existence of crypto. all of this has a risk. and to avoid the scam ico we can choose a good ico by looking at whitepaper and their telegram group. if it is good then we can follow that ico.
Any investment has a risk, which needs to be known in advance. Unless you are on the stock exchange, you must bear it yourself if you lose money, but the punishment for fraudsters will not be used to subsidize your losses. So don't expect this.
i think at first every project before launch their ico must have a license for held an ico event sale, so that will reduce possibilities of scam project.
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?
There are always scammers in the world. The cryptoworld is decentralized. No regulation can control. They control the institution in some countries but scammer can use free land to make artificial office to fake the fragile investors. That's is why SEC in USA only, how about ICO office ofshores far from law and justice. In the end, it is your decision to participate in ICO or not. It is your decision you are scammed of not. Everyone doesn;t lke being scammed. 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?
That is the risks in the digital world. There are always people who will fool others just to get money in illegal ways because they know that their real identity is hidden and people would not trace them. Sadly, you cannot go after these people because you dont even know where to find them. Punishment, maybe just let karma comes to them.
Well, there is no legal punishment or action that can be taken on ICOs since there are somany ICOs scamming, it's like people using torrents. Using torrents is illegal. But there is a huge amount of people doing it. Who are you going to catch. Same case with ICOs. What we can do about it is remember the names of all the people involved in running the scammy ICOs, create a gloabal public datasheet and share their names with everyone so everyone can be aware about their unethical conduct.
The crypto market for investors' confidence is legalized in the Republic of Belarus. The president and the government issued a law that regulates the work with cryptography. Fraud will be considered from the point of view of the Criminal Code.
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?
Some of these are posting fake accounts, so you have no way to know where to go after even the authorities, so the best we can do is to follow the project investigates do a research if the project is real and the people running it are not fake accounts, because you know who and where you are going to get after if their project turn scam.
At the moment, the monitoring of compliance with the legislation by the organizers of ICO is only for those projects that accept payment from US citizens. In this case, the organization that controls such projects is the SEC.
Punishment. How?. As cryptocurrent is fraught with risks and without any involvement from the government. A good environment for criminal activity. Please understand that.
In the beginning, everyone probably understood that "risk" is something they have to learn and accept as soon as they enter.
It's only possible that we rid ourselves of this community: scam.
No one but us will help ourselves. Let's scrutinize and thoroughly understand that is the advice now.
In the beginning, everyone probably understood that "risk" is something they have to learn and accept as soon as they enter.
It's only possible that we rid ourselves of this community: scam.
No one but us will help ourselves. Let's scrutinize and thoroughly understand that is the advice now.
I think, if Crypto market has not been fully legalized, so you can not do anything. But in the future, there will be less fraud because the government is in the process of doing the work. So when you participate in it you've done something illegal, you can not run into the law and tell them that you are doing something illegal and now you want to punish others.
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?
At present, there is no effective supervision of ICO in the market, so there are many ICO frauds, so we must be careful when reinvesting.
I believe that ICO needs a special supervision department, so as to effectively control and supervise the legitimacy and completeness of ICO, so as to attract more investors.
Thats right. No proper regulation right now and anyone can do an ICO even anonymously and raised funds and run with money /btc being scot free. This is being pointed out by several people already and government are doing thier best to formulate rules and accountability about this matter.
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.
I have not heard about a DAICO platform before, does it work similiar like Escrow where the funds are in a secure, 3rd party place and can only accessed if the project delivers? That would be one good idea...
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?
At present, there is no effective supervision of ICO in the market, so there are many ICO frauds, so we must be careful when reinvesting.
I believe that ICO needs a special supervision department, so as to effectively control and supervise the legitimacy and completeness of ICO, so as to attract more investors.
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?
The punishment should be jail forever.
i saw many ICOs scammed many investors. Even some ICO's scam millions of dollars.if you talk about bodies of law, maybe SEC is. They usually having a court with suspected big scammers.
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