Hello Everyone,
I recently came across many coins which were made to scam from the beginning .... putting up high ROI and huge returns compelled people to join the race and in few days time the dev's scoop out leaving large number of investors stranded and summing up huge loss ... some I know gather bits from there income and trusted a coin and invested in it... some had surplus to play around but ultimately everyone lost their money to some sneaky guy who made the coin... Im sure this is the way world moves but as an individual I seriously think that there must be a way to let people get what they lost so as to keep the faith in cryptocurrencies... as I personally feel that if this trend goes on I m sure everyone will turn around from cryptocurrencies... I would personally like few opinions from the community as to what can be done... please add to the list below what you all think
1. Take the source code off existing scam and turn it into a valuable asset so everybody who invested get the returns and more community joins in.
2. Keep up a system which keeps track of the developer and should compel them to regularly communicate so it dont get marked as scam.
3. ?? please add your view
Regards
What can be done by the community? STOP making so many coins in the first place and get a clue before copy/pasting some ridiculous coin effort. I'm thinking the crypto 'movement' has gone too far too fast or that every greedy cat with a home pc and internet can just spark up some coin with very little if any forethought to things like coin supply, distribution, and most importantly USE CASE!
But here are my thoughts on the existing scams:
1) I agree and have already seen this with several coins.
2) Sure, accountability systems can and do exist. However, some projects actually 'should' be anon and 'should' have the risk that comes along with that. genesis of bitcoin is a good example and it has worked. Sure, now there are transparent btc devs... however, it didn't start that way and we should always keep an open mind to bitcoin's example.
3) Let's be careful with the word 'scam'. many coin projects aren't scams. They were actually just "dumb" or "ignorant". Sorry if that offends anyone but it's true. When people open up MN rewards where there are like 5 people with MN and a bazillion miners.. uhhh that's a problem lol... horrible mess, coin dies in a week. I've seen this happen.
4) Posting high ROI numbers don't necesarily mean a scam either. Just about all MN coins start out with a very high ROI and it diminishes as more MN join the network to partake in rewards.
5) Ultimately it comes down to adaptation and people assigning value to a coin asset. I can tell you first-hand what drew me into bitcoin: INCENTIVE... plain-and-simple. I could get a 10-20% discount on some things I wanted to buy if I used bitcoin. And so I did... but.. well, I did much more than save 20%. I bought 1 bitcoin for $500 and before I knew it it was worth $900. And then I used it to buy that thing I wanted for 20% off... So really, I didn't just save 20%.. But these are all relevant things to consider in a coin. a) do you want the coin to be stable or do you want to have volatility--both have merits. b) what are long term plans for the coin? has anyone thought about this for bitcoin? what happens in a few short years when there's nothing left to mine? I've heard things... like government use or maybe it will continue on for decades/centuries as a utility coin for various things. c) e-commerce integration d) 3rd party escrow trust establishment e) voting f) government ... the list could go on really but at some point there should be some serious mathematicians involved
any how.. those my thoughts for now