SHOULDN'T THE DEVELOPMENT OF TOKENS BE MORE SUPERVISED ? - page 2.

wxa7115

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Quote from: SlimShadyMmp on January 28, 2022, 08:15:34 PM

I think now is even better than back few years ago I mean ICO back then where just cash grab man Is mostly about get that money and move on without any consciences I think now with launchpads and exchange KYC and IDOs this are much more easier Just stay away from 100X coins as buying after IDOs is a big mistake That can hurt like a sharp Knife man

It depends on how you look at things it is true that exchanges have taken a more active approach to try to supervise the coins they list on their website, but at the same time it is impossible to supervise every single coin out there.

After all even if the ico hype was huge the number of coins that we have now is many times higher than what we had back then, and when we add NFTs to the mix I would venture to say that things are even worse than what we saw in 2017 with icos.

bitkanu

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The blockchain was open source and you can't force the developers to do audit if they don't have intention but it's good to see that if this time audit by trusted party has become a new standard when a project wanna try to be adopted by users. If the project wanna go public and audit has become a mandatory for the developers and remember that there are some platforms that were doing verification to the team behind the project as well. I have seen that so many projects are doing KYC verification to prove that if they have been running by the real team and that's not anonymous scam members who have been running it.
The majority of projects have been starting to be more transparent. this is good to decerease the chance for scammer to be able to create scam project.

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I think now is even better than back few years ago I mean ICO back then where just cash grab man Is mostly about get that money and move on without any consciences I think now with launchpads and exchange KYC and IDOs this are much more easier Just stay away from 100X coins as buying after IDOs is a big mistake That can hurt like a sharp Knife man

Wawa2013

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Quote from: MarjorieZimmermanGinger on January 26, 2022, 02:28:45 AM

Quote from: Ifunanyawinner on January 05, 2022, 08:33:40 AM

These days, the number of scam projects in the cryptocurrency space is really getting alarming.
It seems as if creating a cryptocurrency or token is as easy as opening a facebook account, and that's why rug pulls and other forms of crypto scams is rampant now.
Shouldn't the blockchain technology restructure their requirements and tighten their audit methods to prevent or to an extent, reduce this menace?
I think some progressive actions should be made, like more strict supervising and audits and as well, due consequences should be attached to defaulters.
Cause it's really disheartening the loss being recorded everyday due to elaborate cryptocurrency scam schemes.

The space for freedom is too big, which makes the potential for fraud bigger, there is no clear control over crypto, so it makes the threat of lies bigger that people cause, a lot of fraud that I hear is due to the lack of understanding of this space, let alone people go and get to know crypto on the basis of pressure or solicitation that does not involve knowledge, this is precisely what makes it even more difficult for people to avoid fraud, sad if we explore more about this issue.

The crypto world that provides freedom and the absence of government regulation, make a lot of bad people take advantage of it by committing
fraud. Everything has a negative side, so from that back to ourselves how we respond to it. Since the beginning, crypto is indeed a high-risk asset,
so we have to be careful when investing in crypto, especially for newbies, don't be lazy to learn about the crypto world first before finally deciding
to invest in crypto. At least we must have the ability to do our own research and analysis, to be able to judge which projects are real or scams.
So if we ever fall victim to a scam when investing in crypto don't blame crypto, but blame ourselves for not being careful in making decisions.

Fivestar4everMVP

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Quote from: Ifunanyawinner on January 05, 2022, 08:33:40 AM

These days, the number of scam projects in the cryptocurrency space is really getting alarming.
It seems as if creating a cryptocurrency or token is as easy as opening a facebook account, and that's why rug pulls and other forms of crypto scams is rampant now.
Shouldn't the blockchain technology restructure their requirements and tighten their audit methods to prevent or to an extent, reduce this menace?
I think some progressive actions should be made, like more strict supervising and audits and as well, due consequences should be attached to defaulters.
Cause it's really disheartening the loss being recorded everyday due to elaborate cryptocurrency scam schemes.

I totally agree with you mate, but on the other hand, don't you think that introducing this kind of enforcement into cryptocurrency will undermine its core essence which is decentralization?
One thing you should know is that every new technology introduced into our system will all have a lot of pros and cons, it is up to us as individuals to try as much as possible to keep ourselves up to date to avoid being confused or cajoled into something fishy due to our lack of knowledge and understanding, scammers are still scamming because they find people to scam, and this is because alot of people today don't read, neither do they know how to do a proper research, most of us are carried away by extreme greed and desperation for quick wealth that we end up forgetting to read in between the lines or even take note of the warning signs, and this is why scammers have a lot of customers today, business booming for them and they keep increasing in their numbers.
If for instance, in all their strategies, they find nobody to scam or to fall for their lame tricks, they will have no choice but to pack up and go.

TastyChillySauce00

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The problem is blockchain was open source and anyone will able to do or create their own assets in the blockchain and there was no restriction on this thing. I should remind you that when you are seeing the market being flooded by the scam tokens and yeah, our brain must be a thing that can save use from the scam project. Audit can be done by anyone but the question is how much people that has ability to do audit to the code? If you are talking about newbies in here and you will be rarely seeing it. It can be said that if the newbies will become the main concern here. This has become the main concert but how transparent the development of project will be totally depend on the team itself.
You have no choice other than do your own research. this is the only thing that can save you in the free market.

savetheFORUM

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Quote from: Ifunanyawinner on January 05, 2022, 08:33:40 AM

These days, the number of scam projects in the cryptocurrency space is really getting alarming.
It seems as if creating a cryptocurrency or token is as easy as opening a facebook account, and that's why rug pulls and other forms of crypto scams is rampant now.

Creating a facebook account is in fact more stricter than creating a new crypto because facebook will know if your going to create a fake account. They can ban you seconds later while in crypto anyone is free here to create their own coin, even if its a fake one although it will only be harder to attract investors if you make your project poorly like cheap looking website, lesser promotions or advertisement and if it has not undergo in audit.

There are basis that people look to identify a legit from scam so I do not think there is something that we must change. The original blockchain is unique and changing it to be more centralize can only destroy its real purpose and I do not think majority will like it.

Saisher

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Quote from: Ifunanyawinner on January 05, 2022, 08:33:40 AM

These days, the number of scam projects in the cryptocurrency space is really getting alarming.
It seems as if creating a cryptocurrency or token is as easy as opening a facebook account, and that's why rug pulls and other forms of crypto scams is rampant now.
Shouldn't the blockchain technology restructure their requirements and tighten their audit methods to prevent or to an extent, reduce this menace?
I think some progressive actions should be made, like more strict supervising and audits and as well, due consequences should be attached to defaulters.
Cause it's really disheartening the loss being recorded everyday due to elaborate cryptocurrency scam schemes.

You are so used up to centralization that you are not fully acquainted with how the Blockchain and Cryptocurrency works, blockchain was created for anonymity and decentralization, and now because there's a lot of scam and rug pull you want to change the structure and development, the best that you can do instead is to educate yourself first on how blockchain works and the full meaning of decentralization.
People are getting scammed because they are gullible did not take heed of warnings and did not moderate their greed.

Before you can make profit from Cryptocurrency you should first take your responsibility to yourself to study how to invest in Cryptocurrency, scammers are everywhere and the only way to fight them is through education.

MarjorieZimmermanGinger

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Quote from: Ifunanyawinner on January 05, 2022, 08:33:40 AM

These days, the number of scam projects in the cryptocurrency space is really getting alarming.
It seems as if creating a cryptocurrency or token is as easy as opening a facebook account, and that's why rug pulls and other forms of crypto scams is rampant now.
Shouldn't the blockchain technology restructure their requirements and tighten their audit methods to prevent or to an extent, reduce this menace?
I think some progressive actions should be made, like more strict supervising and audits and as well, due consequences should be attached to defaulters.
Cause it's really disheartening the loss being recorded everyday due to elaborate cryptocurrency scam schemes.

The space for freedom is too big, which makes the potential for fraud bigger, there is no clear control over crypto, so it makes the threat of lies bigger that people cause, a lot of fraud that I hear is due to the lack of understanding of this space, let alone people go and get to know crypto on the basis of pressure or solicitation that does not involve knowledge, this is precisely what makes it even more difficult for people to avoid fraud, sad if we explore more about this issue.

TheUltraElite

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Quote from: maju69 on January 19, 2022, 07:59:01 AM

It is true that it is so easy for fraudsters to enter this is something that is worrying.

It should not be a worry if you are not making the mistake of jumping into every bandwagon without doing your own research. Most mistake occur due to this and also due to a lack in financial mindset maturity, meaning that knowing whether a project's idea is really feasible in the real world or just in fantasies.

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This is a real terror in the cryptocurrency world.

The real terror is keeping your own coins secure. Most people lost money due to lack of securing their wallets and posting their private keys on places that they should not.

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There must be new innovations to at least reduce their discretion.

This is a wrong statement. A crypto project is not a magic bullet to every problem in the society. Those problems will remain and they will be corrected only when governments work together to modify the system. However there will be innovations and not all of them will work. But roping in investors to fund your failed tech is something that investors should be careful of.

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Maybe those who have been here for a long time will be able to sort out which ones are frauds which are not? But what about the new ones? This in my opinion is what makes the good image of crypto tarnished.

Research and experience can help. The "Scam accusations" section is very active in reporting possible scams. But it is community driven. To be safe, the only coin one should buy is bitcoin. As soon as you open yourself to altcoins, you keep increasing your risk.

wxa7115

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Quote from: maju69 on January 19, 2022, 07:59:01 AM

It is true that it is so easy for fraudsters to enter this is something that is worrying. This is a real terror in the cryptocurrency world. There must be new innovations to at least reduce their discretion. Maybe those who have been here for a long time will be able to sort out which ones are frauds which are not? But what about the new ones? This in my opinion is what makes the good image of crypto tarnished.

The old members of the community are always warning new members about the danger of investing in new coins and many users also post scam accusations against projects that are using fake data on their website, so the community as a whole is doing what they can to minimize the number of scams taking place.

It is the newbies which are not taking advantage of this and invest in whatever they want and then they complain when they find out they invested in a scam.

maju69

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It is true that it is so easy for fraudsters to enter this is something that is worrying. This is a real terror in the cryptocurrency world. There must be new innovations to at least reduce their discretion. Maybe those who have been here for a long time will be able to sort out which ones are frauds which are not? But what about the new ones? This in my opinion is what makes the good image of crypto tarnished.

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So anyway, I applied as a merit source :)

Quote from: wxa7115 on January 18, 2022, 02:04:32 PM

It is true there are a lot of scammers in the market, that is undeniable, but there are also developers trying their best to use the blockchain for many different purposes and they need free reign to experiment, if this is not the case then this market will eventually die for lack of innovation.

This would be used as an excuse for scam mongerers to run their scams, that would not be a good thing for the future of altcoins, would it?

This is also the reason why we need a regulatory system, to allow projects to develop but at the same time put in some legal restrictions in order to discourage someone abandoning their project entirely and leaving investors hanging. Moreover the pump and dump projects would also be kept under control if done properly.

However we have not seen regulation start in any country and it is a tough thing to start too. But we ca be hopeful that it will be for the good in future in order to protect both developers and investors.

wxa7115

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Quote from: eaLiTy on January 12, 2022, 06:50:24 PM

Quote from: Ifunanyawinner on January 05, 2022, 08:33:40 AM

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I think some progressive actions should be made, like more strict supervising and audits and as well, due consequences should be attached to defaulters.
Cause it's really disheartening the loss being recorded everyday due to elaborate cryptocurrency scam schemes.

What progressive action you are talking about, supervision by the government. I am not sure that would be a great idea but with the insane number of scam projects we might see the government intervention in the future but the problem is that it will halt the development of genuine projects. There are private audits in the space and even then some of the projects vanishes without much trace.

Just as bitcoin took the world by surprise as satoshi pretty much developed bitcoin in secret and did not release it to the public until it was ready, if we were to allow a centralized entity to supervise every single coin ever created then we will lose a great deal of what makes this market unique.

It is true there are a lot of scammers in the market, that is undeniable, but there are also developers trying their best to use the blockchain for many different purposes and they need free reign to experiment, if this is not the case then this market will eventually die for lack of innovation.

gmatej

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If you control the tokens. Then you partially centralize the whole procedure also it's not permissionless anymore. Basically, you get stocks:)

TheUltraElite

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Quote from: Ifunanyawinner on January 05, 2022, 08:33:40 AM

These days, the number of scam projects in the cryptocurrency space is really getting alarming.

I would correct the word "these days" to "everyday" Tongue

It has been like that since the time money was first used by man. Scams exist since humans existed and avoiding them is the key.

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It seems as if creating a cryptocurrency or token is as easy as opening a facebook account, and that's why rug pulls and other forms of crypto scams is rampant now.

It is easy to do that and hence there is a need for regulation of crypto projects by some government body, is what I feel.

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Shouldn't the blockchain technology restructure their requirements and tighten their audit methods to prevent or to an extent, reduce this menace?

If you do your research, you will be able to pick out the problems quickly too. However not everyone is an expert in this nor a novice in such.

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I think some progressive actions should be made, like more strict supervising and audits and as well, due consequences should be attached to defaulters.

What the forum members are currently doing is reporting scam projects in the "Scam Accusations" section of the forum and flagging the associated account(s). For now this self-policing of projects in this forum by its members is a reasonable alternative.

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Cause it's really disheartening the loss being recorded everyday due to elaborate cryptocurrency scam schemes.

One's loss is another's gain. The point is that scams can be avoided and the first step in that is to be rigid about investing only in bitcoin and no altcoin. It will solve most of these scam token problems.

eaLiTy

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Quote from: Ifunanyawinner on January 05, 2022, 08:33:40 AM

~
I think some progressive actions should be made, like more strict supervising and audits and as well, due consequences should be attached to defaulters.
Cause it's really disheartening the loss being recorded everyday due to elaborate cryptocurrency scam schemes.

What progressive action you are talking about, supervision by the government. I am not sure that would be a great idea but with the insane number of scam projects we might see the government intervention in the future but the problem is that it will halt the development of genuine projects. There are private audits in the space and even then some of the projects vanishes without much trace.

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Quote from: Ifunanyawinner on January 05, 2022, 08:33:40 AM

Cause it's really disheartening the loss being recorded everyday due to elaborate cryptocurrency scam schemes.

Specifically in regard to the quoted above, cryptocurrencies characteristic does not imply it causes more innovative scamming techniques that happening in our real-life world, many are based or already happened before even cryptocurrencies have its existence. I rather think it got amplified by how cryptocurrency works, especially the pseudo-anonymity parts whereas those ignorant people are getting deceived day by day.

Losses by a scam is indeed a tragedy, but to sacrifice by having strict regulation or forcing people to be monitored in regard to what cryptocurrencies they should invest in or how the cryptocurrencies project require strict guidelines wouldn't solve the problem either. The problem some people should really take into consideration of "being your own bank". With that, an extra step to learn how to protect themselves is essentials.

wxa7115

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Quote from: so98nn on January 06, 2022, 01:41:45 PM

Impossible.

You are suggesting to confiscate the decentralised operations and still use it as decentralised asset.
You can’t control anything that is being made on the blockchain or crypto environment more precisely. These projects and involved teams might control the process, structure and flow of the project as whole but unfortunately we can’t control them on how it should be done.

That’s the whole point of crypto projects. They are free, publicly accessible to develop and manage.

It really seems that people come to this market without understanding the differences of traditional markets and a market like this one, bitcoin is not only another form of money, bitcoin is a completely different way to understand the economy.

This means that we cannot hope that the same principles that operate in the traditional markets like an authority which supervises investments all over the world is going to work here, and even if at some point the governments try to impose those same limitations in this market then they will fail, and if in the worst-case scenario they succeed then one of the main reasons to be part of this market will be gone and some of us will leave the market.

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There are too many projects on the market, even now more than 16k are available, it is impossible for anyone to supervise all these projects and this is what makes us have to make strict regulations including money guarantees so that they are not used for scams.

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