Topic: Stop SCAM in the ICO market - page 10. (Read 14245 times)

I want to draw your attention to the Bitdepositary project, which plans to fight against fraudulent projects and protect investors from ill-considered investments - https://bitdepositary.io

Today, more and more ICO fraudulent projects, sophisticated frauds, can overtake many professional investors, while ICO has many projects of poor quality that we can not Know for sure, so follow me to invest in the altcoin that was exchanged.

The idea is quite interesting and promising. Fighting fraud is very good and I think if all your ideas are implemented, then this will be a really very productive platform. You and your team will have to work a lot and then it will succeed.

Yeah! It is really some interesting step at least after the OP updated to shed more light on the whole project idea. The fact is scam is really one of the serious things to deal with in this space and most of the time, whether we like it or not, we will always have to see new and gullible investors who are never ready to do proper diligence on their own.

As long as it is helping the community in this regard and for some of the other features the OP mentioned, I believe it is going to go a long way if executed properly.

Horizen didn't ICO, didn't pre mine
This is where you see the real cryptocurrencies

Stoping scam in cryptocurrency require an holistic approach in other to get the best as the projects objective is sure going to be impact full, I recommend government to  get involve, in other to alter the library visions and plan.

Thank you for your responses. We will provide you with our White Paper in the near future. There will be an explanation of the project concept and the ways to achieve our goals.
And now we will answer your questions.


Question №1. How will you protect us from the scam?

Our goal is not to remove the bad effects of the scam but to prevent it by making it economically unprofitable.

Here is our plan:
1. Every project passes mandatory Due Diligence when it is being registered on our platform.
2. We do KYC of the project founders, we check the reliability of their biography, analyze the project in detail, write an audit report and attach it to the project profile.
3. We communicate with every project not only online but also offline.
4. When regulation appears, we add legal support for investments.

This is the first level of our defense described above. The number of scammers will decrease by 90% as it will be impossible to remain anonymous. Every crypto-investor will know who took his money, and where this person is.
The second level of scam protection is escrow-service. We create a smart contract that sends money in tranches. For example, the project says: "I need $ 10 million of investment. $ 1 million - for the first stage, $ 2 million - for the second, $ 3 million - for the third, etc. "

After that:
1. Money of the investors comes to a smart contract that we administer. Under the terms of the smart contract, we can’t take the money. We can send it to the project or return it to the investors.
2. We send the first tranche of investments into the project for passing  the first stage.
3. If the project fulfills the obligations, we send the second tranche, then the third, etc.
4. If the project doesn’t fulfill its obligations, we return the money to the investors.

Thus, the project doesn’t receive the full amount of money at once. It gets it in parts after passing the stages successfully. In such a situation it becomes really unprofitable to scam. Therefore, it will scare away the remaining scams and fully protect investors.


Question №2. Why will investors trust your platform?
The reason is the same - it is profitable for us to be honest. Our business is a reputational business. And only if we do our job well, we can earn the trust of investors. Thereby, we will be able to attract hundreds of projects per year. We will earn big money on commissions. Very big money.  However, only a few mistakes can destroy our reputation and instantly deprive us of clients. We do not want to lose hundreds of good projects for a few scams. Therefore, in our case honesty is not a question of morality. This is a matter of common sense.

I think scammers cannot stop easily. they are at the moment inevitable. Because ICOs all about profit. everyone enters ICO to make money. what we can do is to skip them with our experience and knowledge. I wish if there is a way to stop them honestly. But at the moment I can see such a method in the crypto world. we can't even regulate them. yeah very difficult thing to do.

ico scam must be completely eradicated completely, because ico scam can affect other ico. many ico have difficulty reaching soft caps because investors lose confidence in ico.

It is very detrimental to investors, things like this are very difficult to stop because they are so smart. the detail details they provide are very exact to the truth so that it is difficult.

Very thank you for your ideas. What you do is really nice. I will always support you. However I find it very hard to permanently remove the scam in the realm of cryptocurrency because of cryptocurrency itself has been very difficult to control. I will always follow you and wish you success!

Another bunch of people that will promise us about the issue scamming but in the end,will only favor them for profit.

I wish your project will really dedicated in helping people here towards this damn scammers that pushing away investors and aspiring one.hoping that by chance this people are truly wanted to help not just to gain

It's difficult to stop this ICO scam as we don't have regulations from the government that will punish those scammers and to scrutinize them before doing a crowd sale. Only ourselves can help us from not being a victim of those scammers by doing a diligent research on those project before putting our hard earn money. If all investors are good enough to check those ICOs then those scammers will not waste their time to make a fake project as no one will buy on their trap. 

The ICO scam was not dead in 2018. Due to the regulation of ico in some countries and the understanding of blockchain by investors, ico's scam is decreasing!
In the future, there will definitely be more ICO projects that continue to fail, and we need to make wise investment decisions!

How can we know is that project anyway:).we don't know right ,unless developer still active😂😂😂but some project become successful and other is not,well is risk to invest.everything it's upto you.

Perhaps if the OP can provide some concrete evidence that they have called a lot of scam ICO's then its going to be easy for us to take him seriously. However, it doesn't make sense to come out with another ICO and raised funds (correct if me I'm wrong), to fight against scammy one.

You can call them anytime here in the forum and post proof that they are indeed scammers with fake teams, plagiarised white papers, github repositories with nothing to show or updates, etc.

Its hard to stop those ICO's, they are like 2 steps ahead, but doing due diligence is our best weapon and this forum's Scam Accusations thread is a good way to snoop https://bitcointalk.org/index.php?board=83.0 and see ICO projects being mentioned as a fraud.

It may fly just a little bit if you actually have such a platform ready. It is a great idea for a lot of investors to find a way to detect scams, but I am still trying to picture how the stopping of the scam project is going to be effective.

It is a good thing you have a team developing the MVP for the idea, and I guess we just have to wait to see the real life product in action. Overall, it is a very interesting one if all those things you mentioned can be put in place, and won't be a bad idea at all.

I liked the point where you are talking about the stake holder unity. Yes with the community voting people have made big decision in the past and have won the most difficult situation. I guess if people really go for unity and sort out the result of each ICO by evaluating it at the personal level then surely things can turn out to be positive one. After all it is the people who will vote them and thus in return they will earn some legit ICO's in their portfolio. Yes, Thats the right way to do it.
Hopefully people will look into your idea and may respond it positively.

I have never bought tokens at ICO or invested in ICO, because I am afraid that ICO is a scam. I buy tokens in exchange, it has a smaller risk. The ICO scam has reduced investor confidence in ico.