The perfect solution to scam in the crypto space

The Cryptologist

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Quote from: Zemomtum on September 16, 2019, 06:17:35 PM

With Smart Audit and ICO regulation implemented, SCAM will still ever exist. The regulation can never be implemented globally, some region will embrace it while some will stay away for the purpose of financial freedom which is the primary aim of Satoshi. We just need to find a way to reduce or combat it, I don't think it can be totally eradicated.

I totally agree. How would anyone can agree that a fully regulated ICO will never ever do an exit scam after 1-2 years? Because few of good projects that I know are either making another project or just abandoning it because they can't fulfill any of their promises after 1-3 years of development. And the regular audit would only happen if the team are very dedicated to every aspect of their project.

tranduong123

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Quote from: odukoyaewatomi27 on May 21, 2019, 06:16:22 PM

1 ICO regulations: if there is ico regulations then investors should only invest in ICOs that are certified and meets the required standards. This will reduce the scam rates as fake ICOs will not be able to raise money for investors anymore

This I think has been considered for a long time, but in the past and present it is impossible to implement it effectively in the cryptocurrency space.

patz22

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These may reduce scam ICOs but it doesn't that it will totally remove all of it! With regards to number 1 solution it may lessen the risk but it doesnt mean that they will scam people even though they passed any exam or audits. It will still depend once they deliver results.

Zemomtum

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With Smart Audit and ICO regulation implemented, SCAM will still ever exist. The regulation can never be implemented globally, some region will embrace it while some will stay away for the purpose of financial freedom which is the primary aim of Satoshi. We just need to find a way to reduce or combat it, I don't think it can be totally eradicated.

Twinkledoe

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Quote from: Finestream on September 16, 2019, 06:02:10 PM

You offered a great solution but there are greater solution that we are currently using now, it's the IEO.
Registering an ICO while are literally thousands of them is just time consuming for the government while if only exchange will register and the government will give rules to follow on how to run their IEO, it would be easier and investors would find it a great idea since exchange could not risk their reputation and lose their opportunity to continue to operate profitably in the market.

The OP is giving ideal solutions, yet the implementation of those solutions are not doable especially the first item. The second item is likely to be accomplished if the team is very committed to improve their platform.

IEO shows that it is not really the solution to address the potential scamming technique of dev teams. Only investors can lessen their loss by strictly doing their due diligence.

Finestream

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You offered a great solution but there are greater solution that we are currently using now, it's the IEO.
Registering an ICO while are literally thousands of them is just time consuming for the government while if only exchange will register and the government will give rules to follow on how to run their IEO, it would be easier and investors would find it a great idea since exchange could not risk their reputation and lose their opportunity to continue to operate profitably in the market.

nanaimogold

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Quote from: odukoyaewatomi27 on May 21, 2019, 06:16:22 PM

The rate of scam and hacks in the cryptocurrency market keeps growing at an alarming rate. In my opinion there best solution to these crimes in the cryptocurrency market are

1 ICO regulations: if there is ico regulations then investors should only invest in ICOs that are certified and meets the required standards. This will reduce the scam rates as fake ICOs will not be able to raise money for investors anymore

2 Smart contract Auditing: I think in other for coins and exchanges to avoid hacks and attacks they should constantly audit their smart contracts at regular intervals (like every 2 weeks or every month). Doing this will help them detect the bugs and loop holes in their smart contracts and correct it before it is used by hackers.

All these are good ideas. Especially number one that has the opportunity to play a key role in sanitising the cryptocurrency market. However, there are fears that the true tenets of cryptocurrency and blockchain which is on decentralization will be defeated and also ICO regulators might abuse their powers too

bitkanu

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Quote from: cudora on September 16, 2019, 07:56:56 AM

The problem is that the majority of crypto community is still against any kind of regulations. They would rather stay anonymous and live will all those scam projects, to avoid regulations in crypto world. I do not get this approach and believe we should finally do this step.

it's not the problem but the fact that it's a part of crypto when it comes to the decentralization and then the regulation will be only taking the decentralization going out from the crypto community.
You can see how South Korea's regulator was taking over the okex exchange site and delisted all of the related privacy coins from its market.
You just make crypto being centralized entity and no more.

Chuky92

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You really did a good job; in the case of smart contracts auditing if it will really help or as easy as it sounds I think most exchanges will be doing such as part of their security measures; nevertheless let them give it a try if they are yet to. On the other hand, ICO regulations might be a tough one as most people believes it will to an extent make the crypto space somewhat centralized. Also, regulating ICOs does not guarantee that the project will do well on the long run, so in all it comes down to, ICO investing have its own risks which one should be aware of or keep away.

akeda

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Whenever there is a solution or an idea is difficult to implement, but if it can be used to bring changes for the better. I think a standard like this should be applied immediately. We know that easy to make scams can be destroyed by fixing the rules well.

Although it should work with Governments in every country, I think for a better change, of course, it is legitimate.

Bananington

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I really like the point stated here to reduce hacks by auditing smart contracts regularly. Well, this sounds so easy but the execution is not really that easy. Auditing smart contract in two weeks intervals will make much sense but it's not a very easy task considering that there are other things to do with regards project development. So I will rather suggest once in 3 months. Also talking about scams, regulations will help but won't curb it entirely.

mr_random

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Quote from: jazmuzika217 on September 16, 2019, 08:51:53 AM

I think the security is always in our hand. We don't need any application. All we know that the number of scams are continue to increase and getting worst. The safest thing to do is to make your every transactions and your private keys or password private. And do not open unknown link specially asking your personal info like password because they can get your account. Always observe because everything is possible in crypto industry.

For protecting the crypto holdings, buying a hardware wallet will solve this problem. Otherwise, sticking to the desktop, mobile wallets are an insecure method for holding the crypto assets. The crypto market is in recession, scammer also knows this and they prepare the scam projects with big opportunities for the investors. Investors jump to the scam project without understanding the principles of the project. I don't think, regulation will be the end of the scam projects.

cytpoway121

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A very good solution; but most investor won’t agree

The basic principles of trading is to invest and make profit; which is why most investors don’t care about the project; they dump once in profit.

Now that there’s both ico and ieo and ito and others; how will regulation work ? Who will centralize the nature of blockchain ?

Because blockchain to me is decentraliZation

Cike_Dati

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You have to get experience in avoiding scam projects and that's it. I hope you guys will find a solution and would stop investing money in shady projects.

jazmuzika217

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I think the security is always in our hand. We don't need any application. All we know that the number of scams are continue to increase and getting worst. The safest thing to do is to make your every transactions and your private keys or password private. And do not open unknown link specially asking your personal info like password because they can get your account. Always observe because everything is possible in crypto industry.

cudora

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Cryptoknowmics - World's First Decentralized Media

The problem is that the majority of crypto community is still against any kind of regulations. They would rather stay anonymous and live will all those scam projects, to avoid regulations in crypto world. I do not get this approach and believe we should finally do this step.

imoet

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homt.net

Quote from: odukoyaewatomi27 on May 21, 2019, 06:16:22 PM

The rate of scam and hacks in the cryptocurrency market keeps growing at an alarming rate. In my opinion there best solution to these crimes in the cryptocurrency market are

1 ICO regulations: if there is ico regulations then investors should only invest in ICOs that are certified and meets the required standards. This will reduce the scam rates as fake ICOs will not be able to raise money for investors anymore

2 Smart contract Auditing: I think in other for coins and exchanges to avoid hacks and attacks they should constantly audit their smart contracts at regular intervals (like every 2 weeks or every month). Doing this will help them detect the bugs and loop holes in their smart contracts and correct it before it is used by hackers.

The solution above are good. It will make the scammers will think twice to make their bad project. People will not get upset anymore. The crypto world will be clean from unreal projects. It will not easy and take a quite long time but the crypto world will get people trust again.

xOdiumNostrumx

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Such an underwhelming bump of the thread haha, but regarding the theme of the actual topic, past few years were much worse when it comes to scams imo, as there was plenty of dump money on the market for grabs, now people learned their lessons and tend to stay away from shady projects.

Delilonia1

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Quote from: odukoyaewatomi27 on May 21, 2019, 06:16:22 PM

The rate of scam and hacks in the cryptocurrency market keeps growing at an alarming rate. In my opinion there best solution to these crimes in the cryptocurrency market are

1 ICO regulations: if there is ico regulations then investors should only invest in ICOs that are certified and meets the required standards. This will reduce the scam rates as fake ICOs will not be able to raise money for investors anymore

2 Smart contract Auditing: I think in other for coins and exchanges to avoid hacks and attacks they should constantly audit their smart contracts at regular intervals (like every 2 weeks or every month). Doing this will help them detect the bugs and loop holes in their smart contracts and correct it before it is used by hackers.

I totally agree with this. Any on who suspects that an individual is involved in a shady business should also raise an alarm so that other cryptonaires will be guided and not fall into the hands of scammers, posing as though they are legit

aioc

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Quote from: odukoyaewatomi27 on May 21, 2019, 06:16:22 PM

The rate of scam and hacks in the cryptocurrency market keeps growing at an alarming rate. In my opinion there best solution to these crimes in the cryptocurrency market are

1 ICO regulations: if there is ico regulations then investors should only invest in ICOs that are certified and meets the required standards. This will reduce the scam rates as fake ICOs will not be able to raise money for investors anymore

2 Smart contract Auditing: I think in other for coins and exchanges to avoid hacks and attacks they should constantly audit their smart contracts at regular intervals (like every 2 weeks or every month). Doing this will help them detect the bugs and loop holes in their smart contracts and correct it before it is used by hackers.

It is too late to do regulation in the ICO investors are shifting to IEO, because it is the one with good regulation, why we need to do regulation in ICO when we already have one in IEO it has strict regulation and strict compliance IEO will close down ICO that's for sure.

Topic: The perfect solution to scam in the crypto space (Read 1124 times)