The perfect solution to scam in the crypto space - page 2.

Averim

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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 think there should be changed the bitcointalk policy, i mean they have all the ip's so they can easily find out the identify of the people behind scams for at least give some info about it.

jcumins

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Bcnex - The Ultimate Blockchain Trading Platform

I agree with the author, the situation only worsens. I think that emergence of IEO instead of ICO can help to solve problems with projects swindlers because the exchanges carefully choose new projects for the IEO. With breakings of purses everything is much more difficult, it is necessary to be very attentive.

Ken_terrance

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Making Smart Money Work

I don't have much to say about the smart contract auditing because I don't know if it will work but over all I know that regulations will starve scammers ,I think its the perfect solution to crypto scammers

Akoldi_ibk

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ICO regulation and smart contract auditing like you stated will help to check and reduce scam rate. But there is no perfect approach to solve this problem. The reason is because scammers are not dwelling on a single approach too. They are becoming super crafty in their wicked acts and will tend to go to any length to suck their victims dry. Safety still begins with individual.

el kaka22

legendary

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www.Crypto.Games: Multiple coins, multiple games

There is no perfect solution for scams, if a person wants to scam you and you are willing to believe him they will always find a way to scam you. I know people who got scammed with some ponzi scheme or mlm and they still believed it as well, like I could see from a mile away that they were scammed yet they were unable to see it from inside. That is why even after getting scammed some people will not accept that and you will be capable of scamming people.

By the way, when I say my friends didn't realize they were scammed they were in it from fiat as well so it exists in fiat world too as much as in crypto so there is no reason to be worried. Scammers will exists without a limit and doesn't matter what currency it is, it could be crypto or dollar or euro and anyone could still be scammed.

Kwansimaa

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To me best knowledge, to reduce scam in the crypto space, we need just regulation to fulfill that. Many are the mass out there who are willing to join the crypto industry but due to no regulation and risk of being scammed, these mass out there have chosen not to join the industry. If there is regulation and scam is reduced, I think majority of the mass out there will join the crypto industry to increase the market volume.

veekky

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Activity: 490

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There is no solution at the moment, but you can still find solution by yourself. All what you need is to be careful and let other people know about scam actions of ICOs

AltcoinsBattle

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Quote from: Samboo on June 14, 2019, 03:26:38 AM

I think the perfect solution to crypto scams is regulation. The crypto community can introduce regulations themselves, if governments are failing to do so it seems. In fact the market has lack of regulations giving leeway for scammers and hackers to run their business freely. There are many instances of scammers scamming traders and investors openly. Why they can not face punishment? Lets think this issue very seriously.

Yes, we can follow certain rules and encourage others to do so. But will everyone follow this? When the time comes for a big volatility in the market, many newcomers will come. All that they see is Xss under the influence of the FOMO. How we can they be make listen to reason in this case?
Automatic auditing and code checking can be a good solution.

Mata Kripto

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Activity: 175

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guestcrew.com

both ways are good steps to reduce fraud but not entirely successful, even if crypto rules are implemented it will most likely have a major impact on the market because we know that the cryptoqurrency world is anonymous and there will definitely be pros and kotra. so I don't think there is a perfect solution to reduce fraud except just for ourselves, they always grow and won't stop tricking us. and we as users can only be vigilant and avoid when seeing suspicious projects.

hamster fat

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simply getting the job done

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.

waitforme

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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

To reduce the risk of investing, only invest in projects that make capital calls through the IEO. Received by the exchanges, these projects need to pass verification, thus minimizing risks for investors. Or ICO projects are protected by celebrities or have clear information about the development team.

shoreno

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Quote from: Samboo on June 14, 2019, 03:26:38 AM

I think the perfect solution to crypto scams is regulation.

Ico is an example of a regulated business but why most ico are scams? My point is that regulation cant handle the scams . Regultion can infact bring negative effects to the crypto space as it kills the purpose of being anonymous .

We can combat scams if we start on our self .dont just join and join projects or business that you dont know because scammers wont grow if no one will get scammed . Dont act like you are noob or dumb if you know that your smart . Teach noobs and less knowledgable people so that they can also be aware

Sacramentus

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Activity: 448

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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 you. Many of us has been kicking against regulation and saying it will not help cryptocurrency and I keep asking them what will, how they plan to fight scam without regulation and yet no good reply because most of them are ignorant. We can't escape regulation to fight the bad ones among us

Samboo

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www.thegeomadao.com

I think the perfect solution to crypto scams is regulation. The crypto community can introduce regulations themselves, if governments are failing to do so it seems. In fact the market has lack of regulations giving leeway for scammers and hackers to run their business freely. There are many instances of scammers scamming traders and investors openly. Why they can not face punishment? Lets think this issue very seriously.

GGmith

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Activity: 394

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yes, I agree with you that with crypto rules or auditing their smart contracts are steps to reduce fraud. there have been many fraud cases ico and this is what makes most investors reconsider before investing in ico.

maydna

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I think there is only one way that we can do to prevent the scam in the cryptocurrency which is we must be careful investing in any of ICO or IEO or the altcoin. You don't have to invest if you don't have enough information about the project and it's better you invest in bitcoin only because bitcoin price will increase higher in a long time. Besides that, there is no other way to know which project that could scam us in the future because they still running the project and the scamming can happen in anytime too.

So, only be careful that we can do and we should get as much information as we can about the project so we can choose the right project to invest.

joseyphil82

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ICO regulation is what we should all be praying for ,I personally think its the only best option to reduce ICO scam on crypto space and return ICO fund raising to its glorious days

Janna_MaMa

jr. member

Activity: 295

Merit: 1

exactly. if ico can't control scams and hacks, crypto will crash because no one believes in it and worries about when your account can be hacked.

anatolij.shishkin

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The place to look at positive news, new trends and develop the market. Every day we run into the same problem. Yes, we all know that a lot of frauds and where they are not.

neonshium

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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.

You're right but I don't know if it is possible for ICOs to be regulated without cryptocurrencies being regulated as well. But if it as possible, then it would be a very good idea for all of them to be regulated, because they reason why these scammers keeps jumping on crypto investors is because there is no one regulating the field. If it starts being regulated they will all be afraid to try because they know that they can be traced if they try any foolish acts. So you have a pretty good idea about this, although I do know that there are people who are going to kick against it.

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