I suppose those would help, but they aren't very practical.
People act as if there is one governing authority all across the planet that can regulate trade.
That's just not how the world is set up.
Each individual county has their own laws and jurisdictions, the SEC (an american organization) has no authority over something outside of America.
And since the vast majority of the world is open market capitalism, you can basically start your company or ico in any country.
Scammers will, of course, choose a country with loose regulation and enforcement.
Also, I don't think it is even possible to stop scammers.
Essentially, it's not about scamming, but can you stop crime completely?
stealers are gonna steal, scammers are gonna scam.
Topic: The perfect solution to scam in the crypto space - page 4. (Read 1124 times)
any solution that will not have a big impact to narrow the hack and scam in the crypto room, because everyone knows this sector is very easy to get income quickly without a process that is not too complicated. As an investor in crypto, we should know the risk
ICO is dead, utility tokens era are almost over and the people learned that most utility tokens have no real use-case in the real world. The best way to eliminate this scam on fundraising is STO cause it is licensed and it is a property and that means you are a shareholder of a certain company.
so far we haven't seen the growth of the STO project as you can see. because maybe this system looks new to me. and I think the ICO is not over yet, because some ICO projects are still running and they also have proven real and transparent sales. 
currently it is also very popular to pretend ICOs to be a exchange. so you can also get a good sum of tokens that would actually be planned for the list. 
this is not supposed to be a tip but a warning. but i hope the responsible people get good advice before they start a project and talk to partners.
this is not supposed to be a tip but a warning. but i hope the responsible people get good advice before they start a project and talk to partners.
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Who will issue the certification and who will set the standard and from what country will it come, we should first answer or address this first before we go to proceed with regulation, right now there's still no governing body that implementing how ICO will behave, it's still every one to his own.
These questions inevitably lead to centralization, since there is a dependence on specific organizations and/or people. In the crypto space there should be another solution to the issue of scam.Who will issue the certification and who will set the standard and from what country will it come, we should first answer or address this first before we go to proceed with regulation, right now there's still no governing body that implementing how ICO will behave, it's still every one to his own.
Maybe some program for deciding whether to create a coin/token. It seems that this development is carried out by the ethereum developers.
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.
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.
Who will issue the certification and who will set the standard and from what country will it come, we should first answer or address this first before we go to proceed with regulation, right now there's still no governing body that implementing how ICO will behave, it's still every one to his own.
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.
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 this will help a lot. Especially when it comes to verification of the projects. I think it is already time to raise our standards because as time goes by if ICOs are getting popular as IEOs more of the frauds will be produced and people will take advantage of this. Sometimes, research can't really help us since we really can't get in touch with those people in real life.
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
ICO is dead, utility tokens era are almost over and the people learned that most utility tokens have no real use-case in the real world. The best way to eliminate this scam on fundraising is STO cause it is licensed and it is a property and that means you are a shareholder of a certain company.
Aside from suggesting regulation among ICO's which I think would be very difficult to implement considering territorial jurisdictions among countries and their own differing stand on cryptocurrencies, I think another way to minimize being a victim of scam projects starts within ourselves and needless to say, we should do prior research first before participating on any ICO so as to discourage would be perpetrators from continuing their illicit schemes. Also, I'm afraid to say that there will be no perfect solution to combat fraud. Imho.
yes it's a good solution to improve investor and public confidence again, we see that there are many cases of fraud. with the existence of ico regulations and intelligent audit contracts, it is likely to reduce fraud cases related to the crypto world.
Having ICO regulations and Smart contract auditing are really great ideas to prevent a scammer from scamming and hacking in the crypto markets. We can't stop a scammer from scamming but we can prevent being scammed by having a strong range of distinguishing if it is real or not.
a sufficient solution to implement, the problem is that there must be an institution to establish an audit body,
and for the financing to be calculated carefully, whether it is independent or multiple parties.
The only institution that can successfully establish this body would be government institution because I dint see much unity among the ICO users for them to come together and establish one because they are being blindfolded with competition, so they are better in competing with each other than coming together as one to save the ICO industry. and for the financing to be calculated carefully, whether it is independent or multiple parties.
So I guess we still have to wait till we get regulations from government for these body to be successfully established that will look deeply into this ico scam, but before that , we also can try a much as possible to eliminate these scammer by just doing our own research very well before promoting any project.
Yes, regulation of ICO is the perfect solution to all scams going on in crypto space. Some will come from nowhere to dupe people of their fund and go Scot free because there is no regulation. Once there is regulation of ICOs then this disheartening practices will end.
A very good and appropriate solution for better and healthier cryptocurrency growth. I always support a real ICO project and have a clear vision. This will at least reduce the way of fraud, and make investors more interested in ICO that has a real future.
Regarding hacking this will be a problem for all of us, because hacking is still circulating today, because I think many intelligent people are misusing their expertise for crime by hacking to get money in a short time.
Regarding hacking this will be a problem for all of us, because hacking is still circulating today, because I think many intelligent people are misusing their expertise for crime by hacking to get money in a short time.
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.
What more regulation do we need other than the one we already have that we are not recognizing because it is not government regulation. We already have the IEO which I believe for now, is not different from ICO but has more security because it is being regulated personally by those who respect the system and policy of blockchain. 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.
If we leave this regulation to government, then we can as well be welcoming a centralized system because that is what government will do. So it is left for us to embrace IEO for use to avoid being scammed.
For auditing, I think what we need to first solve is the issue of ICO scam and not exchange hacking, exchange hacking can easily be solved and it is in the hands of the developer to do that because we have so many security experts hey can engage to do this.
It's difficult to detect a fake or real ICO project. But you can always go on research about the project, and take your time to study and examine it properly so as to avoid any lost of fund when invested. What's more, is that you have to determine if what the project offers is actually unique which could thrive in future.
I think there is no solution for scam, so I don't think the project should be followed. we must continue to examine further the project. if there is any doubt, it is expected that you will not invest or follow the bounty project, I think it is a waste of time
Yes and yes.
That could prevent scams.
In fact I have joined an ICO once which is Singapore based and we know how strict they are in that country.
Still, the ICO finished and their project is in pending. It is almost a year by now and they still havent reported any changes with their project.
Now, how could you get away from that? Can you still sue them if they are just saying their project is just pending even though they are not even close to their roadmap?
Thankfully, I didnt invest a lot, but it is still a loss.
That could prevent scams.
In fact I have joined an ICO once which is Singapore based and we know how strict they are in that country.
Still, the ICO finished and their project is in pending. It is almost a year by now and they still havent reported any changes with their project.
Now, how could you get away from that? Can you still sue them if they are just saying their project is just pending even though they are not even close to their roadmap?
Thankfully, I didnt invest a lot, but it is still a loss.
This is not a solution to the problem. He is not there yet. An audit or verification of Iso does nothing today. The problem is deeper. Imperfect technology is a threat to the cryptocurrency community. And as we know in the world of technology there is no perfection. So the hacks will continue and deception too. The only thing that we can find a way to reduce the number of such cracks.
unfortunately none of these things are going to work and we have already some experience in each case and seen them not work.
for example regulations that people are nowadays so happy about are only to help the government tax people to only get their share of the money that is changing hands in the unregulated altcoin market otherwise they are not going to police the market to remove the scams.
as for auditing, we have had good cases of things that worked but only for a short while before the auditors turned into scammers as they accepted the bribes by ICO scammers to advertise their scam as a legitimate fundraising.
for example regulations that people are nowadays so happy about are only to help the government tax people to only get their share of the money that is changing hands in the unregulated altcoin market otherwise they are not going to police the market to remove the scams.
as for auditing, we have had good cases of things that worked but only for a short while before the auditors turned into scammers as they accepted the bribes by ICO scammers to advertise their scam as a legitimate fundraising.
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