this can be a solution to all these problems but it will also be very difficult to implement because even though investors know that it is very risky to invest in non-certified ICOs but they cannot ignore the ICO because sometimes what ICO offers is like that very tempting
That's the thing that makes more people lose and always get caught up in ICO fraud. Sometimes they offer very large bonuses and always look promising, but actually it's just a charmer. Honestly, it is very difficult to distinguish, apart from what the OP has written is really going to become a reality. 
Topic: The perfect solution to scam in the crypto space - page 6. (Read 1124 times)
I think your advice is worthy to make use of. If ICO industry will continue to stay relevant, then there must be regulations which will always force project team and developers to be accountable and protect the interest of investors but I don't think the industry is ready for this
yes indeed ICO regulations will make crypto better in the future but who will arrange the ICO?
in my opinion, currently what can guarantee ICO security is a large exchange. I think the ICO will be replaced with the IEO because the IEO can guarantee the success of the project. And investors are not afraid to invest.
The IEO is just a trend now and the IEO does not guarantee success whether you don't remember the IEO done by Bitrex failed 
in my opinion, currently what can guarantee ICO security is a large exchange. I think the ICO will be replaced with the IEO because the IEO can guarantee the success of the project. And investors are not afraid to invest.
Not exactly success but assurance that it will listed inside the exchange, IEO already changed the face of this investment process,more investors thinks that instead of taking the risk around ico's where you ain't sure what will happen to the project, investing with IEO's will give them much higher chances to succeed.
in my opinion, currently what can guarantee ICO security is a large exchange. I think the ICO will be replaced with the IEO because the IEO can guarantee the success of the project. And investors are not afraid to invest.
Regulations as mentioned will help curb scam to an extent, but I think the new IEO and STO concepts are more secure than ICO. Atleast investors will have peace of mind since they are sure the project team members must have passed through screening by the exchange. Talking about hacks, firstly protect yourself by being security conscious, do not click malicious links, if possible install detectors for malicious sites, never back up private key or so online, exchanges should upgrade their security too.
Is a solution, but maybe will not happen soon and people should wait and not invest on ICO without regulation, maybe after this will happen we will can invest without any fear about losing money.
Yes, these solutions that you suggested undoubtedly need to be entered from the crypto space. I think that over time these rules will be introduced and crypto. But this is not so easy to do, everything will be but not in one day is a difficult process.
I think your second point also comes under regulation topic. Once the reulations are applied on the projects there will be mny mandatory formalities which projects need to follow.
But still, regulation topic is under discussion and no one knows when it will be implemented. Till the time, from our side we have to be more cautious selecting the projects for investment purpose. For hacking alsos we have to ensure that our investment is diversified. Here i mean to say diversification in terms of exchanges. Using different exchanges, we can lower the risk of our cryptos getting stolen.
But still, regulation topic is under discussion and no one knows when it will be implemented. Till the time, from our side we have to be more cautious selecting the projects for investment purpose. For hacking alsos we have to ensure that our investment is diversified. Here i mean to say diversification in terms of exchanges. Using different exchanges, we can lower the risk of our cryptos getting stolen.
this can be a solution to all these problems but it will also be very difficult to implement because even though investors know that it is very risky to invest in non-certified ICOs but they cannot ignore the ICO because sometimes what ICO offers is like that very tempting
If after the emergence of ICO regulations an investor still decides to invest in an ico or project that is not verified by the regulatory body just because of the tempting offer or bonuses offered by the project then he is fully liable for his actions and should not blame anybody for his misfortune from the project. Because the ICO regulation was created to protect investors from scam and if one investor then decides that he doesn't need that protection then it's nobody's fault.
ICO regulations is a good idea to reduce scams and frauds in ICO investments. But, which regulatory body will do the tasks? SEC might be an option but will need to setup properly the rules and regulations. And considering that would only be available in countries which recognize cryptocurrency.
Your plan and suggestion is a good way to at least lessen the scam projects in crypto space but even if you are going to regulate ICO's.
We cannot assure that it can stop the scam instead the scammer will just upgrade their tactics like meet the required standards for an ICO then they will just exit anytime once they can get a good amount of money already. But still those suggestions are good starting point to at least remove those cheap scammers.
We cannot assure that it can stop the scam instead the scammer will just upgrade their tactics like meet the required standards for an ICO then they will just exit anytime once they can get a good amount of money already. But still those suggestions are good starting point to at least remove those cheap scammers.
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 am sure these measures can be helping the cryptocurrency industry deal with the flood of scams which soured many investors' interest tarnishing the image of this fledgling industry. As to ICO I think that we better not use the same platform anymore and proceed to the STO where all projects have to be vetted and people the project has to show that they are real and that they have the qualifications and track record for more transparency and openness. Another requirement is that they should be making a certain amount of deposit before proceeding with the crowdfunding...as to where the amount to be deposited this can be decided by an agency doing the regulation. Right now, we also have the IEO and this can be a better version of the ICO. An STO can also do an IEO as IEO means that the crowdfunding is done in an exchange. The only we can move forward with this industry is if we try to make things better for the protection of the people who are trusting projects with their money and support. Deregulation and decentralization can work if we are not dealing with greedy human nature, otherwise checks and balance must be provided in many ways.
Very correct most especially the ICO regulations part if new ICO go through regulation process the regulatory bodies will easily fine out fake and scam ICO because they will not be able to meet up with regulations requirements, and exchanges should upgrade the security software and carry out regular checks on they smart contract to detect any abnormalities before it result into full blown hack case.
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.
The question is who will regulate the ICO where will they come from and who will regulate the regulators, just check the rating sites, they are corrupt and they have a premium listing for scam ICO, and we all thought they can help us fight scammers.
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.
The question is who will regulate the ICO where will they come from and who will regulate the regulators, just check the rating sites, they are corrupt and they have a premium listing for scam ICO, and we all thought they can help us fight scammers.
ICO regulations may bring some changes to the project introduction but if they turns into scam after the project sale then what will be the result,will the investors get their many from the people who certified that ICO is good to invest? This is decentralization so let the people to decide what they are doing with their own money.
The solutions you find are wise, but I do not think it will completely destroy the scam. It will be difficult to confront crimes in the internet. With so many rules in our present lives, there is still crime.
And there will always be, scammers always find new ways, if you close a door, they open another one. The best measure is to educate people, teach them to be careful, the same way you teach them to be careful with phishing links they receive in their emails or through SMS.
We need to double our protection by not easily click on the links in the receiving email because we don't know if that email safe or not. We can remove the email which we don't know to prevent from the scammers that might steal our data.
Besides that, we need always to make sure that we are not giving away our personal identification easily. I am sure that if we can do the best thing we can, we can prevent the scammers that were still trying to get our money or the data they want. Although they have better skills to enter the information, if we can prevent the worst thing, we will be fine.
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 way the blockchain is designed, it would be so difficult to have a body controlling the activities of ICOS, unless this body would be in charge of conducting all ICO themselves like how exchanges now controls the activities of IEO done on their platform, I think the best way to know if an ICO is going to turn out to being a scam is to check out the team behind the project, they will always keep hiding themselves since they know their mission is to scam investors of their hard earned money. 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 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 point number 1 has been address already. IEO making this already and doing the checking balance for scam though it is not regulated yet. First thing first, who will regulate this as bitcoin only still on progress becoming first ever audited cryptocurrency. It will take time to implement it on altcoin as well. For now, doing an IEO rather than ICO will be much safer indeed.
For point number 2, smart contract should adverse to the project raised and be transparent. I dont like IEO conducted on centralized exchange since they dont expose the result via public and this isnt reflecting on the smart contract transactions.
Jump to: