The perfect solution to scam in the crypto space - page 7.

bartolo

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Quote from: mrdeposit on May 21, 2019, 06:39:25 PM

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.

steveabrahams

sr. member

Activity: 1050

Merit: 254

ICO regulation will be a good solution. So only good and trusted ICO that can open their ICO, scam ICO will not able to open their ICO. Also with this regulation investors will be safe investing their money to ICO. I'm sure if this happen both party the ICO owner and investor is win.

jakelyson

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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.

These are good suggestions but they are all focused on the side of the crypto industry. But I think most of the work needed to be done is on the side of the investors. They need to be properly educated in handling their investments and recognizing the scams from legit investments. If there are fewer investors putting money on obviously scam investments, the lesser scammers are motivated to continue their scams. Scammers will not be totally regulated but if the investors get wiser, they will not be easily fooled by those scammers.

Atang Sulaeman

full member

Activity: 910

Merit: 101

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.

Astvile

sr. member

Activity: 1484

Merit: 276

Both idea is good but who would manage the icos or who will set the standard for ICOs to be certified as legit and trusted ICO.Government?Bitcoin government?This will work if we will be able to seek for a company who will do regulatory duties on ICOs

Hypnosis00

sr. member

Activity: 2436

Merit: 343

We all wanting to eliminate scammers and scam project but I don't know if this regulations will stop those things when some of them do an exit scam which we think that it is legit one. Though I believe that it will minimize and control the situation but can't make it into a 100%.
It is our individual detection to a certain project, it's up to us if we still believe and invest those knowing that it is a true scam project.

labilaab

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Activity: 616

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Nice idea but the question is who will be volunteering to do this auditing instead? Since any site dev wont just willing to volunteer if theres no salary. Maybe there are some but they are at least have donation address button at the bottom of their site but I think its not enough also.

smyslov

sr. member

Activity: 2030

Merit: 269

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.

Why not it's time we have a regulation, some of the big concern in ICO are the fake people behind the project, if we have regulation, we can have these people face the monitoring them, and check their background and their platform as well, if they cannot present a well-documented project, they will not let these ICO run.

minersday

hero member

Activity: 1484

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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.

In addition to these, one of the best solution for scam in the crypto ecosystem is knowledge and understanding. These are the essential tools needed to avoid been scammed in the crypto space. These help you to know what to do at any moment in time.

coin-investor

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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.

So many messes in the ICO right now and the proof is in the scam sections, it's time we try regulation so we can see if we can reduce the number of scammers, these ICO rating cannot help and the STO is not a guaranty either even the so called IEO let's have a trial for at least 10 ICO and see if we can have a better results

mrdeposit

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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.

belingbanged

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Activity: 322

Merit: 6

The advice you give me to think it's true. That we need regulation that regulates ICO and audit team on a large scale. This large-scale audit team conducts a review of all ICO projects. So that all ICO projects that are new or are running, can be audited. Audit results can certainly be informed in this forum.

Shova

member

Activity: 286

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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.

Who would regulate the ICOs? And why would ICOs follow this regulations. We'd need a global and powerful organization if we really want to regulate ICOs but almost all countries still prefer to act as cryptocurrency doesn't exist.
Smart contract is a good idea and some ICOs did used them but it just prevents the issuer for spending all money at once.

bangjoe

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Activity: 1400

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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

tabas

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SEC will have that big part of regulating these ICOs because they can maintain the number of incoming ICOs and they can check the legitimacy of the makers.

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

This will reduce the scam rates as fake ICOs will not be able to raise money for investors anymore

True because of fact checking of the developers so that they are liable if ever they do something shady.

odukoyaewatomi27

member

Activity: 536

Merit: 15

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.

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