Topic: We need to do something about all the scams - page 2. (Read 900 times)

It reminds me of the early days of the internet!

we need more education and understanding on how the scams work and operate, it’s gonna take some time, probably years until it will be a standard, I personally try to help and report whenever I can!

Hey there,

I am a blockchain developer and most of my work consists in auditing Blockchain projects, criticising their use-case and proposing solutions and guidances.
What really kills me is the amount of scams and useless projects based on economic scarcity, fomo and proof of stupidity (https://www.youtube.com/watch?v=p1ZYGuJXBQE)

The reasons why we have to fight scams are fairly simple:
- Scams attract regulators
- More scams attract more scammers
- People invest blindly but if given the change to understand a project based on a professional analysis I'm sure many will think twice between sending those guys money.
- You know what is worse than exit scams? Shell projects that never get finished or have no traffic because their use case is pure BS.

I propose listing all the ICO scams here that can't correctly justify their use case, presumably scams:

* EQUI https://bitcointalksearch.org/topic/annequi-bridging-crypto-with-traditional-venture-capital-presale-0103-2888110
The guys weren't able to justify the use of their token and don't answer to critics and questions. More importantly they provide a passive return on investment which fails the Howey test (http://consumer.findlaw.com/securities-law/what-is-the-howey-test.html). They use their public image in order to attract suckers. Based on their use of proceeds they reserve 30% in order to develop the platform. 30% of 72 million to develop a react website with a postgres database and link it to infura (i assume they didn't even think about that). Laughable at best.

It is really difficult to stop scams and track the scammer. All we have to do is to be aware always that scammers are always around and looking for their next unsuspecting victim. They have only one thing that drives them to scam people: Greed.
Expect more scam ICOs in the coming months to forewarn youself if you are planning to invest. Better arm yourself with right information from a thorough research on any ICO you want to join.

Sometimes investors doesn't tend to look at any list so I see it will not be effective. There are also cases that an ICO will show their great innovations at first but after investors already throw away their money, then that is just the time that a scam ICO will show their true colors so in the end, still busted.

Well there are obvious scam so I doubt others can still eat the bait here but generally, it's up for investors itself to make an adjustment so that they can minimize the risks of being scam. As for me, the always thing Im looking for an ICO is pure exposure not just on the web but on the physical appearance itself like helding seminars, events etc. In this way, somehow* we can see that they are really transparent. Another one is legality and must be approved by SEC. Another option could be, Bitcointalk community must imposed a "payment" before anyone can promote an ICO here.

Although not an assurance after all that there is no scam thing even my considerations will take placed on a certain ICO, but at least it can minimize the risks. So overall, it's on investors side who have to adjust.

It's kinda sad that such an interesting crowdfunding mechanism is misappropriated to that extend.
I don't even have the time to go through them all

Hey there,

I am a blockchain developer and most of my work consists in auditing Blockchain projects, criticising their use-case and proposing solutions and guidances.
What really kills me is the amount of scams and useless projects based on economic scarcity, fomo and proof of stupidity (https://www.youtube.com/watch?v=p1ZYGuJXBQE)

The reasons why we have to fight scams are fairly simple:
- Scams attract regulators
- More scams attract more scammers
- People invest blindly but if given the change to understand a project based on a professional analysis I'm sure many will think twice between sending those guys money.
- You know what is worse than exit scams? Shell projects that never get finished or have no traffic because their use case is pure BS.

I propose listing all the ICO scams here that can't correctly justify their use case, presumably scams:

* EQUI https://bitcointalksearch.org/topic/annequi-bridging-crypto-with-traditional-venture-capital-presale-0103-2888110
The guys weren't able to justify the use of their token and don't answer to critics and questions. More importantly they provide a passive return on investment which fails the Howey test (http://consumer.findlaw.com/securities-law/what-is-the-howey-test.html). They use their public image in order to attract suckers. Based on their use of proceeds they reserve 30% in order to develop the platform. 30% of 72 million to develop a react website with a postgres database and link it to infura (i assume they didn't even think about that). Laughable at best.

I think there is a way by which we can control the number of scams producing each day. Then anonymous network is the key they are you saying to scam others and that's a problem we saw coming. Can we guys make a way by which some part of the network uses the Anonymous system for transactions but for business purposes it will be a non anonymous system or at least they have to verify themselves with the blockchain or something like that? You look like a insurance for them but a proof for other uses.

There’s nothing you can do about the scam that is happening. Scamming is a normal thing that happens everywhere and not only in Bitcoin community.I see a lot of people that are getting scammed most of the times, so it’s a normal thing.  And for us to discover scammers, people will have to fall victim, though some of them can be easily identified, if you’re smart enough to do so, cause not everyone can do it.

Well scammers have evolved as well becoming more and more creative to attract victims and take their money. And i agree, it would be very hard for the authorities to keep scammers in check because they have new moduses everytime. Keeping the people informed probably would be the best solution to this. However there are times when logic and reason goes out the window when people hear about easy, quick money