Topic: We need to do something about all the scams - page 4. (Read 904 times)

free market should prevail, I believe.
we have a jungle, and the fittest will survive.

everything else is not sufficient enough, from my perspective.
for example those echo chambers you mentioned (from all the sides!), and communities sometimes stagnate because of this.

These scams are not going to end, especially with all the new people getting into crypto. So people are desperate and only think about, "I'm gong to be rich." I once had someone tell me to get out of crypto because I brought up legitimate concerns about the price of something, and because I wasn't being all positive they felt that I wasn't worthy enough to blindly follow.

exactly.

then, we have to be able to understand how valuable this idea is and how good is the potential team, correct?

anyway, question was - how to assess negative review - for example made by the author of this topic.
which criteria were used?
how do you trust this review?
based on exactly what?
cheesy and emotionally loaded text? or meritocratic and thorough expert work?
how do you differ those?

again, let's focus on solution here.

regulators is not the best solution - crypto is probably not fully compatible with current legal system.

yes we need to something but how can we do?I think, firstly we must only do good research and we must increase our knowledge.

how do you trust negative reviews?
where is proof of work that this review is legit or not?

You mean Bitcointalk on blockchain? 

There should be a regulation to be implemented even here at bitcoin talk, maybe have some requirement before advertising a project. We cannot blame those people who was investing into scams, they actuakl lack knowledge on determoning what is legit and not. Having threads like thua might help, but there should be section in the forum where project are listed and some negative reviews are attached to make peoplw be aware.

these scams aren't particulair to bitcoin , but they happen everywhere in every branch . people just need to be more careful with their money and not throw it at every opportunity they see. As long as people are stupid enough to be scammed there will be scammers.

The cryptosystem has one advantage it is for everyone! This freedom attracts not only oridary people it also attracts terrorists, criminals, hackers and others, who want to use it in their benefit!

{quote}
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.
{quote}

Would be grateful to hear solid opinion about adding credibility to a new project which does not have a product yet (hence doing an ICO), when we have to make compatible both communities, which are quite distinctive from each other - crypto and current vc/financial industry. who should start - one or another?

Unfortunately we cannot. There is no possible way to actually stop the scams in this because on of bitcoins features is being untraceable. So the transaction is between traders is untraceable and even the traders are anonymous. The only thing we really can do is that we can elevate the awareness to theses scams so people don't be victims anymore .

Scammers really dangerous right now because of their ability to make people suffered.If we minimize and cleaned up with this kind of situation maybe double or triple now are not having hesitation to joined with this activity.For everyone of us one the only thing that i will advise was make ur account safe and be responsible enough because our choice is our success.

That's a good initiative but we must keep the pace like this upto date. We have seen many projects going insane at the time of launch, before launch or even after few months of launch. So you see that's a big problem even if we get notified that the projects are worthy to invest. I mean things can get worsen at anytime so what we can do is keep an eye on every project by means of different users who is involved with particular project. Not everyone gets enrolled into each and every project that comes out of the cocoon! That way we will have big surveillance and faster assurance of Ponzi schemes. So peace to that one. :-)

There will be no scammer if there is no person that will let the scammers to scam them. It means that we should be knowledgeable in order to avoid scams because as the people are being vulnerable and allowing the scammers to steal some money from their wallet then the more the scammers will spread out. It should be starting from us to get some knowledge to be able to reduce or possibly stop scammers.

To all scammer they need to report immedietly so that it wont happened again. Its not fair to Us that they are just getting money from Us who actually dont work for it. Sad to say scammers are spreading out . And as we liable to our own accout we need to be aware with someone .

Yes we need to take an action on those scammers who wants to get money from others. We must be careful and wise in trading of your things then you should dont trust anyone or in any strange person.

I totally agree with this idea. Fraud often happens to us new bitcoin users, they launch their action by persuading us to give false profits that there is no evidence if we buy coins from them. If only i knew directly the person who committed the fraud i would immediately hit him.

Definitely yes, because all the wrong ideas should be corrected, we all know that there is no possibility that scams can be good for all, its only good for its operator, Laws are against in this process so we need to do something to reduce the numbers of scammers and to have a safer investment , but for now the only thing that I can advise is that they should not give there trust easily.

I think you sir need to lead that way especially for those newbies out there. It's really easy to manipulate them when you show them attractive visuals with lot of jargons so I hope the smerits that I gave you will inspire you to do that.

This would be a nice thread for us to know the ICO scams. It will be useful to investors, bounty hunters and everyone.  Having this thread as a reference will provide great information to people and will lessen the number of scam ICO's. Well, it should be factual. The one who posted should knew the details why it is a scam. We cannot just put the ICO without proper study.