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Topic: We need to do something about all the scams - page 6. (Read 904 times)

full member
Activity: 952
Merit: 104
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February 11, 2018, 06:03:27 AM
#67
Well this is a good move I think. How many scam ICO have been there in the last year alone? Too many to count. And they don't care whether its just a few thousands or eve millions. As long as they can duped people to invest on them they will do it and took off with the money.

And the worst part, is that those legit and trusted ICO are not being questions because history says that you can't distinguishes legit from those scammy one. And with this move, we can filter out early which is a scam or not if they can't justify their use case.

I agree. Many ICO were scam and we cant even easily determined if it is scam or legit. As a bounty hunter and not an investor, I am also affected for those scam ICO who do not care for those investors which puts money just to invest. Money is not solely for investment, it is a struggle to pursue to have a better life.   So I am hoping that it may stop and advertising a scam ICO so that nothing to be a victim of their wrong doings.

Really ICO is hard to determine whether it is a scam or not. If investors will not thoroughly study an ICO before investing then they would probably end up investing on a fake ICO. We cannot stop those scammers than to study the platform and the project to invest to avoid or minimize the risk to invest on fake ones.
hero member
Activity: 1680
Merit: 535
Bitcoin- in bullish time
February 11, 2018, 05:52:59 AM
#66
We can do something about all the scams even from the start because you will not get scam if you just know how to analyze and determine if the thing that you are about to be investing or putting some money is legit or not. Do some background research first and also look for some patterns that you may see in the other scams and that is how you are going to do something to 'avoid getting scammed'.
sr. member
Activity: 484
Merit: 250
February 11, 2018, 04:50:44 AM
#65
Most of the scam projects are very attractive to participants and investors. Because the conditions are very easy as well as huge bonuses. So, everyone was smuggled into it.
newbie
Activity: 26
Merit: 0
February 11, 2018, 04:48:35 AM
#64
take a look at this, Clearify

Recently, we were almost scammed out of some Bitcoin. The scam was very clever. We made contact with a business with the intention of ordering their services. A scammer intercepted this contact, then emailed us directly, pretending to be the business. They emailed us a BTC payment address. We had absolutely no way of knowing that this had occurred, and even if we suspected something wasn’t right, it was near impossible to check.

Another common crypto scam relates to ICO contribution addresses. Just this week, a blockchain project running an ICO were hacked, and had their contribution addresses changed on their ICO website. The hackers made off with several large contributions before the team noticed. How can you be 100% sure you’re sending your valuable crypto to the correct recipient?

So we’ve come up with a great solution – Clearify.
full member
Activity: 462
Merit: 100
SOL.BIOKRIPT.COM
February 11, 2018, 04:42:24 AM
#63
We must all be united and go hand in hand to destroy this scams. Especially in ICO projects. People who were involved in this project invested their time and effort just to promote it but in the end, they will gain nothing. There so many investors are the main catch for these scams, they squeeze out all their investments, and also these investors will just realize they are not having profit. I hope everyone should build a healthy environment were there's a mutual gain for both parties.
newbie
Activity: 123
Merit: 0
February 11, 2018, 04:35:58 AM
#62
Yes, we do. We should think for a best way and solution so scams won't be able to come on our way and stop us. We should atleast formulate ideas on how to capture those kind of people so we can invest and fully trust thins kind of field.
member
Activity: 126
Merit: 14
February 11, 2018, 12:03:58 AM
#61
More scammers results to more people distrusting and leaving the cryptocurrency world, which really dealt a huge effect in terms of pricing and demand of people. This has really hurt bitcoin and other cryptocurrencies because they are really causing the government to make a huge step in order to prevent them from rising.
member
Activity: 224
Merit: 10
February 10, 2018, 11:44:26 PM
#60
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.
You're absolutely right sir.The fact that bitcoin's popularity is still increasing,we need to fight this lawless elements because it can damaged the reputation of the cryptocurrencies.And we know that there are more interested investors or customers plans to invest in ICO but they are afraid to be scammed.I hope there would be a big planned here to create a security system that can detect ICO's scam so that no customers will be interested on it and nobody will be victim from it.
jr. member
Activity: 84
Merit: 5
February 10, 2018, 09:24:14 PM
#59
I agree as well.
Well I guess that the best we can do is to talk about.
If I see any scammy ICO there I will post them.

If you guys see a shady one post it here as well so I'll check it.
sr. member
Activity: 644
Merit: 261
February 10, 2018, 09:05:44 PM
#58
Well I doubt the regulators will be able to approach the problem correctly.
I guess that the best solution would be to have a centralised service all the ICOs need to go through.
A sort of compliance, but the incentive should come from the community (aka i don't invest because you're a scam unless you go through this service) rather than from State lobbying the regulators in order to make their buck.

We already see how nationals act in France, up to 60% of tax on your Bitcoin earnings.

I agree with the centralized service for ICOs just for determining if the ICOs would be able to pass the test and it would be base then on the judgment of the community and not just on a single government agency because there is a tendency that they would pay the one reviewing their ICO so it wouldn't make much difference of preventing those scams.

Unfortunately, there would always be people who would invest in ICOs even if there are so many red flags already because of the possibility of earning 10x or 100x. Greed would always be there because it is just the nature of human. What we can do now is just to be vigilant always and warn people when we know something about a project that may be a red flag like what OP is doing.
jr. member
Activity: 84
Merit: 5
February 10, 2018, 08:01:20 PM
#57
Well I doubt the regulators will be able to approach the problem correctly.
I guess that the best solution would be to have a centralised service all the ICOs need to go through.
A sort of compliance, but the incentive should come from the community (aka i don't invest because you're a scam unless you go through this service) rather than from State lobbying the regulators in order to make their buck.

We already see how nationals act in France, up to 60% of tax on your Bitcoin earnings.
legendary
Activity: 2044
Merit: 1115
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February 10, 2018, 07:39:40 PM
#56
I agree with OP and am concerned about the "scams attract regulators" part of the OP here, but I've been resigned to the fact that governments are bound to regulate crypto eventually--it doesn't matter so much whether every other transaction is a scam or not.  If bitcoin and other cryptos actually do catch on and attain wide adoption, that in itself is going to get the notice of regulators.  And I suspect that even if crypto doesn't get widely adopted, it's still going to get some laws made and restrictions implemented.  That's just the nature of lawmakers.  Their job is to create laws, so they will.  It sucks and I'm against it, but it's going to happen.

I don't think there's much "we" can do about the scams other than to do our best not to fall victim to them.  Unfortunately, I've seen people's greed straight up run-and-tackle their rationality and skepticism at the 1-yard line, and I expect that'll keep happening as long as crypto exists.

Regulation is a good thing. It will cut down on the scammers and will hold those responsible after the fact if they try anyway  because there will be no anonymity for projects and those who run them. Scams are possible when there is no accountability, regulation creates accountability and raises trust in the system all around.
member
Activity: 362
Merit: 10
February 10, 2018, 07:27:33 PM
#55
It's a nature of people People get scam, they scam people to grab money and earned. That's why cryptocurrency are decentralize if you could imagine One anonymous coin is worth a thousand bucks and suddenly the owner will run away coz it was declared hacked by the hackers.
full member
Activity: 336
Merit: 106
February 10, 2018, 06:44:23 PM
#54
Scams have discouraged the use of crypto for others, not only individuals but nations as well. Because there has been a number of people who have fallen victims of scams and this has made them want to regulate or even ban the use of bitcoin or crypto in their country. The problem with scams is that there are still many who fall for this because they lack knowledge of the nature of these scams. People need to learn how to watch out for the red flags so that they themselves will know how to avoid them.
jr. member
Activity: 84
Merit: 5
February 10, 2018, 06:28:44 PM
#53
Полностью тебя поддерживаю,это очевидно.Так не только здесь происходит,в любой сфере  есть те ,кто зарабатывает,а есть те,кто хочет ,это забрать самым простым способом.Так что будьте аккуратнее,друзья мои) Grin

The problem is that there is no consequence for scammy behaviour.
And regulations are not a solution either, the community needs to be wiser.
jr. member
Activity: 84
Merit: 5
February 10, 2018, 06:02:00 PM
#52
Well in order to determine whether an ICO is a scam we need to have a service of experts that will analyse them and provide justification based on the use case and from business ant technical point of view.
I am surprised that ICOs do not get their project audited.
member
Activity: 236
Merit: 10
February 10, 2018, 05:38:40 AM
#51
I order to avoid been scam. if someone want to invest in any ICO make sure you carryout proper investigation. The entire cryptocurrency community will really appreciate if a platform that will let us know a scam ICO will come into existence and will be able to function accurately.
member
Activity: 154
Merit: 11
February 10, 2018, 05:24:22 AM
#50
you're definitely right. ICOs have to be filtered, regulated and thoroughly scan because many people are actually being victimized by it, they expect profits for nothing and the money they worked hard for were just being flushed down the toilet straight to the scammers' pockets. scams are also the reason why other people are scared to buy legit coins. because of other's bad experience on scams, they are now pre-judging that all coins are scam.
full member
Activity: 2184
Merit: 184
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February 10, 2018, 05:10:44 AM
#49
It is good to see that there's someone taking action in stopping all the scammers. There are also some websites and telegram groups that are trying their best to pinpoint scam ICO. These can serves as reference for users who wants to invest in projects. But for me, nothing can beat self-studying. If you research on your own then you can indicate a scam ico itself. There are some ways to know if an ico is a scam or not:by reading their whitepaper,checking the background of their developers and etc.
Maybe we can't stop all the scammers from doing bad activities,but we can prevent them from taking money from all the investors.
legendary
Activity: 3248
Merit: 1402
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February 10, 2018, 04:57:38 AM
#48

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

This forum has the scam accusation section for such purposes. There are many threads with ongoing investigations of projects as well as proven scams. I think a thread where people would put all of them is inconvenient, but perhaps is would be good to make a childboard in mate section, devoted specifically to ICO scam.
Unfortunately, scam is always out there when there's a free market where nobody is forbidden to promote one's project.
I suppose a way of dealing with this situation would be to make some additional forum rules on promoting ICOs. For example, for ICO to have an ANN thread, make sig campaigns, bounties and airdrops, it would need to have:
- official website
- a team, whitepaper and a roadmap on the official website
- an escrow for any things related to paying people some money in btc.
But this wouldn't stop the scam projects anyway, it would just prevent forum members from investing in them.
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