Topic: We need to do something about all the scams - page 6. (Read 900 times)

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.

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.

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 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.

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)

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