Topic: We need to do something about all the scams - page 7. (Read 900 times)
I do not think that we will be able to counteract something to them, even if we manage to organize a good security system, then there will be people who will turn their scams or find out how to get around all these old scammers
Unfortunately we don't have any chances to fight with scam. Since there are a lot money here, scammer will be here. And we can't do anything with that.
I totally agree with you as long as they have a chance to scam they will still do it. Like in this community which can give you a lot of opportunity gain profits thru investing/trading and bounty campaign these people will pop out anywhere in this forum. We can't blame the people who are blinded by greed.
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 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 really agree with all. What you said because crypto currency scam and dark site crypto user are what attract the regulating protpcol implement by the government. Therefore, it wil be good if you could fish all the scam ICO on here and I think news spread fast on here.
I do not think that the crypto market needs regulation. Of course, there was a lot of scam, especially the last time, but he will drop himself in time.
in every new market there are a lot of scammers, but they all lose over time.
in every new market there are a lot of scammers, but they all lose over time.
Wow thanks for bringing that up and now that I think about it I went in on a token similar to this one without giving it much thought. They were a well established company in real life but no blockchain experience and that was my mistake getting involved like that. Keep up the awesome work we need more heroes like you! 
Usually when a well established company goes in crypto you need to raise your red flags. If a company makes money it does not need to do an ICO, especially when the founder is "billionnaire"
This is not a regulated environment and anything goes, it is just unfortunate that most investors do not end up doing proper digging before going ahead, and like the OP said, scams attract regulators, unfortunately, and we are close to being regulated already.
yeah thats was right if we want to stop the scam we need to vanish it into the root (just not making some one being a scammer is nice too)
introducing people some analystic about scam project and getting them understand, but sometimes is hard because other scams are move very nice and slipery like all of that is real project and convice some people more and more attract
but that was nice move. appreciate
introducing people some analystic about scam project and getting them understand, but sometimes is hard because other scams are move very nice and slipery like all of that is real project and convice some people more and more attract
but that was nice move. appreciate
Unfortunately we don't have any chances to fight with scam. Since there are a lot money here, scammer will be here. And we can't do anything with that.
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 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 do agreed that scams attract more Scammer, it is because the more they scams appeared or spread out in every places the scammer become more strong. The more victims they have is the more scammer became strong intention to scam others. So this was a good step and good starting to sue them also. And this can't be resolve without the support of the community too.
absolutely you are right, scammers attract more scammers, one of my friends wanted to invest in an ICO and it was obviously a scam but with a good team and he didn`t give attention because he believed even scammers with good team made a lot of money so it was not problem for him, the thing was just to win.
This is a good initiative. With the help of the community we can get rid of the scam ICO. Maybe, there can also be a list for possible good projects because some of the good projects are not getting support. Their thread is getting out ranked by scammers.
Sometimes investors doesn't tend to look at any list so I see it will not be effective.
We cannot save the lazy investors from their foolishness.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.
That cannot be helped. But at least we can prevent some obvious scammers from scamming investors by exposing them early.
I agree with the premise that we need a form of community network that informs people of known scammers and potentially fraudulent ICOs. The spamming of scamcoins over the last year has been very prevalent and damaging to the market. One of the main attributes that would promote further growth would be stability and sense of security in investments. It's easy to say that people need to learn to actually read white papers, look at the team behind the project, analyze if the coin has potential use cases, etc, but unfortunately a lot of people just jump in and buy any ICO they see and get scammed easily.
Intimation of scam projects before their completion can save many people from loss.
I also analyzed some of the projects that are not clearly explained and have many major flaws.
A combined work is needed in order to spot these scams, if we analyze individually and share our analysis with other community members then i am sure we can create a "scam hunter" project for a better crypto environment.
I also analyzed some of the projects that are not clearly explained and have many major flaws.
A combined work is needed in order to spot these scams, if we analyze individually and share our analysis with other community members then i am sure we can create a "scam hunter" project for a better crypto environment.
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.
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.
You can't regulate crypto law. It is an "allegality".
Excellent talk by Gavin Wood https://www.youtube.com/watch?v=Zh9BxYTSrGU
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 just got some understanding from your post about why government is so interesting in bitcoin last year and the same government will turn it back against it this year, South Korea as a case study! Scamming do really attract regulations because governments are not going to fold her hands until things get out of hand. However, bitcoin i's decentralized and we should support this project in other not to allow scams to pant bitcoin in a bad light. 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.
Definitely right. The reason why many people are scammed is because of lack of knowledge. They are easily tricked by people because they do not know how to distinguish fraudulent ones from real ones. However, we can never eradicate scammers in this market completely especially if there are still people who are gullible.
A good idea might be creating some kind of portal where people can discuss different ICOs and vote is it a scam or not. I saw the thread of bitcoinwiki org here on forum and they say they're gonna implement smth like that on their portal
These scams would never come to an end. Reason is only the lack of proper research from a person who is going to invest in some coin. Like if someone is investing in bitcoins, there are different methods of earning. Trading, investing, campaigning, associating with ICOs and much other. Scam always found in voids that are easy to target and it seems only when illiterate people are playing the game with bitcoins.
Completely agree with you. These scams are able to trap gullible people only. If every one started doing research properly before investing, these scammers would disappear. For instance, there are people in India who were selling Bitcoins offline. Many students were buying from them and got scammed. They just need to make an account on Indian exchange and buy there. How hard is that ?
Scamming is part of life as an investor, look at penny stocks and even established stocks like Enron which turned out to be a giant fraud scheme. I think with crypto there are several markers that you can use as guidelines 1) Does the team have a well thought out white paper? 2) What is the valuation of the coin compared with similar coins, 3) Do they have any product or use case beyond speculation? 4) Does the team make outlandish promises of returns that are not credible? 5) What is the GitHub status and when was the last commit? Or is there no GitHub account? That is a giant red flag if that is the case.
I agree with you, I think ico concept need to be regulated, and people should understand fully what they are investing in, I think project might be legit but there may be an exit scam when token rises a lot.
These scams would never come to an end. Reason is only the lack of proper research from a person who is going to invest in some coin. Like if someone is investing in bitcoins, there are different methods of earning. Trading, investing, campaigning, associating with ICOs and much other. Scam always found in voids that are easy to target and it seems only when illiterate people are playing the game with bitcoins. 
This thread cites an article claiming more than 10% of the $3.7 billion invested in ICOs has been stolen. The majority of thefts occurred from phishing attacks which strikes me as being a tiny bit suspicious. 
https://bitcointalksearch.org/topic/more-than-10-percent-of-37-billion-raised-in-icos-has-been-stolen-ernst-you-2806881
There is a possibility of ICO founders stealing funds from their own ICOs to give themselves a free bankroll with no financial liabilities or obligations. Phishing is an attack vector one might expect tech savvy end users to avoid. A high percentage falling prey to it could be deemed unlikely from a probability perspective.
This thread cites blockchain stocks collapsing by 40% to 90% which seems to indicate the shadiness isn't limited to ICOs but may extend further.
https://bitcointalksearch.org/topic/blockchain-stocks-collapse-by-40-to-90-2829312.
https://bitcointalksearch.org/topic/more-than-10-percent-of-37-billion-raised-in-icos-has-been-stolen-ernst-you-2806881
There is a possibility of ICO founders stealing funds from their own ICOs to give themselves a free bankroll with no financial liabilities or obligations. Phishing is an attack vector one might expect tech savvy end users to avoid. A high percentage falling prey to it could be deemed unlikely from a probability perspective.
This thread cites blockchain stocks collapsing by 40% to 90% which seems to indicate the shadiness isn't limited to ICOs but may extend further.
https://bitcointalksearch.org/topic/blockchain-stocks-collapse-by-40-to-90-2829312.
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