Topic: We need to do something about all the scams - page 9. (Read 900 times)

What's more important is that you don't need to make an ICO in order for the token to acquire a price.
I will prove it very soon.

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.

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.

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.

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"

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!

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.