Why are crypto devs so greedy - page 3.

Silberman

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Quote from: YellowSwap on November 11, 2022, 07:58:45 AM

The majority of crypto collapse always comes from the centralisation part and of cos the human greed, what do you think is the proper solution for these? To avoid hurting crypto investors and how to guarantee that their funds is safe with any platform, either Staking, Lending or Trading.

What is the way forward? What solution do you think will be effective?

Most of the projects created in this market are scams to begin with, and as you may guess the purpose of such projects is to enrich the developers, so in those cases there is nothing which can be done, however the few legitimate projects which are out there suffer from a centralization of power, in which the developers can do whatever they want and there is not system in place to regulate their actions, this is the same issue we have with fiat currencies and it is the reason behind some of the biggest crashes we have seen in this market, so with this in mind decentralization seems like the only answer we have available at this time.

Jaered

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It's the ways of the world, that's the answer. Human greed is an element in any venture, whether crypto or non-crypto, not just devs. So if have an upcoming project, always watch it closely, and keep your coins closer

jostorres

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Quote from: Jancuki on November 20, 2022, 03:04:50 AM

It is undeniable that after many recent events, we are required to be wiser in asset storage. it turns out that big cex does not guarantee its security, so if it is stored in the wallet itself it is vulnerable to hacking. At the moment it's more realistic for me to keep my assets in a bank account, and keep some of them in the hardware wallets I buy. hope this can be a solution for me.

Banks are actually not different from a centralized exchange so it's weird that you are now cautious of using a cex but now more confident in storing money in your bank account. It only look like banks are more secure than any other cex it's because you can see them in the real world and most of them are already there even before but they can still be able to freeze your account for some reasons or they themselves can go bankrupt later on.

There are many banks like that, who are being reported though in the past. I hope this will now open your eyes and also to the users that will read this. Full decentralization is always the way to go.

Jancuki

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Quote from: kelonmusk on November 20, 2022, 01:44:31 AM

One thing everyone can agree on is that centralization is essential for the long term of cryptocurrencies. There needs to be a way for people using cryptocurrencies to do so without putting themselves at risk of fraud, theft, or other scams that could hurt investors.

Unfortunately, this decentralization is difficult to achieve due to the nature of cryptocurrency itself. Because there is so much room for scams and theft, ordinary people who are new to investing in crypto are hesitant to get involved because there is really no way for them to avoid the risk.

If you register on a CEX or a crypto trading platform, keep the money in moderation. Don't keep all your crypto assets there, the goal is clear because of security issues.

It is undeniable that after many recent events, we are required to be wiser in asset storage. it turns out that big cex does not guarantee its security, so if it is stored in the wallet itself it is vulnerable to hacking. At the moment it's more realistic for me to keep my assets in a bank account, and keep some of them in the hardware wallets I buy. hope this can be a solution for me.

kelonmusk

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One thing everyone can agree on is that centralization is essential for the long term of cryptocurrencies. There needs to be a way for people using cryptocurrencies to do so without putting themselves at risk of fraud, theft, or other scams that could hurt investors.

Unfortunately, this decentralization is difficult to achieve due to the nature of cryptocurrency itself. Because there is so much room for scams and theft, ordinary people who are new to investing in crypto are hesitant to get involved because there is really no way for them to avoid the risk.

If you register on a CEX or a crypto trading platform, keep the money in moderation. Don't keep all your crypto assets there, the goal is clear because of security issues.

ethereumhunter

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There is no right solution to overcome greed unless people know how to control their own greed. And if investors want security for their assets, they don't need to store their coins and tokens on exchanges but instead store them in their personal wallets.

But surely, there will be a lot of people who will get greedy seeing the offers given by each exchange so they want to try to get it. We must be careful in choosing the exchange because once we send the coins and tokens to the exchange, we cannot control it completely.

bitgolden

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Quote from: TheUltraElite on November 17, 2022, 03:49:24 AM

Quote from: Adamlaria on November 16, 2022, 09:58:07 PM

Not only are people greedy in cryptocurrencies, but people in any investment industry are greedy. Don't trust anyone, not even your friends. Don't put all your money on exchanges.

Putting money or rather the better term is storing money on exchanges. There is always some people who will keep doing this and the people who do such things are not visiting this forum regularly.

Being greedy is common but bad luck can hit and exchanges getting hacked is pretty common. We have to reduce the amount of money kept there for regular transaction as much as possible.

Offline wallets are always safer as compared to online wallets.

I have to be a bit ashamed to admit that some of my money is in binance and I am not planning on taking it out.

It’s true that I distributed my money into 4-5 different places, some of them are quite secure (my ledger nano) and some of them are semi-secure (metamask) but some of them are not so secure or at least secure but not guaranteed like the money in binance. That’s the type of business we are in, binance is all the action is taking place, so I trust them, and they are much larger than FTX, so it’s not as bad and not as risky as that so I feel like it shouldn't be a problem. I know people will say that’s still a bad decision, but I feel like it’s really not that big of a deal.

kawetsriyanto

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Quote from: krishnaverma on November 11, 2022, 11:43:08 PM

1) Limit on the number of new projects : All crypto devs are not greedy. But the problem is that there are so many new projects and so many new developers behind these projects that some people will come out to be greedy from these always.

How to limit the new projects?
I think it is impossible to do. Crypto is decentralized, there is no person or institution that controls the number of new projects. As far as there is an opportunity for new projects to grow and survive, there will be always new projects to launch by the developers. Unless no one is interested to join new projects, we may see a decrease in new projects.

Quote from: krishnaverma on November 11, 2022, 11:43:08 PM

2) Strict punishment for defaulters : Even when coins have collapsed or exchanges were at fault, they were able to get away with all this without any punishments. This is not good as it removes the fear from bad people and they repeat the mistakes in future causing further loss to more people.

It is a bit complicated to punish them since they are from varied countries. Moreover, sometimes we don't have enough information about their identities. The best way is to avoid joining a project that has uncertain team identities. Especially, the team members are anonymous. I personally won't join the project with unclear team identity.

Minecache

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Quote from: BitcoinPanther on November 17, 2022, 03:42:14 PM

Quote from: Minecache on November 17, 2022, 08:43:18 AM

Quote from: BitcoinPanther on November 16, 2022, 06:20:25 PM

Quote from: YellowSwap on November 11, 2022, 07:58:45 AM

The majority of crypto collapse always comes from the centralisation part and of cos the human greed, what do you think is the proper solution for these? To avoid hurting crypto investors and how to guarantee that their funds is safe with any platform, either Staking, Lending or Trading.

What is the way forward? What solution do you think will be effective?

I believe regulation. Since most of altcoins are centralized blockchain since dev have full control of the system, I think it won't hurt if government step in. It is good to see projects that are asking for money to have permission and proper approval from the government. This way greedy and wicked developer will be filter.

At the current condition, I believe not patronizing their project is the best and effective way to deal with these greedy dev.

It's a solution but it's not quite as beneficial as you think. Regulations will eliminate scam projects or scammers will be punished and investors will be protected but we will no longer be free, they will control us all the time and we will no longer be able to see the hype of the market. Once there is regulation, I believe the market will become more stable and harder to make profit. If you are looking for a regulated market then securities are what you are looking for, don't bring any regulation to crypto.

Government regulation doesn't meddle with market movement unless they find it suspicious. It is also good to protect people from buying maliciously hyped projects. I don't think having the government regulate the cryptocurrency project crowdfunding will hinder our freedom. we are still free to chose what project we support. Besides it is always better to have a stable market than the unstable one. At least we are sure that we are able to sell our tokens if the need for extra money arise.

The government will control us like they control the stock market and forex, they control everything from fundraising to your pocket. The market will definitely become more stable once regulations are in place and that's something that many people don't want that to happen. If you want high returns then you have to accept high risks.

If you don't want to be scammed, just stop being greedy and avoid hype projects, you will definitely never be scammed. Invest only in bitcoin and store it in a non-custodial wallet.

You should not blame the developers, they are just like us, they are here to make a profit. When you buy tokens, your aim is also to wait for a high price to sell for profit, you don't intend to invest long term or support the project to the end and the developers are no different than us, they also don't want us to dump the garbage on them. The market is a battlefield, if you are not brave enough you will become food for them and vice versa. We shouldn't be blamed when we lose, and if we can't win in this market, find another market that is more suitable.

o48o

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Quote from: YellowSwap on November 11, 2022, 07:58:45 AM

The majority of crypto collapse always comes from the centralisation part and of cos the human greed, what do you think is the proper solution for these? To avoid hurting crypto investors and how to guarantee that their funds is safe with any platform, either Staking, Lending or Trading.

What is the way forward? What solution do you think will be effective?

Simple. Absolutely transparent reserves. In that way it doesn't require trust but investors can check where their money is when ever they want. Also connections to other firms, loans would be investments included into this.

Or all of their finances need to be audited more often. I don't think that would do though as in crypto, things could go south in few days, and it would be time consuming and auditing costs a lot.

asriloni

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The greedyness was coming since they got a chance to fool others. I meant look at what already done by so many scammers like SBF. These guys were fooling its users. The latest report says that money from customers being used to bought house for FTX employess which is unacceptable.
The hacked case was also insider job and he might be a staff from alameda or FTX itself. I guess the greedy guy will always try to fool people no matter what happened with them.
So many times crypto being hurt by the greedy people. These greedy people just like pleague since they were not only preventing the ecosystem to growth but they are also ruining people's life.

serjent05

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Quote from: goinmerry on November 17, 2022, 10:17:55 AM

Quote from: YellowSwap on November 11, 2022, 07:58:45 AM

The majority of crypto collapse always comes from the centralisation part and of cos the human greed, what do you think is the proper solution for these? To avoid hurting crypto investors and how to guarantee that their funds is safe with any platform, either Staking, Lending or Trading.

What is the way forward? What solution do you think will be effective?

On the other hand, investors are also greedy too especially those who are shilling the projects.

True, it goes on the line like, greedy developer meets greedy investors. We cannot blame investors to promote their investment. They wanted to gain profit so they will do everything they can just to pump the price of their holdings. Besides, investors are already committed to the project with their funds so it is normal for them to vouch for the project where they are invested.

Quote from: goinmerry on November 17, 2022, 10:17:55 AM

The solution to not be doomed by these hype projects is to keep away from them.

We should investigate the project first, if it is all hype and no development then it is the time to keep away from them.

Quote from: goinmerry on November 17, 2022, 10:17:55 AM

There are lots of projects that have already shown stability since their inception. Might want to consider putting money on those instead of new hyped projects.

Definitely agree but somehow we should choose the project that has the most room to grow in price if we wanted maximum profit.

BitcoinPanther

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Quote from: Minecache on November 17, 2022, 08:43:18 AM

Quote from: BitcoinPanther on November 16, 2022, 06:20:25 PM

Quote from: YellowSwap on November 11, 2022, 07:58:45 AM

The majority of crypto collapse always comes from the centralisation part and of cos the human greed, what do you think is the proper solution for these? To avoid hurting crypto investors and how to guarantee that their funds is safe with any platform, either Staking, Lending or Trading.

What is the way forward? What solution do you think will be effective?

I believe regulation. Since most of altcoins are centralized blockchain since dev have full control of the system, I think it won't hurt if government step in. It is good to see projects that are asking for money to have permission and proper approval from the government. This way greedy and wicked developer will be filter.

At the current condition, I believe not patronizing their project is the best and effective way to deal with these greedy dev.

It's a solution but it's not quite as beneficial as you think. Regulations will eliminate scam projects or scammers will be punished and investors will be protected but we will no longer be free, they will control us all the time and we will no longer be able to see the hype of the market. Once there is regulation, I believe the market will become more stable and harder to make profit. If you are looking for a regulated market then securities are what you are looking for, don't bring any regulation to crypto.

Government regulation doesn't meddle with market movement unless they find it suspicious. It is also good to protect people from buying maliciously hyped projects. I don't think having the government regulate the cryptocurrency project crowdfunding will hinder our freedom. we are still free to chose what project we support. Besides it is always better to have a stable market than the unstable one. At least we are sure that we are able to sell our tokens if the need for extra money arise.

Jackl87

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Quote from: YellowSwap on November 11, 2022, 07:58:45 AM

The majority of crypto collapse always comes from the centralisation part and of cos the human greed, what do you think is the proper solution for these? To avoid hurting crypto investors and how to guarantee that their funds is safe with any platform, either Staking, Lending or Trading.
What is the way forward? What solution do you think will be effective?

Well in the end i think you always have the risk that a project becomes to decentralized no matter what type of consensus mechanism it has. In the last few months after the Ethereum merge a lot of people were pretty negative about it because now the big ETH holders, which means the big exchanges like Binance, Coinbase and Kucoin for example have a lot of power over the network now. As far as i know though that was not that much different before the switch to PoS happened because before there were huge chinese mining companies that were in charge of big portions of the mining power of the ETH network, which was not better.

goinmerry

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Quote from: YellowSwap on November 11, 2022, 07:58:45 AM

The majority of crypto collapse always comes from the centralisation part and of cos the human greed, what do you think is the proper solution for these? To avoid hurting crypto investors and how to guarantee that their funds is safe with any platform, either Staking, Lending or Trading.

What is the way forward? What solution do you think will be effective?

On the other hand, investors are also greedy too especially those who are shilling the projects.

The solution to not be doomed by these hype projects is to keep away from them.

There are lots of projects that have already shown stability since their inception. Might want to consider putting money on those instead of new hyped projects.

maydna

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Quote from: YellowSwap on November 11, 2022, 07:58:45 AM

The majority of crypto collapse always comes from the centralisation part and of cos the human greed, what do you think is the proper solution for these? To avoid hurting crypto investors and how to guarantee that their funds is safe with any platform, either Staking, Lending or Trading.

What is the way forward? What solution do you think will be effective?

Because every human wants to get a lot of profit, they become greedy. The solution is not to be too greedy and always try to provide good service to investors so that investors can be satisfied. And if the investors are satisfied, they will trust the platform and continue to use it without any worries. If one platform can do this well, it can surely grow, and when that happens, the money will come to them without them having to get greedy.

Minecache

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Quote from: BitcoinPanther on November 16, 2022, 06:20:25 PM

Quote from: YellowSwap on November 11, 2022, 07:58:45 AM

The majority of crypto collapse always comes from the centralisation part and of cos the human greed, what do you think is the proper solution for these? To avoid hurting crypto investors and how to guarantee that their funds is safe with any platform, either Staking, Lending or Trading.

What is the way forward? What solution do you think will be effective?

I believe regulation. Since most of altcoins are centralized blockchain since dev have full control of the system, I think it won't hurt if government step in. It is good to see projects that are asking for money to have permission and proper approval from the government. This way greedy and wicked developer will be filter.

At the current condition, I believe not patronizing their project is the best and effective way to deal with these greedy dev.

It's a solution but it's not quite as beneficial as you think. Regulations will eliminate scam projects or scammers will be punished and investors will be protected but we will no longer be free, they will control us all the time and we will no longer be able to see the hype of the market. Once there is regulation, I believe the market will become more stable and harder to make profit. If you are looking for a regulated market then securities are what you are looking for, don't bring any regulation to crypto.

Reid

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Any centralized platform is not safe, I would not expect anything, and I won't even try to look for it because you are just going to waste your time.
Cold wallets are the only solution to keep your funds safe. Keeping it in an exchange is like a ticking time bomb.
About the projects created by developers, it is still up to you and your research to filter how trustworthy it will be for long term investment.
Not all of them are greedy, some do have a goal to use it as a service for the people but supporters in this era have a different point of view on how they will invest. More on hype and trends, not the project within. Just look at memecoins now, how much money is invested there.

so98nn

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The best chance is via investing through trusted platforms such as direct investment to let’s say ETH staking on their contracts directly. Centralised exchanges could not be trusted anymore and if someone still wants proof of this then they should really leave the crypto world and stay happy with the FIAT. The only way to survive crypto investments is to trade quickly, move profits and initial amount towards your wallet door immediately.

Coming to the part of devs, well what to say about “greed” when it comes to money in millions humans change their minds. Sad reality of the current world. Stay cautious stay safe.

Kelvinid

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They become greedy because they wanted more achievements, that was the reality. In fact, I was also at that point but of course, we know our limitations and we do it in the right way. Maybe if we are saying TOO much greedy, then that is the wrong OP. But I guess, you are pointing out scam projects and the developers don't just look at the future of the market but their own benefits. Really disappointing that there are a lot of people who did and ruin someone's life themselves.

Topic: Why are crypto devs so greedy - page 3. (Read 849 times)