Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: Delgboke on June 16, 2022, 09:36:56 AM
-
Am over worried about what's happening in the crypto currency industry currently, the 90% project now is scamming people of their funds and it serves as treat in the Cryptocurrency future and it worries me in the mind because those scammers always scales through with people's money, please your suggestions is needed. What do you think should be done in this kind of situation, because it has affected the Bounty hunting in the forum.
-
scammers can't be stopped, scammers will continue to arrive in crypto. there's nothing we can do to stop it and one way we can do is do a lot of research before investing
-
It is not possible to detect the scammers at first it can be stopped by the regulation so that scammers will think twice before scamming the people who invested in their projects but we should also understand in the bear market when investors will not invest money then we can not expect a project can be successful. I am also a bounty hunter but in the bear market, it is hard to raise the funds for the new projects that bounty hunters promote so bounty hunters affect mostly in the bear market.
-
I don't think that it is an issue of scams but rather a problem of security. As we know DeFi platforms are based on smart contracts, and if they are somehow and stolen, then it is practically impossible to get them back. But there is no need to worry. The problem can be solved by turning to good development company https://exio.tech/smart-contract-audit/
-
Only two things can stop scams, one is regulations, unfortunately the vast majority of countries do not have regulations on cryptocurrencies, and the countries that do have them focus more on benefits-taxes than on other things. Another thing that can eliminate or at least reduce scams by a high percentage is the knowledge that users must have, but that is even more difficult than having good regulations. Many new users have no idea about cryptocurrencies, which is why so many scams keep popping up in the industry.
-
Maybe I agree with the opinion that said project team must be KYCed.
If you talk about regulation to reduce, who will do that and verify them.
That's the problem
-
Unfortunately no matter how much do we do our own diligence, the scammers keep improving their skills. I tried not to be scammed or hacked last time, but finally I am in the club where 3 of my wallets were drained approximately $12k. As scammers fail, they always learn their mistakes too and find new ways to scam people successfully. We're just simply too prone to scams and hacks because of the scammers innovating new ways, ideas, etc.
-
Currently we don't have enough methods to identify scam projects in this market, but hunters and investors can check information about project team, docs, site and partners before joining join the project. In the future, a project management and inspection agency may be established to increase the credibility of this market.
-
As long as we deal in decentralized world it means scammers are there lurking everywhere to search for victims (fyi, even crypto will become centralize there are still scammers). To quickly get rich soon is their motto to attract more investors. By the way, some of them are not easy to distinguish. Therefore, let us always be responsible to take care ourselves not to fall on their trap. Presence of mind, correct standard, and discipline might help us to control our impulsive intuition during gain time.
-
I think the manager should only bring the Escrow projects to the markets. as well as there should be proper checks and balances in the market. Scammers can be minimized but we can't totally control them to great extent.
-
I think the manager should only bring the Escrow projects to the markets. as well as there should be proper checks and balances in the market. Scammers can be minimized but we can't totally control them to great extent.
What you say is an option that we have already talked about other times, but that can also cause problems. It takes a lot of trust for a project team to escrow coins/tokens, and unfortunately that trust is rarely achieved, even with the best known bounty managers. Not many months ago, a bounty manager disappeared with $25,000 from a team. We should also remember that the most well known bounty managers always struggle to have the payment in escrow, and that sometimes costs them not being able to make the bounty, since many teams are not willing to do it.
-
If a new company or project registers their company with the SEC then it can be considered a project that will not deceive you, for example DeHub.
However, some of the new projects that exist today do not have a valid business license or legality, it is very complicated to avoid scam projects because some scamers are already good at running new projects with marketing and adding liquidity on DEX exchanges and end up with Rugpull.
-
According to me, stopping scammer projects is not that easy. If something is used. So it also has a missuse. This is the effect of the market. or something else. Don't know this. But the amount of scam projects is increasing. So everyone has to be careful.
-
The only way for scammers to stop their business is to have a crypto wide regulation which would require all project to get registered with an agency manned by people either coming from the government, the industry itself or maybe both. Right now, there seems to be no accountability at all for these scammers so what they are doing is putting up new projects one after another...making sure they can entice possible "investors" with big promises of lucrative profits coming...then after some weeks or so they can be gone in hiding or just pretend to be hiding in their bedrooms. There is no really easy to purge these people from the crypto industry.
-
scammers can't be stopped, scammers will continue to arrive in crypto. there's nothing we can do to stop it and one way we can do is do a lot of research before investing
You're right, scammers cannot be stopped but can be reduced.
Maybe project team should be KYCed , It's good way to reduce scammers.
Although scammers can find other way to scam other.
-
You're right, scammers cannot be stopped but can be reduced.
Maybe project team should be KYCed , It's good way to reduce scammers.
Although scammers can find other way to scam other.
I don't think it's about stopping scammers, but knowing how to avoid them. As in other aspects of life, we can have access to illegal things (drugs, weapons) but we know how to avoid it, and everything is achieved in the same way, with prior education. Nobody, regardless of whether it is the first time that person approaches cryptocurrencies, should believe that someone is going to give them Bitcoin or Ethereum or any other cryptocurrency that has any value.
-
I agree with opinion above, We just avoid scammers but not stopped.
Scammers always be there..We should have own knowledge to avoid them.
-
according to my experience its very hard to stop a scammer but my advice is that anyone invest in project so first gain a knowledge about project and concept .
in this time invest only a strong project .
if you invest in a new project without any information so maximum chance is that you invest in scam project.
-
Its disheartening what is happening. Even audits by reputable projects like Certik isn't even remotely enough in guaranteeing the safety of a project. These days I don't invest long term in any project. A month down the line (if they last that long) and I'm taking profit and moving on. Even doxxed projects are not safe. Cylum is supposedly doxxed. Look what happened
-
Its so sad that the community of enthusiasts and investors in the space have to be plaque with the menace of scam projects. The sad fact I know about this is that, although scams cannot be 100% wiped off but as soon as every enthusiasts and investors in the space gets themselves educated on how to investigate and spot potential red/green flags before making their investment decision, the sooner the majority of scammers in the space will be discouraged into halting their activities.
-
The advice I can give is to be careful in investing in new projects, because actually these scammers are good at committing fraud.
A project that looks good but is actually a scam, when you find a new Crypto project that has no clear concept and purpose you should just leave it.
-
Its so sad that the community of enthusiasts and investors in the space have to be plaque with the menace of scam projects. The sad fact I know about this is that, although scams cannot be 100% wiped off but as soon as every enthusiasts and investors in the space gets themselves educated on how to investigate and spot potential red/green flags before making their investment decision, the sooner the majority of scammers in the space will be discouraged into halting their activities.
I agree with you, but expecting all new users to educate themselves would be a waste of time on our part, the problem is that most of them don't want to learn, they just want to make a quick profit, and that is precisely what the scammers want. I don't know approximately how many people leave cryptocurrencies after first approaching this industry, but I'm sure that percentage is unfortunately very high, and will continue to grow as cryptocurrency adoption continues to rise.
-
New projects planning to commit fraud are usually not listed on the CEX exchange, for now I see it happening, unlike the scams in 2018, if you have seen the biggest CIBUS ICO then you will learn from it, the team members and the Bitpation exchange really scamers and i only buy coins or tokens that have the best partners at the moment, to avoid scammers who are easy to cheat and create new tokens then add liquidity in Dex and they easily withdraw Liquidity
-
At least do some due diligence if you want to buy or promote some token. Most of the time, cheap projects can be easily spotted by looking at its infrastructure and code, such as only forking popular project, and only be traded on PancakeSwap.
Anyway, not all of these "cheap projects" intend to scam people and the price dump doesn't mean it's a scam, it's just how the market works.
-
I noticed whenever a bear market started new projects start failing due to a lack of interest of the investors because in a bear market generally investors avoid investing and some project managers are intentionally scammers. It's not easy to identify at first. New projects suffer most in the bear market even in the bull market bad projects also get some attention from the investors. Only regulation of this market can help us from scam projects.
-
I noticed whenever a bear market started new projects start failing due to a lack of interest of the investors because in a bear market generally investors avoid investing and some project managers are intentionally scammers. It's not easy to identify at first. New projects suffer most in the bear market even in the bull market bad projects also get some attention from the investors. Only regulation of this market can help us from scam projects.
There are always scams regardless of what kind of market there is at the time. Scammers never rest and are always thinking of new scams and ways to scam people. As for the regulations, it is something really difficult to achieve, since each country writes its own regulations and laws, so it will be difficult to regulate the market with specific laws in one country while the scammers act from another country or continent. For regulations to be 100% effective, all countries must use the same laws, and that is something that will never happen.
-
Am over worried about what's happening in the crypto currency industry currently, the 90% project now is scamming people of their funds and it serves as treat in the Cryptocurrency future and it worries me in the mind because those scammers always scales through with people's money, please your suggestions is needed. What do you think should be done in this kind of situation, because it has affected the Bounty hunting in the forum.
If you're worried in scam projects, I think You can invest in top coins.
Yeah, top 10 or 20 coins.
I think Those are more safe and potential.
I did it and enjoy my investment.
-
Am over worried about what's happening in the crypto currency industry currently, the 90% project now is scamming people of their funds and it serves as treat in the Cryptocurrency future and it worries me in the mind because those scammers always scales through with people's money, please your suggestions is needed. What do you think should be done in this kind of situation, because it has affected the Bounty hunting in the forum.
I think no solution for going scamming project.
Because we know, it's difficult to detect scam projects or team
Maybe we can learn tehir white paper, roadmap and man behind the project, But It's not easy
-
I think no solution for going scamming project.
Because we know, it's difficult to detect scam projects or team
Maybe we can learn tehir white paper, roadmap and man behind the project, But It's not easy
There are no direct ways to find out, but there are other ways. It is important to look for plagiarism in any source of the project, official website, social networks, whitepaper... But something more important from my point of view is to speak directly with the team. Talking with team members about technical issues (the more difficult the better) can offer us another point of view depending on the team's responses, it is more difficult because you have to go deeper into the project, but it is usually one of the best ways to know if a project is legit or is a scam.
-
The solution is by building and developing our awareness of the scammer itself. We may not be able to stop scammers in the cryptocurrency world,like we cannot also stop thieves in the real world. In this case, at least, we can be smarter in analyzing if they are scammers or not. Btw, don't trust anything too good to be true, easy instant profits highy, and others.
-
You wrote everything correctly, but all fraud schemes are as old as the world and there is nothing unique about them.All of them are aimed at our inattention and greed
-
Unfortunately, scammers are very difficult to track and we cannot or find difficulties when reporting this crypto scam to the police.
The ways are by getting ourselves to be more aware of the characteristics of scam projects or investments. We must increase our knowledge and not desired with high profits that is too good to be true
-
Unfortunately, scammers are very difficult to track and we cannot or find difficulties when reporting this crypto scam to the police.
The ways are by getting ourselves to be more aware of the characteristics of scam projects or investments. We must increase our knowledge and not desired with high profits that is too good to be true
Even if we had the facility to report scams to the police in any country, it wouldn't matter much and it wouldn't change a thing. There is no global regulation, neither at a continental level, nor by country, so even if we reported a scam, nothing would happen, since the scammers could be acting from another country or from another continent. For that it would be necessary to have a global regulation, and that will never happen, as always, each country wants to be above the others.