The Rise and Fall of the Blockchain Scams #013
Wrong people playing with right technology led to ICOs being branded as scam. Can the blockchain world demystify itself?
As many of you probably heard, Konstantin Ignatov, one of the main perpetrators behind the One Coin fraud was arrested in March 2019. That wouldn't be of much interest to you - if you haven't be involved with ICOs or cryptocurrencies. However, the basic idea behind blockchain scams is something we know over a century ago as a Ponzi scheme, a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors.
There are some more advanced techniques and methods that helped nowadays scammers to extend their frauds to various types of fields. One of them being the world of ICOs. As Luka goes into details, it all started during high peak craze, early 2017. when people realized ICOs are a super efficient way to raise money. As much there were diligent and hardworking people who just wanted to fund their business there were many more bad people who used the opportunity in this pretty unregulated field. Thus, the ICOs were forever branded.
However, Ivan and Luka want to believe, like many others, there is a way to demystify blockchain and cryptocurrencies. First thing is to educate people and second is to lobby by any means the necessity of regulation.
Luka's advice for every hyped BC newbie: If it sounds too shady - it probably is. If it sounds too good to be true and someone promises you infinite and fast returns - you will probably lose money. Those are definitely some common sense statements that can help you be more careful with ICO's and cryptocurrencies in general.
BTW, do not miss out on another great opportunity for which you will need only a keyboard and - expressing your opinion. What is the deal? We are dying to hear how do you like the podcast so far, so Luka offered up to give 100 AE tokens for the best review! The best one will be decided at the end of the season.
(HINT: we prefer the witty ones)
There are some more advanced techniques and methods that helped nowadays scammers to extend their frauds to various types of fields. One of them being the world of ICOs. As Luka goes into details, it all started during high peak craze, early 2017. when people realized ICOs are a super efficient way to raise money. As much there were diligent and hardworking people who just wanted to fund their business there were many more bad people who used the opportunity in this pretty unregulated field. Thus, the ICOs were forever branded.
However, Ivan and Luka want to believe, like many others, there is a way to demystify blockchain and cryptocurrencies. First thing is to educate people and second is to lobby by any means the necessity of regulation.
Luka's advice for every hyped BC newbie: If it sounds too shady - it probably is. If it sounds too good to be true and someone promises you infinite and fast returns - you will probably lose money. Those are definitely some common sense statements that can help you be more careful with ICO's and cryptocurrencies in general.
BTW, do not miss out on another great opportunity for which you will need only a keyboard and - expressing your opinion. What is the deal? We are dying to hear how do you like the podcast so far, so Luka offered up to give 100 AE tokens for the best review! The best one will be decided at the end of the season.
(HINT: we prefer the witty ones)