Pyramid Coins: Bitconnect & ICOs


#1

This could be a water cooler conversation, but I also believe it very much related to society.

I believe in principle that ICOs are a great attribute of Blockchain in general, but it’s also open to abuse, partially because it so unregulated. I’ve heard a bunch of people on YouTube mention things like 'it would not be allowed if…", but so many people don’t understand how unregulated the whole Blockchain activities and development is. This is both its strength AND weakness.

I’m not saying governments should regulate the activities in Blockchain land, but maybe we should some how contribute to regulation ourselves informally, or at least develop methods to protect ourselves, by decentralizing the research governmental organizations would do.

For example, if Bitconnect would be a digital service of a bank or any financial institutions, doing exactly what it does, but with shares in the stock market, how would we, the public, expect a government to protect use. Same as they do with food safety or the safety of other new products, like cars.
//bitconnect’s danger is not related to ICOs btw

And if we are not able to protect ourselves as a whole, but can only acknowledge a possible threat to the Blockchain ecosystem, what can be done to help us learn from a possible upcoming negative outcome (in case Bitconnect does turn out to be another Pyramid Coin, aka Ponzi Scheme)?

Would it make sense to list the names of people now actively promoting Bitconnect and using the referral program to creates gains at the expense of others?

I’m curious what others here think about this.

Should we do anything?
Can we do anything?
If so, what would that be?


#2

Please do something if you find proof they are scamming people.


#3

If it looks like a duck, swims like a duck, and quacks like a duck, then it probably is a duck.

It’s not possible to proof something is a scam (pyramid scheme). We can only warn people to do research and debate things with other critical thinkers. I’m just curious if we can use our collective minds to protect our interests and make sure we help people differentiate between good risks and bad risks.


#4

If they are not scamming people and the carry out their promise to share the profit. I guess they are way better than some of the ICO out there. Unless someone who is a victim we probably can’t do much. Have you dive in to study if their system works? After all it’s an open source fork from some other coin.


#5

You should consider that ponzi schemes are all fun and games until they explode.


#6

Where a lot money is … there are also a lot of scammers.

Instead of making lists of people, that are advertising scams, we should educate people how to identify scams and be in general more cautious.
Identifying scams is pretty easy - Anyone that wants to give you money for free, on a regular basis … is a scam :slight_smile: