Quote from: Sithara007 on November 05, 2019, 02:43:09 PM

Quote from: BartS on November 05, 2019, 02:53:22 AM

Many complain about the high level of scams going on in the market but the same is happening with credit cards, hackers are taking advantage of the lack of culture when it comes to online security and they are making themselves rich in this way.

But the problem is even more acute in this market because as we know there is not a central authority that will protect you in the case you lose your coins, we were supposed to take that role and it seems many people are failing at that task.

You can't really compare the ICO scams with credit card hacks and all, because nowadays a majority of the ICOs are turning out to be scams. For comparison, in case you are using a credit card, what is the possibility of it getting hacked in a given year? I am not saying that credit card hacks are rare, but when compared to the frequency of scams in the ICO sector, such incidents would look like exceptions.

And during the past several years, the scammers have managed to pull multi-billion USD worth of scams using cryptocurrency. The best example is that of the PLUS Token scam, which is believed to have stolen more than $3 billion from tens of thousands of users. With cryptocurrency scams getting bigger and bigger, it is no longer possible for us to sweep them under the carpet.

I can compare them, even if there are high probabilities of being scammed if you invest in icos my point is that any form of digital payment is subject to the same security issues hackers can exploit and the only way to completely avoid this is to use cash or gold.

But we are not going back to those days and that means that regardless if there is a centralized institution behind you or not people need to take responsibility of what they do online with their computers and this is not only a problem of this market but of every market.