And if that weren’t enough, you have to make sure you don’t fall victim to ICO scams as well.
That’s not because they were necessarily scams, but simply because of mismanagement, lack of budget, or a poor marketing strategy.
Let’s take a moment to look at the five biggest scams in crypto history and what we can learn from them.
Centratech
A classic case of smoke and mirrors, the team behind Centratech went to amazing lengths to catch investors’ eyes.
The fact remains that if ICO scams continue and investors keep losing money, the whole crypto market will collapse.
Generally, when we see reports of cryptocurrency and blockchain crime, we see reports of either hackers or ICO based scams. I suppose these methods are the most common for stealing crypto assets because ultimately, they are the most covert.
This week the Twitter handle @Bitmaintech was locked down because Twitter administrators claimed the account belongs to a 4-year-old. The Twitter handle’s owner and Bitmain’s head of marketing have complained to the social media company’s support team and Twitter’s CEO Jack Dorsey.
Venmo could be the ultimate cryptocurrency experience from a user-experience perspective. Any cryptocurrency that seeks to power the future of global transactions must ensure that it is supported by a payment system that is simple, user-friendly and free — like Venmo.