Crypto Academy || Season 3 - week 6 || Homework Submission post for Professor @yohan2on Crypto Scams and how to avoid them ||by @kingworldline

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Is quit a pleasure to participate in this assignment which the aim and focus was based on the scam and how to handle it, most especially at this jet age which every single thing we do is technical incline, which means the more we get advance the more cyber stealing and scamming.
Thanks for the knowledge from this lesson which was thought by @yohan2on.
Am @kingworldline
I welcome you to my Homework work enjoy the reading...

QUESTIONS ONE
What Are Crypto Scams?
Make Your Research On Any Cryptocurrency Scam. (Attach A Few References To The News Surrounding That Scam Crypto Project)

Before i define crypto scam let's just look what is crypto all about, crypto is also known as cryptocurrency.

A crytocurrency is a form of digital currency or the virtual currency spread around the globe which is virtually secured with cryptograph which makes it so difficult to manupulated by the scammers and as well to counterfeit it, doublespend. Cryptocurrency are Decentralised network which base on the blockchain technologytechnology.

Other defining features about cryptocurrency is that they operate on decentralised system of which there is no centralised power or authority and also the are not under the control and the immune system of the governmental body.

The word crypto is actually derived and gotten from the encryption techniques which actually secure the blockchain network

Cryptocurrency has been critized over illegal activities, exchange rate voltality and that if the vulnerabilities of infrastructure, in the other way round they have be praised over inflation resistance, portability divisibility and as well transparency

Crytocurrencies are system which actually allow us to trade in exchange of our asset and as well to secure on line payment which are termed as virtual tokens which it entries are in the ledger.

With cryptocurrencies in existence there are many other challenges facing it or weighing the system down in operation which cryptocurrency scams is a very big challege to the entire blocks.

Cryptocurrency scam is the means at which the system operation is being counterfeited in a similar and unique form in other to drive away people or traders assets (crytocurrencies) for the own interest which slow down the progress of the system.

Cryptocurrency scam is a means at which scammers use to trick people to
lost, this can happen in various means which are;
•Email
•Online chain
• Bogus investment
and as well business oppotunity.

The scammer are not after us rather they are after the asset (cryptocurrency) which we posses as possession. of which they apply all tricks to get it.

Make Your Research On Any Cryptocurrency Scam. (Attach A Few References To The News Surrounding That Scam Crypto Project)

A currency being a new mechanism for digital means of transaction, there also the negative effect also in votality, risk, scam, involveed in in the virtual transactions.

Is recommendable to consider and confirm some fact for digital crytocurrencies based on there
• Blockchain Powered
• which means they track trasaction data.
• And as well there business plan

Here are some of the cryptocurrency scam that lack ability form in the above mentioned consideration as the question implies

•Fake Mobile Wallet Applications :
This a means at which investors are be traped or tricked with the use of similar, unique application in the name of deposting their coin into the wallet without knowing that is on the wrong wallet which is quit different from the original wallet which has different configurations and settings aside from original wallet application.

Meanwhile this is commonly found among the android version of phones for transaction which can be in form of both the original and fake having a unique name, a unique interface, it branding, logo unique pages with different result which are the outcome,

• Scamming Emails
Email scaming is another means at which our currencies can be manupulated through fake or initial
Coin Offerings, is also a way to drive away our substantial found with out our real consent.

Imoposter Websites
Web scam is one of the challeges cryptocurrency have been facing currently, i account that alot of peoples have been track down by visiting the wrong web address which may be caused by the uniqueness of the fake web address and their site logo, there interface of the platform, the web address may differ in Example.com or Example.org which is almost similar and unique, this may lead to misleading to wrong address.

There are alot of website which have been set up aside the original.
If there is no indicator of a locking key which signify security near the URL bar and as well "https" in the site, therefore think twice wise before you visit the site to avoid scam.

Social Media update
If you following celebrities and executive on media, you cannot detect whether you are following impostor accounts. This is the same with cryptocurrencies where there are alot of impersonator are rampant bots looking for who to devour his assset.

Fake P2P Platform And Group
There are now many platforms on offering P2P in social medias on whatsapp facebook group, telegram, which are fake in term of buying cryptocurrency which there are after buying cryto without payment which may later in the nearest future can be shot down from operation.

(Attach A Few References To The News Surrounding That Scam Crypto Project)

The cybercrime combating unit of Of Ukrainian police have discovered a operating network which deals with trading site, of which four suspected individuals where arrested for illegal act on on offering fake online exchange services, of which they lure six different website which are moneycraft.info, swapex.net,
myexchanger.lv, iconvex.net, likechange.biz, and wowex.online.

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QUESTION TWO
To what extent have Crypto scams affected the Crypto space?

Restrictions And Ban:

Like in my country few months ago, it happen that cryptocurrency activity was banned without any tangible reason for the banning which they later lift the ban, this was one the rumours was due to the extent scammers have deceive there follow being the in cryptocurrency trading.

Negative Mentality:

Change of metality came as the result of what the investors hear, rumour around the town can equally be attribute or which determine how there mentality is configured meaning that what ever happen around them determine what goes in their memory,

Since the rumours around the town is againt crytocurrencies, this change the atmosphere of the thinking of the individuals to start having the doubt and unbelievable mindset which affect their decision on trading.

Bad Reputation:

Due to the bad rumour and news flying around can influence the image and as well the reputation they have, which may create a vaccum of conspiracy which affect the stability of system in term of the pregression.

Will Regulations In Crypto Add Value To The Crypto Space?

The answer to the above question is NO but in some case it can contribute a little improvement.
Because once regulation is implement is going to affect cryto space in the sense that alot of operation within it will be regulated by an external or centralized authority which will affect the flow of the system there by paralyzing the system in one way or the other in the their function.

To rest this case let look into some reasons behind it and its pro and cons why it should not be regulated
due to to the fact that it will affect the crypto space.

PROS

The good side of it is that once a central authority take in term of regulating and maintaining the on going operation, the issue about fear to invest on the system will be past tense due to to the fact that is a well recognize body like the Government are fully in charge and as can well held reposible for any thing or issue caused or miss founding.

Cons
In the other hand not regulating the activities of the blockchain and it's crytocurrencies will enhance and give the system a proper freedom in running it's activities at any given time without enquiring order from the central authority which makes it a decentralized media.

Conclusion

This was base on cryptocurrency scam, which is one of the serious challeges the cryptocurrency space is encountering in thier operating system.

Meaning while i was able to tackle down the the various means at which the scamer approach individual and collective asset with their various tricks.

In conclusion the cryptocurrency should not be regulated least it will loose it dignity and foundation upon which it was built upon to operate on.

Thanks

My Regards To
@yohan2on

Am @kingworldline