Cryptocurrency has become one of the most sought topics all around the world. Year 2017 will always be remembered in the world of virtual currency. a lot of hue and cry made by almost countries and central regulatory authorities. Besides, Bitcoin "the boss of all virtual currency" jumped on the moon and made realized the world that government should think on it.
Cryptocurrency is generally treated as unregulated currency unlike other domestic currency which is regularized by the central bank . There is no any central authority to control this currency.
Do the Government should regulate Cryptocurrency ? OrDo Cryptocurrency really need an authority to be regulated?
this question has become really significant to all the investors , traders, and believers of cryptocurrency. There is a very clear concept that if a group of people doesn't have its own leader than there could create a great chaos among'st them at any point of them . Why this could happen? because each people in this type of group will behave himself as a leader or will try to dominate the group ,thus resulting into chaos.
the current scenario regarding these currencies are indicating the same thing . After the launch of Bitcoin in 2009, many coins are launched and minimum one currency or ICO (initial coin offering) are being launched everyday. since Billions of dollar is on the stake and these currencies / exchanges are not ready to look after the investor money nor ready to take responsible and available to answer.
This situation has created a serious issues regarding an investor protection right. Nowadays people are trading , investing at their own risk , they are enjoying till the profit is generated and as soon as the fund is blocked or coins been hacked by crooks , the people start the government to take action against them . Now in this case how any government can take action if it himself has no any control on whats going on there.
A very recent news from INDIA came on 15th December 2017 , when a cryptocurrency website Kashhcoin.net and named a fictitious currency Kashcoin . They asked their users to add their family members, relative and friends in the chain to give them profit. This website used the technique of multilevel marketing in this cryptocurrency fraud. People from Delhi, Haryana and part of the country lost their money lately crime branch arrested these crooks . The accused named Narendra Dhaiya is a jaat community member hails from Sonipat, Haryana. Rest of eight members are on the spotlight of the police, sooner or later they will be behind the bars.
named KASHHCOIN busted for fraud $7.79M . A gang of crooks has launched a website named
On 18th December 2017 one of the leading exchange of India issued a notification that , some people are using the name of Unicoin and asking people to deposit amount and promising to sell the I-phone 8, whereas Unicoin which is backed by funding is the exchange which deals only in the trading and not the product selling.
pic: south korea
On 22 November 2017 South Korean police busted $38 Million bitcoin Ponzi Scam .A group of seven people were running a Ponzi Scam on a large scale. They were targeting mainly middle aged new investors who were totally unaware of bitcoin . It promised investors to pay out 180% profit regularly if they invest using bitcoin .Thus these scammers cheat over 3900 people.
A Trader from Australia looses his AU$1600 in a Bitcoin scam. Victim claimed that scammers somehow controlled the google search result for his trading site. This way they accessed his real trading account and subsequently stole hi money from his account. Although this victim was a trader of cryptocurrency for five years , it was only a week after the incident this victim get into the contact with the website support. They hacked his account and stole his AU$ 1600
These incidents are really giving a sign to do something . Now the people should understand that any thing that is decentralized and uncontrollable can't exist for a long period of time. The time has come that the government should take a concrete step to take over the charge of these currencies and prevent from scamming .
If the scamming game will increase very soon these cryptocurrencies will loose their credit from the market and people. Thus whoever is talking about the virtual currency is the revolution will end up scam currencies.
Author : Satyam Kirti
