Needed: Large-scale educational projects to combat hacking and fraud


A common explanation for the common threat to mainstream adoption of cryptocurrencies is that regulators should make Kiboshi legitimacy, much easier to use by “average” people, and mitigate the magnitude of volatility.

All true. But there are things that matter as a result: scams, hacks, fraudulent exchanges, dumps, etc. why? Every attack leaves a scar. And the scars are accumulating quickly.

According to study by chain analysis, Scammers stole $14 billion worth of cryptocurrency in 2021, representing hundreds of thousands — perhaps millions — of victims in a community where every negative experience is voiced in the echo chamber.

Today, few are immune to scams and attacks.

The urgency to dominate the Dark Web is rooted in behavioral economics: loss aversion. In most cases in the mainstream, losing “significant” sums to fraud or hacking has a good chance of ending your entire asset class. For a very long time, if not forever. The specter of loss drowns the potential of profit.

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And unfortunately today almost every There are quite a few cryptocurrency traders and/or users who have been harmed. (Even Ethereum co-founder Vitalik Buterin was a victim of the scam. Cryptopians.) Bad guys are just good guys.

Example 1. I read that some of my favorite tokens on Reddit are airdropping. I’ve heard that other people have been given these “free gifts of money”, so if you go to the link, you’ll be taken to a page that looks like a real trading book. “For every token you send us, we’ll send you two as a reward, up to 500.” There is a timer to notify you that the event has 30 minutes left. It is better to rush to get tokens. So you do. What you will soon discover is that the Reddit channel you learned about the “offer” is not official. Airdrops were a scam. The timer kept restarting on its own. And you send your tokens to someone you don’t know at all.

Example 2. Enter the URL “coinbase.pro.com” and you will see a screen stating that your account has been compromised and you will be given a number to call. We ask for your date of birth, email address and account information so that the other party can reset your username and password. I start to have doubts, but I feel the pressure. So, while you provide what they ask for, the knot of your gut senses that you have provided too much information than you should have. The coins will be removed from your account in no time. The exact URL was “pro.coinbase.com”.

Example 3. You’re new to the space and feel like you’ve missed a coin that created an “overnight sensation” and made a lot of money for a lot of people. Therefore, if you see an opportunity to invest in SQUID Coin, squid game, dive into the popular Netflix series. However, two weeks later, you learn that developers whose names can’t be found have abandoned the project and have cleverly set up an exit trap called an “anti-dumping mechanism.” Your coins have no value. You just took the rug out from under you.

Now imagine these real scams and thousands of other scams repeating 24/7.

Relevant: 4 Clever Crypto Scams To Watch Out For — Dubai OTC Trader Amin Rad

As each day goes by, the momentum and passion crumble.

Constant and cunning drumbeats like Axie Infinity’s $650 million Ronin Bridge hack, Beanstalk Farms’ $182 million flash loan attack, and Crypto.com’s $33 million user wallet hack, for example Dragging attacks further accentuate suspicion. (These all happened this year.)

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Sooner or later, outlaw stories dominate. Meanwhile, continued mainstream adoption presents even more nefarious opportunities as more “newbies” who simply don’t pay attention to best practices for protecting their funds face more. Millions of prospective participants are now watching from the sidelines, preaching “I told you so” to new victims.

This leads me to my key suggestion. That is, the urgent need to take the offensive. It’s a marketing blitz.

Yes, the quest for innovative new safeguards and security features is warranted and welcomed. But that’s not enough.

Relevant: To Defend Cryptocurrencies: Why Digital Currencies Need a Better Reputation

What you need now, whether it’s the Manhattan Project, the Marshall Plan, or any other metaphor you can think of means to quickly energize vast resources and generate actionable solutions to problems. A technological revolution can be tough because you have to face the facts. It will get much worse before it gets better.

Crypto needs a rallying cry, a manifesto, and an educated public for its enormous potential to be realized. Simply put, it leads the narrative, drives discussion, fosters secure adoption, and helps the latest participants in the crypto community grow with their creators. Crypto requires member-funded and coordinated campaigns.

Crypto With Confidence Project Introduction

Here’s what I’m suggesting:

  • Top 25 projects by market cap, top 10 centralized exchanges, top 5 prime brokers, top 3 global trade associations and other stakeholders come together to create foundations, decentralized autonomous organizations, or other entities with category consumer education . It’s all about enabling people to encrypt with confidence. (Do you treat “cryptocurrency” like a verb? Why not?)
  • Members of the group that provide funding and market leadership are promoted to “sponsors” of subsequent campaigns that help them claim security and defend their brand. It also promotes harmony.
  • Task 1: Create content that corresponds to public service announcements and “how to” content to help consumers become more vigilant about the threats they face. “You can do it!” It lies somewhere in between. And “Watch out!” — “Isn’t the new technology great!” In-between — the idea is to groom and educate the activist public to thwart crypto-criminals, and provide the calm and confidence to engage with crypto and Web3 passionately.
  • Task 1a: Create a universally usable PARK-like mnemonic. For example: “Go to PARK before you start trading – pause, rate, request, hold.” stop to ask a question, Is it too good to be true? Is this unusual? Evaluate The companies, projects and/or people in which you are participating. do you know them do they know you Did you finish your homework? demand Make sure you provide information, ask questions, and act responsibly. maintain Keep your private key safe and share it with anyone who has access to your funds. Of course, there are several ways to approach this.
  • Now it’s important to set the right tone and make the “fun” effort to ensure success. It’s really fun – to convey a serious feeling without being so serious that you have to concentrate. It’s clear that something aimed at mainstream adoption is behaving in a very mainstream way. Think of a rotating cast of A-list actors playing the pseudonym Satoshi Nakamoto, or a Marvel character defeating a punk crook. And this cannot be a one-time thing. It should start big and then become an ongoing campaign.
  • Incorporate Marketing Best Practices: Create a content curriculum, including courses ending in certification. Keep them engaged through newsletters, Discord or Telegram channels, email journeys, etc. Reward them Take your time and use cryptocurrency to be smarter and stay vigilant.

The Crypto With Confidence Project will help accelerate safety and security best practices, as well as mitigate key regulatory claims. Consumers and investors cannot protect themselves.

See, Web3 is still in its infancy. The perceptions, attitudes and behaviors formed today will have a profound impact in the decades to come. If venture capitalists can raise billions of dollars to fund new projects and protocols, the community can certainly come together and make massive statements about how they are collectively seeking the best interests and well-being of those who want to get involved. .

Come on, let’s go. are you

This article does not contain investment advice or recommendations. All investments and trading involve risks and readers should do their own research when making decisions.

The views, thoughts and opinions expressed herein are solely those of the authors and do not necessarily reflect or represent those of Cointelegraph.

Rich Feldman He leads the marketing of Finario, a global enterprise capital planning software-as-a-service (SaaS) provider. Rich has taught strategy at New York University and Syracuse University Newhouse School, is an Adjunct Professor at Western Connecticut University, and is an Advisory Director to the Ancell School of Business. He is also the author of the book. Deconstruction of creative strategies Published by the National Association of Advertisers.

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