Necessary: ​​A major educational project to combat burglary and fraud

Necessary: ​​A major educational project to combat burglary and fraud – Mail Bonus

A common narrative of the prevailing threats to the general adoption of cryptocurrencies is that regulators will put kibosh on their legitimacy, it will be much easier for “ordinary” people to use and the amount of fluctuations will have to be mitigated.

All this is true. But there is something that is perhaps the same consequence: cheating, hacking, fraudulent exchanges, junk and the like. Why? Every attack leaves a scar. And the arrow multiplies rapidly.

According to a Chainalysis study, scammers came up with $ 14 billion worth of cryptocurrencies in 2021, representing hundreds of thousands – maybe millions – of victims in a society where every negative experience has a voice in the echo chamber.

Today, very few people are immune to fraud and attacks

The need to dominate the dark web is rooted in behavioral economics: loss phobia. For most people in the mainstream, when they lose a “significant” amount of money due to fraud or burglary, there is a good chance that they will be left with the entire asset class – if not forever, for a very long time. The ghost of loss drinks up the possibility of gain.

And, alas, the odds today at almost who the cryptocurrency trader and / or user who is the victim is quite high. (Even Vitalik Buterin, co-founder of Ethereum, was a victim of the scam described in the book The Cryptopians.) The bad guys are simply so good.

Example one. You read on your Reddit that your favorite icon is making an airplane. You’ve heard that others have received these “free cash gifts,” so you’ll jump to the link and be taken to a page where you can see what a living business book looks like. “For every token you send us, up to 500, we will send you two back as a reward,” it says. And there is a timer that indicates that there are only 30 minutes left of the event; you should hurry to get your tokens. So you do. What you will soon learn is that the Reddit channel where you learned about the “offer” was not public; the airfall was a scam; the timer constantly restarted; and you send your tokens to a complete stranger.

Example two. You enter the URL “coinbase.pro.com” and a screen will appear stating that your account has been compromised – and given a number to call. The person on the other end asks for your date of birth, email address and account information so they can reset your username and password. You start to get suspicious but you feel pressure. So you give up what they have asked for, while a knot in your gut senses that you gave way too much information than you should have. Before long, coins are missing from your account. The correct URL turns out to be “pro.coinbase.com”.

Example three. You are new to the space and feel like you have lost the coins that have been an “overnight feeling” and made so much money. So, when you see an opportunity to invest in SQUID Coin – which will be part of an online game based on Squid game, the popular Netflix series, you jump on it. Two weeks later, however, you find out that the contractors – whose names are nowhere to be found – have abandoned the project and cleverly set an exit trap called an “anti-dumping system”. Your coins are worthless. You have just pulled the rug away from you.

Now imagine that these real scams, and thousands of others, are repeated over and over and over again – 24/7.

Connected: 4 smart cryptocurrencies to beware of – Dubai OTC trader Amin Rad

With each passing day, momentum and enthusiasm are at stake

Against this steady, sloppy drum beat, notable attacks further underscore doubts: $ 650 million Ronin Bridge hack Axie Infinity, $ 182 million flash attack Beanstalk Farms and $ 33 million hack Crypto.com of user wallets, for example. (This has all just happened this year.)

Before long, a lawless narrative prevails. At the same time, continued general adoption offers even more dishonest opportunities, as “newcomers” – who are simply not following their best practices in protecting their assets – are even more victims. Millions of prospective participants are now watching on the sidelines, preaching “I told you so” to the latest victims.

Which brings me to my main suggestion: the urgent need to go on the offensive. Marketing efforts.

Yes, the search for innovative new security measures and security features is responsible and welcome. But that is not enough.

Connected: In defense of cryptography: Why digital currencies deserve a better reputation

What is needed now is a Manhattan project, a Marshall Plan or any other metaphor you can think of that means galvanizing large resources quickly and producing a viable solution to a problem. Because let’s face it, technological revolutions can be unequal; it will get much worse before it gets better.

Crypto needs effort, strategy and an educated public to ensure that its formidable potential becomes a reality. In short, lead the story, guide the discussion, promote secure adoption, and help the newest members of the cryptocurrency community grow hand in hand with its authors. Crypto needs a co-ordinated, sponsored campaign.

We present the Crypto With Confidence project

Here’s what I suggest:

  • The top 25 projects by market value, the top 10 centralized exchanges, the top five brokers, the top three international trade organizations and other stakeholders come together to create an institution, a distributed independent institution or other entity where consumer education is all it does to ensure people can encrypt with confidence. (Refer to “cryptography” as a verb? Why not.)
  • Funding and market leadership members are introduced as “sponsors” of subsequent campaigns, which help them maintain their security commitment and promote their brand. It also predicts unity.
  • Job 1: Create the equivalent of public service announcements and “how to” content to help consumers be more aware of the threats they face. Located somewhere in between “You can do it!” and “Beware!” – with “Isn’t New Technology Awesome!” Thrown in between – the idea is to groom and educate the activist public in preventing cryptographic crimes and providing peace of mind and confidence to actively participate in cryptography and Web3.
  • Job 1a: Create a monument like PARK that can be used in general. For example: “Before launching an entry, switch to PARK – Pause, evaluate, request, hold.” Pause to ask the question (s), Is that too good to be true? Is that unusual? Evaluate the company, project and / or people you interact with. Do you know them? Do they know you? Have you done your homework? Request information, ask questions and make sure you behave responsibly. Halda Secure your privacy keys and share them with no one but you who have the right to access your funds. Of course, there are many ways to approach this.
  • Now, to give the right tone and ensure that it succeeds, it is important to make the campaign “fun”. Really fun – so I can not avoid watching, so that the feeling of seriousness is conveyed without being serious, so that it is clear that something intended for general adoption works in a very general way. Think of Marvel characters defeating punk cheats or spin-offs of A-list actors playing the pseudonym Satoshi Nakamoto. And this can not be a one-and-done thing. It needs to start big and then become a continuous campaign.
  • Introduce best marketing practices: create study materials, including certification courses; promote continuous participation through newsletters, Discord or Telegram channels, e-mail tours, etc .; reward them for giving you time to be smarter and more alert with – you got it – cryptography.

Think about it: not only will the Crypto With Confidence Project speed up best practices in security and safety, it will help reduce regulators’ central arguments; consumers and investors can not protect themselves.

Look, Web3 is still in its infancy. The perceptions, attitudes, and behaviors that are formed today are likely to have a material effect in the coming decades. If venture capitalists can raise billions to fund new projects and protocols, society can certainly come together to make a massive statement about how it is in common to look after the welfare and interests of the people it hopes to engage in.

So, let’s go. I have. Are you?

This article does not include investment advice or advice. Every investment and business involves risk and readers should do their own research when making a decision.

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

Rich Feldman leads marketing for Finario, a global software development company. Rich has given policy lectures at New York University and Syracuse University Newhouse School and is an adjunct at Western Connecticut University, where he is an advisory board member at the Ancell School of Business. He is also the author of the book Deconstructing creative direction published by the Association of National Advertising.