I love your solution / suggestion for ICO promotors and bounty managers. Many people have got many losses following scam IOCs, including me. So, I am sure your suggestion will bring a better change in bounty system. I really hope, it can be implemented.
Below, I try to analyze it: 1. A lot of scam projects are creating bounty campaigns and ANN threads. Once the bounty campaign is finished, they vanish all of a sudden without paying the bounty hunters and leaving the investors in limbo.
I experienced many times to see a bounty manager from a bounty program is taken from the team members of an ICO project. And the result when the bounty program ends, he leaved the bounty program together with all the project team members. I want to say that, It is very risky when a bounty manager is taken from an ICO project. Moreover, the project doesn't spend a lot of money to do that. They will disappear easily.
By having deposit 0.1% of the total amount (of the softcap) in an escrow account, we can lessen their chance of leaving.
2. The quality of the bounty managers have gone down. Junior level members are acting as bounty managers and they often don't update the spreadsheets and sometimes indulge in cheating by enrolling proxy accounts to the campaign.
It is true. There are some bounty managers with Junior level currently, and personally I don't know well who they are.
Yes, we need a list of trusted and experienced bounty managers with good track records. And all people can see the list easily to remind them. It can be a guide to choose a project with good bounty manager.
3. Large number of newbs are signing up for bounty campaigns, often enrolling using purchased Facebook / Twitter accounts (esp. in Social media bounty). The quality of posts being done by the bounty campaign participants have gone down quite a lot during the last few months.
To be honest, you said a truth. Many purchased social media accounts. It because of the prices of the social accounts quite affordable. We need KYC or something like KYC for this case, to minimize the fraudulence.
4. Even those bounties which pay end up listing at 80% or 90% discount to their original prices and in the end the honest bounty campaign participants end up with very small rewards. On the other hand, those signing up with 10-12 multiple accounts end up with sizeable rewards. And it is the latter category, which indulges in token dumping.
Yes, the problem of multiple accounts seems hard to solve. Especially in signature campaign, as we know many signature campaigns have big rewards. When someone joined a bounty project with multiple accounts, It can harm other participants. Moreover It can trigger to dumping, the token price is very low / cheap.
5. There is no incentive to hold on to the tokens, as a majority of the ICO promoters dump their tokens in the market and vanish. If you check, the vast majority of the listed ICOs are in a dormant or defunct state now.
This is a very bad result. I know it, many worthless tokens on exchanges. They have no prices, and seem to dead. The promoters just need big profits, don't really take attention to the community.
