Finally ,a solution to fraudulent ICOs? - page 2.

Denies

full member

Activity: 532

Merit: 170

Quote from: florac9 on October 31, 2018, 04:32:42 PM

As I was surfing the web today I came across this wonderful news=

https://cointelegraph.com/news/erc-20-co-author-proposes-new-ico-model-to-protect-investors-from-fraudulent-token-sales

very soon we will start seeing reversible ICOs projects which will reduced scammy and fraudulent project ,finally dreams are coming true,the capability of been able to reverse your invested money in any ICO is wow!

yes maybe so that it can reduce ico which is really a scam, we all need regulation and how to deal with it, we welcome it well maybe this is a good start for the continuity of the crypto market

aalborg

full member

Activity: 602

Merit: 100

It is interesting approach,but I don't think RICOs will ever exist.
What if negative background will affect all tokenholders to get back their tokens?
In this case project will fail.

frchowe214

member

Activity: 402

Merit: 10

Refundable investments will definitely ensure these ico teams do the work we paid them to do. So many will simply drag on with no real development or they will just abandon the project and run away

Sadyshagg

member

Activity: 308

Merit: 10

There are many ways to fake anything and making themselves look important when in reality they are just copycats of something that existed before them and are pretending to do it better. And many ico use this.

Omela44

copper member

Activity: 266

Merit: 0

That is really good news. I really hope that will change the ico market and the scam ico disappear. If that happens, there could be a new boom in the ico market. Lets see if that is the solution.

bayu7adi

hero member

Activity: 1470

Merit: 555

dont be greedy

back to the Smart Contract that is used to carry out fundraising, which is more dangerous if the related investor does not understand the contents of the existing Smart Contract, there could be fraud which is fatal
I salute the German government for advancing cryptocurrency by providing the best solutions to overcome fraud that often occurs

kewlc3s

full member

Activity: 672

Merit: 140

Quote from: Correlll on November 05, 2018, 10:27:01 AM

We are all responsible for the scam ICOs in some way. If investors do not place their money in such projects and bounty hunters do not take part in such campaigns, there won't be any scam ICO at all. Be more selective guys.

Do not agree with you.
We, if you mean bounty hunters. Just hunters... We are looking for easy, sometimes not really easy, reward.
For scam ICO are responsible just creators of this ICO, and regulator that we don´t have at the moment. That´s it

thefoex

full member

Activity: 644

Merit: 101

Quote from: florac9 on October 31, 2018, 04:32:42 PM

As I was surfing the web today I came across this wonderful news=

https://cointelegraph.com/news/erc-20-co-author-proposes-new-ico-model-to-protect-investors-from-fraudulent-token-sales

very soon we will start seeing reversible ICOs projects which will reduced scammy and fraudulent project ,finally dreams are coming true,the capability of been able to reverse your invested money in any ICO is wow!

Don't be too hopeful, because scammers are smarter. they will always look for ways to get money from investors. so we must remain vigilant in choosing ICO projects, making sure they have a real team.

Correlll

member

Activity: 310

Merit: 10

We are all responsible for the scam ICOs in some way. If investors do not place their money in such projects and bounty hunters do not take part in such campaigns, there won't be any scam ICO at all. Be more selective guys.

electronicash

legendary

Activity: 3178

Merit: 1054

the problem with RICO is that which ICO team will try to use that if its going to be reversible? the team would prefer use an escrow kind of what it was before because at least they wouldn't feel like they are the ones being scammed if all took their ETH back. Just because someone who owns a huge follower in twitter accused them of being a scam.

irsada

full member

Activity: 994

Merit: 117

I hope there is a real work to get rid of the ICO scam project.
I think there is nothing wrong with RICO and we see how this will develop.

martin1221

full member

Activity: 504

Merit: 102

Quote from: florac9 on October 31, 2018, 04:32:42 PM

As I was surfing the web today I came across this wonderful news=

https://cointelegraph.com/news/erc-20-co-author-proposes-new-ico-model-to-protect-investors-from-fraudulent-token-sales

very soon we will start seeing reversible ICOs projects which will reduced scammy and fraudulent project ,finally dreams are coming true,the capability of been able to reverse your invested money in any ICO is wow!

I am not sure how this would be set up in the blockchain but it would be a helpful feature. They dubbed it as “reversible ICO” (RICO), a fundraising model that allows investors to return their tokens – and be reimbursed – at any stage of the project, via a special-purpose smart contract. Nice idea and would help people who will be scammed.

paynercash

member

Activity: 392

Merit: 10

send and receive money instantly, with no hidden c

Quote from: leviathon on November 05, 2018, 07:36:47 AM

I think that this is great, if there can be a way for people to get their money back after it has been proven that an ico is a scam then it would be good because there would be no way that the scammers will be making any money if all of it is reversed back to the investors. This can really help to reduce the amount of scam icos that we have in the industry

But how to do this, I think they are quite right but it is very difficult to do, today the scam ICO project is rampant in the market, our analysis is sometimes wrong and wrong choice. ICO project fraud. So be careful if you decide to invest in them

Absolutep

jr. member

Activity: 434

Merit: 2

I doubt if this method will be effective for long because dev are already coming up with another way to scam people like asking people to send sonr amount of ETH to the contract address to qualify them for an initial given away token,the dev claim that is not an ICO.let's wait and see.

jcpone

sr. member

Activity: 685

Merit: 250

The idea of RICO platform might be good just to increase the trust of the investors to ICOs. However, this is just one of the platforms that tokenized the process of ICO investments. Let's wait and see until the platform reaches the surface of cryptocurrency users. Its hard to see the real impact until it is fully functional.

andthereyou

full member

Activity: 616

Merit: 102

Quote from: florac9 on October 31, 2018, 04:32:42 PM

As I was surfing the web today I came across this wonderful news=

https://cointelegraph.com/news/erc-20-co-author-proposes-new-ico-model-to-protect-investors-from-fraudulent-token-sales

very soon we will start seeing reversible ICOs projects which will reduced scammy and fraudulent project ,finally dreams are coming true,the capability of been able to reverse your invested money in any ICO is wow!

There were many ICO offered last year and this year that have similar purpose of erc20 token in the article. However still I could not find any project using the token. I think people still prefer to use traditional way of raising money in ICO.

leviathon

member

Activity: 392

Merit: 13

I think that this is great, if there can be a way for people to get their money back after it has been proven that an ico is a scam then it would be good because there would be no way that the scammers will be making any money if all of it is reversed back to the investors. This can really help to reduce the amount of scam icos that we have in the industry

pawanjain

hero member

Activity: 2702

Merit: 716

Nothing lasts forever

This ICO model would surely be a good model from investors point of view but it would be a very risky model if you see it from the project's point of view.
If people could reimburse at any point of time during the ICO then the project development would be at stake since people easily believe in FUDs these days and may panic sell the tokens at any time.
I don't think this solution will be adapted soon or will receive good reviews from many despite it favoring the investors.

CptWhsikeyjack

member

Activity: 79

Merit: 10

ERC20 Address:0x09b9b7032c3ad01E42aD8A185D765a6d03

Quote from: florac9 on October 31, 2018, 04:32:42 PM

As I was surfing the web today I came across this wonderful news=

https://cointelegraph.com/news/erc-20-co-author-proposes-new-ico-model-to-protect-investors-from-fraudulent-token-sales

very soon we will start seeing reversible ICOs projects which will reduced scammy and fraudulent project ,finally dreams are coming true,the capability of been able to reverse your invested money in any ICO is wow!

Lets see people will still find ways to scam you. People have now started to pose as admin members of prominent coins and are using that to scam people. And platforms like telegram arent doing squat.

Ini35

member

Activity: 448

Merit: 12

Quote from: florac9 on October 31, 2018, 04:32:42 PM

As I was surfing the web today I came across this wonderful news=

https://cointelegraph.com/news/erc-20-co-author-proposes-new-ico-model-to-protect-investors-from-fraudulent-token-sales

very soon we will start seeing reversible ICOs projects which will reduced scammy and fraudulent project ,finally dreams are coming true,the capability of been able to reverse your invested money in any ICO is wow!

Whatever has advantage, also has its own disadvantage. Although, this is a step forward to protect investors in this era that we have so many scam ICOs.
This will make developers or CEOs of ICOs to be more careful and come up with genuine and good usecases before lunching their ICOs. Also, it will help to maintain the integrity of blockchain and cryptocurrency.
The exception here, would be with the spread of FUD. Owing to the fact that people easily react to even fake news.

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