How do you make sure a projects funds are safe? - page 6.

blockman

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Quote from: Surmount on July 11, 2021, 08:13:48 PM

Quote from: blockman on July 11, 2021, 07:33:43 PM

You can check their contract address, most of the projects got their contract address so that's part of checking if the funds were there and secured by the development team. But why are you making that sure that it's safe? you should always be active on their telegram or any means of communication with their community because they're the ones that will answer on how you'll check if the funds of the project are there. There would always be a way to contact them and ask your question directly. For example, what's the current project that made you ask this question? you contact them and this question directly to them.

I am asking about projects in general.

Many projects will raise money for development by selling tokens. There have been many projects that will sell tokens and run away with the money.

I want to know what the community would like to see changed in this topic to prevent this from happening in the future.

More public development teams for sure but is there anything else a project can do to build trust?

Just a continuous development and update to their community. I guess that would suffice to build the public trust that they need to their own community. It's something that other projects don't know how to handle because they're all thinking about building from zero to hero but they are forgetting their very foundation and that is the trust of the people. Without such, they'll never move on and cannot get the success that they need respectively with their roadmap and what's on it with their road maps.

accounting 181293

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my reference is their community, a project with an active community will give us accurate information about everything we need. whenever something went wrong, there would always be someone who was critical of it and brought it up to the community. so to see if the dev project is good or bad is very easy. just look at their community.

Surmount

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Quote from: blockman on July 11, 2021, 07:33:43 PM

You can check their contract address, most of the projects got their contract address so that's part of checking if the funds were there and secured by the development team. But why are you making that sure that it's safe? you should always be active on their telegram or any means of communication with their community because they're the ones that will answer on how you'll check if the funds of the project are there. There would always be a way to contact them and ask your question directly. For example, what's the current project that made you ask this question? you contact them and this question directly to them.

I am asking about projects in general.

Many projects will raise money for development by selling tokens. There have been many projects that will sell tokens and run away with the money.

I want to know what the community would like to see changed in this topic to prevent this from happening in the future.

More public development teams for sure but is there anything else a project can do to build trust?

blockman

hero member

Activity: 2940

Merit: 627

Vave.com - Crypto Casino

You can check their contract address, most of the projects got their contract address so that's part of checking if the funds were there and secured by the development team. But why are you making that sure that it's safe? you should always be active on their telegram or any means of communication with their community because they're the ones that will answer on how you'll check if the funds of the project are there. There would always be a way to contact them and ask your question directly. For example, what's the current project that made you ask this question? you contact them and this question directly to them.

Surmount

copper member

Activity: 21

Merit: 5

Hey everyone,

How do you verify that a projects funds will not be stolen by the devs? Many projects hold ICO's or some other sort of sale to raise money for development and many have turned out to be scams where the dev steals the money.

What are you looking for to verify that they won't run away with the cash?

Any ideas on how a project can build trust with the community on this topic?

What would you like to see DAO projects do in the future that would help build trust and make sure funds are secure from theft?

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