Topic: ["Proof-Of-Establishment"] - Possible solution for frauds? - page 2. (Read 576 times)
I just heard the ICO. maybe because I am still a new member in this forum. but to reduce fraud in fact it must have clear legality so that between investors and ICOs can be as bright and investors also don't hesitate to invest.
Your ideas are good in hearing but this is very difficult to implement. Such type of idea implementation requires strict regulation that is not present in this market. You should be careful when investing in a project and try to invest in a reputed project like bitcoin.
I read the second part again, the issue with the "Trusted Investments" is the fact you are still unprotected even if you know personally the ICO organizer - The suggestion here is not to protect by trust, but by pre defined trust rules directly from the ICO contract
Your ideas are good in hearing but this is very difficult to implement. Such type of idea implementation requires strict regulation that is not present in this market. You should be careful when investing in a project and try to invest in a reputed project like bitcoin.
Well, Everyone need to start from somewhere 
There are a few scammer detection projects like Menlo.one which seems pretty diligent in bringing out fraudulent activities in mission of minimizing them in this platform. Your idea is truly pretty similar to DAICO, and has huge possibilities, do let me know on the progress, would be willing to have more insight on the operations and advertising schemes.
I saw this project, the problem is that it's based on a certain pattern that once the pattern is known it is very easy to fool itActually this idea is easy to explain but very tough to implement because if we want to implement such types of idea then the market is not still ready for this I think we can apply this in future also we should careful about investing.
Well, The idea behind my suggestion is to apply this logic within the crowdfunding contract, this way it will return trust to the ICO organizers as well.Your concept is really foolproof. I completely agree with what you have suggested. See if you can find people who can help you with the project. I also thought about something like this where the ICOs need to register by making some down payment which will become withdrawable to them once the project has ended and they have returned all their investor's money. However, that's just a concept, your's one is a plan, much stronger.
Well, This is the less easy part 
Your concept is really foolproof. I completely agree with what you have suggested. See if you can find people who can help you with the project. I also thought about something like this where the ICOs need to register by making some down payment which will become withdrawable to them once the project has ended and they have returned all their investor's money. However, that's just a concept, your's one is a plan, much stronger.
There are a few scammer detection projects like Menlo.one which seems pretty diligent in bringing out fraudulent activities in mission of minimizing them in this platform. Your idea is truly pretty similar to DAICO, and has huge possibilities, do let me know on the progress, would be willing to have more insight on the operations and advertising schemes.
Your ideas are good in hearing but this is very difficult to implement. Such type of idea implementation requires strict regulation that is not present in this market. You should be careful when investing in a project and try to invest in a reputed project like bitcoin.
What an insight this is for me. Thanks for sharing this
Hey, Glad you liked it - if you have any suggestion for this on developing idea, I will be glad to hear about it!
What an insight this is for me. Thanks for sharing this
This idea is seems to be good. I think fraud can reduce if new ICO increase legality and authenticity. The new ICO must have an official letter from this institution. If it will happen I am sure its difficult for fraud.
Thank you for the the thought
This idea is seems to be good. I think fraud can reduce if new ICO increase legality and authenticity. The new ICO must have an official letter from this institution. If it will happen I am sure its difficult for fraud.
The crypto community shall develop some programs or activities in order to track the frauds. They should also educate the members or investors on how to track the frauds for the betterment and safety of the crypto world.
Yeah, But it's not that simple, there were many cases on which you had trustful advisors and known personalities behind the project - which did not do an ICO scam perhaps, but are not progressing with the project and probably will not progress with it at all.
The issue is the fact that you have zero control over the project/finance from the moment you have sent the funds into the funding contract.
That's why the ico developer must have given their KYC to the platform that will helpt their platform to raise the funds. When the fund will be sent to the ico contract and then the only party can contro the fund is only the contract creator.
In the current market state, the contract creator is the ICO or the platform provider - and in such case, the control goes back to the centralized method in which the owner owns all, and not the based on the community trust (which is incorrect in my opinion). or did you mean something else?
The crypto community shall develop some programs or activities in order to track the frauds. They should also educate the members or investors on how to track the frauds for the betterment and safety of the crypto world.
Yeah, But it's not that simple, there were many cases on which you had trustful advisors and known personalities behind the project - which did not do an ICO scam perhaps, but are not progressing with the project and probably will not progress with it at all.
The issue is the fact that you have zero control over the project/finance from the moment you have sent the funds into the funding contract.
That's why the ico developer must have given their KYC to the platform that will helpt their platform to raise the funds. When the fund will be sent to the ico contract and then the only party can contro the fund is only the contract creator.
How will it work?
Let's take for example that the ICO has ended and managed to crowdfund 1500ETH, and tokens were distributed between all of the participating community.
In the current state of the market, The community can start selling the tokens, and the Company behind the ICO can use all the funds that they have gathered during the sales stages.
The "Proof-Of-Establishment" concept will contain within the creation of the Token contract a unique wallet which will be limited - Sort of "lock per period" mechanism which will be transparent for the investors, which will do aggregative
I think the main problem with ICOs is not that investors sell off the tokens, but that the tokens are not distributed in the first place or, when distributed, are not listed on exchanges. It is mainly the team scamming investors, not the other way around. That's why I would be against locking up the tokens, even though it could prevent panic selling. Investors have their right to decide when to dump the project and when to buy some more tokens. This contract will be unfair to them and will not help solve the problem of ICO scamming.Let's take for example that the ICO has ended and managed to crowdfund 1500ETH, and tokens were distributed between all of the participating community.
In the current state of the market, The community can start selling the tokens, and the Company behind the ICO can use all the funds that they have gathered during the sales stages.
The "Proof-Of-Establishment" concept will contain within the creation of the Token contract a unique wallet which will be limited - Sort of "lock per period" mechanism which will be transparent for the investors, which will do aggregative
Well, Basically you are describing here the exact main market issue, the need and the hurry to do the Pump and Dump right after the tokens are distributed, if we take for example the conventional markets, Investors that are investing in startups / Companies, basically seeding the funds (same as with the ICO procedure, otherwise if you have a finished product there is no use case for ICO).
The proposal is that the workflow will be Seeding - with the right collaboration between the ICO and the community, this will only increase the first seed of the community until the actual project lunch and will not be dumping and pimping like 90% of the altcoins these days.
I agree with you that it's less attracting for the early investors and the way they enjoy the ICO pre-sales and selling in X5 more the actual price, but as you can see from live on-going history, in long-term it is hurting everyone.
How will it work?
Let's take for example that the ICO has ended and managed to crowdfund 1500ETH, and tokens were distributed between all of the participating community.
In the current state of the market, The community can start selling the tokens, and the Company behind the ICO can use all the funds that they have gathered during the sales stages.
The "Proof-Of-Establishment" concept will contain within the creation of the Token contract a unique wallet which will be limited - Sort of "lock per period" mechanism which will be transparent for the investors, which will do aggregative
I think the main problem with ICOs is not that investors sell off the tokens, but that the tokens are not distributed in the first place or, when distributed, are not listed on exchanges. It is mainly the team scamming investors, not the other way around. That's why I would be against locking up the tokens, even though it could prevent panic selling. Investors have their right to decide when to dump the project and when too buy some more tokens. This contract will be unfair to them and will not help solve the problem of ICO scamming. Let's take for example that the ICO has ended and managed to crowdfund 1500ETH, and tokens were distributed between all of the participating community.
In the current state of the market, The community can start selling the tokens, and the Company behind the ICO can use all the funds that they have gathered during the sales stages.
The "Proof-Of-Establishment" concept will contain within the creation of the Token contract a unique wallet which will be limited - Sort of "lock per period" mechanism which will be transparent for the investors, which will do aggregative
DAICO is a more probable project. It is more essential to crypto people. it feature is very nice. i think it is more potential and trustworthy. it has more acceptable ICO. it will provide better service. that's why it is more profitable.
Hey, I agree with you, and you most probably referring to the ABYSS project - which is a specific made for developers and gamers, My suggestion is before the start of work process, the crowdfunding stage and above
DAICO is a more probable project. It is more essential to crypto people. it feature is very nice. i think it is more potential and trustworthy. it has more acceptable ICO. it will provide better service. that's why it is more profitable.
- The amount that can be used during a specific time period, This goes for both ways for investors and the company as one, each one gets his part over the time and not all at once.
- Voting of the community if to allow the 2nd wave and next waves of funds to be released for the company usage
- "Not Productive" option as I like to call it, which will be based on the vote of 65% (Always open for other suggestions for this part) of the community that was participating in the first place which will cancel out the whole project and will retrieve the left investment balance back to the investors, and the Tokens back to the company.
- Voting of the community if to allow the 2nd wave and next waves of funds to be released for the company usage
- "Not Productive" option as I like to call it, which will be based on the vote of 65% (Always open for other suggestions for this part) of the community that was participating in the first place which will cancel out the whole project and will retrieve the left investment balance back to the investors, and the Tokens back to the company.
I like this idea because it would mean that you cannot blame the team, investors, and bounty hunters for that matter when the price is down upon listing due to the selling of the traders. Being transparent would mean that the team wouldn't be able to defraud the investors since the movement of funds can be seen.
What is needed to be solved?
- Trust between the ICO's and the Investors of the use of the fundings.
- Backdoor exit in case that the project is failing
- Reduction in Pump and Dump due to investors who hold big amounts of the coins
Could be great to hear more opinions and thoughts on the subject
- Trust between the ICO's and the Investors of the use of the fundings.
- Backdoor exit in case that the project is failing
- Reduction in Pump and Dump due to investors who hold big amounts of the coins
Could be great to hear more opinions and thoughts on the subject
This would establish the trust in ICOs since there is less trust nowadays to the team due to the non-payment to some investors and some projects do not go well. When there is a voting system then the investors has a say to what will happen to the project.
I think DAICO is a potential project. Here's the future sure. Their structure is very strong and trustworthy. In my opinion, it is a profit-making project. Their ICOs are excellent and provide opportunities for investment.
The crypto community shall develop some programs or activities in order to track the frauds. They should also educate the members or investors on how to track the frauds for the betterment and safety of the crypto world.
Yeah, But it's not that simple, there were many cases on which you had trustful advisors and known personalities behind the project - which did not do an ICO scam perhaps, but are not progressing with the project and probably will not progress with it at all.
The issue is the fact that you have zero control over the project/finance from the moment you have sent the funds into the funding contract.
The crypto community shall develop some programs or activities in order to track the frauds. They should also educate the members or investors on how to track the frauds for the betterment and safety of the crypto world.
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