Topic: Should IPOs be banned from the site? Poll (Read 6777 times)

There should be set in stone guidelines for any IPO or ICO

You have to protect against

1. outright scams from the start with no tech behind them, no escrow, zero post devs, sock puppets.

2. Insta ICO's with tech behind them but launched to them and a few people (sock puppets and pals) quickly so the distribution is tiny. Then pumped and pumped by people building almost frenzied mentality. Then released on exchanges and unloaded at 50 x ico price.


Designing set in stone ICO protocols which have to be followed is the best way.

Prediction:  There will never be any succesful IPO coin.  

If Bitcoin was released as a premine, none of you would have even heard of it because it would universally be labeled a scam.

I'm with you.  I think we as a community should start to look deeper whether an IPO is a scam or not.  There are a lot of factors involved.  So it's really hard to judge if one project is scamming the public or not.  One example is the NXT vs BTS trolling that goes on here.  Are NXT/BTS scams then?  It would depend on one's POV right?  I think both are awesome projects trying different approaches in achieving success.  Nothing wrong with that.

Fast forward to today.

The number one factor with IPO's is, I think, devs should not be anonymous.  Those days are gone.  If they're gonna ask people for money via an IPO to fund a project, it is best that they have all the necessary details about them shown to the public for background checks.

They should also have their own domain and website, not just a fucking thread in the altcoin announcement sub.

Finally, require that their money accounting stuff is transparent for everyone or at least the project's stakeholders.  It's for them to have the opportunity to scrutinize and look into concerning the IPO funds.  Transparency is a must.

I know may have missed something, but those three come out right away.

Is that what Berni Madoff said in court ?
Well then let's free him from jail and arrest the people he scammed !

ahh good old fashion Bitcointalk logic LOL
gotta love it.. you guys work over time here trying to make bad excuses for bad behavior.

And to the other guy.. use the search feature here
(you might find i have answered your question 100's of times before already)

No one is forced to invest in ico's, so why should they banned. if someone invest into a coin ico and loses money, then it is its own fault.

Explain to me your blanket reasoning as to why all IPOs are scams, and using the same reasoning I will ascertain that all PoW coins are scams using the same logic. All crypto currencies are scams using your flawed logic and stereotyping. Unless of course you judge PoW coins v IPO coins using a double standard. In that case I have nothing further to say to you on this topic. You would never do that to support your own agenda, would you?

that is like saying there is a right way to run a ponzi scheme and a wrong way..

like i said you keep trying.. and failing LOL

nice try though Catp. Failtrain ahahha

next your going to try and justify shit coins by telling us all they attract *new users  

PS:
No where does it say that if IPO's are bad that automatically makes POW coins good.
You completely and utterly missed the point sweet heart.

IT HAS NOTHING TO DO WITH POW COINS

ipos should have a protocol to follow if they are allowed.

should be transparent, multisigs hold the funds that are released in accordance with development planned costs which are fully transparent too.

My point was valid. There is a right way to do IPOs and a wrong way to do IPOs (and a right/wrong way to follow through afterwards), just as there is a right way to launch a PoW coin and a wrong way to launch a PoW coin. You can't have your cake and eat it too, you shouldn't set a double standard. If all IPOs are scams because some IPOs are/were scams, then all PoW coins are scams because some PoW coins are/were scams. PoW coins should therefore be banned from this web site for the greater good according to 50% of voters.

I have watched you post so much stupid shit around here it's not even funny.
You are constantly *trying (and failing) to make pitiful excuses for scammy bullshit.
give it up Catp. Failtrain
Bad is bad ..it's can't be justified

you know fuck all sweet heart.

and your comment is a load of bullshit.. where do i start showing you how everything you said is wrong ?

yeeeesssss

If all Ipo coins are scams because one Ipo coin's developer can assign a percentage of tokens to himself for free, then all Pow coins are also scams because one Pow coin's developer can premine a percentage of tokens for free.

If all Ipo coins are scams because a rich person can buy a large percentage of the tokens during the Ipo, then all Pow coins are also scams because a rich person can buy a lot of powerful mining hardware and mine a large percentage of the tokens.

If all Ipo coins are scams because one Ipo coin ended up being a scam, then all Pow coins are scams because there have been several Pow coins that ended in scam accusations.

If all Ipo coins are scams because a small number of people invested in a certain Ipo coin's Ipo, then all Pow coins are scams because one coin was mined by few people at its inception.

Are you starting to see the problem with stereotyping all IPO coins?

Even if IPO is banned, they will still sprout out somewhere else in other cryptoforums. It would better for people in this forum to warn other people of dangers in investing into ICO.

I created a similar topic long ago.. I voted
OP made solid points that will go unrefuted!

Fact: IPO = Scam

Fools being separated from their money doesn't bother me.

I voted no as long as there will be a real life identity verification of developers doing the ICO's. And all of them will be made public.

I voted no. One of the reasons is that this site can provide FinCEN with easy access to the IPOs/ICOs that are launched by unregistered MSBs. This will assist FinCEN is prosecuting them.

It could also be helpful to regulators in other jurisdictions.

This topic is more important now than ever with bankers and people like Blythe Masters trying to say, "hey, forget Bitcoin, how about that....blockchain", as they try to issue you their 100% premine coins.  

On another note, I can't believe people are hyping this Israeli scam coin, GetGemz.  From their site:

"Eventual supply is achieved as follows: 50 million Gems distributed to stakeholders; 30 million Gems distributed as daily Airdrop rewards during ~3 years after launch; 12 million Gems reserved for bonus block rewards, promotion, marketing, bounties; 8 million Gems + Presale BTC will fund the network R&D and operation costs.  Since daily airdrop rewards users who introduce other users, who is rewarded for those who come without a special invitation? Uninvited users will be attributed to random Presale buyers.. In addition, air drop share is multiplied by total gems owned. The more Gems you own, the more Gems you make - an advantage to those who accumulate Gems first."

This is even more scammy than crazy Darkcoin compound interest on masternodes.

Huh?  Why do you think that miners are not centralized? People who invest capital in mining equipment gets the coins and somehow that is more fair than any of the other 1/2 a dozen ways IPOs can distribute coins.  Yes, IPOs are a hotbed for scams, but to blanket remove them is absurd. 

I have a NEM stake.  Even with the ugly stuff that was revealed today I am quite happy with my investment and the coin moving forward. It is a large community. I'm sure there are other compelling coins that I am not aware of.

You obviously have a big interest in mining equipment.  Not sure how mining makes anything less centralized.  People buy coins indirectly through hardware + electricity or they pay the coin creator directly.  (Or other ways).  The hardware + electricity was a great way to bootstrap this wonderous community, but it is far far far from being perfect.  It adds middlemen that are simply no longer needed. 

Just because someone didn't respond to your FUD nonsense in 60 seconds doesn't mean you have some big grand point.

@OP

I understand where you are coming form and I get that you, as a miner don't want to see your livelihood taken away. That is understandable. I am not even saying I 100% disagree with you.

But let's be honest with one another. The essence and the spirit with which Bitcoin was created are long gone. When you have mining farms, rich playboys buying $10 million worth of Bitcoin, and the average user, that was supposed to be the core of the system, completely incapable of playing a part without buying in with their entire paychecks, the Bitcoin and mining world are broke.

2nd generation coins came about because people wanted to introduce a coin that didn't require mining for the reasons listed above. For starters, it uses less power. It also, in theory, was going to allow all of those who missed the initial Bitcoin boat to get in on the ground level.

Unfortunately, coins like NXT went about it in a completely corrupt manner. By distributing the entire genesis block to such a small core of people, and making the entire basis of the algorithm to reward hoarding, they essentially create a system that will sustain their own riches long term.

2nd generation coins are the long term answer to solving the mining monopoly problem. However, initial distribution is the area in which we have yet to see anyone create the perfect coin.

IPO's aren't the problem here. Developing an algorithm from scratch and creating the entire basis for a coin, marketing it, and bringing it to a successful launch is a lot of work and with a team of 4 or 5 people working full time to get it there, they deserve to be rewarded. They deserve some form of compensation for the work they have already completed and many times require a basis of funding to continue to develop the project long term.

Many times on this forum if a coin doesn't have an active developer who continues to innovate and support his coin, the coin will be dropped by the community and fail. Unfortunately, the amount of time and energy this community expects someone to put into the coin equates to a full time job and NOW you are asking them to do it with no pay.

No offense, but that's a dick move.

In the world of business, and IPO is conducted by a company in order to raise funds for farther development of an idea that people believe in.

In the Crypto world, it should be the same thing.

If people believe in the idea behind a currency, they believe it can fix the problems of Bitcoin, Litecoin, and NXT, and truly innovate, why shouldn't they be allowed to support it by offering to help fund it's long term development?

You are attempting to start a controversy against a form of fund-raising that exists in every other facet of life.

The Bitcoin Foundation, Altcoin Foundations, and any developer of a Crypto based product who asks for donations is doing the same thing. The only difference in the IPO is that they are awarding you a share in the coin for helping them get it developed and getting the features in place that you all want.

Is this the best distribution method humanly possible? I don't know.

But let's consider this. IF an Altcoin was coming out that could possibly solve all of the issues we've mentioned and it was asking for donations to help development and features. They were offering absolutely nothing in return and simply were hoping you would give them funds so they could create the coin.

You would all troll them out of existence and claim immediately that it was a scam, laugh at them, and bid them good riddance. Best case scenario they get a total of 1 BTC in donation over a period of a year, which is barely enough to develop a proper website to distribute the wallet.

The reason IPO's exist is because people like you won't help develop, offer time or donations, to a legitimate group of developers trying to make a better coin.

Before I leave, I just want to make a point here as well. The only reason you are even on here crying like a little baby is because you see the influence NXT is garnering and it's growing market cap, you hear the support for new ideas, and you know you make your living on mining. You are here arguing and you are a supporter of other currencies that are run on an inferior method because you have a horse in the race. So be up front, be honest, say that you love mining based coins because you PROFIT from them, and put it out on the table.

In a perfect world, a company who created the perfect PoS coin, that started with 0 currency and awarded everyone who wanted to open a wallet an equal stake for some form of minimal service that amounted to supporting the coin, and distributed it all from scratch to anyone and everyone who ever wanted to support it, can never get made without some form of infusion of cash to help pay developers, conduct marketing, and get it in the hands of the people.

IF you want to offer $30,000 out of your pocket to develop such a coin that would reward EVERYONE in the entire world equally, would stop all of your complaints about IPO's, and permanently end the need for any other currencies, I will shake your hand in congratulations.

I'm waiting....